Cialis: "Fall limit" turmoil

Car K-line

2024-06-27 14:42Creators in the automotive field

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01 Cialis has recently experienced a lot of turmoil in the capital market, and its market value has exceeded its ideal and become the first market value of China's new car-making forces.

02 However, on June 24, the share price of Cialis suddenly fell by 4.44%, and then fell to the limit, and the company's market value fell below 130 billion yuan.

03 Some analysts believe that Liu Gexiang, fund manager of GF Fund Management Co., Ltd., may reduce his position in the reserved fund due to the large decline in the photovoltaic sector to deal with redemption.

04 On the other hand, some people believe that Huawei's recent series of actions have brought the impression of snubbing Cialis to the capital market.

05 According to the poster released on the official Weibo of Cialis, since the launch of the M9 for 6 months, "the cumulative number of Dading has exceeded 100,000 units!" Ranked first in sales of more than 500,000 luxury cars".

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Introduction: The most ironic thing is that most of the analysis of the Cialis drop limit has nothing to do with the company itself.

With Huawei's halo, Cialis has experienced a lot of turmoil in the capital market in recent days.

First of all, the company's market value exceeded the ideal and topped the market value of China's new car-making forces. According to the statistics of "Auto K-line", in the 25th week of 2024, the market value of Cialis will reach 150.45 billion yuan.

With such a scale, not to mention the new power camp, even compared with SAIC, the largest in China's production and sales, the gap is only 12.183 billion yuan. In China's passenger car sector, which is composed of 28 stocks, Sailis ranks sixth.

At the same time, the share price of Cialis rose by 13.51% on a weekly basis, ranking 3rd in the passenger car sector! Moreover, Evergrande Automobile and Brilliance China, which rose higher than Cialis, closed with shares of only HK$0.46 per share and HK$8.36 per share respectively, while the share price of Cialis once again approached the 100 yuan mark, reaching 99.65 yuan per share.

I have to say that the performance of Cialis in the capital market in the past week can be described as "far ahead".

But the good times did not last long, on June 24, Cialis opened at a high level of 100 yuan / share, down 4.44% on the same day, and the next trading day, it fell sharply after the market opened in the afternoon, and soon after 85.71 yuan / share closed the limit, the company's market value fell below 130 billion yuan. The turnover on the day was 9.51 billion yuan, ranking first in the A-share list.

It should be noted that while Cialis has fallen frequently, the overall performance of A-shares is also not optimistic. In the first two trading days of the 26th week, the Shanghai Composite Index fell by 1.17% and 0.44% respectively. On June 26, with the recovery of the Shanghai Composite Index, the share price of Cialis rose by 0.44%.

Regarding the fall limit, in media reports, the relevant person of Cialis responded to the outside world, saying that this is "the normal fluctuation and performance of the market, and the company will explain it separately if necessary." ”

This has not quelled a lot of speculation and concerns.

One of the most well-known speculations is that Liu Gexiang, the fund manager of GF Fund Management Co., Ltd., should be redeemed due to the large decline in the photovoltaic sector he holds. It can also be clearly seen in his position adjustment in early April that Liu Gexiang is very optimistic about the new energy track and regards photovoltaic as a new favorite for investment.

"Image source: Celis 2024 First Quarter Report"

Among the top 10 shareholders of Cialis, three funds of GF are among them. However, these three funds not only reduced their holdings to varying degrees in 2023, but also further reduced the number and proportion of their holdings in the first quarter of 2024.

Some people also believe that Huawei's recent series of actions have brought the impression of snubbing Cialis to the capital market.

This not only includes the establishment of cooperation with Great Wall Motors, GAC Trumpchi and other car companies, only the other three of Hongmeng Zhixing, new high-end products will be launched one after another, but the question in the hands of Cialis, the freshness and expectations brought to investors by its three products cannot be compared at present.

On the same day that Cialis fell to the limit, the sales volume of the new power brand (weekly) in the Chinese market was released, and the ideal surpassed Wenjie with an advantage of 1,000 units and led the list.

Perhaps it was a coincidence, the next day, the official Weibo of Cialis released a poster, showing that since the launch of the M9 for 6 months, "the cumulative number of Dading has exceeded 100,000 units!" Ranked first in sales of more than 500,000 luxury cars".

"Image source: Celis official Weibo"

The author believes that the official WeChat poster of Cialis may indeed be a response to the weekly list of new forces, but the resulting stock price limit may not be able to talk about it.

It is worth noting that in a large number of people's analysis and speculation, the vast majority of them have nothing to do with Cialis itself. This is undoubtedly the biggest irony of a listed company.

"Auto K-line" once pointed out in a related article analyzing the financial report of Cialis that its profit performance of successfully reducing losses in 2023 and turning losses in the first quarter of 2024 is obvious to all.

"Image source: Cialis 2023 Annual Report"

However, it cannot be ignored that in 2023, Cialis will successfully reduce its loss due to the net profit attributable to the parent company, and in terms of deducting non-net profit that more accurately reflects the company's conventional operation level, Cialis will lose a record high in 2023, reaching 4.817 billion yuan, second only to BAIC Blue Valley at the bottom among the listed companies in China's automobile industry according to the statistics of "Automobile K-line".

In addition, in the first quarter of 2024, when the loss was successfully reversed, although the cash flow generated by operating activities of Cialis turned from negative to positive, the trend of the two major cash flows of investment and financing was not optimistic, so that its net cash flow dropped from -434 million yuan to -1.802 billion yuan.

It should be noted that a sharp decline in net cash flow does not necessarily mean that the company has started to "go downhill", and sometimes it may be a capital expenditure or investment for long-term development, but to a certain extent, it will affect investor confidence.

Looking back at China's auto stocks in recent years, it is rare to break through the 100 yuan mark in less than five years from less than 8 yuan per share to less than 5 years. Especially focusing on the scope of listed companies in the automobile industry with a market value of more than 100 billion, only BYD can wrestle with Cialis in terms of growth rate.

I still remember that when the "Huawei concept" was first included in 2021, the stock price of Cialis soared by 248.65% annually! In the capital market, in a silent way, he shouted a sentence of "far ahead"!

Entering 2024, with the hot sale of M7 and the successive delivery of M9, the share price of Cialis has risen and fallen many times at the beginning of the year. It wasn't until late April that a new M7 PLUS crashed into flames. AITO Motors once mentioned in a technical note that "the power and signal lines in the front cabin and passenger compartment were cut off instantaneously".

What is quite subtle is that in many product launches held by other car companies since then, from time to time you will see the introduction of "the circuit layout is more reasonable" or simply more directly "it will not affect the unlocking and opening of the car door after the collision".

In the past, like many excellent products under the Huawei brand, "far ahead" is indeed the confidence in the product itself and people's expectations of a brand; Now, "normal fluctuations" are indeed a very common market phenomenon, but Cialis, which is gradually drawing a question mark in the hearts of investors, must not lose itself in the process.

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