交通银行-广汽集团(02238.HK)Nov sales volume rose 3.5% YoY, in line-20171206

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发布时间:2017-12-08 11:22

  Looking forward to new models’ contribution. Guangzhou Automobile (GAC) announced its Nov sales volume after market close on 5 Dec. Total sales volume increased 3.5% YoY. Japanese brands delivered decent growth, with sales volumes of GAC Honda and Mitsubishi up 4.1% YoY and 24.5% YoY, respectively. Sales volume of GAC Toyota decreased 12.0% YoY to 36,826 units, mainly due to the clearance of old Camry model. We expect sales volume of GAC Toyota to pick up after the sales ramp-up of new Camry in the coming months. Meanwhile, the first phase (100k units/ year) of GAC Toyota’s new capacity will commence operation soon, which should help support its sales volume growth in 2018 as well. Sales volume of Trumpchi rose 12.2% YoY thanks to decent demand for GS4 and GS8. We expect the volume growth of Trumpchi to remain robust in 2018, driven by a strong model pipeline composed of GS7, GS3, GE3, GM8, GA4, GA6 plug-in hybrid electric vehicle and upgraded version of GS4. We have a Buy rating with TP of HK$28.00 on the counter mainly due to inexpensive valuation (trading at 6.8x FY18E P/E) and decent volume growth.

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