DOCSLIB.ORG

Gross Margin Surprises, Upgrade to 'Buy'

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Company Report: Great Wall Motor (02333 HK) Toliver Ma 马守彰 公司报告：长城汽车 (02333 HK) +852 2509 5317 [email protected] 国泰君安研究 19 September 2016 Gross Margin Surprises, Upgrade to ‘Buy’ 好于预期的毛利率，上调至“买入” GTJA Research GTJA Rating: Buy 1H16 net profit up 4.4% yoy to RMB 4,926 mn, in line with market Upgraded consensus, but better than our expectations. Overall vehicle sales grew 评级： 买入 (上调) 8.8% yoy, driven by strong SUV growth. Gross margin decreased 1.1ppts to 23.9% compared to 1H15; however, the decrease is less than our expectation as the Company sold more Haval H6 vehicles which have a higher margin 6-18m TP 目标价: HK$9.29 and benefit from better plant utilization. Revised from 原目标价: HK$7.14 We revise up EPS (basic) by 15.7% to 17.0% during 2016-2018 due to Share price 股价： HK$7.960 expected better gross margin percentage. Growth momentum intact as Aug. 2016 sales up 25.4% yoy. We believe that the Haval Series, especially Stock performance the Haval H6, is highly regarded by the market and the Haval H7 is quite 股价表现 welcoming in its segment. The solid sales figures should allow GWM to 50.0 % of return maintain its market share and slow down the decrease in gross profit margin. 40.0 We upgrade our investment rating to “Buy”. We expect that GWM will be 30.0 able to defend its market share through 1) limiting growth of its selling price 20.0 and offering more sales discounts or other forms of promotion, and 2) 10.0 improving product mix and specifications, such that we would see more 0.0 launches of Haval SUVs. The current valuation of the Company is relatively (10.0) attractive, and we revise up TP to HK$9.29, representing 8.3x 2016 PER, 8.0x (20.0) 2017 PER, 1.6x 2016 PBR and 1.4x 2017 PBR. (30.0) ) (40.0) 2016 上半年净利润同比增长 4.4％至 4,926 百万元人民币，与市场预期一致，但好于我们 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 的预期。总体汽车销量同比增长 8.8％，受强劲的 SUV 增长所带动。毛利率较同期下降 1.1 HSI Great Wall Mot-H 02333 HK ( 个百分点至 23.9%;但是下降的幅度低于我们的预期，因高利润率的哈弗 H6 有较高的销售 占比及得益于较好的产能利用率。 Change in Share Price 1 M 3 M 1 Y 因预期更好的毛利率，我们对 2016-2018 年基本每股收益上调 15.7％-17.0％。2016 年 8 股价变动 个月 个月 年 长城汽车 1 3 1 月销量同比增长 25.4％，增长势头持续。我们认为哈弗系列，尤其是哈弗 H6 深受市场认 Abs. % 5.4 26.8 1.0 可和哈弗 H7 在其细分市场颇受欢迎。稳建的销售数字可令长城汽车维持其市场份额和减 绝对变动 % 慢毛利率的下降速度。 Rel. % to HS index 2.6 9.2 (6.2) 相对恒指变动 % 我们上调投资评级为“买入”。我们预计长城汽车能够通过：1）限制了其售价的增长和推出 Avg. share price(HK$) 7.7 7.4 7.5 平均股价（港元） MotorWall Great 更多折扣优惠或其他推广及 2）提高产品结构和规格来捍卫自己的市场份额，并应看到更 Source: Bloomberg, Guotai Junan International. 多哈弗 SUV 车型推出。目前估值相对有吸引力，目标价上调至 9.29 港元，相当于 8.3 倍 2016 年市盈率和 8.0 倍 2017 年市盈率，1.6 倍 2016 年市净率和 1.4 倍 2017 年市净率。 Year End Turnover Net Profit EPS EPS PER BPS PBR DPS Yield ROE 年结 收入 股东净利 每股净利 每股净利变动 市盈率 每股净资产 市净率 每股股息 股息率 净资产收益率 12/31 (RMB m) (RMB m) (RMB) (△%) (x) (RMB) (x) (RMB) (%) (%) 2014A 62,599 8,042 0.881 (2.2) 7.2 3.672 1.7 0.267 4.0 26.1 2015A 76,033 8,059 0.883 0.2 7.1 4.206 1.5 0.190 2.8 22.4 2016F 88,703 8,653 0.948 7.4 7.0 4.908 1.3 0.245 3.6 20.8 2017F 99,922 8,973 0.983 3.7 6.9 5.659 1.2 0.233 3.4 18.6 2018F 113,218 9,061 0.993 1.0 6.8 6.405 1.1 0.246 3.6 16.5 Shares in issue (m) 总股数 (m) 9,127.3 Major shareholder 大股东 Wei Jian Jun 34.94% Market cap. (HK$ m) 市值 (HK$ m) 72,653.1 Free float (%) 自由流通比率 (%) 65.1 3 month average vol. 3 个月平均成交股数 (‘000) 34,346.4 FY16 Net gearing (%) FY16 净负债/股东资金 (%) Net Cash 52 Weeks high/low (HK$) 52 周高/低 11.220 / 4.940 FY16 Est. NAV (HK$) FY16 每股估值（港元） 10.3 Source: the Company, Guotai Junan International. Company Report See the last page for disclaimer Page 1 of 9 1H16 Results Review 2016 Great Wall Motor’s (“GWM” or “the Company”) 1H16 net profit attributable to parent company up 4.4% yoy to RMB 4,926 million, in line with market consensus but better than our expectations. In 1H16, overall sales volume up 8.8% yoy ember to 454,813 units, while revenue up 12.2% yoy to RMB 41,672 million. Strong SUV segment (up 13.2% yoy) continued to lead t Sep the Company to grow but dragged