\u3000\u30 Shenzhen Zhenye(Group)Co.Ltd(000006) 25 Chongqing Changan Automobile Company Limited(000625) )
Event:
The company released its annual report for 2021. In 2021, it achieved a revenue of 105.1 billion yuan, a year-on-year increase of 24%, and a net profit attributable to the parent company of 3.55 billion yuan, a year-on-year increase of 7%.
The whole brand makes great efforts, and the quantity and profit rise together.
In 2021, the sales volume of the whole company was 2.3 million, with a year-on-year increase of 14.8%. Among them, Changan passenger brand and Auchan brand achieved sales of 966000 and 228000 vehicles respectively, with a year-on-year increase of 20% and 49% respectively. The sales volume of new energy vehicles exceeded 100000, with a year-on-year increase of more than 200%. The average price of Changan’s own brand bicycle was about 77000 yuan, basically unchanged year-on-year, with a gross profit margin of 16.64%, an increase of 2.3 percentage points year-on-year. Due to the decline of new energy subsidies and the increase of sales resource investment, Changan new energy technology lost about 2.8 billion yuan in the current period, which dragged down the overall performance. In terms of joint venture, Changan Ford sold 305000 vehicles in the whole year, with a year-on-year increase of 20.3%. At the same time, benefiting from factors such as sales growth and improvement of product structure, Changan Ford achieved a profit of about 2.3 billion yuan in the whole year and made a significant turnaround year-on-year.
The speed of products in the whole region is accelerated, and new energy products are put into force.
The company will achieve rapid development in the field of new energy in 2022. At present, the company has completed the brand layout of all models in the whole new energy market. In the field of medium and high-end intelligent electrification, avita brand of the company gathers the advantages of Chongqing Changan Automobile Company Limited(000625) , Huawei and Contemporary Amperex Technology Co.Limited(300750) and currently plans four models. In the field of small cars, the company focuses on building national high-quality scooters. In the future, it plans to launch four new products, and Lumin will be launched in 2022. In the mainstream passenger car market, the company launched a new digital pure electric brand Chang’an dark blue, and plans to launch five models in the future, including c385, c673 and other models in 2022, which will fully support the company’s strategic transformation.
Investment advice
The company’s EPS from 2022 to 2024 are 0.71 yuan, 0.99 yuan and 1.25 yuan respectively. Maintain the “buy” rating.
Risk tips
Car sales are less than expected; The launch progress of new models is less than expected.
