### SAIC Group (600104)： Cash flow improved quarter-by-quarter to achieve independent profit and loss balance

03/17/2020 | 洗浴 | No Comments

SAIC Group (600104): Cash flow improved quarter-by-quarter to achieve independent profit and loss balance

The core view performance is in line with expectations.

Operating income for 2018 was 8876.

26 ppm, a 10-year increase3.

5%, net profit to mother 360.

09 苏州桑拿网 million yuan, an increase of 4 in ten years.

6%, net of non-attributed net profit 324.

09 million yuan, a ten-year average of 1.

5%, EPS3.

08 yuan.

It is planned to distribute a cash dividend of 12 for every 10 shares to all shareholders.

6 yuan (including tax).

Gross profit margin remained stable, cash flow from operating activities improved quarterly, and R & D expense expense ratio was 96.

6%.

Gross profit margin in 2018 13.

3%, a decline of 0 per year.

Two averages, gross margin of the vehicle business is 11.

5%, a decline of 0 per year.

4 units.

Expense rate for the period 11.

3%, a slight increase of 0.

5 units.

R & D funding 159.

2.2 billion, of which cost 153.

8.5 billion, accounting for 96.

6%.

Net cash flow from operating activities was 89.

76 trillion, a 63-year average of 63.

1%, mainly due to the decrease in customer deposits absorbed by the subsidiary SAIC Finance in the current period compared with the same period last year; quarterly, it was -155 in the first to fourth quarters.

68, -174.

79, 37.

12 and 383.

11 trillion, gradually improving.

Ending inventory 589.

43 ppm, an increase of 17 in ten years.

8%.

SAIC Volkswagen and SAIC-GM maintained steady development.

Investment income in 2018 was 331.

26 ppm, a ten-year increase of 7.5%, benefiting from the improved profitability of SAIC Volkswagen and SAIC-GM.

SAIC-Volkswagen sold 2.07 million vehicles, an annual increase of 0.

1%, realized revenue of 2,593.

10,000 yuan, an increase of ten years.

2%, net profit to mother 280.

16 ppm, a ten-year increase4.

8%, net profit attributable to mother 10.

.

8%, increasing by 0 every year.

4 units.

SAIC-GM sold 1.97 million vehicles, one for each additional one.

50%, of which Cadillac sales increased by more than 30% year-on-year; revenue reached 2,244.

44 ‰, an average of ten years.

6%, net profit attributable to mother 156.

21 ppm, an increase of ten years.

5%, attributable net interest rate of 7%, increasing by 0 every year.

3 units.

The SAIC Audi project has completed the relevant legal approval procedures for Audi’s shareholding in SAIC Volkswagen. It is expected that the sales growth of SAIC Volkswagen and SAIC-GM is expected to be better than the industry average.

SAIC’s self-owned brands achieved breakeven.

In 2018, SAIC independently achieved sales of 730,000 vehicles, an increase of 36 per year.

5%, the growth rate is much higher than the industry average, of which new energy vehicle sales were 9.

70,000 vehicles, considering the overall research and development costs to achieve a breakeven.

New vehicles of SAIC Roewe and MG are listed. It is expected that the independent growth rate in 19 years will still be higher 杭州桑拿 than the industry average.

Financial forecast and investment advice: Adjust income slightly, and forecast EPS for 2019-2021 to be 3 respectively.

2 yuan, 3.

52 yuan, 3.

83 yuan (the original forecast was 19-20 years 3).

22 yuan, 3.

56 yuan), with reference to the average estimated level of comparable companies, giving 11 times the PE estimate for 2019 with a target price of 35.

2 yuan, maintain BUY rating.

Risk warning: Autonomous passenger car sales are lower than expected, SAIC Volkswagen, SAIC-GM sales are expected to affect later