GAC Group (601238) Company Tracking Report: Jointly Maintaining Strong Autonomy to Accelerate Destocking

GAC Group (601238) Company Tracking Report: Jointly Maintaining Strong Autonomy to Accelerate Destocking

After the holiday, the wholesale and retail industries have improved agents.

According to the weekly sales data of the China Federation of Trade Unions, the scale of the weekly improvement in February, the average daily wholesale and retail volume in the third week increased 41%, 108%.

GAC Group’s industry with outstanding overall sales in January.

According to the company’s January production and sales express report, the overall sales of the Group’s automobiles in January 2019 were 20.

970,000 units, down by 0 every year.

twenty one%.

According to the monthly sales statistics of the China Federation of Passenger Transport Associations, the wholesale sales of passenger cars fell by 16 in January.

At 7%, GAC Group’s January sales significantly outperformed the 17 segments of the industry.

GAC Trumpchi substantially destocked, and wholesale sales are expected to return to the upward trajectory.

According to the company’s monthly sales announcement, Chuanqi’s wholesale sales in January were 3.

390,000 units, a sharp drop of -45% previously.

According to the company ‘s official WeChat public account, the retail sales of GAC Trumpchi in January.

590,000 units, a substantial increase of 45%.

In our opinion, the company’s inventory in January was sharply 南京夜网论坛 devaluated2.

250,000 units, channel inventory pressure is expected to gradually ease, and wholesale sales are expected to return to positive growth.

The Japanese leader maintained a strong performance.

GAC Honda sold 7 in January.

360,000 units, a year-on-year increase of 2%, mainly benefited from the 16% increase in the mid- to high-end sedan Accord.

GAC Toyota sold 7 in one month.

970,000 units, a substantial increase of 75% each year, the Camry mid-range sedan and Ralink mid-range sedan increased significantly by 70% / 90%.

Earnings forecasts and investment advice.

We expect the company’s net profit attributable to its parent to be 126 from 2018 to 2020.

59/144.

82/172.

230,000 yuan, EPS is 1.

24/1.

42/1.

68 yuan.

With reference to the assessment level of comparable companies, it will be given 10-12 times PE in 2019, corresponding to a reasonable value range of 14.

20-17.

04 yuan, maintaining the “preliminary market” rating.

risk warning.

New model sales were less than expected; market “price war”; new model product quality issues.