Changan Automobile issued a stock price change announcement, many institutions are optimistic and give a "buy" rating

On June 15, Chongqing Changan Automobile Co., Ltd. issued an "announcement on stock price changes".

The company's stock trading price on June 10, June 13, and June 14, 2022, has a cumulative deviation of more than 20% of the closing price increase for three consecutive trading days. Happening.

Source: Changan official website

In response to abnormal stock fluctuations, the company has checked relevant matters: there is no information disclosed by the company in the previous period that needs to be corrected or supplemented; the company has not found recent public media reports that may or have had a greater impact on the company's stock trading price. Material information; the company's current operating conditions are normal, and the internal and external operating environment has not undergone major changes; the company, controlling shareholders and actual controllers have no major issues that should be disclosed but have not been disclosed, and there are no major events in the planning stage.

The actual controller reduces the holdings

On June 14, Changan Automobile issued a stock price change announcement. The actual controller of the company, China North Industries Group Corporation Limited, sold some of its Changan Automobile shares on June 13.The first quarterly report shows that the Armed Forces Group holds 14.69% of the company's shares and is the second largest circulating shareholder.

According to the "Pre-Disclosure Announcement on Reduction of Shares by Actual Controllers and Persons Acting in Concert" disclosed by the company on December 18, 2021, the actual controller of the company, China Ordnance Equipment Group Co., Ltd., sold part of its Changan holdings on June 13. Auto stock.

On the evening of December 17, 2021, Changan Automobile announced that due to its own business development needs, the company's actual controller is the Armed Forces Group and the concerted party China Changan Automobile Group Co., Ltd. (referred to as "China Changan"), Southern Industry Asset Management Co., Ltd. Company (referred to as "Southern Assets"), the company's shares are reduced by centralized bidding and block transactions by not more than 50,000,000 shares (ie, not more than 0.66% of the company's total share capital) and 17,658,039 shares (ie, not more than 0.23% of the company's total share capital) , 67,694,210 shares (ie not more than 0.89% of the company's total share capital).

The total number of shares to be reduced does not exceed 135 million shares (that is, no more than 1.78% of the company's total share capital), and the shareholding reduction ratio of centralized bidding within any 90 consecutive natural days does not exceed 1% of the company's total share capital, and the block trading system shareholding ratio Not more than 2% of the company's total share capital.

Changan Automobile announced on April 11 this year that as of April 11, 2022, the time for this share reduction plan has passed halfway, and the Armed Forces Group, China Changan, and Nanfang Assets issued the "Notification Letter of Share Reduction Progress" to the company. Nanfang From January 21, 2022 to March 15, 2022, the assets reduced their holdings of 67.65 million shares through centralized bidding transactions, with a reduction ratio of 0.89% and an average reduction price of 12.74 yuan per share.The Armed Forces Group and China Changan did not reduce their shares.

favored by institutions

According to Changan Automobile's financial report for the first quarter of 2022, the company achieved a net profit of 4.536 billion yuan attributable to its parent during the reporting period.

On June 10, Changan officially released a sales announcement.Data show that Changan Automobile sold 151,102 vehicles in May, down 18.09% year-on-year.

From January to May 2022, ChanganAutomobile sold918,334 units, a year-on-year decrease of 10.65%; its own brand sales were 740,897 units, a year-on-year decrease of 11.24%; its own passenger car sales were 510,872 units, a year-on-year decrease of 10.72%; its own brand overseas sales were 82,158 units, a year-on-year decrease of 10.72%. An increase of 57.07%; the sales volume of self-owned brand new energy vehicles was 66,690, a year-on-year increase of 140.92%.

From January to April 2022, Changan Automobile sold 767,232 units, a year-on-year decrease of 9.02%; its own brand sales were 622,231 units, a year-on-year decrease of 9.63%; and its own passenger car sales were 426,419 units, a year-on-year decrease of 10.36%.

Tianfeng Securities pointed out that the average daily sales volume of Changan Automobile in May was 4874 vehicles, compared with the average daily sales volume of 3858 vehicles in April, the average daily sales volume increased by 26.33% month-on-month, and the sales volume of Changan Automobile rebounded in May.He also expressed his continued optimism about the development prospects of Changan Automobile in the automobile market. It is expected that the company's net profit attributable to the parent in 2022-2023 will be 8.124 billion yuan and 8.495 billion yuan respectively, corresponding to 14 times and 14 times PE respectively, maintaining "buy". rating.

On June 2, Changan Automobile stated that according to the company's plan, the total sales volume of Changan Automobile will reach 4 million by 2025, of which 3 million will be Changan's own brand, and the sales volume ofnew energywill reach 1.05 million, accounting for 35%.

In addition, a number of securities firms including CITIC Construction Investment, Soochow Securities, Huachuang Securities, Huaxi Securities, etc. have recently given "buy" or "strong push" ratings to Changan Auto, of which Huachuang Securities' target price is as high as 25.9 Yuan.

The research report released by West China Securities on June 9 believes that the profitability of the company's own brand is continuously verified, and it is optimistic that the company will usher in a rapid release of profits under the new product cycle, and the transformation of high-end electrification will bring about a reshaping of valuation.

On June 10, Soochow Securities issued a report stating that the overall inventory of Changan Automobile increased in May; Inventory +6527 units (compared to April); Changan Ford's inventory +332 units (compared to April) in the month.In terms of profitforecastand investment rating, considering policies to stimulate terminal consumption, the shortage of chips on the supply side has gradually improved, and supply and demand are expected to continue to strengthen in the second half of the year.

In addition, Soochow Securities raised Changan Automobile's 2022-2024 net profit expectations attributable to its parent from 76.31/79.25/9.049 billion yuan to 8.634/95.96/11.066 billion yuan, with EPS of 1.13/1.26/1.45 yuan respectively, corresponding to PE valuation 13/12/10 times.Considering that Changan Automobile's future performance will usher in a new round of improvement, maintain a "buy" rating.

Cinda Securities believes that the "darkest moment" in the automotive industry has gradually passed, and the "inflection point" may have come.

Stimulated by the resumption of work and production + policy cycle, the demand of the auto industry is expected to recover after the epidemic. The turning point of the industry has come, and it is expected to gradually enter the stage of booming supply and demand from June. The price of raw materials may gradually stabilize and fall, and the profit margin and ROE of the automotive sector are expected to reverse upward.