Recently, some listed automakers and auto dealer groups released their 2014 performance forecasts. According to data released by the China Association of Automobile Manufacturers, China's automobile sales reached 234,919,000 units in 2014, a year-on-year increase of 6.9%. Overall, the company showed a steady growth trend, with a growth rate of 7 percentage points lower than the previous year.
According to the performance forecast issued by some listed companies in the automotive industry, most listed automakers experienced a decline in performance last year. Depending on the strong sales of joint venture brand sales, the performance of some listed car companies continued to grow steadily; in contrast, the performance of car companies based on independent models declined, highlighting the survival dilemma. The commercial vehicle market continued its downward trend since 2013, and the sales and performance of most commercial vehicle companies continued to decline. In addition, due to the slowdown in the auto market and the pressure of competition, the performance of most listed auto dealer groups is also difficult to cover up. However, under the stimulus of the government's intensive and favorable policies last year, the new energy vehicle business is booming.
Polarization and happiness in the passenger car field: mainly relying on the joint venture's combat power In 2014, China's passenger car market continued to maintain a steady growth. According to data released by the China Automobile Association, China’s passenger cars sold a total of 19.76 million vehicles last year, a year-on-year increase of 9.9%. However, under the background of maintaining stable growth rate overall, the trend of polarization of listed automakers in 2014 has become more and more obvious. What is highlighted is the survival dilemma faced by independent brands.
The performance of Changan Automobile and SAIC last year was very eye-catching. Changan Automobile announced that it expects its performance in 2014 to rise sharply. The net profit attributable to shareholders of listed companies increased by 111.09%-122.50% over the same period of the previous year, reaching 7.4 billion-7.8 billion yuan. Changan Automobile clearly stated that the company's significant growth in the reporting period was mainly due to the year-on-year increase in sales of joint ventures Changan Ford Maverick and New Mondeo, and the investment income increased significantly (2014 Changan Ford's investment income is expected to be 7.2 billion Yuan, a year-on-year increase of 75%), as well as Chongqing Changan headquarters CS75, Yidong and other sales increased significantly year-on-year, the headquarters achieved a year-on-year loss.
SAIC Group expects that the net profit attributable to shareholders of listed companies will increase by about 12% year-on-year to approximately RMB 27.8 billion in 2014. The growth of SAIC's net profit is mainly due to the contribution from sales growth. According to the announcement, in 2014, SAIC Group sold a total of 5.619 million vehicles, an increase of 10.1% year-on-year. Among them, Shanghai Volkswagen, Shanghai General Motors and SAIC-GM-Wuling, three joint ventures of SAIC, contributed sales of 1.73 million, 1.72 million and 1.59 million, respectively, to a total of 5.04 million units, accounting for 89.6% of SAIC's 2014 sales. In addition, according to another announcement issued by SAIC on February 5, Shanghai GM's 2014 net profit reached RMB 17.6 billion. It can be seen that in the substantial increase in the net profit of the above two major car companies, the contribution of the joint venture company is particularly great.
In sharp contrast, FAW Car and FAW Xiali are the "difficult brothers." Recently, FAW Xiali released a performance forecast. It is estimated that the net profit attributable to shareholders of listed companies in 2014 will be 1.55 billion to 1.75 billion yuan, a decline of 222.92%-264.58%. This is Tianjin FAW's record loss after a net profit loss of 480 million yuan in 2013. Tianjin FAW said that the main reason for the loss was that the pace of the company's product structure upgrade adjustment failed to meet the requirements of rapid market changes. The sales of Xiali N3, N5 sedan and Weizhi V5 sedan decreased year-on-year. The Xiali N7 products launched in 2013 did not reach the sales target. The date of the listing of Junpai D60 products in 2014 was postponed, resulting in a significant year-on-year sales and sales scale of the company. Down, the company's main business has incurred a large loss.
