Great Wall Motor (601633): Comprehensive gross profit margin increased slightly, market share continued to expand

Great Wall Motor (601633): Comprehensive gross profit margin increased slightly, market share continued to expand
Event: The company released the first quarter report of 2019: 2019Q1 achieved total operating income of about 226.300 million, realizing net profit attributable to mothers is 7.7.3 billion.The comments are as follows: 8%, the average price of bicycles has decreased: operating income (vehicles + parts) revenue reached about 220.9 trillion, a growth rate of -15 in ten years.8%, 2019Q1 company sold a total of 28 cars.380,000 vehicles, an increase of 10 in ten years.6%, revenue is mainly affected by price, rough estimate of average bicycle price (operating income 杭州桑拿网 / car sales) 2019Q1 is 7.780,000 yuan, 10 in 2018Q1.220,000.After the official drop in 2018Q3, some old models in 2019Q1 still basically maintain the price after the official drop.In addition, due to the product structure, the share of Euler increased and the share of WEY decreased, resulting in a decline in the average price of vehicles. The comprehensive gross profit margin increased steadily from the previous quarter, mainly driven by the auto finance business: the comprehensive gross profit margin of 2019Q1 was 15.04%, 2018Q4 was 13.96%.The 2019Q1 auto finance business income (index + commission income) is 5.42 trillion, a sequential growth rate of 81.At 6%, the gross profit margin of auto finance business in 2019Q1 was 68.8%, 2018Q4 was 57.3%.Automotive segment business (non-financial business) 2019Q1 gross profit margin was 13.7%, basically the same as 2018Q4 (13.6%).In our judgment, the proportion of the company’s F series increased, the industry demand continued to recover, and the company’s automotive segment gross margin improved. The management and sales expense ratio was basically the same as 2018Q4: management expenses (including research and development) accounted for 3% of revenue in 2019Q1.7%, 2018Q1 and Q4 are 2 respectively.4% and 3.7%; selling expenses accounted for 4 in 2019Q1.6%, 2018Q1 and Q4 are 4.4% and 4.6%. The sales volume of Great Wall in 2019Q1 continues to be higher than the industry, and the market share has steadily increased: the company’s auto sales (excluding pickup trucks) in 2019Q124.70,000 vehicles, an increase of 10% in ten years.In 2018, Great Wall accounted for 9 of the implanted brands in the market.2%, 2019Q1 increased to 11.3%.The Haval F-series (including F5) sold 50,850 units from January to March, accounting for 21 of the company’s SUVs.9%, of which Harvard F7 sold 14,512 units in March. Since its launch in November 18, the F7 has sold over 10,000 sales for four consecutive months.Sales of new energy models of the Euler brand increased sharply, with sales from January to March 1.410,000 vehicles, of which 7031 were achieved in March, an increase of 114.4%. We expect the EPS for 2019-2021 to be 0.65 yuan, 0.74 yuan and 0.85 yuan, corresponding PE is 14x / 13x / 11x respectively; Great Wall Motors H shares 南京夜网论坛 corresponding PE is 9x / 8x / 7x, given a “recommended” rating risk reminder: the automotive market boom continues to decline, new model promotion is less than expected