GAC Group (601238): Guangfeng continues high growth and awaits new autonomous models

GAC Group (601238): Guangfeng continues high growth and awaits new autonomous models

Event: The company released July sales data. GAC Group sold about 15 cars in July.

80,000, at least -6.


This point is as follows: Opinions: 1) GAC Toyota sold 62,000 vehicles in July, an annual increase of 21.

29%: GAC Toyota increased by 11 北京桑拿洗浴保健 in July from June.

7%, still maintaining high growth.

GAC Toyota sold 37 from January to July.

30,000 vehicles, an increase of 21 every year.


In May 2019, Lei Ling, the main model of Guangfeng, launched a new generation of GA-C platform based on TNGA architecture.

The aircraft under the Toyota TNGA architecture has basically achieved great success in China, and Ralink is expected to continue its high sales trend.

The other major models Camry, Highlander, Yaris, and CHR maintained steady growth.

2) Guangqi Honda sold 51,871 units in July, an increase of -8 a year.

6%: In July, Guangben ranked 27th in June.

3%, mainly affected by fit, crown 2.

0T, Fengfan and other models have no impact on the sales of the sixth edition.

Guangben sold 44 from January to July.

60,000 vehicles, an increase of 12 year by 深圳桑拿网 year.


3) GAC passenger cars sold 26,596 units in July, up to -35.

06%; GAC passenger cars were 39 again in July from June.

7%. In June, the company vigorously cleared the inventory of National V. Chuanqi’s June sales increased significantly by 18.


In July, the company’s new models have not yet started large-scale distribution. The new models were replaced in the third and fourth quarters, and the automatic growth rate is expected to improve significantly.

4) Guang Feike continued to slump, Guang Mitsubishi sales improved: Guang Feike sold 5,183 units in July, each time -39.

72%; Guangzhou-Mitsubishi sold 11,018 vehicles in July, an annual increase of 10.

00%, significantly better than June (8 times in June.


We are optimistic about the automotive industry in the second half of the year. Based on low inventory, low bases and terminal retail sales continue to pick up. After 7 months, industry wholesale sales will continue to improve significantly.

With the introduction of new models such as the new GS4, GA6, and GS8, GAC’s independent sales may improve.

However, due to the impact of the Q2 National Five Treasury Clearance on the industry’s earnings, we lower the GAC Group’s profit forecast to EPS0 for 2019-2021.

95 yuan / 1.

03 yuan / 1.

12 yuan, corresponding to PE level 11.

3 times / 10.

3 times / 9.

5 times, the corresponding PE of Guangzhou Automobile Group H is 7 respectively.

1x / 6.5x / 6.

0 times, maintaining the “recommended” level.

Risk warning: GAC Group’s model sales are lower than expected, and the automotive industry’s prosperity is declining