SAIC Group (600104) commented in the Interim Report： the leading company went into battle lightly after clearing the warehouse
SAIC Group (600104) commented in the Interim Report: the leading company went into battle lightly after clearing the warehouse
The downturn of the auto market overlapped with the national five clearing house, and the performance was in line with expectations.
The company achieved operating income of 376.3 billion yuan in the first half of the year, a year-on-year 武汉夜网论坛 decrease of 19.
05%; net profit attributable to mothers was 1.38 million yuan, a year-on-year decrease of 27.
Q2 operating income was 1,761 million, a year-on-year decrease of 22.
09%; net profit attributable to mothers is 55 billion, which will drop by 40 in the future.
56%; gross profit margin 12.
49%, a decrease of 0 every year.
7 averages; net margin 4.
28%, down by 1 every year.
Affected by the decline of the industry and the inventory of the National Wuqing, the company’s Q2 profit fell sharply, in line with expectations.
Stable sales and discount base, leading faucet resistance ability.
The company sold 2.94 million vehicles in the first half of the year, down 16 each year.
62%, basically the same as the decline in income.
During the period, Guowu Car Destocking integrated the 深圳桑拿网 internal price promotion activities of the company’s employees, and local promotions effectively cleared the inventory, but hardly affected the overall market pricing system.
In the dark of the auto market, the company maintains a relatively stable sales volume and discount base, maintains a better profit scale, and has excellent anti-risk capabilities.
Promote the orderly progress of the new four modernizations and adhere to the long-term layout.
The company is advancing the research and development of the core layout of electric vehicles and fuel cells in the direction of new energy vehicles.
In terms of intelligent networking, the benchmark product Marvel X Pro is equipped with intelligent driving assistance systems such as automatic parking, intelligent cockpit, and Zebra Zhixing, to achieve the highest level of intelligent process of autonomy.
Shared travel has developed rapidly and has worked well in Shanghai.
Overseas operations are accelerating technology export in India, and the vehicle base has been put into production.
The forward-looking layout will help the company to go more stable and longer in the future, and open up a larger market space.
Investment suggestion: We estimate that the company’s net profit attributable to its mother in 2019 and 2020 will be US $ 32.3 and US $ 35.2 billion, respectively, and the current overall corresponding dynamic estimates are 9, 8 times.
Automobile sales in 2019 are expected to resume growth in the second half of the year, consumers are more concerned about taste ratio, and the industry’s market share may continue to increase steadily.
In addition to its own growth beyond the industry, the company’s dividend yield remains at about 5%, which can be described as both offensive and defensive, maintaining a “buy” rating.
Risk warning: Passenger car sales are lower than expected; new car sales are sluggish.