Author | Jia Weizhong
Source | Car selection network
Since the opening of the market this year, the stock price of GAC Group has continued to decline, and some media have objectively analyzed the sales structure. However, a number of brokers not only maintain a buy rating, but also give a target price of 24 yuan. The target share price is 65.06% higher than the appraised share price. Why are the media and securities companies diverging about the trend of GAC's stock price?
Last week, only four trading days were affected by the New Year's Day holiday, but GAC Group's stock price fell every day and hit a nearly three-month low of 14.51 yuan. On January 5, although GAC Group released its December 2021 production and sales express report: "December sales of 234,000 units, an increase of 11.77% year-on-year, the cumulative sales of the whole year of 2.144 million units, an increase of 4.92% year-on-year." However, after the release of the production and marketing express, it still failed to reverse the decline in GAC's stock price.
Some media analysis said: "From the overall data point of view, the sales performance of GAC Group in 2021 actually did not meet the expectations at the beginning of the year. At the beginning of last year, GAC Group set a target of 10% growth in 2021, and the annual sales volume was estimated to be about 2.24 million units. There is a sales gap of about 2-3 weeks between the actual sales volume and the target. ”
In addition, the media believes that "the problem of GAC Group's dependence on Japanese foreign brands is more serious. In 2020, the combined sales volume of GAC Honda and GAC Toyota accounted for 76.86% of the total sales of GAC Group. In contrast, the proportion of Japanese cars in the GAC Group in 2021 did decline, but it only fell by 1.86 percentage points. In 2021, the two Japanese joint ventures will still account for 75% of the total sales of THE GAC Group. ”
Although the above-mentioned media believes that sales have not met expectations and excessive dependence on foreign brands is the reason why gac group's stock price has not stopped falling and stabilized. However, brokers have a different view from the media. According to Sohu Securities, in January this year, three securities companies issued research reports against guangzhou automobile groups, and all of them gave buy ratings. Among them, Orient Securities gave a target price of 24 yuan, compared with the stock price of GAC Group (15.3 yuan) on that day, the target space was as high as 65.06%.
Why are securities companies optimistic about the development of GAC Group? Orient Securities gave a recommended reason from the three aspects of product, production capacity and asset operation: "In January, the Aion brand had two new cars listed, of which the AION LX PLUS was equipped with Aion's sponge silicon anode chip battery, and the cruising range will reach 1008 kilometers, and the listing of the two new cars will promote the sales growth of Aian. According to the announcement of GAC Group, Aian New Energy will implement the second plant capacity construction project, with a planned production capacity of 200,000 vehicles per year, and the new plant is expected to be completed and put into operation in December 2022. At the same time, the total production capacity of the original plant will be expanded to 200,000 units in early 2022. As a result, GAC Aeon is expected to have an annual production capacity of 400,000 units in 2023. The announcement also shows that GAC Aeon will further promote the employee stock ownership plan, and introduce strategic investors to actively seek opportunities to go public, gac Aeon will build an independent capital market platform and form a market-oriented incentive mechanism. The acceleration of mixed reform is expected to continue to enhance the competitiveness of the Aeon brand and promote the long-term sustainable development of the brand. ”
In short, the media and securities companies stand at different angles to view the GAC Group, the media based on the current market performance, mainly for some of the problems existing in the GAC Group, objectively analyze the reasons for the decline in stock prices; securities companies are to look at the traditional car company GAC Group from the perspective of development, in the future in the field of new energy vehicles, through technological innovation to continue to improve the scientific and technological content of products, continuous expansion of production capacity, and through mixed reform to revitalize the enterprise, so give the buy rating and stock price rise expectations.
Overall, since the opening of 2022, the main funds have shown an outflow for many consecutive trading days, and in this context, the automobile index (931008) has also shown a downward trend. Therefore, the stock price of GAC Group fell for many consecutive days last week, which is related to the environment in which funds flow out of the auto sector. In the future, if there is a major change in the market style, the probability of GAC Group's stock price stopping falling and recovering is very high.
The above is a family statement, welcome to criticize more.
(Image source: Internet)