Great Wall Motor (601633) 2019 First Quarterly Report Review: Performance Meets Expected Profit Stability
Event: Great Wall Motor released the first quarter report of 2019: It reported that the combined company realized operating income of 22.6 billion US dollars, an extension of 15%, and realized net profit attributable to shareholders of listed companies.7 ‰, an average of 62 in ten years.8%, net profit attributable to shareholders of the listed company after deduction 6.4 ‰, 69 years ago.7%, the performance was in line with expectations. Investment points: gross profit margin increased month-on-month, cost reduction 杭州夜网论坛 and efficiency improvement improved Q1 gross profit margin of 15%, an increase of 1.At 1 point, the increase in gross profit margin was mainly due to the contribution of new products F7 and pickup trucks. According to the non-profit deduction measure, the profit of bicycles rose to more than 2,200 yuan.The lower income from WEY is lower than the previous period, and the cost control is better. It is expected that the supply cost of parts will gradually decrease.In addition, the expected downward adjustment to increase profits has not allowed profits to the terminal, which will help increase tens of millions of profits. If the price side is adjusted to give benefits to consumers, the price will be exchanged for the amount. New energy vehicles began to contribute profit. In the first quarter, Euler’s customer base was mainly individual car purchases. The dual-point target for 2019-2020 mainly depends on the contribution of Euler iQ and Euler R1.Followed by BMW’s new joint venture platform and products.Electric vehicles are already making positive contributions to the company in 2019.It is expected that the price will be adjusted after the compensation decline to maintain profit. Earnings forecast and investment rating: It is predicted that the company’s net profit attributable to its parent in 2019/2020/2021 will be 61/70/87 billion US dollars, corresponding to the current price-earnings ratio of 14/12/10 times.The improvement measures of management and management led to the continuous recovery of bicycle profits, and maintained the “Buy” rating. Risk warning: the risk that the growth rate of the macro economy 合肥夜网 is lower than expected; the risk of continued growth in the passenger car market; the risk that the sales of new models will not climb as expected; and the profitability of bicycles will rise more than expected.