Guanghui Automobile (600297): Foreign exchange and asset impairment dragged down net profit performance improvement can be expected
Event: The company released its 2018 annual report, and the company achieved revenue of 1611 in 2018.
70,000 yuan, an annual increase of 3.
4%; net profit attributable to mother reaches 32.
600 million, down by 16 a year.
3%; the company 北京夜网 intends to distribute cash dividends of RMB 0 for every 10 shares.
15 yuan (including tax).
In 2018, the revenue side increased slightly, and the profit side shifted due to the exchange rate and asset impairment.
In 2018, the company achieved 88 new car sales.
20,000 units, an increase of 0 in ten years.
5%, the new car sales growth rate clearly outperformed the industry sales growth rate; in 2018 the company achieved total revenue of 1611.
700 million, +3 a year.
4%; Affected by the friction of Sino-US trade war and fluctuations in automobile industry sales in 18 years, the company’s net profit was affected by exchange losses (+5 over the same period.
700 million) and impairment of goodwill and equity investments (+3 per year).
800 million), the company’s net profit attributable to its mother reached 32 in 2018.
600 million, down by 16 a year.
3%; excluding the impact of foreign exchange cash and asset impairment, the company’s net profit attributable to its parent in 2018 is expected to reach 42.
100 million, previously +8.
The overall gross profit margin increased slightly, the beneficiary brand structure improved, and the gross profit margin of vehicle sales improved.
The company’s overall gross profit margin in 2018 was 10.
31%, a year up 0.
Looking at the quarter, Q1 / Q2 / Q3 / Q4 gross profit margins were 10 respectively.
48% / 11.
05% / 10.
6% / 9.
27%, in terms of business, gross profit margins for vehicle sales / after-sales maintenance / commission agency / leasing business were 3 respectively.
86% / 35.
73% / 77.
33% / 73.
02%, ten years +0.
01pct / -1.
74pct / -2.
2pct / + 0.
The industry’s sales volume has recovered, and the leading distributors have benefited first, maintaining the “prudent increase” rating.
The decline in the industry’s sales growth rate has gradually narrowed since 19 years. It is expected that sales volume will stabilize and rebound in the second half of the year.
Both the Air Force Development and Reform Commission and the Ministry of Commerce have stated that they will introduce relevant stimulus policies for the automotive industry, and industry sales will resume. Guanghui will be the first domestic distributor to strive for the benefit.At the same time, through mergers and acquisitions of luxury brand stores, the company’s brand structure has continued to improve, with new cars as the starting point to continuously improve the development of derivative businesses such as insurance, second-hand cars, maintenance, and financial 淡水桑拿网 leasing.
We are optimistic about the company’s future development. It is expected that the company’s net profit attributable to mothers will be 37 in 2019-2020.
100 million / 42.
800 million, for the first time announced net profit attributable to mothers in 2021 49.
200 million, maintain “Buy” rating.
Risk warning: the store expansion progress is less than expected, and the stimulus policy is less than expected; the risk of goodwill impairment;