Asahi shares (603305): closely follow Tesla’s new demand and accelerate the development of domestic and European markets
Event: The company released its semi-annual report for 2019, which reported revenue5.
30,000 yuan, an annual increase of 2.
15%; net profit attributable to mother is 8478.
520,000 yuan, down 36 every year.
14%, deducting 80 million yuan of non-returned net profit, a year-on-year decrease of 37.
The performance is mainly affected by the Sino-US trade friction and the impact of the automotive industry: the company’s products are mainly exported, and the performance is reported. The company’s export revenue accounts for 74% of its main business income.
95%, and the company’s sales revenue to Tesla accounted for 52% of the main business revenue.
As a result, Sino-US trade frictions have further shown long-term and complex nature. Some of the company’s products for Tesla have undergone small price cuts, which is a leader whose performance has fallen short of expectations.
In addition, according to the statistical analysis of the China Automobile Industry Association, from January to June 2019, automobile production and sales were respectively completed at 1213.
20,000 and 1232.
30,000 vehicles, the production and sales decreased by 13 compared with the same period last year.
7% and 12.
From the perspective of production and sales in the first half of the year, the overall production and sales of automobiles were at a low level, and subsequent initial expectations also affected the company’s performance to a certain extent.
Closely follow the new needs of Tesla in Shanghai, and the overall operation is good: The company began to cooperate fully with Tesla in 2014, and established a stable cooperative relationship with simultaneous research and development and common growth.
According to Tesla’s sales report for the second quarter of 2019, Tesla set a new production and delivery record in the second quarter. A total of 77,550 vehicles were produced; a total of 14,517 units of the Model S and Model X were produced and 17,650 were delivered.
The third quarter is expected to continue to increase total production and delivery.
Tesla’s Shanghai Super Factory also plans to start production by the end of the year.
The report summarizes that the company seized the revenue from the existing Tesla factory in China, strengthened the cooperation between the two sides, and reduced the overall impact of Sino-US trade friction and tariff measures on the company by acquiring incremental business in the Tesla China region.
At present, the company has carried out preliminary cooperation with Tesla Shanghai on new energy vehicle components such as power system housings, battery housings, body parts, and chassis.
The company looks forward to achieving synchronous growth in the future.
Vigorously explore the domestic market and simultaneously expand the regional cooperation in Europe: It is reported that the company passed the supplier evaluation system of the GAC Group and obtained the project fixed point of the new energy reducer casing.
At present, the key domestic development directions: New energy vehicle manufacturers such as Great Wall Motor, Guangzhou Automobile Group and other domestic-scale OEMs; Ningde Times, Jingjin Electric, Hangweike and other new energy vehicle component suppliers; Zhejiang Zero Running, Weilai AutomobileEmerging new energy vehicle companies.
According to the latest data from the China Automobile Association, in July, GAC passenger cars and Great Wall Motor ranked 4th and 9th in sales of new energy passenger car companies respectively, and Weilai Automobile entered the top 10 in sales of pure electric companies.
In addition, the company has completed the establishment of a German subsidiary to strengthen market development and technical cooperation with customers in Europe, including BMW, 南宁桑拿 Mercedes-Benz, Audi, Porsche, and ZF.
With the rapid growth of new energy vehicles and the development of domestic and foreign markets, the company is expected to achieve good development prospects.
Promote refinancing in an orderly manner to create future core competitiveness: the scale of the report, the company intends to apply for non-public offering of shares, and the total amount of funds raised will not exceed 1.2 billion US dollars for the construction of new energy automobile precision casting and forging projects (second phase) and automobile lightweightAfter the completion of the component manufacturing project, it can supplement the capacity of 6.85 million castings and forgings and meet the processing needs of 7 million automotive lightweight components.
The investment project is beneficial to the rich product 杭州桑拿网 structure of the company, to seize the high-end casting and forging market, improve the precision machining capabilities, and improve product competitiveness.
The issuance application has been approved by the issuance review committee of the China Securities Regulatory Commission.
Investment advice: We expect the company’s revenue growth to be 51 in 2019-2021.
51%, the growth rate of net profit attributable to mothers was 8 respectively.
5%, EPS is 0.79, 1.
Maintain Buy-A investment rating, 6-month target price is 28 yuan.
Risk reminder: Tesla sales are lower than expected, gross profit margin reduces risk