FAW Cars, which achieved nearly 20% sales growth, also failed to achieve profit growth. FAW Car's 2014 annual results forecast that the company achieved sales of 293,300 units last year, an increase of 18.04% year-on-year. However, due to the increase in publicity expenses and changes in the sales structure of some products, the net profit attributable to shareholders of listed companies was between 0.5 billion and 250 million. Yuan, a year-on-year decline of 75.18%-95.04%. This is also the second consecutive year that FAW Car has experienced a sharp decline in its net profit due to high sales expenses.
Great Wall Motor, which has always led its own car company, also suffered an inflection point last year. Great Wall Motor's performance report shows that the 2014 Great Wall Motor achieved a total sales of 730,800 units, down 3.08% year-on-year. According to its announcement, the company’s net profit attributable to shareholders of listed companies last year was 8.051 billion yuan, down 2.20% year-on-year.
In addition, BYD's 2014 annual performance report shows that in 2014, the company's net profit attributable to shareholders of listed companies was 438 million yuan, down 20.82% year-on-year. Some industry insiders believe that although BYD has experienced rapid growth in the field of new energy vehicles last year, it is still difficult to make up for the decline in the profit of its traditional fuel vehicles, resulting in a decline in its overall profit.
The commercial vehicle industry continues to slump In recent years, the commercial vehicle market has continued to slump. In 2013, sales of commercial vehicles increased only slightly by 0.6%, while in 2014, sales of commercial vehicles fell again. The data shows that in 2014, the production and sales of commercial vehicles completed 3,803,100 and 3,791,300 respectively, down 5.7% and 6.5% respectively. At the same time, the profit of listed car companies, which are mainly engaged in commercial vehicle business, also experienced a year-on-year decline.
Jinbei Automobile expects to have a loss in its operating results for 2014. The net profit attributable to shareholders of listed companies is around RMB150 million, a year-on-year decline of 948.90%. Jinbei Motor said that due to the reduced prosperity of the truck industry in 2014, the company's annual vehicle sales revenue decreased, sales gross margin decreased, and more research and development expenses were invested to improve the company's overall technical level, resulting in the company's revenue and profits. It has fallen.
Yaxing Bus also announced that it expects a loss in its operating results for 2014. The net profit attributable to shareholders of listed companies will be loss of 130-150 million yuan, down 25.7.12%-2960.52% year-on-year (the net attributable to shareholders of listed companies in 2013) The profit is 5.243 million yuan). Yaxing Bus believes that one of the main reasons for the pre-loss of performance is that the domestic and international economic growth is weak in 2014, and the economic growth rate continues to decline. The company faces various pressures such as market, cost and price, energy-saving emission, etc., and the company is rigid after moving into the new plant. The increase in expenses and the increase in labor costs have led to a large loss in profit from the main business.
In contrast, the transcripts of Zhongtong Bus are quite gratifying. According to the announcement, the net profit attributable to the parent company of the listed company in 2014 was 261 million to 293 million yuan, a year-on-year increase of 150%-180%. However, the increase in the profit of Zhongtong Bus is not due to the excellent auto industry, but the profit from the sale of its subsidiary Xinjiang Zhongtong Real Estate Development Co., Ltd., which is included in the profit of the company, affecting the company's consolidated statement profit of 190 million yuan, which belongs to The net profit of the parent company is 180 million yuan. This also means that if the investment income is subtracted, the profit of the main business of Zhongtong Bus is basically negative growth, at most, it is slightly increased.
However, Jiangling Motors maintained a steady increase in performance in 2014. According to its 2014 annual performance report, the company's net profit for 2014 was approximately 2.108 billion yuan, up 24.40% year-on-year, mainly due to the increase in government subsidies received by the company and the increase in sales caused by the increase in sales.
The new energy vehicle sector has many bright colors. Since last year, under the support and promotion of the country's intensive and favorable policies, new energy vehicles have accumulated a lot of momentum, showing a good momentum of development. According to the statistics of the China Automobile Association, in 2014, new energy vehicles produced a total of 78,499 vehicles and sold 74,763 vehicles, an increase of 3.5 times and 3.2 times respectively over the previous year.
In this environment, major auto companies are accelerating their progress in the field of new energy vehicles, especially in the traditional energy vehicles sector, which has been hindered by the development of traditional energy vehicles.
