Great Wall Motor (601633): Continuously improve product structure and actively promote new energy and intelligent development

Great Wall Motor (601633): Continuously improve product structure and actively promote new energy and intelligent development

Great Wall Motor (601633): Continuously improve product structure and actively promote new energy and intelligent development
Event: The company released its 2018 annual report, and the company realized revenue of 992 in 2018.300 million (-1.9%), net profit attributable to mother 52.100 million yuan (+3.6%), EPS is 0.57 yuan, deducted non-net profit 38.900 million (-9.5%), the 南京桑拿网company plans to pay a cash dividend of 0 for the first time.29 yuan (including tax). Comments: 1. The Haval brand is under pressure, and the WEY brand and pickup are growing rapidly.Auto industry sales in 2018 fell 2.8% off-road motorcycle 2.5%.Affected by the industry, the company sold 105 cars in 2018.30,000 vehicles (-1.6%), Harvard brand 76.60,000 vehicles (-10.1%), H2 sales decreased by 50%.7% to 10.60,000 vehicles are the main reason for the sales growth of the Harvard brand. H6 + M6 sold 52 in total.60,000 (-3%), WEY brand 13.90,000 (+61.4%), pickups increase by 15 per year.2% to 13.80,000 new energy vehicles Euler iQ is 3,515. 2. Terminal profitability affects the company’s gross profit margin, and the publicity expenses may decrease in the future.The company’s gross profit margin in 2018 was 16.7%, a decrease of 1 from 2017.In seven aspects, the first is the intensified competition in the automotive industry, and the company increased the preferential price of products to benefit consumers.Selling costs are 45.800 million (+3.8%), selling expenses 4.6% increased by 0.The two fines were mainly due to an increase in advertising and media service fees124.6% to 20.400 million US dollars, we believe that sponsorship activities such as the World Cup have increased the company’s advertising costs, which may decrease in 2019; financial expenses are -0.5% (17 is 0.1%), the initial decline in financial costs was the company’s receipt of performance bond interest income; according to the new accounting statements, the company’s administrative expenses1.7%, basically the same as in 17 years; R & D expenditure in 18 years was 39.600 million (+17.7%), of which 56% was capitalized (100% expensed in 17 years), and R & D expenses were 17.40武汉夜网论坛 0 million (-48.2%), R & D expenses1.8%. 3. Optimize the product series and build a network that actively promotes new energy and intelligent networking.The F series launched by the company focuses on sports style and is targeted at the young consumer market. The company’s product series is more clear. In 2019, the company will launch the F7x, which will further drive sales of the F series.The company actively improved the layout of new energy products. The company created the ME pure electric platform. By optimizing the interior space of pure electric vehicles Euler IQ and R1, the vehicle has better comfort and comfort.Continuous investment and research in the field of hybrid power.The company cooperates with Baidu, Huawei, JD.com and China Mobile to actively promote the development of intelligent network connectivity. 4. Profit forecast and investment advice.The company has optimized its product series by launching F-series products. It has established four major component companies to gradually realize the independent opening of the component business, truly realize market-oriented operations, and improve overall competitiveness. Currently, it is actively deploying new energy, smart and networked areas.Adjusted the company’s profit forecast, the net profit in 19 and 20 is 56.400 million and 59.600 million yuan (the original profit forecast was 53.600 million and 57.5 ppm), an increase in net profit forecast for 2021 to 61.900 million yuan. 5. Risk warning: industry competition intensifies, the company expands its sales promotion efforts; new car sales fall short of expectations