\u3000\u30 Shenzhen Zhenye(Group)Co.Ltd(000006) 25 Chongqing Changan Automobile Company Limited(000625) )
Core view
The overall sales volume of Chang'an returned to growth In Chongqing Changan Automobile Company Limited(000625) 3 month, the overall sales volume was 236100, with a year-on-year increase of 4.3%; From January to March, the overall sales volume was 651500, a slight increase of 1.6% year-on-year. According to the preliminary statistics of the passenger Federation, in March, the wholesale sales of narrow passenger vehicles fell by 4% year-on-year, and the overall sales growth of Chang'an outperformed the industry average.
The independent sales volume of Chang'an has significantly outperformed the industry average, and many new models such as uni-v are expected to become the source of new volume. Changan's own brand sold 134700 vehicles in March, a year-on-year increase of 21.5%; From January to March, the cumulative sales volume was 363300, down 1.3% year-on-year. In March, the growth rate of independent sales volume of Chang'an significantly outperformed the industry average. Univ, the first car in uni series, was officially launched in March. It adopts fastback sliding back design, V-shaped body, electric hatchback door and unique intelligent electric tail of vehicles at the same level, with a sense of movement and technology; In terms of power, it is equipped with blue whale ne1 5T engine, DTV dynamic torque vector control function and superrace track mode fully highlight the positioning of uni-v "future science and technology sports sedan", which is expected to become a new choice for young users. It is expected to launch version 2.0T in June. In addition to uni-v, new models such as cs75plus and uni Kidd were also launched in the first quarter, and a number of new cars are expected to become new incremental sources of sales of independent brands.
The sales volume of Changfu and Changma remained stable year-on-year. Changan Ford sold 23500 vehicles in March, a slight increase of 0.6% year-on-year; The sales volume decreased by 6.03 million to 4.4% year-on-year. The sales volume of Chang'an Mazda in March was 11200, which was basically the same year on year; From January to March, the cumulative sales volume was 41000, with a year-on-year increase of 39.9%. In terms of new cars, Changfu's New Explorer made its debut online in March and is expected to be officially launched in May; The new Mondeo has started pre-sale and is expected to be listed at the Beijing auto show in April. The new car is expected to drive the sales growth in the second quarter; In March, Changma's new cx-5 was officially launched. It is expected that the chip supply will gradually improve in 2022, and the new models are expected to drive the sales of Changfu and Changma to rise steadily.
Profit forecast and investment suggestions
It is predicted that the eps0 will be from 2021 to 202361, 0.70 and 0.82 yuan, with an average pb1.5 yuan of comparable companies in 22 years About 85 times, giving the company 22 years of PB1 85 times valuation, 22 years net assets per share of 8.39 yuan, the target price of 15.52 yuan, maintain the buy rating.
Risk tips
Changan Ford's sales volume is lower than expected, Changan Mazda's sales volume is lower than expected, and Changan's own brand sales volume is lower than expected.
