Great Wall Motor (601633): Both volume and price rose Q3 performance exceeded expectations

Great Wall Motor (601633): Both volume and price rose Q3 performance exceeded expectations
Event: The company released the third quarter report of 2019: Q3 achieved operating income of 212.0 ppm, an increase of 18 per year.0%; achieve net profit of return to mother 14.0 million yuan, an increase of 506 in ten years.8%; net profit attributable to non-mothers is realized13.5 ppm, an increase of 2555 in ten years.7%.A total of 625 operating income was achieved in the first three quarters.8 ‰, a ten-year average of 6.1%; net profit attributable to mother is 29.2 ‰, 25 years ago.7%; net profit attributable to non-attributed mothers was 25.9 ‰, 28 years ago.7%. Increase in sales volume + increase in bicycle profits, Q3 performance exceeded expectations We believe the company’s Q3 performance also exceeded expectations because the volume and price rose: the company’s Q3 achieved sales of 23.10,000, an annual increase of 12.4%, an increase of 10 from the previous month.0%, benefiting from the completion of the switching of National Five and National Six in most parts of the country. The profitability of the company ‘s National Six products is greater than the National Five model. The price of bicycles has increased by about 2,000 yuan.The expansion of sales volume + price increase + cost reduction together led to the company’s Q3 quarterly performance exceeding expectations.Looking forward to Q4, due to the advance of the Spring Festival this year, the channel will increase stocks. It is expected that the company will maintain a higher sales growth rate and better bicycle profitability in the fourth quarter. The gross profit margin increased significantly, and the improvement in expense ratio reduced the company’s gross profit margin in Q318.5%, an increase of 4 per year.8pct, up 4 from the previous quarter.9 points.The improvement in gross profit margin is an important reason for the company’s single quarter performance improvement.It is expected that in 2020 the company will launch new SUVs based on the new platform, one large, one small, and two small SUVs. The increasing proportion of high-margin models is expected to drive the company’s gross profit margin to remain high.Q3 company’s total expense ratio is 8.3% twice a year.1pc, of which the sales expense ratio is 4.2%, down 1.4pct, due to the adjustment of the statement, the transportation cost was moved to the cost column.Management expense ratio 2.1%, unchanged for one year.R & D expense ratio 2.6%, increasing by 0 every year.8pc, Q3’s R & D capitalization ratio is about 55%, and it will be maintained at 50% -60% in the future.Finance expense ratio -0.6%, a ten-year average of 1.5pct, due to the decrease in exchange income and interest expenses on bank borrowings. Earnings forecast and investment recommendations predict that the company’s EPS for 2019-2021 will be 0.47 yuan, 0.52 yuan, 0.57 yuan, corresponding to 17 for 2019-2021.7 times, 16.0 times, 14.7 times.Maintain the company’s “overweight” rating. Risk warning: The domestic auto 淡水桑拿网 industry is weaker than expected; the company’s product sales are lower than expected.

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