Passenger car sales rose sharply year on year in May
On June 2, Cyrus released the May production and sales report: the company's total sales volume in May was 38,600 vehicles, up 130.8% year on year. From January to May, the company's total sales volume was 186,600 units, up 154.2% year on year.
Cyrus increased sharply year on year: in May, the company sold 34,400 new energy vehicles, up 298.6% year on year. Among them, Cyrus sold 32,200 units, up 489.1% year on year, and other models sold 0.45 million units, down 45.0% year on year.
In January-May, the company sold 156,800 new energy vehicles, up 342.4% year on year. Among them, Cyrus sold 141,100 units, up 602.5% year on year, while sales of other models were 29,800 units, down 21.5% year on year.
The Quanjie brand has further stabilized its position as a new high-end force in China. For 2 consecutive months, the Qunjie M9 has topped the list of luxury cars worth more than 500,000 yuan in China: it is a new energy vehicle co-designed by Celis and Huawei. It has three series: the M5, M7, and M9. The M9 sold for 46.98-569,800 yuan, with deliveries of 6,243, 13,391, and 15,875 vehicles in the past 3 months, ranking first in China for 2 consecutive months in the luxury car list of over 500,000 yuan.
The delivery of the new M7 Ultra surpassed 10,000 units in 18 days of launch, setting a record for the delivery of new Chinese models: The new M7 Ultra was released on the evening of May 31, offering four configurations, with an official guide price of 28.98-329,800 yuan. On the first day of launch, it definitely surpassed 12,000 units, and Dading surpassed 30,000 units in 20 days. Delivery volume exceeded 4,349 units in the first week of launch, exceeding 10,000 units in 18 days of launch, setting a record for the delivery of new Chinese models. Ask the new M7 Ultra to deliver 20,000 units in June. The popularity of the new M7 Ultra further solidifies the brand's position as a new high-end force in China.
Profit forecasting
It is predicted that the company's revenue for 2024-2026 will be 1,402, 1665, and 195.9 billion yuan, respectively, and EPS will be 2.95, 3.22, and 3.85 yuan respectively. The current stock price is 1.0, 0.9, and 0.7 times PS, respectively. Considering the gradual stabilization of the company's position as a new high-end brand in China, which has great potential for future growth, it maintains a “buy” investment rating.
Risk warning
(1) The promotion of new models fell short of expectations; (2) automobile consumer demand fell short of expectations; (3) the progress of cooperation with Huawei fell short of expectations.