by sedan and pick-up trucks which decreased 20.4% and 3.9% respectively. Gross profit 9 1 margin was 25.9% in 1H16, a decrease of 1.1ppts compared to 1H15. However, the decrease is less than our expectation. The slower than expected decrease is due to 1) higher sales proportion of Haval H6 which has a higher margin (also explains why revenue increase more than volume growth), such that we see that blended ASP increased by 3.5% yoy, and 2) depreciation and amortization expense are shared with more products as utilization rate in 1H16 was better. Costs are a slight concern as we saw selling costs / admin costs to revenue ratio increase 0.2 ppts and 0.1 ppts, respectively. On selling expense, we noticed after-sales services expenses increased 27.2% to RMB 542 million which is higher than the overall increase in revenue. This is probably due to GMW has offered more after sales services for their new and returned customers which is buddle with the vehicle sales. In administrative expenses, depreciation and amortization expense rise more than revenue due to the expansion on Xushui plant. Table-1: Summary of 1H16 Financial Results of GWM (in RMB mn, except per share items) 1H16 1H15 yoy 2Q16 1Q16 qoq Key financials Total revenue 41,672 37,145 12.2% 20,792 20,880 -0.4% Operating income 41,601 37,115 12.1% 20,757 20,844 -0.4% Cost of sales 30,898 27,129 13.9% 15,310 15,588 -1.8% Gross profit 10,774 10,016 7.6% 5,483 5,292 3.6% Business tax and surcharges 1,537 1,323 16.2% 769 769 0.1% Selling expenses 1,402 1,193 17.6% 775 628 23.4% Administrative expenses 1,907 1,657 15.1% 974 932 4.5% Finance expenses / (income) 35 219 -84.0% (3) 37 -106.8% ) Operating profit 5,814 5,615 3.6% 2,891 2,923 -1.1% Profit before taxation 5,920 5,718 3.5% 2,957 2,963 -0.2% 02333 HK ( Income tax expenses 992 1,000 -0.8% 426 566 -24.7% Net profit attributable to parent 4,926 4,717 4.4% 2,529 2,396 5.6% Minority interest 0 0 n.a. (1) 1 n.a. 长城汽车 Basic EPS (RMB) 0.54 0.52 4.4% 0.28 0.26 5.7% Operating data Sales volume(unit) 454,813 417,875 8.8% 221,387 233,426 -5.2% Domestic Sales 448,063 405,733 10.4% 217,804 230,259 -5.4% Export 6,750 12,142 -44.4% 3,583 3,167 13.1% ASP(RMB) 91,624 88,890 3.1% 93,919 89,449 5.0% MotorWall Great Margins and ratios (%) ppt ppt Gross profit margin(%) 25.9% 27.0% (1.1) 26.4% 25.3% 1.0 OP margin(%) 14.0% 15.1% (1.2) 13.9% 14.0% (0.1) Net profit margin(%) 11.8% 12.7% (0.9) 12.2% 11.5% 0.7 Selling costs to revenue 3.4% 3.2% 0.2 3.7% 3.0% 0.7 Admin costs to revenue 4.6% 4.5% 0.1 4.7% 4.5% 0.2 Effective tax rate 20.1% 21.2% (1.1) 16.8% 23.6% (6.8) Source: the Company, Guotai Junan International. Company Report See the last page for disclaimer Page 2 of 9 Sales Analysis 2016 Riding on the solid first half performance, the momentum continued in Aug. 2016. Total vehicle sales was 73,079 units, with yoy growth of 25.4%. YTD sales accumulated to 592,306 units in Aug. 2016, achieved yoy growth of 13.7% and ember represents 62.3% of management target. Strong sales continued to be driven by Haval H6, up 49.4% yoy, while Haval H9 also t Sep recorded significant growth of 36.2% in Aug. 2016. New model Haval H7 was launched in Apr. 2016 and recorded 16,620 units 9 1 in Aug. 2016. Although this model received lukewarm demand at the beginning, growth of this model started to pick up in Jul 2016. The waiting time is long at the moment as the Company takes time on the quality control. The Haval H7 is priced at around RMB 150,000 to RMB 170,000 which has limited or no direct competition from other Chinese self owned brands. We are optimistic at this model especially when the longer wheel base Haval H7L is expected to hit the market in 4Q16 and customer are also waiting for four-wheel drive version for better off road experience. On the other hand, sales of pick-up truck shows upturning trend since May. 2016, by recording positive growth in the last four months and hit 19.8% yoy growth in Aug.
Recommended publications
  • Annual Report 2017

