Great Wall Motor (601633) September sales review: September sales growth rate of 15% in ten years

Great Wall Motor (601633) September sales review: September sales growth rate of 15% in ten years
I. Overview of the event The company released the September 2019 production and sales report: September sales of 100,019 new cars, an increase of 15 per year.3%; January to September sold 724,113 new cars, an increase of 7 per year.0%.  Second, the analysis and judgment of the comprehensive development of various sub-sectors to significantly increase sales growth rate to break through the industry average. In September, the company sold 100,019 new cars, an increase of 15%.3%, an increase of 42 from the previous month.5%; of which 83,950 SUVs were sold, an increase of 16 per year.3%, an increase of 46 from the previous month.7%; 13,680 pickups sold, an increase of 2 per year.6%, an increase of 17.6%; sales of new energy were 1,877, an increase of 53 from the previous month.2%.  The company’s sales growth rate continues to be the industry average. According to the statistics of the Federation of Passenger Passengers, the wholesale volume of passenger cars in September was 192.90,000, 6 years ago.3%, of which SUV grows by 0 every year.6%.  H6 + F7 formed a strong support for sales. The WEY series improved significantly compared with the previous month. The main product H6 in September sold 31,711 units and was placed at 10.7%, an increase of 26 from the previous month.4%; F7 sold 12,304 units, an increase of 22 from the previous month.6%, the two vehicles strongly support the overall sales; overall M6 maintained rapid growth, sales of 15,108 in September, an increase of 131.5%, an increase of 125 from the previous month.1%; The three airplanes of the WEY series have improved significantly from the previous month, of which the VV6 increased by 18 from the previous month.2% to 5,093 vehicles.  The sales of new energy obviously resumed waiting for R2’s quantitative production in four seasons. In September, Euler sold 1,877 vehicles, an increase of 53 from the previous month.2%, of which R1 sold 1,710 units, an increase of 54 from the previous month.3%, after the transition period, there is an attempt to restore stability; the subsequent wait for R2’s changes in the four seasons to penetrate the horizontal automobile in an orderly manner, and the company’s new energy product supply is constantly enriched.  Third, investment advice The company ‘s market share has risen against the backdrop of a downturn in the industry ‘s economy, and its bicycle profit has improved month-on-month, demonstrating the style of a leader.No good Haval series product line continued to be combed, WEY brand power was gradually improved, and 合肥夜网 the pickup truck leader was further strengthened after the launch of “Cannonball”; under the background of product structure optimization, cost control and marketing improvement, the company’s sales volume increased steadily and profitability graduallyimprove.It is predicted that the EPS in 2019, 2020 and 2021 will be 0.49 yuan, 0.61 yuan and 0.74 yuan, corresponding to 15 for PE.7 times, 12.7 times and 10.6 times, which is lower than the average evaluation level of comparable vehicle companies in 2019, maintaining the “recommended” level.  4. Risks indicate downward pressure on the macro economy and sluggish consumer confidence; the industry’s recovery is less than expected; the company’s sales are less than expected; and the bicycle profit improvement is less than expected.