\u3000\u30 Shenzhen Zhenye(Group)Co.Ltd(000006) 25 Chongqing Changan Automobile Company Limited(000625) )
Event: on May 9, 2022, the data released by Chongqing Changan Automobile Company Limited(000625) showed that the total output of Chongqing Changan Automobile Company Limited(000625) in April was 112639 vehicles, with a year-on-year ratio of – 44.88%, a month on month ratio of – 50.31%, and the total sales volume in April was 115739 vehicles, with a year-on-year ratio of – 42.78% and a month on month ratio of – 50.98%.
Comments:
Affected by the epidemic, the company’s sales volume was under pressure in April Chongqing Changan Automobile Company Limited(000625) 2022: from January to April, the cumulative sales volume was 767232, with a year-on-year increase of – 9.02%. The overall sales volume decreased significantly; The average daily sales volume in April was 3858 vehicles, which was – 49.34% month on month (MOM) compared with 7616 vehicles in March. The Chongqing Changan Automobile Company Limited(000625) sales volume in April was under pressure; Compared with the national retail sales volume of 1044000 narrow passenger vehicles in April released by the passenger Federation, with a year-on-year increase of – 35.4% and a month-on-month increase of – 33.9%, the performance of Chongqing Changan Automobile Company Limited(000625) year-on-year month increase was slightly weaker than that of the industry.
In terms of production department, Chongqing Chang’an sold 50620 vehicles in April, with a year-on-year growth of – 40.47%, a month on month growth of – 53.21%, Hebei Chang’an sold 5992 vehicles in April, with a year-on-year growth of – 40.27%, a month on month growth of – 54.76%, and Hefei Chang’an sold 10436 vehicles in April, with a year-on-year growth of – 50.33%, a month on month growth of – 53.10%.
In terms of joint venture brands, Changan Ford sold 12018 vehicles in April, with a year-on-year ratio of – 21.77% and a month on month ratio of – 48.86%. Changan Mazda sold 3531 vehicles in April, with a year-on-year ratio of – 68.76% and a month on month ratio of – 68.39%.
In terms of independent brands, the sales volume of Changan’s independent brands in April was 92855, a month on month ratio of – 52.30%, and the sales volume of Changan’s independent passenger cars in April was 60136, a month on month ratio of – 56.34%. Overall, the month on month decline of Changan Ford is lower than that of Changan Mazda and its own brands.
In terms of sales models, Chongqing Changan Automobile Company Limited(000625) cs series models are still responsible for sales. The sales volume of Chang’an cs75plus in April was 11598, a month on month increase of – 49.16%; Changan cs55plus sold 6441 vehicles in April, a month on month increase of – 62.5%; The sales volume of Changan uni-v4 of Changan uni series models was 5425 in April, compared with 3584 in March, with a month on month increase of + 51.37%. The sales volume of new energy models was flat as a whole. The sales volume of Changan Benben e-star in April was 6692, with a chain ratio of – 37.5%, accounting for 73.87% of Changan new energy, which was the best-selling; In addition, the sales volume of uni-kidd in Changan in April was 1215, with a chain comparison of + 2.5%, showing a bright performance; Yidong new energy sold 1152 vehicles in April, a month on month increase of – 63.54%. In conclusion, under the pressure of the company’s overall sales volume, Changan uni series models still maintain positive growth. Therefore, we expect that in the future, with the gradual improvement of the epidemic situation, this series of models are expected to become a new driving force for the company’s sales growth.
Carefully cultivate the new energy market and create a new ecology in Chang’an. (1) New forces Chongqing Changan Automobile Company Limited(000625) ‘s first model equipped with blue whale IDD hybrid system, uni-kidd, was officially launched on March 10, 2022, with a cumulative sales volume of 2400 vehicles and strong development force. (2) New platform. Avita 11, based on the intelligent electric networked vehicle platform (CHN) jointly built by Chongqing Changan Automobile Company Limited(000625) , Huawei and Contemporary Amperex Technology Co.Limited(300750) is mainly engaged in the field of intelligent driving. (3) A new starting point. On May 13, 2022, Chongqing Changan Automobile Company Limited(000625) officials officially named the new energy brand “dark blue” c385 as sl03. As China’s first independent hydrogen energy product, it opened the starting point of Chang’an new energy strategy. (4) A new journey. At present Chongqing Changan Automobile Company Limited(000625) has launched cs55e rock, Benben e-star, Benben ESTAR national version, cs15e pro, escape ev460, new Benben ev360, escape et, cs75phev and other new energy models. Changan pure electric mini car Lumin will also open for pre-sale on April 29. In the next five years, the company will successively launch 26 new intelligent electric vehicles. Based on the “double carbon” goal orientation, China Shanxi Guoxin Energy Corporation Limited(600617) automobile market ushers in new opportunities, and Chongqing Changan Automobile Company Limited(000625) new energy will have great prospects.
Investment suggestion: continue to be optimistic about the long-term development of the company in the new energy market. We expect the net profit attributable to the parent company from 2022 to 2023 to be 8.124 billion yuan and 8.495 billion yuan respectively, corresponding to 13 times and 12 times of PE respectively, maintaining the “buy” rating.
Risk warning: the supply chain shortage is alleviated, the epidemic situation is improving, and the promotion of various brand models is less than expected.
