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Jiangling Motors (000550): Low has passed waiting for heavy volume

03/30/2020

Jiangling Motors (000550): Low has passed waiting for heavy volume

event.

The company released the 2019 first quarter report and achieved sales revenue of 65.

0.6 million yuan, an increase of 0 in ten years.

4%; realized net profit attributable to 0.

25 trillion, a year of 83.

6%; attributable profit after deduction is -0.

7 ‰, a ten-year average of 198%; net cash flow from operating activities was -1.

91 trillion, compared with -13 in the same period last year.

9.7 billion, a significant improvement.

Territory sales continued to climb, with commercial vehicle sales under pressure.

In the first quarter of 2019, the company gradually sold 6.

50,000 vehicles, down 2 each year.

01%.

Which light truck 2.

160,000 (-3.

2%), pickup 1.

40,000 (-21.

9%), Jiangling brand light passenger 0.

70,000 vehicles (-20.

4%), due to the suspension of S330, Yusheng SUV sales of 459 (-87%), Ford brand light passenger 0.

80,000 vehicles (-16.

4%).

In the first quarter, the realm of sales reached 1.

40,000 vehicles, 1516/2708/6170 vehicles were respectively achieved from January to March, sales have steadily increased, production climbed in an orderly manner, in line with expectations.

The first quarter is the starting point of the low point, waiting for the collar to contribute performance in the second half of the year.

The company benefited from heavy volume in the first quarter, but the commercial vehicle business was subject to structural adjustments and market factors to a certain extent. Under the overall influence, the revenue side maintained a slight growth.

As the border is in the ramp-up period of production capacity, at the same time the company’s sales expenses for the listed border increased in the first quarter.

2.8 billion (+68.

3%), the scale effect has not been reflected.

With the gradual increase in production capacity in the future, the territories are expected to bring great performance flexibility to the 杭州桑拿 company.

We believe that the company’s first quarter is the starting point and low point, and the subsequent alternate leadership will quickly increase the volume, and the company’s performance will usher in an important turning point.

For the passenger car business, JMC Ford is promising.

In the initial period, the company listed JMC Ford brand SUVs. This car: 1) is the first load-bearing tandem-class SUV launched by JMC Ford, and JMC Ford’s first product for the mainstream passenger car market; 2) is the Ford brandThe first brand-new car series since 2015; 3) New cars can be sold in Changan Ford channels, and the sales network is expanded 6-7 times.

In the long run, the monthly sales hub of Leichen Benefit Products is expected to reach 1-1.

10,000 vehicles.

JMC Ford plans a number of SUV models in the future. The product series will play the core role of Ford in maintaining market share and achieving transformation in China. At the same time, the Toyama plant will be put into production next year. By then, the company will produce 350,000 SUVs, which is expected to be a listed company.Passenger car business opens a new chapter.

Earnings forecasts and investment advice.

It is predicted that the company will realize attributable profit in 2019-2021.2/21.

9/30.

8 ppm, corresponding PE is 24/11.

2/7.

9x, the company’s launch of Ford passenger car series products has brought great performance flexibility to the company, maintaining the “Buy” rating.

Risk warnings: Territorial sales may be less than expected; bicycle profit may be less than expected; the duration of the downturn in the car market may exceed expectations; and the risk of forecast assumptions differing from actual conditions.