Founder Automobile Guangzhou Automobile Group (601238) September 2019 sales review: Autonomous Guangzhou Fick is still under pressure to stabilize the Japanese joint venture

Founder Automobile Guangzhou Automobile Group (601238) September 2019 sales review: Autonomous Guangzhou Fick is still under pressure to stabilize the Japanese joint venture

Event: The company released September 2019 sales: September 2019 The Group sold cars 18 深圳桑拿网 in total.

80,000, at least -4.

75%, the comments are as follows: Comments: Japanese joint venture sales are stable: GAC Toyota achieved sales of 6 in September.

杭州桑拿网50,000 vehicles, 6 per year.

89%, Guangfeng sold a total of 18 in Q3 2019.

50,000, at least 11.

1%, compared with 23.

8% belongs to Camry. Ralink contributed the major increase.

GAC Honda achieved sales of approximately 7 in September.

10,000 vehicles, at least 1.

44%, in Q3 2019, Guangben achieved 17 sales.

90,000, at least -1.

6%, mainly affected by six stateless vehicles such as Fit.

GAC Mitsubishi achieved sales of 1 in September.

150,000 vehicles, at least 4.

2%, 2019Q3 Guangzhou Mitsubishi achieved sales 3.

30,000, at least 2.

At 7%, Guangzhou-Mitsubishi sales stopped the breakout trend.

With its own brand, Guangzhou Fick is still under pressure: GAC passenger cars achieved sales of 3 in September.

40,000, at least -22.

3%, narrowed from August (-28.

75%).

In Q3 2019, GAC passenger cars sold a total of about 9.

100,000 vehicles, at least -28.

6%.

Guangfeike sold 5,325 vehicles in September, -37 per year.

5%, 2019Q3 Guangfick sold a total of 1.

650,000 vehicles, -38 per year.

6%.

GAC Group’s subsequent new models will drive sales upwards. It is expected that the company’s sales will rebound significantly in 2020: the new brand GS4 of the independent brand is expected to be launched in November 2019, and the new interior and power systems of the GS4 are expected to perform better.

GAC Honda Haoying is expected to be launched in November 2019. As a sister model of CRV, the average monthly sales of CRV in 2019 will still be more than 10,000 units. Hao Ying is expected to have a good performance. GAC Toyota Weilanda is expected to be listed in 2020.

Industry View-The recovery trend is still in progress: According to the CCIFC, in September 2019, car retail sales and wholesale growth rates were -6.

6%, -6.

3%.

They were -9 in August.

9%, -8.

0%.

Taking into account the Spring Festival factors and the low base in 2018Q4, we remain optimistic that 2019Q4 will still be the basis for positive sales growth. We raise our forecast for 2020-2021 and expect the company’s EPS for 2019-2021 to be 0.

89 yuan, 1.

06 yuan and 1.

16 yuan, corresponding to GAC Group A shares is estimated to be 14.

2X, 12.

0X and 11.

0X, GAC Group H shares are estimated to be 8.

3 times, 6 times.

9X and 6.

Three times, maintaining the “recommended” level risk reminder: the prosperity of the automotive industry continues to decline, and new model sales are less than expected