    Annual Report 2017

    (a joint stock company Incorporated in the People's Republic of China with limited liability) H Share Stock Code: 2333 A Share Stock Code: 601633 Annual Report 2017 * For identification purpose only IMPORTANT NOTICE I. The Board, the Supervisory Committee and the directors, supervisors and senior management of the Company warrant that the content set out in this annual report is true, accurate and complete and does not contain any false representations, misleading statements or material omissions, and jointly and severally take legal liability for its contents. II. All the directors of the Company attended the Board meeting. III. Deloitte Touche Tohmatsu Certified Public Accountants LLP has issued the standard audited report for the Company without qualified opinion. The financial information in the annual report was prepared in accordance with China Accounting Standards for Business Enterprises and the relevant laws and regulations. IV. Wei Jian Jun, person-in-charge of the Company, Li Feng Zhen, person-in-charge of the accounting affairs and Lu Cai Juan, person-in-charge of the accounting department (head of the accounting department), declare that they warrant the truthfulness, accuracy and completeness of the financial report in this annual report. V. Proposal of profit distribution or capitalization of capital reserve during the Reporting Period reviewed by the Board As audited by Deloitte Touche Tohmatsu Certified Public Accountants LLP, the net profit of the Group and net profit attributable to shareholders of the Company in 2017 amounted to RMB5,043,386.53 and RMB5,027,297,997.74 respectively. The Company proposed to declare a cash dividend of RMB1,551,635,730.00 (representing RMB0.17 per share) (tax inclusive) to the shareholders of the Company for the year ended 31 December 2017.
  • Outlook Is Not So Dim Recommendation: BUY