BYD, which has been planning a new energy sector for a long time, sold 21,000 new energy vehicles in 2014, of which Qin sold 15,000 vehicles and was the champion of China's new energy vehicle sales. BYD Chairman and President Wang Chuanfu said in an interview that BYD’s sales in new energy vehicles reached 8 billion yuan in 2014, and it is expected that there will be better performance in 2015. It is reported that in 2015 BYD will push four plug-in hybrid models Tang, Shang, Song and Yuan, and the new energy car camp will be greatly enriched, effectively covering the mainstream product line. At the same time, its new power battery factory (Pingshan) was put into operation in October last year, and its design capacity is four times that of Huizhou's old factory. As the capacity of the new plant climbs, the battery bottleneck that restricts the amount of BYD's new energy vehicles is expected to be gradually lifted.
It is also known that the current iEV series of pure electric vehicles owned by Jianghuai has sold more than 7,000 vehicles and is among the best in the new energy vehicle market. At the same time, Jianghuai has received subsidies from the state and local governments for many times in recent years. According to its announcement, Jianghuai received 200 million yuan of innovative incentive funds from the Ministry of Finance for the fifth-generation pure electric car platform technology development project; In June and July, Jianghuai received subsidies for energy-saving and new-energy vehicles from Hefei City and Anhui Provincial Finance Department respectively, which were 72.82 million yuan and 50.75 million yuan respectively. It is reported that the JAC iEV5 will be available in April this year.
Increased dealers' survival pressure In recent years, China's automobile sales growth has gradually slowed down, but more and more manufacturers and models have led to increasingly fierce competition in the industry. Sales profits have shrunk and are first reflected in dealers. The profit of the dealer group in 2014 showed a significant decline, showing a loss.
The performance report released by Yaxia Automobile showed that the company did not increase its revenue in 2014. During the reporting period, it achieved a total operating income of 5.24 billion yuan, a year-on-year increase of 3.86%. However, the net profit attributable to shareholders of listed companies was -55.855 million yuan. The decline was 220.18%. In this regard, Yaxia Automobile believes that the main reason is the fierce competition in the automobile sales market, the decline in gross profit margin, the increase in new construction projects, the increase in personnel compensation expenses, the increase in reimbursement expenses and the substantial increase in financial expenses. Prior to this, Yaxia Automobile had predicted in the 2014 annual performance forecast amendment that its net profit attributable to shareholders of listed companies would be reduced by 35 million to 55 million yuan in 2014. This performance report is compared with the previous performance forecast. The decline was mainly due to the fact that sales revenue in the fourth quarter did not meet expectations.
Shenhua Holdings also recently announced its 2014 annual results pre-loss announcement. It is expected that its 2014 annual operating results will suffer losses, and the net profit attributable to shareholders of listed companies will be around -1.98 billion yuan, down 214.77% year-on-year. Shenhua Holdings believes that the main reason for the loss of performance is that the company's automobile sales have declined more and the investment income has dropped significantly.
In response to the current situation of losses, major automobile dealer groups are also actively seeking a turnaround. Pang Qinghua, chairman of the huge group, revealed that the huge group plans to improve its competitiveness through a number of businesses in the next three years, including the parallel imported automobile business and the electronic electronic mall business based on physical distribution stores that were launched at the Babs dealership earlier this year. And the pre-market competition is not yet full of new energy vehicle sales and service business. In addition, the huge group plans to reduce the company's fixed assets from 20 billion to 10 billion, and said in the announcement that “reducing the scale of fixed assets is one of the contents of the company's management plan for the next three years, which will help the company. Returning cash and increasing revenues will enhance the company's overall profitability.†The announcement shows that the operating income of the huge group increased slightly by 3% in the first three quarters of last year, while the net profit attributable to shareholders of listed companies fell by nearly 70% year-on-year.
It is reported that Yaxia Automobile will also pay more attention to the improvement of after-sales business, auto finance service and driving training business in the future, with a view to continuously improving business performance.
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