\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 238 Guangzhou Automobile Group Co.Ltd(601238) )
Event: Guangzhou Automobile Group Co.Ltd(601238) March, the car sales volume was 227471, with a year-on-year increase of 30.66%, and the cumulative sales volume of this year was 608167, with a year-on-year increase of 22.48%. The main business units GAC Toyota, GAC Honda, ai'an and GAC motor all performed well.
1. The sales volume of Guangfeng guangben has increased significantly, and the new car cycle is strong. Guangben sold 76833 units in March, up 21.46% year-on-year; Guangfeng sold 97006 units in March, up 41% year-on-year. Among them, Camry sold 27200 units, reaching a new high under the pressure of high oil prices, which shows that consumers recognize it; The sales volume of accord and leiling series exceeds 20000 units, and the hot sales trend is strong. The sales volume of Binzhi, willanda, haoying and other series models exceeded 10000. Last year, we have stressed that the sales volume of Guangfeng and guangben will usher in an inflection point. Superimposed on the round of product cycle ushered in in China, the sales volume of Shuangtian will continue to surpass the industry as a whole and become one of the biggest winners in the era of internal volume of fuel vehicles. This year, it will be fulfilled as scheduled.
2. Ea'an increased 189.7% year-on-year. GAC ea'an new energy sold 20317 units in March, an increase of 189.70% over the same period last year, setting a new sales record and taking the lead in crossing the threshold of 20000 units per month among many new car brands. Since the launch of aion y, aion s plus and other models last year, the brand has gradually shifted from to B to to C market. The reasonable price and novel design language are deeply recognized by consumers. The company actively transformed, introduced strategic investors, bound high-end talents with employee stock ownership, actively implemented reforms in all aspects, became a dark horse on the road of new energy, greatly improved brand recognition and popularity, and built a "brand" moat.
3. GAC motor has a monthly sales volume of 30000, with a cumulative sales volume of 9W units from January to March. GAC motor sold 3W units in March, a year-on-year increase of + 15%; From January to March, the cumulative sales volume was 9W units, with a year-on-year increase of + 21.8%. New car shadow leopard, modified gs8 and high value-added MPV models are expected to continue to develop this year, while GS4 bottomed out in March and achieved sales of 1.2W units, outperforming expectations in the multi-point outbreak.
Investment suggestion: in the first quarter of 2022, the market suffered a great impact. The outbreak of multi-point epidemic and geographical conflict led to a sharp rise in oil prices and raw material prices, which had a certain impact on the industry. However, the company achieved a significant increase in sales in a complex environment, constantly exceeding expectations. With the release of the company's new production capacity, the sales volume is expected to continue to rise. We expect the company's net profit attributable to the parent company in 2022 / 2023 to be 11 billion yuan / 13.5 billion yuan respectively, corresponding to about 10 times of PE in 2022, giving a "buy" rating.
Risk tip: the sales volume of passenger car industry is lower than expected, the price of raw materials continues to deteriorate, and the impact of the epidemic situation.
