Changan Automobile (000625) Company Review: Changan’s Independent Performance Outstanding, Sales Rebound to Meet 2020

Changan Automobile (000625) Company Review: Changan’s Independent Performance Outstanding, Sales Rebound to Meet 2020
Event: The company released a December sales report, and the company’s overall sales were 19.40,000 vehicles, + 31% a year, +9 from the previous month.8%. Sales of 1.76 million vehicles before 2019, a decrease of 15% (Note: Due to the completion of the equity change, the data in the previous and previous calculations did not include JMC Holdings). Opinion: Ten years of sales growth in December, Changan’s independent performance is dazzling.Starting in November, the overall sales of Changan Automobile resumed growth.Among them, Changan Autonomous (Chongqing Changan, Hebei Changan, Hefei Changan) products have performed well, and sales have continued to increase since July, reaching 10 in December.0 million vehicles, a year-on-year 杭州桑拿 growth rate of 81%, + 12% MoM. Changan Ford turned for the first time in two years.Changan Ford sold 1 in December.80,000 vehicles, +0 per year.8%, achieving the first positive growth since July 2017.In terms of diversified models, in December Ruijie sold 3,800 units, + 26% per year, and Furuis sold 5,570 units, + 36% per year.With the acceleration of new model launches, Changan Ford’s recovery journey is expected to begin. Transfer of Changan Peugeot Citroen to solve the burden of replacement.On January 1, Changan Automobile issued an announcement that it planned to transfer 50% of Changan Peugeot Citroen to Shenzhen Qianhai Ruizhi for a transfer amount of 16.300 million.Changan Peugeot Citroen began operations in 2011 and gradually extended it22.US $ 3.3 billion, a drag on Changan Automobile’s net profit.After the transfer, 天津夜网 the company is expected to reduce the burden, the company can focus more resources on its own brand and Changan Ford, 2020 young fashion. The Lincoln Adventurer’s pre-sale starts, and luxury brand vacancies are surrounded.On December 27, Changan Ford’s domestic Lincoln Adventurer pre-sale started and the price was 24.8-35 million yuan.The domestic adventurer is basically the same as the overseas model, with an alternate exhaust layout, with a length, width, and height of 4615/1887 / 1630mm and a wheelbase of 2711mm. The new car will be officially listed in the first quarter of 2020. Lincoln will arrange Changan without the luxury brand. Investment suggestion: It is the low point of the industry’s inventory cycle, the bottom of the industry, the transformation of low-end production capacity in the future, the increase of industry concentration, the improvement of the market competition pattern, and the leading car companies with strong and profound benefits.Due to the thickening of the profits brought by the sale of equity and the optimization and improvement of the asset structure, we expect the company’s net profit attributable to the mother in 2019-2021 to be 1.700 million, 3.8 billion and 6 billion, corresponding to 302, 13 and 9 times the corresponding PE.Give Changan Automobile 10 times PE for 21 years, corresponding company target price is 12.50 yuan, maintain “Buy” rating. Risk reminder: Macroeconomic stabilization has fallen short of expectations, Changan Ford’s new car introduction rate has fallen short of expectations, Changan Ford and Changan’s independent sales performance has fallen short of expectations

Related Articles

Office Fitness Exercise

Office Fitness Exercise Skull 1. Sit on the sofa, hands on hips, loop around your head, alternate between front and back.   2. Hold your head with both hands, press hard against your chest, then relax, and try to lift your head upwards, repeating it several times.   Function: It can prevent and relieve cervical spondylosis.   The […]
Read more

Red blood on the face will not let the girl powder become plateau red_1

Red blood on the face will not make the girl powder become plateau red Guide: There are puff cheeks without makeup, but they become red bloodshot when they are slightly stimulated. Removal of red blood has become a top priority. People with extremely thin skin are most susceptible to red blood vessels and are extremely […]
Read more

 See the tricks in the workplace

 See the tricks in the workplace Nowadays, some workplace newcomers have not truly “graduated” psychologically after graduating one or two years ago. They miss the good life of the college era, think that they are not pregnant, and are anxious about their career prospects . Experts point outThe change of role of students to “social […]
Read more
Search for: