SAIC Group (600104) 2019 Third Quarterly Report Review: Joint Venture Profit Stabilizes, Autonomous Momentum Improves

SAIC Group (600104) 2019 Third Quarterly Report Review: Joint Venture Profit Stabilizes, Autonomous Momentum Improves

Q3 realized operating income of 20.91 million yuan (ten years -0.

4%), it is estimated that Volkswagen + GM average bicycle contribution 0 investment income.

540,000 yuan, compared with 0 in Q2.

The RMB 560,000 was basically the same, and the self-owned brand Q3 achieved a gross profit margin of 9.
.

0%, contributes to bicycle gross profit 0.

850,000 yuan, compared with 0 in Q2.

550,000 yuan increased month-on-month.

The contribution from overseas business has increased significantly, profitability has stabilized, and the rating of “Buy” is maintained.

Q3 deducted non-homing net profit rebounded month-on-month, in line with market expectations.

The company’s operating income in the third quarter of 2019 was 20.91 million yuan (ten years-0.

4%), achieving net profit of 70%.

300 million (year-19).

1%, QoQ + 28%), achieving a net profit of 63.

200 million (year -21.

(6%, MoM + 29%).

The company VI’s switching progress was orderly. After July, the destocking pressure was reduced, and the terminal discount recovery was the leading factor for the rebound in profit.

The gross profit margin of the company’s consolidated statement caliber remained at 12.

26%, compared with 13 of the same period last year.

19% small value.

Volkswagen + GM’s profitability is stable, and the contribution of bicycle profit increases every year.

In terms of joint ventures, SAIC Volkswagen and SAIC GM respectively achieved sales of 47 in the third quarter.

20,000 and 38.

100,000, shortened by 4 each year.

8% and 20.

3%.

The parent company’s statement in Q3 realized investment income of joint ventures 45.

90,000 yuan, it is estimated that Volkswagen + GM average bicycle contributes investment income of 0.

540,000 yuan, compared with 0 for Q1 and Q2.

490,000 yuan and 0.

560,000 yuan was basically unchanged, compared with 0 in the same period last year.

450,000 yuan grows 21% every 厦门夜网 year.

The gross profit margin of self-owned brands improved faster than expected, and overseas business opened up long-term growth space.

Based on the parent company’s statement, SAIC’s self-owned brand achieved revenue of 150 in Q3 2019.

7 ‰, at least -14.

7%, achieved 9 bicycle income.

410,000 yuan, compared with 9 in Q2.

A slight increase of 29 million.
The self-owned brand Q3 achieved a gross profit margin of 9.
0%, contributes to bicycle gross profit 0.

850,000 yuan, compared with 0 in Q2.

550,000 yuan increased month-on-month, but compared to 1.
.

RMB 790,000 is still sharply reduced by 52.

6%.

The parent company offset a total of 12.
.

700 million, significantly narrower than the previous Q2 of 1.8 billion.

After entering July, benefiting from the contributions of RX5 MAX and Roewe i6, the company’s own brand has achieved positive growth for three consecutive months.

In addition, the company’s three major overseas companies (Chia Tai, Wuling Indonesia, MG India) achieved sales in the third quarter.

820,000 vehicles, compared with 1.
.

200,000 vehicles are growing 52% annually.

In the long run, the company has abundant reserves of its own brand models, leading the industry in new energy layout, rapid growth in overseas business, and clear long-term growth.

Risk factors: Macroeconomic growth eventually leads to less-than-expected sales; new model market acceptance gradually exceeds expectations; the growth rate of independent brands continues to increase.

Investment suggestion: Regarding the pressure on the industry next year, we fine-tune the EPS forecast for 2019/2020/2021 to 2.

56/2.

76/2.

95 yuan (previous earnings EPS 2.

57/2.

79/2.

95 yuan).

The current price is 23.

30 yuan, corresponding to 9/2019/20/21.

1/8.

4/7.

9 times PE.

The company’s balance sheet is solid, new energy tools are abundant, and profit has now bottomed out. It continues to be recommended as a long-term leader and maintains a “Buy” rating.

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