根据公司中报显示，1H24公司拥有独立新能源销售或维修中心网点品牌包括华为智选（问界等）、小米、极氪、Smart、小鹏、智己等，新能源品牌经营网点36家，占公司总网点比例约16%，共计销售新能源14，467台，占总新车销量17%，在汽车经销商行业领先。此外公司在手授权丰富，该行预计公司现有渠道授权或将加速落地开业，年底公司新能源门店占比有望达到20%左右，为公司整体品牌结构带来全面焕新升级。CITIC Securities released a research report stating that it is bullish on yongda auto (03669) as the acceleration of new energy cooperation brings catalysts and subsequent profit elasticity, raising the target price by 25% to HKD 2.31. In 1H24, the company has newly obtained authorizations from stores such as Huawei and Xiaomi. The firm is optimistic about the potential for developing distribution channels in cooperation with Huawei's selection and other new energy brands, as well as the profit elasticity this can bring to the company.
CICC's main points are as follows:
A pioneer in cooperation with new energy, with an extensive existing network and authorizations.
According to the company's interim report, in 1H24, the company has independent new energy sales or repair center outlet brands including Huawei's selection (such as AITO), Xiaomi, zeekr, Smart, Xiaopeng, and Zhidian. There are 36 new energy brand operation outlets, accounting for approximately 16% of the company's total outlets, selling a total of 14,467 new energy vehicles, which accounts for 17% of total new vehicle sales, leading in the car dealers industry. In addition, the company has abundant authorizations in hand, and the firm expects the existing channel authorizations to accelerate and open by the end of the year, with the proportion of new energy stores expected to reach about 20%, bringing comprehensive renewal and upgrade to the company's overall brand structure.
Huawei's selection is a key investment brand and may bring significant profit increments to the company.
Yongda has cooperated with Huawei's selection relatively early, and has already opened several AITO and Hongmeng Smart Transportation outlets. Based on the current store authorizations and construction status, the firm expects that by 1Q25, the company will have around 30 Huawei stores. The company has currently clarified that Huawei's selection and other brands are key focus and investment directions. As of the end of 1H24, the company's cash in hand is still around 1.6 billion yuan, and the debt-to-asset ratio is 52.8%, continuously declining year-on-year. The firm believes that the company's current capital reserves and financial situation will provide a good foundation for the company's new energy transformation. Taking the company's existing Shanghai Zhangjiang Hongmeng Smart Transportation outlet as an example, this store is an authorized user center, including new car sales, delivery center, after-sales, and other businesses. The firm expects it will bring multi-dimensional profit increments to the company.
Cooperation with new energy may be an effective breakthrough path for dealers.
The firm believes that given the current survival status of luxury brand dealers, traditional luxury and joint venture brands find it difficult to change the declining trend in volume, price, and profits, and new car gross margins may show no signs of reversal. Meanwhile, new energy brands are still in an upward cycle, and the competitive landscape is becoming clearer, with volume, price, and profit outlooks currently relatively stable and optimistic. Additionally, regarding market concerns about new energy after-sales services, yongda's independent new energy maintenance vehicle output value is 2,958 yuan in 1H24, showing no significant difference compared to luxury brand after-sales. Furthermore, the firm believes that leading dealers' existing stores, in terms of geographical location and customer resources, can provide strong benefits to new energy brands, anticipating good win-win cooperation outcomes.
Risk
The new energy fund retail stores did not advance as expected, with the original new car gross margin declining more than expected, and after-sales service profit also declining more than expected.
