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Changan Automobile (000625): The listing of Changfu and independent new cars is expected to increase sales growth

Changan Automobile (000625): The listing of Changfu and independent new cars is expected to increase sales growth
Event: Changan Ford and Changan’s own brands launched a number of new cars. Core Views 都市夜网 Changan Ford launches several new models, aiming to increase sales in the second half of the year.On August 16, Changan Ford officially launched three new models including the new Focus Active, the new Sharp ST / ST-Line and the new Taurus on the Ford Brand Day.The new Fox Active adopts a cross-border style and a new appearance design concept, the model size is expanded; the interior is equipped with 12.The 3-inch central control screen is equipped with the SYNC + entertainment system jointly created by Ford and Baidu; the power side is equipped with Ford 1.5 liters of EcoBoost turbocharged dual-injection engine, matched with 8AT manual automatic transmission; reduced to 13.98-15.380,000.The new Sharp ST / ST-Line has an improved appearance design, equipped with a large-sized center control screen and a new engine, weighing 26.98-38.980,000 yuan.The appearance of the new Taurus changes significantly, the body is enlarged, and the built-in 12.3 inch vertical touch screen, size 22.89-28.89 thousand.The improved performance of the three new models of Changan Ford compared with the old models provides consumers with a wealth of choices, which effectively promotes Changan Ford’s sales growth after listing. Changan CS75PLUS has started pre-sale, and its product strength is strong, which is expected to become an independent sales growth point in the second half of the year.On August 16, Changan Automobile A + -class SUV Changan CS75PLUS officially opened pre-sale, lowered to 12.79-15.79 thousand yuan.The CS75PLUS is younger, avant-garde and conceptual in design; the interior is equipped with a double 12.The 3-inch full high-definition large screen adopts an alternating design of the instrument panel and the central control screen to form a linkage layout; the power is equipped with 2.0T (or 1.5T) A combination of GDI blue whale engine and Aisin 8AT.In terms of intelligent driving assistance, CS75PLUS is equipped with 12 ultrasonic radars, 3 millimeter-wave radars, and 5 cameras, which can achieve L2 level automatic driving.The Changan CS75PLUS product surpasses and is full of bright spots. After its listing, it is expected to 成都桑拿网 become an important growth point of Changan’s own brand sales. Financial forecast and investment advice: The forecast for 2019-2021 is 0.15, 0.92, 1.22 yuan, because the company in the third quarter of 2018, the fourth quarter extended, we use PB to make predictions.Comparable companies have an average PB of 1 in 19 years.About 1 times, the company will be given PB1 in 2019.1x estimate, target price 10.75 yuan, maintain BUY rating. Risk warning: Changan Ford sales volume is lower than expected risk, Changan Mazda sales volume is lower than expected risk, Changan independent brand sales volume is lower than expected risk.