Yongda Automobile backdoor Yangzi New Materials, completed the A-share listing, A-share car dealers added another excellent company, we believe that the company has excellent car dealer management ability, in the future after-car service, auto finance, business development in used cars and other areas should be paid more attention to. The investment rating of "prudent recommendation-A" is given for the first time.
Distributor leading enterprise. The scale of the company ranks top 8 for three years in a row, is a leading regional dealer enterprise, mainly engaged in luxury brands, with excellent management ability and 4S dealer operation ability. In 2015, it ranked sixth in terms of business revenue, with sales of 134400 cars, with a total of 195 outlets, including 183 outlets that have been built and opened, and 12 outlets that have been authorized to open, forming a national service network layout. The company specializes in luxury and ultra-luxury brands and already has a portfolio of brands including BMW, Mini, Audi, Porsche, Jaguar, Land Rover, Infiniti, Cadillac, Volvo and so on.
The company's strategic focus is laid out in East China and other economically developed regions. From the number of operating outlets and sales, the company is in a leading position in East China. The company is one of BMW's largest car dealer groups in China. We plan to carry out the industrial investment development strategy, consolidate the company's leading position in the industry through the way of industry and capital going hand in hand, and continue to promote the service system of online and offline channels.
The company relies on channel advantages to vigorously carry out retail used car business. 1, professional certification: the company launched Yongda certification used car standard; 2, to create a brand chain business pattern; 3, to open up channels: docking with strong Internet marketing channels such as easy car, Tmall Mall, etc.; 4. Build e-commerce platform: through strategic cooperation with easy car and Youxin Pai to achieve automobile Internet strategic cooperation, joint capital injection to set up the company. New energy vehicle business: the company has reached strategic cooperation with Foxconn and China Telecom Corporation, and has obtained three major domestic mainstream new energy vehicle brands and five mainstream automobile brands new energy vehicle agency. at present, Shanghai Hutai Road BAIC brand and Qibao Jianghuai brand new energy vehicle 4S stores have been set up.
The "prudent recommendation-A" investment rating is given for the first time. We are optimistic that the company will adhere to the luxury car brand line, its national expansion, as well as online and offline integration. Without considering the matching financing, the estimated earnings per share are 0.53 yuan for 16 years and 0.68 yuan for 17 years, and the corresponding PE and PB for 16 years are 24.9 and 5.2 respectively. The investment rating of "prudent recommendation-A" is given for the first time.
Risk tip: car sales are lower than expected.