    Outlook Is Not So Dim Recommendation: BUY

    MASTERS IN FINANCE QUITY ESEARCH E R GREATWALL MOTOR (2333 HK) COMPANY REPORT INDUSTRY : AUTOMOBILE 5 MAY 2016 STUDENT: JIASHENG WANG [email protected] Outlook is not so dim Recommendation: BUY GWM is underpriced despite of no growth prospect Price Target FY17: 11.29 HK$ . Consumers’ affection for SUV didn’t cool down in 2015 and Price (as of 4-May- will extend to next two years whereas the whole vehicle market of 5.88 HK$ 2016) China regressed to the slowing GDP growth. Thanks to deep dedication to SUV segment (82% of total), the company achieved the 52-week range (HK$) 4.96-18.57 sale target of 850k vehicles in 2015 with 21.5% revenue growth. But Market Cap (HK$ m) 79,399 Outstanding Shares (m) 9,127 GWM’s SUV growth was below the industry average. Company’s net profit held on due to deterioration of margin rate. In Q1 2016, most of Source: Bloomberg and company f ile as of May 4, 2016 the models showed negative YoY growth apart from H1 and H6. In 2015 the highest-end SUV H8 was eventually launched after several postponements but ended up with poor sale. The frequent price-off promotion propped up the double-digit growth but gross margin was hurt. The marketing strategy of “Blue-Red logo” would greatly enrich GWM’s product lines and enhance effectiveness of marketing strategy. Also, the establishments of factory and sale branches oversea would bring to GWM more sources of income. I hold bearish view on GWM’s future performance because: Source: Bloomberg (base date: Jan 2005) (i)the price of upcoming SUV H7 is not friendly enough to become a (Values in 2015 2016E 2017E 2018E RMB millions) hot sale model; (ii)the next generation of H6 might loss cost Rev enues 76,033 80,943 89,560 94,568 advantage given the current price war; (iii)the fail of equity financing Gross prof it 16,222 17,979 18,174 19,176 delays GWM’s entrance into NEV market.
  • Asia Pacific Daily

    Asia Pacific Daily

    Asia Pacific Daily 30 October 2017 Company Roadshows Date Company Event Venue 30 Oct BOC Aviation (2588 HK) NDR Seoul 1-2 Nov BTS Group (BTS TB) NDR Tokyo 9 Nov Guangdong Investment NDR Beijing, (270 HK) China 20-21 Nov Guangdong Investment NDR Tokyo (270 HK) 23-24 Nov L'Occitane (973 HK) NDR SG Daiwa Asian Events Date Company Venue Major changes Analyst Rating Page 7-10 Nov Daiwa Investment Conference Hong Kong HK 2017 Samsung Engineering (028050 KS) Mike Oh Outperform P.4 20-21 Nov Daiwa Asia Communication Days 2017 London Solid new order recovery likely 7-8 Dec TWSE-Daiwa Taiwan Corporate Day Tokyo Tokyo Target price 21.7% to KRW14,000 2017 Other research 2-5 Jan Daiwa P.U.R.E. Energy Conference 2018 HK 2018 Discovery John Choi P.8 5-9 Mar Daiwa Investment Conference Tokyo 2018 Tokyo Asia Small-cap Weekly 2018 China Construction Bank (939 HK) Yan Li Outperform P.9 Source: Daiwa Starting point for further growth Daiwa: latest rating and target price revisions Ping An Insurance (2318 HK) Leon Qi Hold P.13 Rating Target price 3Q17 results: VNB growth moderates Company Ticker Latest Chg Latest Chg Date China Life Insurance (2628 HK) Leon Qi Buy P.17 Samsng Eng 028050 KS 2 14,000 27-10 2018 jumpstart headwinds may have been Ping An In 2318 HK 3 62.00 27-10 exaggerated Ch Unicom 762 HK 1 13.80 27-10 Ch Con Bk 939 HK 2 8.00 27-10 Baidu (BIDU US) John Choi Hold P.21 China Life 2628 HK 1 31.00 27-10 3Q17: a mixed quarter, feed ads shine, iQiyi Ch Telecom 728 HK 1 4.98 27-10 hiccup CDL REIT CDREIT SP 3 1.61 27-10 China Unicom (762
  • Poland Regional Cities-Comfort-Vehicle-List

