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Changan Automobile (000625): Lincoln adventurer sells Ford into luxury market

Changan Automobile (000625): Lincoln adventurer sells Ford into luxury market
Key Investment Events: On December 27, 2019, Changan Ford’s Lincoln brand ‘s first domestic aircraft adventurer officially launched pre-sale, offering three two-wheel-drive aircraft, two four-wheel-drive aircraft, and a pricing range of 24.80-35.One million yuan is expected to be listed in the first quarter of 2020, which is expected to boost Changan Ford sales.  Lincoln’s first domestic SUV started pre-sale, and sales performance is worth looking forward to.As the Changan Ford Lincoln brand’s first 北京桑拿洗浴保健 domestic SUV model, the adventurer has excellent design and configuration in terms of appearance, interior, power and configuration.The appearance follows the Lincoln family language. The China Net adopts a woven mesh design; the power configuration is bright and the entire system is equipped.0T high-power engine + 8AT gearbox; the vehicle is equipped with domestic exclusive 12.8-inch central control LCD touch screen, and SYNC + Zhixing interconnection system; quietness comes standard with ANC active noise reduction system, 22 acoustic packages, Michelin Primacy SUV silent tires and other configurations.  The appearance is beautiful, the interior is beautiful, the power is strong, and the cost performance is relatively high compared to competing products.The Lincoln Adventurer is more powerful than the luxury SUVs of the same class, with a maximum engine power of 180kW and a maximum of 390Nm.The interior has undergone a huge upgrade, with a suspended center console and 12.The 8-inch central control large screen is standard equipped with ANC active noise reduction, door password opening, welcome induction system, front seat heating, 9-speaker audio and other luxurious configurations, with a minimum cost of 24.80,000 vehicles, with outstanding cost performance, is expected to continue to seize the market share of luxury entry-level SUVs in the future.  A breakthrough initial fulfillment, with a strong autonomy + Ford cycle, maintaining the level of “prudent increase in holdings”.With the pre-sale of Lincoln’s first domestic SUV adventurer, the listing of Changfu Ruiji, and the continuous introduction of Lincoln models, Changan Ford’s sales and profits are expected to continue to improve.Overlapping new models such as the independent brands CS75plus and CS55plus continue to sell well, as well as the mixed reform and divestiture of the replacement business.We expect 杭州桑拿网 the company’s net profit attributable to its parent to be -11 in 2019-2021.6/21.8/45.90,000 yuan, maintaining the level of “prudent increase”.  Risk reminder: Ford’s new car sales are not good, and the profit margin of the independent brand is lower than expected