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Great Wall Motor (601633) July 2019 sales review: sales in line with expectations continued export growth

Great Wall Motor (601633) July 2019 sales review: sales in line with expectations continued export growth
Matters: The company announced July car sales and July sales 6.30,000 units, an increase of 11 per year.09%; from January to July, gradually wholesale 55.40,000, an increase of 5 in ten years.3%. Comment: The number of bases last year, the growth rate is in line with expectations for wholesale in July 6.30,000 units, an increase of 11 per year.09%, ring-on-epoxy 4.6%, from January to July, gradually wholesale 55.40,000 vehicles, an increase of 5 per year.3%.Meet our Air Force 武汉夜生活网 expectations.Previous growth exceeded market (expected -10%?-15%), mainly due to the same period last year (5.40,000) average, this year the new model F series offers incremental.Looking at the specific model, the Haval series sells 4.290,000 vehicles, an increase of 15% per year, WEY sells 7,246 vehicles, an increase of 2 per year.34%.Euler sold 2,071 vehicles. According to the company’s lowered target of 1.07 million, considering that the base number has still decreased in August and September, the company has promoted to maintain super market growth. The channels are solid and the company keeps low inventory. After adjusting the price system in the second half of last year, the terminal sales stopped rising.According to grassroots analysis and feedback, the company currently does not have supplementary preferential policies, and the channel remains at an alternative inventory level.The solid channel strength has become the company’s powerful moat. The Russian plant has been put into production smoothly, and exports have continued to grow. The company’s Russian plant has invested an initial $ 5 billion in the initial stage, with a planned production capacity of 150,000 vehicles per year.In June of this year, the Russian factory was officially put into production.It mainly produces F series models.7,403 vehicles were exported in July, a record high.The company’s scale has further expanded its dealer network in Russia, and the company’s exports are expected to continue to grow. Investment suggestion: In the down cycle, the company actively seeks changes.The company’s new product, the F series, was successfully recognized by the market.The company also actively adjusted its organizational structure and went light.Do we maintain expectations for 2019?The company’s net profit will be 40 in 2021.9, 50.3, 58.600 million, corresponding to PE, 17, 14, 12 times.Maintain our Air Force 9.A target price of $ 0 and a “recommended” rating. Risk warning: The economy continues to decline, and the automotive market fails to meet expectations; industry competition intensifies, and the company’s sales volume fails to meet expectations.