    Poland Regional Cities-Comfort-Vehicle-List

    Make Model Year Oldsmobile 19 Oldsmobile Alero Oldsmobile Aurora Oldsmobile Bravada Oldsmobile Cutlass Supreme Oldsmobile Intrigue Oldsmobile Silhouette Dodge Attitude Dodge Avenger 2013 Dodge Caliber Dodge Caravan 2015 Dodge Challenger Dodge Charger 2013 Dodge Dakota Dodge Dart 2015 Dodge Durango 2013 Dodge Grand Caravan 2015 Dodge Intrepid Dodge JCUV Dodge Journey 2013 Dodge Magnum 2013 Dodge Neon 2015 Dodge Nitro 2013 Dodge Ram 1500 Dodge Ram 2500 Dodge Ram 3500 Dodge Ram 4500 Dodge Ram 700 Dodge Ram Van 2015 Dodge Sprinter Dodge Stratus 2015 Dodge Stretch Limo Dodge Viper Dodge Vision Dodge i10 Land Rover Defender 2013 Land Rover Discovery 2013 Land Rover Freelander 2013 Land Rover Freelander 2 Land Rover LR2 Land Rover LR3 Land Rover LR4 Land Rover Range Rover 2013 Land Rover Range Rover Evoque 2013 Land Rover Range Rover Sport 2013 Land Rover Range Rover Velar 2013 Land Rover Range Rover Vogue 2013 Chevrolet Agile Chevrolet Astra 2015 Chevrolet Astro Chevrolet Avalanche 2013 Chevrolet Aveo Chevrolet Aveo5 Chevrolet Beat Chevrolet Blazer Chevrolet Bolt Chevrolet CMV Chevrolet Camaro Chevrolet Caprice Chevrolet Captiva 2013 Chevrolet Cavalier Chevrolet Celta Chevrolet Chevy Chevrolet City Express Chevrolet Classic Chevrolet Cobalt 2015 Chevrolet Colorado Chevrolet Corsa Chevrolet Corsa Sedan Chevrolet Corsa Wagon Chevrolet Corvette Chevrolet Corvette ZR1 Chevrolet Cruze 2015 Chevrolet Cruze Sport6 Chevrolet Dmax Chevrolet Enjoy Chevrolet Epica 2013 Chevrolet Equinox 2013 Chevrolet Esteem Chevrolet Evanda 2013 Chevrolet Exclusive Chevrolet
  • A80-Toothlearn-Xtooleshop.PDF (249K)

    A80-Toothlearn-Xtooleshop.PDF (249K)

    Tooth learn Function List Software Version: 5.22 Automaker method Model Engine/Type Year Chery By System Delphi electronic control system 1.5L(477F) Chery By System Delphi Electronic Control 1.6L(481F) Chery By System Delphiel ectroni ccontrol system 1.6L(451F) Chery By System Delphi 473 system Chery By System Delphi CNG engine Chery By System Liuji 465 Electronic Control System Chery By Type Type1(Delphie OBD) Chery By Type Type2 Chery By model Fengyun2 Series Delphi Electric Control System 1.5L(477F) Chery By model Cowin/Cowin2 Delphi Electronic Control System Chery By model Cowin/Cowin2 Delphi CNG engine Chery By model Cowin1 Delphi 473 EFI Chery By model Cowin3 Delphi CNG engine Chery By model Cowin5 Delphi Electronic Control Chery By model A1 Delphi 473 system Chery By model A5 Delphi CNG engine Chery By model E5 Chery By model Sonoftheeast Delphi Electronic Control System Chery By model QQ3 Liuji 465 Electronic Control System Chery By model QQ6 Delphi 473 system Chery By model Tiggo/Tiggo3 Delphi Electric Control2.0L/2.4L(4G63/4G64) Chery By model Tiggo/Tiggo3 Delphi Electronic Control1.6L(481F) Kairui By model Excellent Q22B Type1 Kairui By model Excellent Q22B Type2 Kairui By model ViewSonic Q21 Type1 Kairui By model ViewSonic Q21 Type2 Kairui By model YouSheng Q21D Type1 Kairui By model YouSheng Q21D Type2 Kairui By model elegant S22 Type1 Kairui By model elegant S122 Type2 Kairui By model elegant 2 Type1 Kairui By model elegant 2 Type2 Kairui By model QQ3 series Type1 Kairui By model QQ3 series Type2 Kairui By model K50 AUTO
  • GREAT WALL MOTOR COMPANY LIMITED (A Joint Stock Company Incorporated in the People’S Republic of China with Limited Liability) (Stock Code: 2333)

    GREAT WALL MOTOR COMPANY LIMITED (A Joint Stock Company Incorporated in the People’S Republic of China with Limited Liability) (Stock Code: 2333)

    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 長 城 汽 車 股 份 有 限 公 司 * GREAT WALL MOTOR COMPANY LIMITED (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2333) ANNOUNCEMENT OF AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019 The board of directors (the “Board”) of Great Wall Motor Company Limited (the “Company”) is pleased to announce the audited results of the Company and its subsidiaries for the year ended 31 December 2019. This announcement, containing the full text of the 2019 Annual Report of the Company, is prepared with reference to the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to preliminary announcements of Annual Results. The Company’s 2019 Annual Report will be available for viewing on the websites of The Stock Exchange of Hong Kong Limited at www.hkexnews.hk and of the Company at www.gwm.com.cn. Printed version of the Company’s 2019 Annual Report will also be delivered to the Company’s shareholders. By order of the Board Great Wall Motor Company Limited Xu Hui Company Secretary IMPORTANT NOTICE I. The Board, the Supervisory Committee and the directors, supervisors and senior management of the Company warrant that the contents of this annual report are true, accurate and complete and do not contain any false representations, misleading statements or material omissions, and jointly and severally take legal liability for its contents.
  • Great Wall Motor 2333 HK BNP PARIBAS Victoria Li

