\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 238 Guangzhou Automobile Group Co.Ltd(601238) )
Core view
The sales volume of guangben increased year-on-year. Guangben sold 76800 vehicles in March, a year-on-year increase of 21.5%; From January to March, the cumulative sales volume was 212400, with a year-on-year increase of 16.8%; According to the preliminary statistics of the passenger Federation, in March, the wholesale sales of narrow passenger cars fell by 4% year-on-year, and the year-on-year growth rate of guangben’s wholesale sales beat the industry average. In March, accord sold 20700 vehicles, Binzhi sold 16600 vehicles and haoying sold 12500 vehicles. On March 29, GAC Honda’s new electric brand e: NP (extreme PAI) was officially released. The first model e: NP1 (extreme PAI 1) is expected to be launched within the year, and a new pure electric model will be launched every year. Guangben’s electric transformation continues to accelerate. In 2022, guangben will also launch new models such as xinggerui · hybrid, haoying modified and Binzhi modified, which is expected to drive the continuous growth of guangben’s sales.
Guangfeng’s sales volume increased significantly year-on-year. Guangfeng sold 97000 vehicles in March, a year-on-year increase of 41.0%; From January to March, the cumulative sales volume was 247000, with a year-on-year increase of 23.4%. The year-on-year growth rate of wholesale sales of Guangfeng in March significantly outperformed the industry average. In March, Camry sold 27200 vehicles, leiling sold 20000 vehicles and willanda sold 14300 vehicles. In March, Saina sold 6300 vehicles and fenglanda sold 7100 vehicles. Soon after listing, it has become a hot selling model in subdivided fields. In March, Guangfeng launched the new pure electric compact model ia5, positioned as “high-quality new experience EV”, which is developed based on the new second-generation GEP pure electric platform and comprehensively upgraded in terms of power output and endurance performance. Guangfeng will also introduce the first model bz4x of Toyota BZ pure electric series within this year, and plans to introduce five pure electric models by 2025, which is expected to be a solid step in Guangfeng’s comprehensive electrification strategy.
The independent sales volume of GAC increased rapidly year-on-year, and the sales volume of ea’an reached a monthly high. GAC sold 30100 vehicles independently in March, with a year-on-year increase of 15.1%; From January to March, the cumulative sales volume was 90400 vehicles, with a year-on-year increase of 21.8%. The year-on-year growth rate of wholesale sales of GAC in March was better than the industry average. In March, GAC motor GS4 series sold 12400 vehicles. The new GAC motor GS3 power was officially launched in April, and new vehicles such as GAC motor emkoo and shadow leopard HEV will be launched later, which is expected to continue to enable the sales growth of independent brands. GAC ea’an sold 20300 vehicles in March, with a year-on-year increase of 189.7%. From January to March, it sold 44900 vehicles, with a year-on-year increase of 154.9%. In March, aion y sold 9500 units, topping the sales list of China’s pure electric SUV (excluding A00). Aion y is equipped with intelligent entertainment configurations such as adigo intelligent cockpit system, 14.6-inch high-definition large screen, master Tony Bongiovi tuning sound and intelligent driving “black technology” such as full scene one button remote control parking, over the horizon call parking and adigo intelligent driving system. It continues to attract young consumers with the charm of new technology, which is expected to drive the sales volume of GAC ea’an to maintain a high-speed growth year-on-year.
Profit forecast and investment suggestions
It is estimated that the EPS from 2022 to 2024 will be 0.88 yuan, 1.07 yuan and 1.26 yuan respectively. Based on the 22-year PE valuation and referring to the valuation of comparable companies, the company will be given 20 times PE in 2022, the target price will be 17.6 yuan, and the buy rating will be maintained.
Risk tips
The sales volume of GAC passenger cars, Guangfeng, guangben and guangfeike is lower than the expected risk, and the demand of the passenger car industry is lower than the expected risk.
