Eastern securities co. Ltd. Recently conducted research on changan motors and released a study entitled " rapid growth in sales of both autonomous brands and autonomous new energy vehicles " , which gives a buy-in rating of $16. 80 for changan motors, which is currently worth $13. 07 and is expected to increase by 28. 54 per cent。
Changan (000625)
Core views
The total volume of long-term an has increased by the same ring. The total number of changan vehicles sold in february was 1910,000, an increase of 38. 3 per cent over the same period and an increase of 11. 2 per cent over the same period; the cumulative sale of 36. 28 million vehicles in january-february represented a decrease of 12. 7 per cent over the same period. After the spring break, the whole volume of long-term ann's sales recovered rapidly. According to preliminary estimates of the federation, domestic wholesale sales in the narrow area of passenger cars grew by about 9 per cent in february, and the overall volume of long-term am was significantly better than the industry average in comparison。
The volume of long-term autonomous sales is increasing faster than at the same time, and the volume of new energy is increasing more consistently than at the same time. In february, long-term autonomous brands sold 1176,000 units, representing an increase of 68. 2 per cent over the same period and a decrease of 5. 6 per cent in the ring ratio; in january-february, the cumulative sales volume was 2423,000 units, representing an increase of 6. 0 per cent over the same period; and in february, long-term autonomous brands sold at a significant rate to win industry averages over the same rate of increase. The volume of new energy in the changan autonomous brand was 2. 06 million in february, an increase of 103. 4 per cent over the same period and a decrease of 26. 6 per cent in the ring; and the cumulative volume of 48. 6 million in january-february, an increase of 96. 6 per cent over the same period, with long an autonomous new energy growing at a high rate. Delivery of 4103 deep blue sl03 in february resulted in over 4,000 deliveries in aveta as at 2 march. With regard to the new vehicle, the official listing of ann cs95plus, 2023 uni-t in february, and the opening of a pre-sales sale in antota, is expected to take place by the end of march; uni-kidd and uni-vidd were listed simultaneously on 24 february to further refine the layout of the self-mixed products of changan; and on 5 march, the second model of the deep blue brand, s7, launched a flash shot, positioning the medium suv, which will provide two power versions of pure electricity and increased range, the continuation of the electronic version of wltc in 520/620 km, and the increased version of wltc in pure electrical re-carving 160km; deep blues7 will replace the traditional dashboard with ar-hud and will carry the latest technology of installation, such as the ap7. 0 smart parking system and the nid3. 0-story pilot system, with the expected to be officially available in 2023, with bluesl03, to achieve double-board distribution of the suv, with the expected further blue brand。
Longevity sales are warmer than they are, long horse sales are under pressure. Long arnford sold 143,000 vehicles in february, representing an increase of 19. 9 per cent over the same period, a decrease of 4. 8 per cent in the ring; and a cumulative sale of 29. 3 million in january-february, a decrease of 20. 2 per cent over the same period. The number of long-term ammars sold from february to february was 0. 39 million, a 61. 2 per cent decrease over the same period and a 4. 0 per cent decrease in the ring ratio; the cumulative volume for january-february was 0. 79 million, a 73. 6 per cent decrease over the same period. With regard to the new car, the new anfort new generation l is officially visible, with the new fuel version expected to be on the market in april and the hybrid version expected to be on the market in july; and the chang amada cx-50 is expected to be officially offline in march and to open a mini-bar in may, when the new model is expected to warm up the volume of the joint venture。
Profit projections and investment recommendations
The projected net profit return to the mother in 2022-2024 is $83. 80, 87. 17 and $975 billion, approximately 20 times the average of the company's 22-year pe, giving the company a 22-year pe 20-fold valuation at a target price of $16. 8 and maintaining the buy-in rating。
Risk tip
Long-arnford sells lower than expected, long-arnmar sells lower than expected and long-ann autonomous brands sell lower than expected。
Based on the research data released over the last three years, the securities data centre at the east wu sylvester research team studied the unit in depth, with an average forecast accuracy of 72. 07 per cent for the last three years, with a projected net profit of $8. 023 billion for 2022 and a projected pa 16. 14 based on current prices。
The latest profit projections are broken down as follows:
A total of 21 agencies in the unit have given ratings in the last 90 days, with 16 ratings and 5 additional ratings; the average institutional target for the past 90 days is 17. 57. According to financial data for the last five years, the securities star valuation analysis tool shows that the moats that are competitive within the changan (000625) industry are good, less profitable and less profitable. Financial indicators of relative financial health include: accounts receivable/profit margin. The unit's good corporate indicator 3 star, good price indicator 2 star, consolidated indicator 2. 5 star. (indicator range: 0 ~ 5 stars, maximum 5 stars)
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