Asahi shares (603305): The first half of the year’s results continue to decline waiting for Tesla domestic + new force

Asahi shares (603305): The first half of the year’s results continue to decline waiting for Tesla domestic + new force

Core points: 1.

Investment Inc. announced its semi-annual report for 2019.

The company achieved operating income in the first half of the year.

30,000 yuan, +2 for ten years.

2%; net profit attributable to parent company is 0.

850,000 yuan, at least -36.

1%; net 天津夜网 profit attributable to non-attributable parent company is 0.

8 trillion a year -37.



Our Analysis and Judgment (1) Affected by Tesla, the increase in revenue reported in the first half of the year was weak, and the company’s total revenue increased.

2%, reaching 5.

30,000 yuan, the net profit attributable to mothers is reduced by 36 each year.

1%, mainly due to the company’s gross profit margin decreased from the same period last year and the period’s cost increase; Tesla sample 2.

6.2 billion, accounting for 52 of total revenue.

09%, a decrease of 11 per year.

5%, mainly because Tesla discontinued production of the entry-level Model X / S and the high-profile version of the Model X / S.

Due to the complexity of Sino-US trade friction stress, some of the company’s products for Tesla have been 四川逍遥网 slightly reduced in price.

The company’s net cash flow from operating activities increased compared with the previous year.

5%, mainly due to the company’s cash management of idle raised funds in the current period due to increase the amount of products over the same period last year.

(2) The gross profit margin declined, and the rate increased significantly during the period from 2016 to the end of June 2019. The company’s comprehensive gross profit margin was 49.

43%, 44.

43%, 39.

65% and 32.


Firstly, it is due to the increase in the proportion of automotive products and the increase in the rate during the period.

The rate during the first half of the year was 13.

54%, of which sales expenses increased by 60 in advance.

8%, mainly due to the expansion and increase of newly developed customers, due to the increase in freight and customs fees borne by the company.

Management expenses rose earlier 63.

16%, mainly due to the increase in the number of managers resulting in increased budget.

Finance costs have increased 273 in the past.

8%, mainly due to the increase in interest on convertible bonds.

In the future, more companies will enter the new energy vehicle spare parts market and the market competition will intensify. The company needs to maintain its gross profit margin within a reasonable range by improving its core competitiveness.

(3) Tesla’s China production boosted performance during the year, actively deployed downstream customers to diversify risks. According to the disclosed schedule, Tesla’s Shanghai plant is about to expand production at the end of 2019. The company has now achieved Tesla’s incremental business in China.Reduced Sino-US trade friction and possible impact of tariffs.

At present, the company has cooperated with Tesla Shanghai on new energy vehicle components such as power system housings, battery housings, body parts, and chassis.

In addition, the company also actively explores cooperation with domestic and European customers. At present, the key domestic development directions are: new energy vehicle manufacturers such as Great Wall Motor, Guangzhou Automobile Group and other domestic OEMs; Ningde Times, Jingjin Electric, Hangweike and other new energy vehicles.Parts suppliers; and emerging new energy automobile companies such as Zhejiang Zero Running and Weilai Automobile.

In the first half of the year, the company passed the supplier evaluation system of the GAC Group, and obtained the project fixed point of the new energy reducer casing.In the European area, the company has completed the establishment of a German subsidiary to strengthen market development and technical cooperation with customers in Europe, including BMW, Mercedes-Benz, Audi, Porsche, and ZF.


Investment suggestions After the company’s production capacity is expanded, its performance is expected to continue to grow.

However, due to lower sales of Tesla’s high-end models, we lowered the company’s 19-20 year earnings forecast to 3 net profit.

09 billion / 3.

41 trillion, an increase of 5 in ten years.

32% / 10.

33%, corresponding EPS is 0.

77 yuan / 0.

85 yuan, corresponding to 30 for PE.


62 times, currently PE is around 34 times. Considering that Tesla’s domestic Model 3 will be mass-produced and the new Model S / X market is expected to be favorable, we maintain the “cautious recommendation” level.


Risk reminders (1) The overall growth rate of the automotive industry is not as expected; (2) The risk that Tesla’s sales are less than expected; (3) The impact of Sino-US trade friction tariffs; (4) The impact of raw material price fluctuations.