Great Wall Motor (601633) December Sales 天津夜网 Review: Active Destocking
Event: The company released the December 19th production and sales bulletin, and the car was approved for sale in December.60,000, at least -20.8%, compared with -8.0%, producing 12 cars.20,000 vehicles, at least -10.3%.The highest batch of 106 in 2019.100,000 vehicles, +0 a year.7%.The lowest monthly sales growth rate in December was mainly due to active control of inventory to maintain a reasonable level. The decline in wholesale sales was mainly due to active control of channel inventory, with retail sales increasing by +7.5%, +47.7%, surpassing the industry.The sales volume of Great Wall 19M6-M10 continued to maintain positive growth and surpassed the industry. In order to prepare for the pre-season market, wholesale sales gradually increased in September-October, and most of the sales in November-December were mainly due to control of channel inventory.Company retail in December 11.20,000 vehicles, +7 per year.5%, +47.7%, far more than the industry’s ten years -5.The 4% sales growth rate indicates that the company’s terminal demand is still strong. SUVs were under pressure from destocking as a whole, and Great Wall Artillery and export sales performed well.In terms of structure, Haval sales were 7 in December.840,000 vehicles (short-term -27.1%) WEY sales 0.940 thousand (year-19).9%), Euler sales 0.270,000 (+151 a year.5%, base reason), pickup sales 1.550,000 cars (+15 per night.4%).Haval and WEY wholesale supplements are the first priority of the overall supplement.The Great Wall Gun sold 7020 units a month, +12 from the previous month.5%. In the future, it is expected that with the release of pickup trucks and passengerization, the pickup truck industry will continue to increase and increase. Considering the high growth rate of the pickup truck industry, good layout and strong profitability, the company’s profit margin is expected to gradually increase with the increase in pickup truck sales.The company’s export sales in December were 5,270 vehicles, +27 for the year.5%, + 10% MoM, reflecting the company’s product competitiveness is gradually recognized by overseas customers. Pay more attention to the needs of the terminal, look forward to the switch of the new platform, and maintain the “prudent increase” rating.The short-term wholesale gradually does not change the stability of terminal retail. The company’s sales 杭州龙凤夜网 volume has continued to surpass the industry in the 19 years since the reform. The profitability of 19Q3 has been reduced and the profitability has improved, and the single-quarter gross margin has returned to 18.5%, +4 from the previous quarter.9 points.In the future, as pickup truck sales continue to climb, the introduction of Euler R2 and two new SUVs, and the transformation of new power platform products in 20 years to improve profitability and competitiveness, the company’s performance is expected to grow steadily.It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 45.7/48.9/53.50,000 yuan, maintaining the level of “prudent increase”.Risk warning: the industry’s sales volume has grown significantly; the company’s new car sales exceed expectations;