Changan Automobile (000625): Ford and independent new product launch new strategy gradually landed
The company’s recent situation On the evening of August 16, Changan Ford participated in the “FUN DAY Ford Brand Day” and released three new models. At the same time, Changan’s independent new heavyweight CS75 Plus launched global pre-sale. Commented on the release of three new cars from Changan Ford, complemented the shortcomings to highlight the advantages, and the new strategy was gradually implemented. Changan Ford released three models, namely the high-performance SUV Ford Sharp ST / ST-Line, the new Ford Taurus of the B + class sedan and the new Fox Active crossover model, complementing the rough interior trim of the older models.The traditional advantages of high-end and superior intervention of the brand have helped the brand to return by launching mid-to-high-end models.The Aurora ST and Taurus are both equipped with 12.The 8-inch central control large screen and SYNV + vehicle system, the steering wheel and the seat adopt a new shape, which is both sporty and technological.At the press conference, Yang Song, president of Changan Ford’s National Sales and Service Agency, described the latest brand day as “Normandy Landing.” He constantly focused on changes and offenses, changed industry, technology and public perception of Ford, and constantly practiced “more Ford, moreChina “, which coincides with our understanding of Ford’s new strategy. The CS75 Plus is available for pre-sale worldwide with a pre-order price of 12.79-15.790,000 yuan, product power has been significantly improved.CS75 Plus launched a total of 4 models this time, equipped with two power systems, 2.0T + Aisin 8AT and 1.5T + Aisin 6AT, the official predefined is 12 respectively.79-15.79 thousand yuan.New cars have already arrived in stores in July, and will be officially launched in September. They will be sold in the same room as the old Changan CS75.Compared with the old model, the CS75 Plus space is further increased. The latest family design language is used. The interior and exterior decoration are fully upgraded. The texture is aligned. It is equipped with the Indus car linkage intelligent system and mobile phone parking, full-speed adaptive cruise and other functions. The sense of technology is significantly enhanced.More importantly, the power system is upgraded. The Blue Whale series engines index the old models with more power and higher efficiency.The 0T version has a maximum horsepower of 233Ps.In terms of price, the predetermined price falls within the guidance range of the old CS75 on average, and the pricing is more competitive. It is suggested that we are optimistic about Changan ‘s independence, and Changan Ford ‘s dual recovery. In the short term, Changan ‘s independent new product cycle will start and profitability will increase. The core depends on whether CS75 Plus can reach 10,000 monthly sales this year and whether it can exceed 20,000 next year.Looking at Changan Ford’s new strategy and localization, the sales performance of mid-to-high-end models depends on this time. The core depends on whether the Ford brand ‘s discussions, search volume and passenger traffic have increased after the introduction of the models, which has led to an increase in sales of all models.Maintain the 2019 and 2020 profit forecast unchanged. Maintain Changan Automobile and Changan B outperform the industry rating. Based on the forecast improvement and exchange rate adjustment, raise Changan Automobile. The target price of Changan B is 20% and 16% to 11.3 yuan, 7.4 Hong Kong dollars, corresponding to 1 in 2020.2 times, 0.7x P / B, realized earlier with 32% and 126% upside. 南京夜网 Risks Ford’s strategic adjustment landing situation is lower than expected; the new autonomous model performed better than expected.