Changan Automobile (000625): Cooperating with Internet and retail leaders to share travel and try to achieve mutual benefit and win-win

Changan Automobile (000625): Cooperating with Internet and retail leaders to share travel and try to achieve mutual benefit and win-win
Event: Recently, the company announced that the company shared components with companies such as Ali, Tencent, Suning, FAW, Dongfeng, etc., with a total share of 97.6 trillion, the company invested 16 trillion. The core point of view is the rapid development of shared mobility.As a new type of business, shared travel includes online ride-hailing, ride-hailing, time-sharing leasing, and bicycle sharing, but it is gradually developing rapidly.Shared travel uses shared vehicles to effectively utilize idle resources, improve travel efficiency, and play an important role in upgrading and upgrading the urban transportation system.The car-sharing mode of shared travel is still in the ascendant and will develop rapidly in the future, with great market potential. It is expected that the joint venture will be based on the B2C model, which is expected to guarantee the safety and standardization of travel.The existing car-sharing industry is still dominated by the C2C model, which has inherent security flaws.Recently, security incidents in the shared travel industry have occurred frequently. At the same time, industry regulations have tightened, and industry concentration has begun to decline, creating market opportunities for joint ventures.It is expected that the joint venture will be based on the B2C model, and car companies will provide vehicles for the joint venture with advantages in terms of safety, practicability and maintenance. Vehicle companies cooperate with Internet and retail leading companies to achieve mutual benefit and win-win results.For the three auto companies including the company, it is expected to establish a shared mobility company: (1) the joint venture company will focus on new energy vehicles for shared mobility, thereby directly promoting the growth of new energy vehicle sales of the three auto companies; (2) joint venturesThe company’s goal is to create a network-connected and shared “new ecology of smart travel”, which will effectively promote the intelligent development of automobile companies. (3) The shared travel company will help achieve travel data sharing, and will connect the company’s automotive network., Intelligently provide data support; (4) Ali, Tencent and Suning as leading companies in the Internet and retail industry, their strong diversion capabilities will provide guarantee for the business development of shared travel companies; (5) partner companies also have strongFinancial service capabilities to advance financial support.For companies such as Ali, Tencent and Suning, this cooperation will provide an opportunity for this to enter into shared travel, and at the same time combine the three automotive companies’ expertise in the automotive field, which will help better promote the landing of joint ventures. 天津夜网 Financial forecast and investment advice: The forecast for 2018-2020 is 0.12, 0.14, 0.92 yuan, because the company’s third quarter of 2018, the fourth quarter extended, we use PB to make predictions.Comparable companies have an average PB of 1 in 19 years.About 1 times, the company will be given PB1 in 2019.1x estimate, target price 10.15 yuan, maintain BUY rating. Risk warning: Changan Ford sales volume is lower than expected risk, Changan Mazda sales volume is lower than expected risk, Changan independent brand sales volume is lower than expected risk.