Top Group (601689): Short-term performance growth inflection point confirmed mid-term benefit Tesla domestic

Top Group (601689): Short-term performance growth inflection point confirmed mid-term benefit Tesla domestic

The company released the third quarter report for 2019: the first three quarters of 19 achieved revenue 无锡桑拿网 of 37.

700 million, at least -15.

5%, net profit attributable to mother 3.

400 million, ten years -45.

3%, deducting non-net profit 3.

200 million, ten years -43.


Q3 production and sales rebounded, and the company’s revenue and profit growth narrowed.

Passenger car sales in 19H1 and 19Q3 decreased by 14% and 6%. The company ‘s major customers, Geely Automobile, SAIC-GM, GM Wuling, and Changan Ford 19H1, saw a 15%, 13%, 29%, 67%, and 19Q3 wholesale sales decrease.18%, 19%, 14%, 34% per night.

The sales growth of the industry and the company’s major customers narrowed and narrowed in the third quarter, and the company’s revenue in 19Q313.

300 million, an increase of 11.

3%, more than ten years.

9%, exceeding the upper limit narrowed relative to the first half.

19Q3 company gross margin 26.

4%, an increase of 0 from the previous month.

6pct, mainly because the 19Q3 production and sales rebounded month-on-month and improved the gross margin by 1%.

5pct, mainly due to more than depreciation.

3Q19 company expense ratio 14.

8%, down from the previous month.

9 points, 1 increase every year.


19Q3 the company’s net profit attributable to the mother 1.

2.7 billion, 29 from the previous decade.

7%, the decline was narrowed, and the chain was up 30%.

The progress of Tesla’s Shanghai plant exceeded expectations, and the volume of domestic M3 is expected to bring incremental performance to the company in the next two years.

Tesla’s production and delivery in the third quarter exceeded expectations. In the third quarter, it achieved profitability again in a single quarter. The Shanghai plant’s progress exceeded expectations. Trial production has already begun in October. The capacity of the first phase (annualized 150,000) is expected to reach full production soon.

The company previously supplied related parts for tesla’s overseas Model3, and currently enters domestic Model3 related product support. It is expected to benefit from the volume of domestic Tesla in 20/21.

The inflection point of short-term company performance growth was confirmed, and Tesla made initial gains, maintaining the 上海夜网论坛 level of “prudent increase”.

In the short term, we expect the company’s performance growth rate Q4 to continue to improve with the recovery in production and sales and the expected reduction in depreciation and amortization pressure of the unit; in the medium term, looking forward to the next two years, Tesla will grow with the volume.

We maintain our forecast of net profit attributable to mother for 19/20/21 to 5.



0 billion, maintaining the level of “prudent overweight”.

Risk warning: The industry is picking up less than expected, and the company’s new projects are not producing as expected