04/04/2020

SAIC Group (600104) quarterly report comments: Industry sales pressure is expected to improve sequentially

SAIC Group (600104) quarterly report comments: Industry sales pressure is expected to improve sequentially

Event: The company released the first quarter report of 2019, and the company realized revenue in the first quarter of 2019.

9 ‰, an average of 16 in ten years.

2%; net profit attributable to mother reaches 82.

500 million US dollars, an average of 15% in ten years; net profit after deducting non-attribution to mothers reached 7.6 billion US dollars, once every ten years.

9%.

Industry sales were under pressure and performance exceeded expectations.

19Q1 passenger car sales reached 5.26 million units, every -13.

7%; The company achieved a total sales volume of 153 in 19Q1.

30,000 vehicles, at least 15 per year.

9%; dragged down by the decline in Wuling and independent sales, the company’s overall sales fell slightly higher than the industry as a whole; in the first quarter of 2019, the company achieved revenue of 2001.

9 ‰, an average of 16 in ten years.

2%, the income growth rate is basically the same as the income expansion rate.

Net profit attributable to mother 82.

5 ‰, with a 10-year average growth rate of 15%, slightly exceeding the highest rate of sales.

The gross profit margin decreased slightly, and the net profit margin increased sequentially.

The company’s gross profit margin in Q1 2019 was 12.

7%, previous / mom respectively -0.

4 points / -0.

2pct; the highest gross profit margin / lower month-on-month decline is expected to be mainly caused by the expansion of sales volume; 19Q1 company’s net profit margin4.

1%, flat for one year, up 0 from the previous month.

4pct, the net interest rate increased month-on-quarter was mainly due 青岛夜网 to the report that the consolidated company received an increase in government subsidies (4.

5.3 billion) and increase in fair value of transactional financial assets (1.

8.3 billion).

Insist on high dividends and improved product structure, and maintain “Buy” rating.

The company always adheres to high dividends. According to the 2018-2020 shareholder return plan issued by the company, it is determined that the company’s cash dividend consolidation during the year is not less than 30% of the net profit of the parent at the same year. At the same time, the company expands the process of new quaternization and continues to exert new energy and intelligenceNetworking technology; At the same time, a number of new vehicles of Volkswagen and GM were launched on the market in 19 years. The product structure of Cadillac’s new 四川耍耍网 car landings continued to be optimized.

We are optimistic about the future development of the company. It is estimated that the company’s net profit attributable to the parent from 2019 to 2021 will be 36.6 billion // 40.8 billion / 42.9 billion, respectively, and maintain the “Buy” rating.

Risk warning: industry price war, new car sales are less than expected;

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