\u3000\u30 Shenzhen Zhenye(Group)Co.Ltd(000006) 25 Chongqing Changan Automobile Company Limited(000625) )
Event:
The company announced the first quarterly report of 2022. In 2022q1, the company achieved a revenue of 34.6 billion yuan, a year-on-year increase of 8%; The net profit attributable to the parent company was 4.5 billion yuan, a year-on-year increase of 431%; The net profit deducted from non parent company was 2.3 billion yuan, with a year-on-year increase of 215%.
The sales volume structure was improved and the profitability was significantly restored.
During the reporting period, the company's full caliber sales volume was 650000, with a year-on-year increase of 1.6%. The main reason for the year-on-year increase in the company's performance is the improvement of non recurring new profits and losses and profitability. In terms of non recurring profit and loss, avita, a subsidiary of the company, introduced war investment capital increase during the reporting period, and the company confirmed the income of about 2.1 billion yuan in the statement. In terms of profitability, the gross profit margin of the company in 2022q1 was 18.2%, an increase of about 4 percentage points year-on-year, which was mainly due to the improvement of sales structure and the year-on-year narrowing of terminal Discounts: the sales volume of uni models with high added value of the company in 2022q1 increased by 2 percentage points, among which the sales volume of Unik and Univ increased. In 2022q1, the average price of a single car is expected to be 83000 yuan, an increase of 6000 yuan year-on-year. During the period, the expense rate was 8%, a year-on-year decrease of 0.9 percentage points.
The platform effect is beginning to appear, and we are optimistic about the strength of the new energy market.
We believe that with the gradual easing of the core shortage, the proportion of uni Series sales based on MPa platform is expected to continue to increase, and the profitability of the company is expected to continue to improve. At the same time, 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 suggestion: the company's EPS from 2022 to 2024 are 1.39 yuan, 1.65 yuan and 2.01 yuan respectively. Maintain the "buy" rating.
Warning: the sales volume is lower than the expected risk; The launch progress of new models is less than expected.
