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Changan Automobile (000625): New energy mixed reforms have been implemented to reduce revenue and promote continuous improvement of operations

Changan Automobile (000625): New energy mixed reforms have been implemented to reduce revenue and promote continuous improvement of operations
Event: The subsidiary Changan New Energy is dating a strategic investor, and Changan Automobile ‘s holding ratio is reset to 100% and replaced with 48.95%.  Changan New Energy 深圳桑拿网 made breakthroughs in mixed reforms, and the company’s breakthrough points continued to decrease.Changan New Energy’s book shareholders’ equity is 8.1 trillion, with an evaluation value of 27.2 trillion, value added 234%.At the same time, the four strategic investors of Nanjing Runke, Changxin Fund, Liangjiang Fund and Southern Industrial Fund increased their capital in total28.400000000.After the capital increase was completed, Changan Automobile, Nanjing Runke, Changxin Fund, Liangjiang Fund, and Southern Industrial Fund each held Changan New Energy 48.95%, 17.97%, 17.97%, 13.3% and 1.8%.Changan New Energy Alternative Growth from January to October 20195.800 million yuan.We believe that the short-term completion of the mixed reform of Changan New Energy can reduce the number of company reductions. In the medium and long term, it can promote Changan New Energy to establish a 佛山桑拿网 corporate governance mechanism, operating management system and operating mechanism that meets market needs, and enhance the core competitiveness of new energy technology companies, Accelerate the implementation of the company’s “Shangri-La plan” layout.The company expects that the completion of the mixed reform will increase the company22.9 trillion net profit (non-recurring profit and loss).  Pay equal attention to open source and expenditure reduction to promote continuous improvement of operations.The company’s product cycle is gradually confirmed.Bilaterally, the listing of the new Mavericks in the fourth quarter and the localization of Lincoln models will further strengthen the Changan Ford product cycle. It is expected that by 2020, more Ford and Lincoln models will be localized.In terms of independence, CS75plus and CS35plus continued to sell well. In November, Auchan X7 and CS55plus went on sale. A number of heavy models were sold at the same time to promote the company’s own brand sales and performance rebound.Completely in terms of cost reduction, the company’s sale of the entire equity of Changan PSA and the completion of the mixed reform of Changan New Energy will gradually reduce the company’s performance improvement points.  Earnings forecasts and investment advice.In 2019, Ford and Ford ushered in a strong cycle of new products, increased sales and improved profitability.It is expected that EPS for 2019-2021 will be 0.07/0.67/1.26 yuan, maintaining the “overweight” level.  Risk reminder: The travel company’s advancement is less than expected, Changan Ford’s new model launch is less than expected, and the electrification and intelligent advancement is less than expected