\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 238 Guangzhou Automobile Group Co.Ltd(601238) )
Core view
The company released the production and sales express in March: the total sales volume in March was 227400, with a year-on-year increase of + 30.8% and a month on month increase of + 58.6%. The cumulative sales volume in March was 608200 vehicles, a year-on-year increase of + 22.5%.
The independent sector grew rapidly, and GAC ea'an sold more than 20000 vehicles per month
GAC ea'an sold 20300 vehicles in March, with a year-on-year increase of + 189.7% and a month on month increase of + 138.3%. From January to March, the cumulative sales volume was 44900 vehicles, a year-on-year increase of + 154.9%. In 2022, gac-e'an will also add aion LX plus and aion y plus products to further improve sales. GAC motor sold 30100 vehicles in March, with a year-on-year increase of + 15.1% and a month on month increase of + 26.5%. From January to March, the cumulative sales volume was 90400 vehicles, a year-on-year increase of + 21.8%. In 2022, GAC motor will also launch emkoo, M8 replacement and shadow leopard HEV to further improve the product structure.
The joint venture two fields grew steadily, and Guangfeng produced and sold nearly 100000 vehicles
Guangben sold 76800 vehicles in March, with a year-on-year increase of + 21.5% and a month on month increase of + 34.6%. From January to March, the cumulative sales volume was 212400, a year-on-year increase of + 16.7%. This year, Guangzhou will also have new SUV, pure electric vehicle e: NP1 and major modified models of haoying and Binzhi on the market, so as to further enhance the competitiveness of models. Guangfeng sold 97000 vehicles in March, with a year-on-year increase of + 41.0% and a month on month increase of + 93.6%. From January to March, the cumulative sales volume was 247000, with a year-on-year increase of + 23.4%. In terms of new cars, Guangfeng will launch three new models: fenglanda, Weisa and bz4x in 2022. The steady growth of the joint venture two fields will further improve the company's investment income and increase its performance.
The joint venture will blossom independently for two years, and the annual performance can be expected
GAC's ai'an intelligent ecological plant will be put into operation with a production capacity of 200000 vehicles in 2022, which will help the sales volume of ai'an continue to grow rapidly. The launch of several independent new models is expected to further improve the company's sales, dilute costs and improve the operation of the independent sector. Guangfeng new energy vehicle capacity expansion (200000 vehicles capacity) and guangben new energy vehicle capacity expansion (120000 vehicles capacity) will be put into operation in 2022 and 2024 respectively, helping the joint venture brand to start a new product cycle. We expect that the company's EPS from 2022 to 2024 will be 0.90 yuan, 1.09 yuan and 1.35 yuan respectively, and the corresponding PE will be 13.2 times, 10.8 times and 8.8 times respectively. It will be covered for the first time and given a "buy" rating.
Risk tip: the risk of rising raw material cost and supply chain risk.
