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Asahi shares (603305): Tesla’s domestic production is expected to drive profit growth

24/03/2020

Asahi shares (603305): Tesla’s domestic production is expected to drive profit growth

The core view performance is in line with expectations.

The company achieved operating income in the first three quarters7.

77 ppm, five-year average of 5.

8%, realizing net profit attributable to mother 1.

36 ‰, 40 years ago.

8%, net of non-attributed net profit1.

29 ppm, a ten-year average of 42.

1%, EPS is 0.

34 yuan.

The lower growth rate of net profit was mainly due to lower gross profit margin and higher period expense ratio.

Gross profit margin improved in the third quarter.

Gross profit margin in the first three quarters was 33.

7%, a decrease of 6 per year.

Eight averages, of which the gross profit margin in the third quarter was 35.

3%, a decrease of 6 per year.

6 units, an increase of 2 from the previous quarter.

5 copies, a sequential improvement.

Expenses during the first three quarters13.

4%, an increase of 6 per year.

5 units; of which, the management expense ratio (including R & D expenses) 10.

7%, an increase of 3 per year.

Six, mainly due to the increase in the number of managers and expenditures led to an increase in management expenses66.

8%, while R & D expenses increased by 19.

2%; financial expense ratio is 0.

9%, an increase of 2 per year.

1 per share, mainly due to the increase in interest expenses on convertible bonds and the decrease in exchange gains.

Net cash flow from operating activities in the first three quarters was 2.

49 ‰, 9 years ago.

2%.

The company’s inventory at the end of the third quarter was 2.

6.2 billion, an increase of 13 over the beginning of the period.

5%.

The upcoming commissioning of Tesla’s Shanghai plant is expected to boost the company’s profit growth.

The company achieved operating income in the third quarter in a single quarter2.

74 ‰, a ten-year average of 17.

5%, the net profit attributable to mothers was 51.29 million yuan, which was extended by 47 per year.

2%.

Tesla Model S / X deliveries were 1 in the third quarter.740 thousand vehicles, previously temporarily 37.

1%, the zoom range is increased by 16.

2 units; the company’s 3Q revenue and net profit expansion are expected to be mainly affected by this.

Tesla Model 3 deliveries continued to climb, with deliveries in the third quarter 7.

960,000 vehicles, an increase of 2 from the previous month.

6%, an increase of 42.
.

6%; Tesla’s Shanghai plant is advancing steadily, and it is ready for production in 10 months. The final production capacity is expected to reach 3,000 units per week. The company will provide a variety of components for the Model 3, and its profit contribution is expected to increase further.

In addition to Tesla, the company actively expands other customers, which will become an important growth point of the company’s profit.

Financial Forecast and Investment Suggestion: Slightly adjust the gross profit margin and expense ratio forecast. The EPS for 2019-2021 is expected to be 0.

65, 0.

81, 1.

02 yuan (formerly 0.

68西安耍耍网, 0.

86, 1.

07 yuan), the comparable company is a new energy vehicle industry chain company, the comparable company’s 19-year PE evaluation on average 44 times, the target price of 28.

6 yuan to maintain the overweight level.

Risk reminders: Tesla’s supporting volume, Tesla’s supporting revenue, other automotive customer’s supporting volume is lower than expected, the risk of raw material price fluctuations, Tesla’s ModelY supporting risk, and the risk of trade war affecting the company.