Changan Automobile (000625) 2019 Third Quarterly Report Review: Autonomous significantly improved performance in line with expectations
Single quarter quarter 4.200 million, performance in line with expectations The company achieved revenue of 45.1 billion (-9.50%), achieving net profit attributable to mother -35.3.3 billion.In the third quarter alone, it achieved revenue of 152.40 billion (+7.25%), to achieve net profit attributable to mother -4.At 2.1 billion, the company ‘s air force released a performance notice in the third quarter to achieve profit attributable to its mother.6 billion to -5.6 billion, overall the company’s performance is in line with expectations. Pioneer: Ford’s one-time engineering costs weigh on profits, Mazda’s profit is stable. Ford’s 19Q2 increased profits due to non-operating factors such as cost reductions and supplements. These factors were not realized in 19Q3. At the same time, one-time engineering costs were dragged down. We calculated 19Q3.The profit is expected to be about 800 million, contributing about 400 million investment income.Mazda’s 19Q1-19Q3 sales were 3 respectively.3/2.82/3.For 30,000 vehicles, we estimate the corresponding profits to be about 4/4.74/500 million, corresponding to a contribution of approximately 2/2.87/2.5 billion.Mazda 3 Angkor Sera is a competitive model with a minimum range of 12.59-17.890,000, compared to the older models11.29-16.There was a price increase of 290,000, and Mazda’s profit trend is expected to rise in the later period. Autonomy: The profit of bicycles has increased, and fees have been significantly controlled. The independent gross profit margins for 19Q1-Q3 were 5 respectively.02% / 11.92% / 18.78% in the third quarter, a significant increase from the second quarter 6.86pct, mainly due to the improvement in the profitability of a single car equipped with the Blue Whale power system, while the CS75PLUS, CS35PLUS (Blue Whale), and the Yidong Blue Whale version have optimized the product structure, and the bicycle price has improved.19Q3 management expense rate once every six months.73pct, mainly due to cost reductions and wage reductions in various 天津夜网 departments.The sales expense ratio decreases by 0 every year.67pct, mainly due to this year’s new model breakthroughs, discounts caused by multiple resets.Net income from changes in fair value is zero.8.7 billion, mainly due to the floating profit of investment income from holding financial assets. Risks suggest that the acceptance of the new car market is less than expected, and the industry recovery is less than expected. Investment logic: Targeted autonomous marginal improvement, Ford’s new car cycle gradually considers the industry recovery and Changan Ford’s sales recovery is less than expected, we lowered the net profit to -9 in 19-21.7/26.2/41.500 million (original 2.1/27.7/44.100 million), the corresponding net assets9.43/9.55/9.74 yuan (original 9.64/9.77/9.98 yuan), considering that the company is currently in a state 深圳桑拿网 of substitution, the subsequent earnings have improved significantly, and the target PB is at 1.2-1.5PB, down to a reasonable estimate of 9.43-10.37 yuan (corresponding to 19 years PB is 1).0-1.1x, original 9.64-10.60 yuan), maintain “Buy” rating.