    Great Wall Motor 2333 HK BNP PARIBAS Victoria Li

    Great Wall Motor 2333 HK BNP PARIBAS Victoria Li 15 DECEMBER 2015 CHINA / AUTOMOBILES & COMPONENTS GREAT WALL MOTOR 2333 HK TARGET PRICE HKD9.59 HOW WE DIFFER FROM CONSENSUS MARKET RECS CLOSE HKD9.33 TARGET PRICE (%) (15.9) POSITIVE 23 HOLD UP/DOWNSIDE +2.8% EPS 2015 (%) 2.5 NEUTRAL 5 FROM BUY PRIOR TP HKD7.78 EPS 2016 (%) (0.9) NEGATIVE 5 CHANGE IN TP 23.21% KEY STOCK DATA Lack of new drivers YE Dec (RMB m) 2014A 2015E 2016E 2017E 2016 to be a better year with demand recovery Revenue 62,600 68,045 79,454 87,553 We estimate China PV sales volume growth would improve to 7.1% Rec. net profit 8,042 8,761 10,417 11,511 y-y in 2016E (2015E: 5.4%), mostly driven by the APT cut and the Recurring EPS (RMB) 0.88 0.96 1.10 1.12 revival of delayed purchase interest. SUV segment should continue Prior rec. EPS (RMB) 0.88 0.95 1.04 1.00 to grow fast at 35% y-y. Both would benefit GWM’s sales volume. Chg. In EPS est. (%) 0.0 1.1 5.6 12.4 However, GWM’s facing more challenges than peers EPS growth (%) (2.2) 8.9 14.2 2.4 Although GWM shall be the biggest beneficiary in our coverage Recurring P/E (x) 8.8 8.1 7.1 6.9 according to its sales volume exposure to 1.6L-and-below engines, Dividend yield (%) 3.4 3.4 3.6 4.0 its earnings growth would be weaker than its peers, such as Geely EV/EBITDA (x) 5.9 5.4 4.4 4.0 and Changan.
  • Throttle Matching V7.11

    Throttle Matching V7.11

    Disgnostic List Throttle Matching v7.11 Remark: 1.√: means that the system has this function 2. -: means that the system doesn't have this function 3. Compared with the last version, the new added function is marked in red font Function Menu Throttle matching Remark (Other Functions) Demo mode NISSAN √ Chinese Dongfeng Yueda KIA Sportage R (2013) √ Chinese Beijing Hyundai Yuedong, SONATA, I30, IX35, Viena √ Chinese Beijing Hyundai Sonata YFC, Elantra, new Santa Fe √ Chinese Beijing Hyundai Sonata 9 √ Chinese CHERY Type 1(Continental) √ Chinese CHERY Type 2(DIAS) √ Chinese CHERY Type 3(DIAS) √ Chinese CHERY Type 4(DIAS) √ Chinese CHERY Type 5(Marelli) √ Chinese CHERY Type 6(Delphi) √ Chinese CHERY Type 7 √ Chinese CHERY Type 8(UMC) √ Chinese CHERY Type 9(UMC) √ Chinese CHERY Type 10(Troitec) √ Chinese MG MG3、MG5、MG6、MG7 √ Chinese MG GS √ Chinese ROEWE 350, 550, 750, 950, W5, BP12 √ Chinese Haixing car Adaptive value reset √ Chinese Dongfeng Fengshen Adaptive value reset √ Chinese Dongfeng Fengshen Type2 √ Chinese Dongfeng Fengshen Type3 √ Chinese Dongfeng Fengshen Type4 √ Chinese Dongfeng Fengshen √ Page 1 Disgnostic List Throttle Matching v7.11 Remark: 1.√: means that the system has this function 2. -: means that the system doesn't have this function 3. Compared with the last version, the new added function is marked in red font Function Menu Throttle matching Remark (Other Functions) Chinese SOUEAST LingYue V3, Xiwang, LingYue V5/V6 √ LangLang, Langyue, A01, Chinese ZOTYE √ Z500(4A91T) Chinese TJFAW √ Chinese Riich, Rely √ Chinese ZXAUTO
  • GWM SPECIAL(Reprogram) V10.44Diagnostics List(Note:For Reference Only)

