Xusheng shares (603305) third quarterly report comments: gross margin improvement expected high growth after Tesla localization

Xusheng shares (603305) third quarterly report comments: gross margin improvement expected high growth after Tesla localization

Event: On October 24, 2019, Xusheng Co., Ltd. released the third quarter report for 2019; the first three quarters achieved revenue7.

$ 7.7 billion, a five-year average of 5.

8%, net profit attributable to mother 1.

36 yuan, 40 in the past ten years.

8%, net profit after deduction to mother 1.

290,000 yuan, an average of 42 in ten years.


The gross profit margin of Q3 improved month-on-month, and the company’s Q3 performance increased by 8 when the rate of four fees increased and the profit was diluted.

9%, more than ten years.

53%; gross margin for the third quarter alone was 35.

3%, an increase of 2 from the previous quarter.

49 points; gross profit margin 33 in the first three quarters.

72%, more than six years.

83 points.

In the first three quarters of 2019, the proportion of four fees increased by 6.

48pct, reaching 13.

36%, mainly due to 1) the increase in the number of management personnel led to an increase in expenditure, management costs exceeded the increase of 66.

80%, and 2) the company’s increased R & D investment leads to an annual increase in R & D expenses of 0%.

99pct, reaching 4.

71%, 3) Financial expenses were increased by an increase in interest expense on convertible bonds and a decrease in exchange gains2.

12pct, reaching 0.


Sales of Model S / X increase, and it is expected to be equipped with domestic Model 3 in the future. The value of bicycles will increase to 3 in the third quarter of 2019.

50,000 units (a 41% reduction a year ago), Q3 ModelS / X production in 2019 was only 1.

630,000 vehicles, a decrease of 39 every year.

35%; although Model 3 output increased significantly by 135% to 21.

50,000 vehicles, but still cannot completely replace the impact of increased production of the high-profit Model X / S.

With the foundation laying of the Tesla Shanghai Super Factory, according to the currently announced progress, the project is progressing smoothly. The overall plant engineering construction has been basically completed, and 武汉夜生活网 it has entered the installation stage of production equipment.3,000 Model 3s are produced each week.

As the demand for new energy vehicle products increases, the level increases, and the proportion of high-end components continues to increase. The cooperation with Tesla has laid a good foundation for the company to explore the new energy vehicle market.

The development of new customers, the optimization of production capacity, and the company’s future business development. The company is expected to seize the possibility of Tesla setting up factories in China, strengthen the cooperation between the two sides, and reduce the friction between China and the United States through the acquisition of incremental business in China.At the same time as the overall impact of the tariff measures on the company, it has opened up cooperation 佛山桑拿网 with Polaris, Ningde Times, Great Wall Motors, Eaton, Valeo-Siemens, Flextronics, and obtained the fixed point of GAC new energy reducer housing in the first half of the year;The debt fund is mainly used for the 5 million new energy vehicle chassis suspension system forging project; on October 15, 2019, it passed the production capacity of 6.85 million new energy vehicle precision castings and forgings; the subsequent domestic demand for new energy vehicles continued to expand, the companyFund-raising products are expected to open up new growth space.

Therefore, we expect the company’s net profit for 2019-2021 to be 2 respectively.

2.6 billion, 3.

01 billion and 4.

24 ppm; corresponding to PE 41x, 31x, 22x; maintaining “overweight” rating.

Risks suggest that the macroeconomic growth is lower than expected, the car sales are lower than expected, and the company’s business expansion is lower than expected.