Jiangling Motors (000550): Sales in the Territory pick up from the previous month

Jiangling Motors (000550): Sales in the Territory pick up from the previous month

Key points of the report The event describes Jiangling Motors ‘June production and sales report, with a total sales volume of 2.

350,000 units, with a ten-year average of 27.

9%, of which Ford brand SUV is 4,938 units, an annual increase of 697.

At 7%, the number of Ford-brand commercial vehicles is 3278, which is extended by 30 per year.

8%, Jiangling Motors brand light passenger car is 2,539 units, which is extended by 43 each year.

2%, JMC trucks are 7073 units, which is extended by 44 per year.

2%, 4852 JMC brand pickups, at least 41 apart.

7%.

Event commented that the transition of National VI went smoothly, and the sales volume of the territories rebounded in June.

In June, Ford’s SUV output was 5,796 units, up 90% month-on-month, and sales were 4,938 units, up 49% month-on-month. This was mainly because the dealer’s national five collars went to the rest of the warehouse and started to fill the national version of the sixth.

At the lowest level, the national version 6 has a minimum of 10.

98 million is unchanged. The platinum-necked matrix LED headlights of the main car models have been changed from optional to standard, up to 3,000 yuan, and other cars have increased their prices slightly by 1,000 yuan.
Looking forward to the future, through the narrowing of the preferential range of the National Six Edition of competing products, the territorial competitiveness is further highlighted. In July, the sales volume of the territorial is expected to continue to climb, optimistic that the monthly sales in the peak season will exceed 10,000.

High base background + “large tonnage small standard” governance impact, light commercial vehicle sales collapsed in June.

For light commercial vehicles, the company’s light passenger + light truck + pickup total sales in June.

80,000, 41 in the past ten years.

3%, ring-on-epoxy 1.

6%, the main year before was mainly due to the high base in the same period last year (the sales growth rate in June 2018 reached 35% month-on-month, significantly higher than previous years).

In terms of light trucks, the sales volume of light trucks in June was 7073 units, exceeding the remaining 44.

2%, affected by the “large ton small standard” governance, causing customers to wait and see.

Looking forward to the second half of the year, the company ‘s light commercial vehicle sales growth is expected to narrow due to the favorable conditions such as the upgrading of National Six and the release of pickup trucks.

The border will be exported to South America, and JMC introduced Ford’s global ranking of cost-effective SUVs.

JMC has signed an agreement with Ford to decide to export the realm. It has clearly defined JMC’s strategic positioning as Ford’s global cost-effective SUV platform. The export of the realm to South America is only a step in JMC’s overseas expansion. It is expected to open more markets and export more in the future.Model, the company’s long-term development space is opened.

The realm has begun a new chapter in passenger cars, sounding the horn of growth and maintaining the “buy” level.

The company’s total sales in the first half of the year 13.

70,000 vehicles in the past ten years7.

3%, short-term performance was under pressure.

Looking forward to the second half of the year, the sales volume of Leadership will continue to climb, and monthly sales in the peak season are expected to exceed 10,000, which will help improve performance.

In the medium to long term, in the future, cost-effective SUV products will be launched one after another, and the world will take the lead in exporting to South America. It is expected to expand more markets and export more models in the future.

The company’s EPS for 2019-2021 is 杭州桑拿 expected to be 1.

25, 2.

54 and 3.

85 yuan, corresponding to 15 for PE.

1X, 7.

5X and 4.

9X, maintain BUY rating.

Risk Warning: 1.

Territory domestic sales climbed less than expected; 2. Light commercial vehicle sales were lower than expected.