\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 633 Great Wall Motor Company Limited(601633) )
Main points:
Event:
The company announced the sales volume in March 2022. In March, the company realized the sales volume of 100930 vehicles, a year-on-year decrease of 9%.
Sales volume improved month on month, but supply is still under pressure.
In March, the company’s sales volume increased by 43% month on month, significantly improved compared with February, mainly due to the easing of some chip bottlenecks. However, the chip supply still did not return to the normal level in March, and the supply of some parts was short due to the aggravation of the epidemic in some regions, resulting in pressure on the year-on-year data. In terms of models and categories, 8922 tanks were sold in 300 months, with a year-on-year increase of 78% and a month-on-month increase of 38%. At present, there are abundant orders for tank brands. It is estimated that 150000 undelivered orders for tank 300 and 40000 orders for tank 500. Euler brand sold 14264 vehicles in a single month, with a year-on-year increase of 9% and a month-on-month increase of 128%.
The new car cycle continues to ferment and will be fully launched in 2022.
According to the company’s equity incentive assessment target, the company’s sales target in 2022 is 1.9 million vehicles. In 2022, the company’s five brands will continue to make efforts, the Haval and pickup brands will maintain stable growth, and the sales of wey, Euler and tank brands are expected to rise rapidly. The wey brand has been upgraded in an all-round way, and the models such as Mocha, macchido and latte are positioned as high-end intelligent. At the same time, the company will have a number of wey brand models on the market in 2022, which will complement the company’s shortcomings in the fields of cars, MPV and so on. The tank brand is independent. The popular model tank 300 creates a new off-road ecology, and the orders of tank 500 are strong, driving the company’s brand to continue to rise. Euler’s brand product category has made a breakthrough upward. New products such as lightning cat, ballet cat and punk cat mainly hit the 15 Fawer Automotive Parts Limited Company(000030) 0000 market, making up for the company’s weakness in the medium and high-end market of pure electricity.
Investment advice
It is estimated that the company’s EPS from 2022 to 2024 will be 1.08/1.46/2.26 yuan respectively. Maintain the “buy” rating.
Risk tips
The launch progress of new vehicles is less than expected; New energy business development is less than expected and other risks.
