\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 633 Great Wall Motor Company Limited(601633) )
Core view
The company released the production and sales express in March: in March, the total sales volume of the company was 100900, a year-on-year decrease of 8.86% and a month on month increase of 42.57%. Among them, the sales volume of Haval brand was 54500, a year-on-year decrease of 18.83% and a month on month increase of 29.86%. The sales volume of wey brand was 4755, with a year-on-year increase of 36.09% and a month on month increase of 7.29%. The sales volume of Great Wall pickup trucks was 18500, a year-on-year decrease of 16.12% and a month on month increase of 58.59%. The sales volume of Euler brand was 14300, with a year-on-year increase of 9.31% and a month on month increase of 127.82%. The sales volume of tank brand was 8922, with a year-on-year increase of 78.26% and a month on month increase of 37.94%.
Sales volume improved year-on-year and month on month, and the proportion of high-value and intelligence increased: the company’s sales volume increased month on month in March, and the year-on-year decline narrowed, mainly due to the easing of the shortage of chip supply. At present, due to the impact of the epidemic situation in Shanghai, Jiangsu, Jilin and other places on the production capacity of parts suppliers, the company actively cooperates and communicates with suppliers to ensure material supply and drive the production and sales of the company to return to positive growth year-on-year. The proportion of Q1 high-value and intelligent products of the company continues to increase. The proportion of models of the company based on lemon, tank and coffee intelligent technologies has exceeded 70%, and the proportion of intelligent models has increased to 84.5%. The company will continue to launch more high-value and intelligent products in the future, and continue to promote the brand.
With the continuous development of the overseas market, many models are about to go to sea: the company sold 10500 units overseas in March, with a year-on-year increase of 30.84% and a month on month increase of 74.51%. The company has consolidated the global production layout, established full process vehicle production bases in Thailand, Brazil and other places, and set up several KD factories. The company’s pure electric, oil electric hybrid, plug-in hybrid and other new energy models are about to enter the overseas market. Haval h6hev, Euler cat GT and tank 300hev concept vehicles have also appeared in the 43rd Bangkok International Auto Show.
Investment suggestion: the company’s strong product cycle has come. China’s multi brand covers the high, medium and low-end markets of fuel and electric. In 2022, with the gradual easing of chip shortage, the company will release greater performance flexibility. It is estimated that the EPS from 2022 to 2024 will be 1.05 yuan, 1.42 yuan and 1.85 yuan respectively. The corresponding PE is 24.5x, 18.0x and 13.9x respectively, maintaining the “overweight” rating.
Risk warning: the sales of new products are not as expected; The development progress of overseas market is less than expected.
