Guanghui Automobile (600297): Teaming up with Tencent, Changan opens a new retail era
Guanghui Automobile (600297) cooperated with Tencent and Changan to start the “new retail” era of dealers. On May 16, the company announced that in order to give full play to the advantages of various resources, the company will cooperate with Changan Automobile, 淡水桑拿网 China Automobile Association and Tencent Technology in the channel., New marketing, second-hand cars and other areas actively carry out cooperation, especially new marketing, smart store exploration and promotion, so as to accelerate the company’s transformation and upgrading to the new era of auto dealers.
We believe that this cooperation is in line with market competition’s expectations that the company and the Internet giants will cooperate to open the “new retail” era. Dating Tencent’s big data, artificial intelligence and other advanced technologies will actively promote the transformation of the traditional 4S store model to the Internet model, which is beneficial to the company’s response.”New retail” development direction.
We expect the company to achieve EPS0 in 19-21.
65 yuan, maintain “Buy” 杭州桑拿网 rating.
Dating technology and Internet thinking to create a new smart store with long security We conclude that the cooperation Quartet may be based on the company ‘s own Changan independent 4S store, and technology such as dating Tencent ‘s big data and artificial intelligence will transform the 4S store to create a new smart storeTo achieve the effect of attracting passenger flow, improving customer satisfaction, and reducing costs.
This cooperation is conducive to further promoting the co-creation and sharing of resources and channels between the company and OEMs, Internet companies, and industry associations. It is also conducive to accelerating the upgrade and transformation of the company’s intelligent stores, strengthening business integration, and improving the company’s service capabilities and upgrades.Customer satisfaction has a positive impact on the company’s long-term development.
For Changan Autonomous, trying new retail is also a new way to ease sales pressure.
In the fifth national inventory removal process, if the industry recovers, the first profit of dealers will be 150 passenger car sales in the narrow sense in April.
80,000, at least -16.
9%; the total sales volume of narrowly defined passenger cars is 1.55 million, -17 per year.
According to data from the Automobile Dealers Association, the composite factor for car dealers in April was two.
0, up 20 every year.
5%, an increase of 11% from the previous month, the inventory level is above the warning line.
We believe that demand is weak in April, channel inventory is increasing, or that consumers are waiting for the National Sixth Upgrade Policy to hold currency for purchase.
Some regions began to implement the National Sixth Standard for light vehicles on July 1. Dealers and OEMs have increased pressure to remove National V models. The wholesale volume of OEMs has shifted by double digits. Some consumers hold coins to purchase, affecting terminal sales.
We believe that with the gradual introduction of the Sixth Model, the terminal price and sales growth rate in the second half of the year are expected to improve quarter by quarter.
Dealer leader opens the “new retail” era and maintains a “buy” rating. In the short term, National Five inventory is gradually cleared, industry sales are expected to improve quarter by quarter in the second half of the year, and dealers are constrained by a lower net profit margin.The policy announced an official drop, but the minimum drop in dealer terminals was smaller than the official drop, and the pressure on dealer discounts was slightly biased.
In the long run, cooperation with Tencent opens the revolution in the “new retail” era for dealers.
Considering that sales volume is expected to improve in the second half of the year, we expect the company to achieve net profit attributable to mothers in 19-2138.
3.9 billion (up 1%, 0.
77%), corresponding to EPS0.
65 yuan, comparable to the company’s 19-year average PE valuation of 16 times. Considering that the company’s growth is mostly from mergers and acquisitions, the company’s 19 years?
14 times PE estimate, given a target price of 6.
72 yuan, maintain “Buy” rating.
Risk reminder: Sales volume is less than expected, the economic cycle is down, and automobile consumption promotion policies are not up to expectations.