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Changan Automobile (000625) Quick Review of Major Events: Ford Releases Localization Strategy 20More Ford More China

Changan Automobile (000625) Quick Review of Major Events: Ford Releases Localization Strategy 20More Ford More China
Note: On April 3, Changan Automobile Partner Ford proposed Ford China 2 at the Shanghai Antique Press Conference.0 strategy and released the new model Escape. Guoxin perspective: Ford released 2.0 strategy, continue to promote the localization of the Chinese market in terms of 武汉夜生活网 products, R & D, and marketing. The introduction of new models has been strong. In 2019, we will usher in a strong product cycle, escaping the new car’s outstanding performance in terms of appearance, space, interior decoration and intelligent network connectivity.We expect the company’s initial net assets to be 9 in 2018-2020.94 yuan / 9.99 yuan / 10.23 yuan, giving a P / B ratio of 1 in 2019.1-1.2x estimation, corresponding to a reasonable estimation interval of 10.99-11.99 yuan, maintain “Buy” rating. Comment: Ford’s five localization strategies, exploring the growth of the Chinese market Ford’s press conference focuses on “More China, More Ford”, deeply integrates the characteristics and advantages of the Chinese market, and takes the five major plans “330 product plan, smart plan, strategic partner plan”Innovation plan, leading talent plan” as the guidance, to deepen the localization strategy of the Chinese market, the core aspects are: 1) Product: Launch more than 30 new models within 3 years.Covering Ford and Lincoln brands, including fuel and electric models; 2) In terms of intelligence, mass production of L4 autonomous vehicles is expected in 2021.And end all Ford models equipped with Sync + intelligent interconnection system; 3) In terms of cooperation, upgrade Changan Ford and JMC to have more independent operating rights.At the same time, it cooperates with leading domestic technology companies to promote intelligent driving applications and development; 4) In terms of research and development, upgrade and accelerate China’s research and development centers.In the future, Nanjing Design Center will have the ability to design global models; 5) In terms of talents, a localized management team will be established.Hire more Chinese management talents and employees.The five strategies proposed by Ford seek comprehensive localization in R & D, design, innovation, and talents to improve decision-making efficiency and speed up the improvement of product cycles. In the future, the model update cycle will be shortened by 30% and penetrate the domestic automotive market.This stage is in line with our judgment of Changan Automobile’s product cycle logic. The simultaneous release of the new model Escape in North America, the introduction of products steadily promoted the launch of the new compact SUV Escape, the Chinese name has not yet been determined.It is positioned on the wing tiger, designing the exterior and interior for the Chinese market, and presenting Chinese demand in the shortest time.Escape has a total of four models to choose from, including new energy versions, and all models are equipped with Co-Pilot360 intelligent assistance system and Sync + intelligent networking system.In the future, Escape will fully cover the subdivision needs of the SUV market with Yibo, Ningjie, Yihu and Sharp.As the first newly released model in 2019, Escape has witnessed the acceleration of Ford’s China localization strategy.The North American new-generation Escape remodel was released on April 2nd local time, and the domestic model was released on April 3rd and redesigned. It can be seen that Ford China and Ford’s US headquarters are basically in product development, design, and release. Lincoln: 2019 is the year of the product and the first year of domestic production. Fully promote the strategy of brand rejuvenation. Lincoln supplies three new models this year. It launched the navigator Natutilus in February 2019. It is expected that pilots will be listed this year.MKC will be introduced domestically.The 80th anniversary edition of Continental Continental was also released at the conference.In general, the localization of Lincoln continued to be introduced, and the product lineage was gradually improved. Subsequently, it will fully promote the brand’s youthful strategy, deepen the marketing strategy of Lincoln, and gradually realize it. The first Lincoln flagship store in the world was settled in Shanghai.The flagship store will be located in Beijing. Risk warnings First, Ford’s new product introduction is less than expected, and Ford’s sales are less than expected. Second, the industry’s supply-side competition has intensified, and the company’s new product market recognition has exceeded expectations. Investment suggestion: Underestimate, large cycle, maintain “Buy” rating The company’s core focus is Changan Ford. In the short term, Changan Ford sales have not yet improved, mainly due to demand-side factors and the initial stage of the product cycle.In the long run, the domestic auto industry is in a transition from growth to maturity, competition among OEMs has intensified, and the impact of product cycles on sales and profits has become more prominent.Changan Ford’s “1515 Plan” launched Mondeo, Yihu, Yibo, and Ruijie models to accelerate sales and profit growth. Subsequently, 2016-2018 replacement models were scarce.The “330 Plan” was launched in 2019, and 30 new models were launched within 3 years, and product introduction began to accelerate.We are optimistic that Ford 杭州桑拿 will increase the reform of the Chinese market (department, model, R & D, and channel) to accelerate the rapid recovery of sales and profitability of Changan Ford after the introduction of new cars.We expect the company’s initial net assets to be 9 in 2018-2020.94 yuan / 9.99 yuan / 10.23 yuan, giving a P / B ratio of 1 in 2019.1-1.2x estimation, corresponding to a reasonable estimation interval of 10.99-11.99 yuan, maintain “Buy” rating.

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