Changan Automobile (000625): Changan Ford’s terminal sales in August continue to be popular

Changan Automobile (000625): Changan Ford’s terminal sales in August continue to be popular
Event: Changan Ford announced August terminal sales data. August sales of the entire series reached 2.10,000 units, an increase of 30% from the previous month. August took the lead in a strong recovery, and dealer channels improved significantly.In August, the overall recovery of the entire industry was still tepid, but Changan Ford took the lead in rebounding strongly and the off-season was not off, reflecting the company’s internal management adjustment effect 成都桑拿网 in the past.Previously, our Changan Ford dealer conference call also noticed the company’s changes, and several dealer managers who participated in the meeting all responded to Changfu NDSD distribution and organized Changan Ford’s marketing to look completely new. The old model has a new vitality, and the Fox has improved significantly from the previous quarter.The main sales model in August is still the old model that has not been modified for several years, so it is even more commendable to obtain such sales results. Fox has increased by more than 60% from the previous month, and has once again become the focus of Changan Ford. The new car cycle is worth looking forward to.Beginning in September, new cars began to truly reflect sales. Changan Ford’s staged strong product cycle began. Ford Focus event was launched to expand 深圳桑拿网 Fox customer coverage and continue to drive Fox up. After that, Lincoln, which is also a wing tiger, is worth looking forward to.Relative to the first half of the sales twists and turns is difficult to reproduce, Changan Ford in the next three quarters of the marginal improvement in sales efforts. Investment suggestion: The bottom of the company’s sales volume and profit has basically improved. A number of new cars have helped the overlapping industries recover huge elasticity. Although Ford has been under pressure for a short time, the century-old brand heritage still exists, and it will be transformed into dealer reform and interest relations.improve.We expect revenue in 2019/2020 to be 659.4.7 billion / 683.87. Net profit attributable to mothers is 2.06 ppm / 40.25 ppm. After the recovery of the industry, the elasticity is huge. The PB is less than 1. The allocation value is prominent. Maintain the “Buy” rating. Risk warning: industry recovery is not up to expectations, Changan Ford’s new car sales are less than expected