Great Wall Motor (601633) December sales review: December terminal sales increased significantly, wholesale reductions took the initiative to depot

Great Wall Motor (601633) December sales review: December terminal sales increased significantly, wholesale reductions took the initiative to depot
06 May
2020

Great Wall Motor (601633) December sales review: December terminal sales increased significantly, 杭州桑拿论坛 wholesale reductions took the initiative to depot
Matters: The company releases December production and sales newsletters for a total of 10.60,000, at least -21%, and -8% MoM.Initially wholesale of 1.06 million vehicles, in the past + 1%. Comment: The company has taken the initiative to wholesale volume reduction and eliminate channel inventory.Great Wall passenger car wholesale in December 9.10,000 vehicles, -25% a year, -6% from the previous month. The annual increase is mainly due to active destocking.On December 11th.20,000 vehicles, previously + 8%, + 48% month-on-month, an increase of more than the industry, reflecting the demand elasticity of strong independent brands at the end of the year.Considering exports, it is estimated that the channel inventory will be reduced by about 2 in December.50,000 vehicles. Sales of new pickup guns continued to rise to zero.70,000 vehicles.Except for M6, the chain ratio increased slightly to 1.90,000, H6 4.Except for 20,000 vehicles, which were basically flat month-on-month, the rest of the models were basically down.WEY wholesale 0 in December.90,000 vehicles, -20% a year, -10% MoM.Pickup 1.50,000 vehicles, + 15% a year, -19% MoM, of which artillery wholesale is 0.70,000, an increase of 761 over November. In 2019, the initial wholesale vehicle sales have achieved positive growth, and the share of passenger cars has increased by zero.4PP.In the fourth quarter of 19, the company’s total vehicle sales were 33.60,000 vehicles, -11% a year, + 46% month-on-month; the whole year of the year, the whole vehicle wholesale is 1.06 million, achieving +0.The positive growth rate of 7% is different from the growth rate of about 9 points.In 2019, the Great Wall opened up two new markets to bring increments, one of which achieved 1 in Russia.20,000 vehicles / + 289%, its second Euler pure electric 3.90,000 vehicles.In the end, the company shared a rare contrarian improvement in the industry expansion in 2019, and the domestic passenger insurance of passenger cars increased from 3 in 2018.8% rose to 4.2%, wholesale from 3.9% increased to 4.3%. Constantly adjust and wait for the industry boom to return.In the last round of downturn, the company has made multi-faceted adjustments to key strategies, marketing systems, business policies, and organizational structure to comprehensively improve its operating capabilities.In 2020, the company will launch the Euler R2 and two new SUV models.We expect that when the industry boom returns, the company’s sales volume and profitability will rise again. Investment suggestion: 南宁桑拿 We maintain the expectation of net profit attributable to mothers of 4.3 billion and 5.5 billion US dollars in 19-20 years, with growth rates of -18% and 29%, corresponding to 20 and 15 times the current A-share PE and PB 1.5, 1.3 times, H shares PE 13, 10 times, PB 0.9, 0.9 times.Maintain A-share target PB 2 in 2019.0 times, maintaining target price of 12.5 yuan, corresponding to 19-20 years PE 27, 21 times, PB 2.0, 1.8 times, maintaining H-share’s 2019 target PB 1.2x, maintain target price of 8.4 pads, corresponding to 16-13 times of PE in 19-20 years, PB 1.2, 1.1x, maintaining the “strong push” level. Risk warning: The macro economy is below expectations, industry sales are below expectations, and new car sales are below expectations.