Chang’an Automobile (000625): Wholesale sales increase month-on-month

Chang’an Automobile (000625): Wholesale sales increase month-on-month
Event: The company announced September sales data. In September, Changan Automobile’s overall sales were 163,053.Among them, Changan Ford sold 20,905 units, an increase of 42% month-on-month, Changan Mazda sold 12,829 units, and Hefei Changan sold 17,496 units, an increase of 88%. Changan Ford grew month-on-month, and the CS75Plus performed well.In terms of joint ventures, Changan Ford listed a number of models such as the Sharp ST / ST-Line, Fox Active, and Taurus mid-term remodeling in mid-August, contributing to the joint venture’s sales in September.It is expected that the average growth rate of Forex and Fox will be above 50%, and that of the sharp sector will be 20%.Changan Mazda sold 12,829 units, which remained stable overall.In terms of autonomy, Chongqing Changan ‘s sales volume has remained stable, and Hefei ‘s Changan ‘s sales volume has continued to increase on a continuous average. This has led to a strong sales of the heavy-duty model CS75Plus. From the pre-sale on August 16 to the market launch on September 5, its order volume exceeded 11,729.The first shot was fired by Changan Automobile. The vehicle cycle was initially fulfilled, and heavy models in the fourth quarter boosted confidence.In the second quarter, the company achieved a substantial reduction in performance through measures such as reducing costs and increasing efficiency. It is expected that the company’s operating low has passed.In August, a number of heavy aircraft of the company were listed or pre-sold. Changan Ford includes Sharp ST / ST-Line, Fox Active, Taurus mid-term remodeling, and Changan autonomy. The sales of heavy-duty aircraft CS75 Plus were beautiful, and Changan Automobile automatically counteredThe first shot.Changan 四川耍耍网 Mazda’s new Angcorsella starts pre-sale at the Chengdu Auto Show.The listing of the new Mavericks in the fourth quarter and the localization of Lincoln models will further strengthen the Changan Ford product cycle.At the sales end, Changan Ford’s business policy gradually shifted to sales and production, and its attitude towards dealers gradually improved.At the same time, on the basis of zero interest rate, a financial policy of either zero down payment or zero interest rate was introduced, which will help promote Changan Ford’s sales in the second half of the year. Earnings forecasts and investment advice.In 2019, Ford and Ford ushered in a strong cycle of new products, increased sales and improved profitability.It is expected that EPS for 2019-2021 will be 0.26/1.05/1.48 yuan, maintaining the “overweight” level. Risk reminder: The travel company’s advancement is less than expected, Changan Ford’s new model launch is less than expected, and the electrification and intelligent advancement is less than expected