    GWM SPECIAL(Reprogram) V10.44Diagnostics List(Note:For Reference Only)

    GWM SPECIAL(reprogram) V10.44Diagnostics List(Note:For reference only) Functions Car CONNE Vehicle System Name Sub-System Name CTOR Read Clear Data Sys. Special Others code code Stream Info. Functions Red 4G15_ME788(Fomer M4) DBSCar √ 1.reprogram ECM Blue 4G15_ME788 DBSCar √ 1.reprogram HAVAL H1 Xiamen tongzhi DBSCar √ 1.reprogram BCM UAES BCM DBSCar √ 1.reprogram EPS DBSCar √ 1.reprogram ECM 4G15B-ME788 DBSCar √ 1.reprogram HAVAL H2 TCU HPT 6AT DBSCar √ 1.reprogram BCM Delphi BCM DBSCar √ 1.reprogram 4D20Delphi DBSCar √ 1.reprogram ECM 4D20 Bosch DBSCar 1.reprogram 4G63T-MT80 DBSCar √ 1.reprogram HAVAL H5 Delphi BCM DBSCar √ 1.reprogram BCM Tongzhi BCM DBSCar 1.reprogram TPMS Classic Type DBSCar √ 1.reprogram 4D20 Delphi DBSCar √ 1.reprogram 4D20 Bosch DBSCar 1.reprogram GWM SPECIAL(reprogram) V10.44Diagnostics List(Note:For reference only) Functions Car CONNE Vehicle System Name Sub-System Name CTOR Read Clear Data Sys. Special Others code code Stream Info. Functions ECM 4G15B_ME788 DBSCar √ 1.reprogram 4G15B_ME1788 DBSCar √ 1.reprogram HAVAL H6 4G15E_ME17810 DBSCar √ 1.reprogram H6 Upgrade Type Delphi DBSCar 1.reprogram BCM H6 Sports UAES DBSCar 1.reprogram TCU HPT 6AT DBSCar 1.reprogram PEPS Kostal DBSCar √ 1.reprogram ECM GW4C20-MT92 DBSCar √ 1.reprogram BCM DBSCar √ 1.reprogram HAVAL H6 Getrag 6DCT DBSCar √ 1.reprogram Coupe TCU HPT-6AT TCU DBSCar √ 1.reprogram Trailer Module DBSCar 1.reprogram ECM GW4C20A- UAES DBSCar √ 1.reprogram IFV DBSCar √ 1.reprogram 4 Channels RPA DBSCar √ 1.reprogram PAS 8 Channels UPA DBSCar √ 1.reprogram GWM SPECIAL(reprogram) V10.44Diagnostics List(Note:For reference only) Functions Car CONNE Vehicle System Name Sub-System Name CTOR Read Clear Data Sys.
  • 2017 Interim Report

    2017 Interim Report

    (a joint stock company incorporated in the People’s Republic of China with limited liability) H Share Stock Code: 2333 A Share Stock Code: 601633 Interim Report 2017 2017 Interim Report * For identification purpose only IMPORTANT NOTICE I. The Board, the Supervisory Committee and the directors, supervisors and senior management of the Company warrant that the information in this interim report is true, accurate and complete and does not contain any false representations, misleading statements or material omissions, and jointly and severally take legal liability for its contents. II. All the directors of the Company attended the Board meeting. III. This interim report has not been audited. The financial information in this interim report was prepared in accordance with China Accounting Standards for Business Enterprises and the relevant laws and regulations. IV. Wei Jian Jun, person-in-charge of the Company, Li Feng Zhen, person-in-charge of the accounting affairs and Lu Cai Juan, person-in-charge of the accounting department (head of the accounting department), declare that they warrant the truthfulness, accuracy and completeness of the financial report in this interim report. V. Proposal of profit distribution or capitalization of capital reserve during the Reporting Period approved by the Board None VI. Risks relating to forward-looking statements Applicable Not applicable Forward-looking statements, such as plans for the future described in this interim report do not constitute an actual commitment of the Company to investors. Investors should be aware of the relevant investment risks. VII. Was there any non-operational appropriation of the Company’s funds by its controlling shareholders and related parties? No VIII.
  • Autel-Maxitpms-Ts508-Eu-Mx-Sensor-V5.4X-Coverage-List.Pdf (438K)

