\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 238 Guangzhou Automobile Group Co.Ltd(601238) )
Key elements of the report:
The company released the first quarter report of 2022. During the reporting period, the company achieved a total operating revenue of 23.268 billion yuan, a year-on-year increase of 45.21%, a net profit attributable to shareholders of listed companies of 3.009 billion yuan, a year-on-year increase of 27.17%, and a net profit attributable to shareholders of listed companies of 2.898 billion yuan after deduction, a year-on-year increase of 30.18%.
Key investment points:
Liangtian made good profits and made independent and continuous adjustment: the company achieved a revenue of 23.268 billion yuan in the first quarter of 2022, with a year-on-year / month on month ratio of 45.21% / 15.40%. The net profit attributable to shareholders of listed companies was 3.009 billion yuan, with a year-on-year / month ratio of 27.17% / 46.67%. The performance was good, mainly contributed by GAC Honda and GAC Toyota. Among them, the sales of GAC Honda and GAC Toyota in the first quarter were 212400 and 247000 respectively, with a year-on-year increase of 16.75% and 23.44% respectively. The sales performance was significantly ahead of the growth rate of the industry, and the investment income of associated enterprises was as high as 4.142 billion yuan, with a year-on-year increase of 24.31%. The profit performance was brilliant. The sales volume of self owned brand GAC passenger cars was 90400, with a year-on-year increase of 21.80%. GAC ea’an new energy achieved a sales volume of 44900, with a year-on-year increase of 154.85%. The self owned brand continued to lose money, but the loss was slightly reduced compared with that in the fourth quarter of last year. It is expected to be further improved. Affected by the rising prices of chips and bulk raw materials, the gross profit margin of sales in the first quarter was 6.12%, with a year-on-year / month on month ratio of 0.57pct / – 4.14pct. The total cost rate during the period of sales, management, R & D and finance was 10.17%, with a year-on-year / month ratio of -1.36pct / – 3.37pct. The effect of cost control was enhanced. The main models of the joint venture are in short supply, and independent energy-saving and new energy vehicles are growing at a high speed: the Japanese joint venture models of the company continue to be popular, and the capacity utilization rate is full. In 2021, the capacity utilization rate of GAC Toyota is as high as 120.1%, and the performance of popular models such as Highlander, leiling and Camry continues to be strong; The capacity utilization rate of GAC Honda reached 102.2%, and the monthly sales of Binzhi, accord, haoying and other models continued to rise. Trumpchi, an independent passenger car, recently officially launched the brand of torque wave hybrid, the first one equipped with advanced gmc2 GAC motor shadow cool, a model with 0 double motor series hybrid system, officially unveiled. It is expected that the hybrid versions of shadow leopard and M8 will be launched successively in the later stage, and the independent brand will comprehensively promote the implementation of HEV and PHEV hybrid technology. In addition, ai’an new energy has a brilliant performance, with a monthly sales volume of more than 20000 vehicles. In the later stage, with the opportunity of listing in the capital market, the growth space will be further improved.
Prediction and investment suggestions: we expect the company to achieve revenue of 97.24 billion yuan, 117.96 billion yuan and 140.25 billion yuan from 2022 to 2024, net profit attributable to shareholders of listed companies of 10.03 billion yuan, 13.13 billion yuan and 16.17 billion yuan, EPS of 0.96 yuan, 1.25 yuan and 1.55 yuan respectively, and PE corresponding to the closing price on April 27, 2022 are 11.4 times, 8.7 times and 7.1 times respectively, maintaining the buy rating.
Risk factors: car sales are less than expected, chip supply is in short supply, and raw material prices fluctuate sharply.
