GAC Group (601238) dynamic comment: The second-generation GS4 hot-selling autonomy improved significantly from the previous month

GAC Group (601238) dynamic comment: The second-generation GS4 hot-selling autonomy improved significantly from the previous month

Company dynamics The company released the November 2019 production and sales report, and the car sales in November were 19.

50,000 vehicles, down 4 every year.

3%, cumulative sales of 187 from January to November.

610,000 vehicles, which gradually dropped 4.


Attention matters autonomously: The second-generation GS4 is launched, and the explosion-proof models will start again. GAC passenger car sales will be 3 in November.

850,000 vehicles, an increase of 30 from the previous month.

7%, a decline of 12 per year.

8%, driven by the second-generation Chuanqi GS4, a significant improvement over the previous month.

Chuanqi GS4 is the main model of GAC Trumpchi. It was launched in 2015. Monthly sales can reach more than 30,000 vehicles from 2016 to 2017. Last month, the second-generation Chuanqi GS4 was officially launched, and its sales volume exceeded half a month.

10,000 vehicles will effectively boost the sales of Chuanqi and change the relatively sluggish sales performance of GAC’s own brands.

Guangben: The new model Haoying is equipped with a compact SUV, the blank Guangqi Honda, which sold 6 in November.

90,000 vehicles, an increase of 5 from the previous month.

5%, a decline of 9 per year.

8%, Accord / Lingpai 杭州夜生活网 / Binzhi / Odyssey sales were 1.

90,000 / 1.

60,000 / 1.

30,000 / 0.

40,000, at least -6.

9% /-10.

9% / + 4.

1% / + 2.


Recently, Haoying was officially listed, and its cumulative order has exceeded 10,000 units. Haoying has placed GAC Honda’s blank in the segmented SUV field. With reference to the sales performance of Dongfeng Honda’s CR-V model of the same class, Haoying is expected to help GAC Honda’s sales to recover.

Guangfeng: Ralink, Camry sales maintain high growth, GAC Toyota maintains high growth, November sales of 6.

80,000 vehicles, an increase of 13 from the previous month.

3%, an annual increase of 12.

2%, Ralink / Camry sales were 2 in November.

30,000 cars / 1.

80,000 vehicles, +15 per year.

0% / + 11.


GAC Toyota ‘s first TNGA mid-size SUV, the Wilanda, has been launched at the Guangzhou Auto Show and is scheduled to be 杭州夜网 launched in 2020, further improving the TNGA product lineup.

The investment proposal estimates that the company’s EPS will be 0 from 2019 to 2021.

81 yuan, 1.

04 yuan, 1.

10 yuan, the corresponding PE is 14 times, 11 times, 11 times, maintaining the “overweight” level.

Risks indicate that car sales are less than expected.