    Autel-Maxitpms-Ts508-Eu-Mx-Sensor-V5.4X-Coverage-List.Pdf (438K)

    All rights reserved. Copyright 2017 Autel. Coverage for V5.4X [Dec. 2017] TS508_EU MX-Sensor V5.4X Coverage List (Note: For reference only) NOTES: ● This function is supported. ○ This function is not supported. ● This function is new. ● This function is modified. Special Declaration： 1. If the "Relearn Type" of MX-Sensor is OBD type, and the "OBD-II Function" has not been released for the moment, only clone function is available for relearning the MX-Sensor. 2. For conducting Automatic Relearn Procedure of MX-Sensor, the drive speed should be controlled between 16 mph (25 km/h) and 64 mph (100 km/h). 3. Letters in Relearn Type Colomn: A represents Automatic, S Stationary, O OBD, C Copy. Alpina Alpina 6 03/2014‐06/2018 F12 ● ● ○ A 433MHz Huf/Beru Continenta Bentley 03/2014‐06/2018 433MHz ● ● ○ A 433MHz Huf/Beru l BMW X2 01/2016‐06/2018 ● ● ○ A 433MHz Continental Cadillac CTS 06/2013‐06/2018 GMX322 ○ ● ○ 433MHz Schrader Cadillac CTS 06/2013‐12/2013 A1LL ○ ● ○ 433MHz Schrader Cadillac ELR 01/2016‐06/2018 D1BLI ○ ● ○ C 433MHz Schrader Chevrolet Malibu 06/2010‐06/2011 V300 ○ ● ○ C 433MHz Schrader Chevrolet Volt 06/2015‐06/2018 D2JCI ○ ● ○ C 433MHz Schrader Chrysler 300 06/2005‐06/2010 LE48 ● ● ○ A/O 433MHz Schrader DS4 Citroen 03/2017‐06/2018 ● ● ○ O 433MHz Schrader Crossback Citroen DS9 01/2017‐12/2018 ● ● ○ A/O 433MHz Schrader Ford Fiesta Van 01/2014‐12/2017 B256/257 ○ ● ○ S 433MHz Schrader Focus C‐ Ford 01/2014‐12/2017 C214 ○ ● ○ S 433MHz Schrader Max Grand C‐ Ford 06/2016‐12/2017 ○ ● ○ S 433MHz Schrader MAX Ford KA III 01/2016‐12/2017
  • Annual Report

    Annual Report

    (a joint stock company incorporated in the People's Republic of China with limited liability) H Share Stock Code: 2333 A Share Stock Code: 601633 2 019 ANNUAL REPORT * For identification purpose only IMPORTANT NOTICE I. The Board, the Supervisory Committee and the directors, supervisors and senior management of the Company warrant that the contents of this annual report are true, accurate and complete and do not contain any false representations, misleading statements or material omissions, and jointly and severally take legal liability for its contents. II. All the directors of the Company attended the Board meeting. III. Deloitte Touche Tohmatsu Certified Public Accountants LLP has issued the standard audited report for the Company without qualified opinion. The financial information in the annual report was prepared in accordance with China Accounting Standards for Business Enterprises and the relevant laws and regulations. IV. Wei Jian Jun, person-in-charge of the Company, Liu Yu Xin, person-in-charge of the accounting affairs and Lu Cai Juan, person-in-charge of the accounting department (head of the accounting department), declare that they warrant the truthfulness, accuracy and completeness of the financial report in this annual report. V. Proposal of profit distribution or capitalization of capital reserve during the Reporting Period reviewed by the Board As audited by Deloitte Touche Tohmatsu Certified Public Accountants LLP, the net profit of the Group and net profit attributable to shareholders of the Company in 2019 amounted to RMB4,530,732,870.30 and RMB4,496,874,893.92 respectively. The Company proposed to declare a cash dividend of RMB2,281,817,250.00, (representing RMB0.25 per share) (tax inclusive) to the shareholders of the Company for the year ended 31 December 2019.