Changan Automobile (000625) 2019 Third Quarterly Report Review: Deducting non-net profit and reducing losses, independent brand profitability is significantly repaired

Changan Automobile (000625) 2019 Third Quarterly 天津夜网 Report Review: Deducting non-net profit and reducing losses, independent brand profitability is significantly repaired
Company dynamicsThe company released the third quarter report of 2019. Matters commented that the revenue growth rate turned positive, deducting non-net profit and reducing losses, and the gross profit rate improved to improve the company’s Q3 to achieve operating income of 152.400,000 yuan, an increase of 7 in ten years.25%, the growth rate from negative to positive; net profit attributable to mother -4.21 ppm, which is expected to expand from the previous Q2. It is expected that the net investment income will increase; the net profit after deduction is -6.21 trillion, which is expected to be -7 from Q2.51 trillion reduction.The company’s gross profit margin for Q3 was 18.78%, a significant increase of 杭州龙凤网 6 from the previous month.86pct, the profitability of independent brands was significantly repaired.The year-on-year decrease in management expenses improved the expense ratio during the company period, and the expenses increased during Q3 by 16.80%, falling by 2 every year.31pct, in which the management expense rate drops by 2.73pct. Independent brands: The heavy-duty new model CS75 PLUS is selling well and will continue to boost sales. The sales of independent brands will continue to rise. Chongqing Changan and Hefei Changan Q3 total sales of 16.710,000 vehicles, an annual increase of 9.61%, an increase of 19 from the previous month.48% in the same period, the national passenger car sales fell about 4% year-on-year, the company’s own brand sales performance is better than the industry.In the first half of the year, the company launched new models such as CS85 COUPE, new CS15, new CS95, Keshang, Yidong ET, Kai Cheng F70, etc. The blockbuster new model CS75 PLUS has sold more than 10,000 units in the month since its launch in September, and its cumulative sales have exceeded 2.60,000 vehicles will continue to boost the company’s own brand car sales. Joint-venture brands: Changan Ford accelerates the release of plans, and in the long-term development of joint venture brands, Changan Ford, Changan Mazda Q3 sales 5.370,000, 3.470,000 vehicles, a decrease of 33 per year.56%, 9.34%, a decrease of 60 from Q2.55%, 37.10% narrowed and grew 40% from the previous month.10%, 24.93%, mainly due to the rebound in sales of models such as Fox and Angkesella. In September, the company and Ford Motor announced the Changan Ford Acceleration Plan. Over the next three years, more than 18 new models will be launched to improve the product lineup. The first Lincoln brand SUV and the new Ford Explorer can be put into production every year and next year. The investment proposal estimates that the company’s EPS will be 0 from 2019 to 2021.07 yuan, 0.65 yuan, 0.95 yuan, the corresponding PE is 100 times, 11 times, 8 times, maintaining the “overweight” level. Risks indicate that car sales are less than expected.