Some A-share listed vehicle manufacturers have successively released the 2017 annual performance report and annual distribution plan. NBD Motors found that 9 of the car companies had a total of approximately RMB 310.79 billion in red, a year-on-year increase of 12.83%. Among them, FAW Xiali has not paid dividends for four years; Haima Motor has not paid dividends for two consecutive years.
Once again, it is the annual bonus season! Recently, some A-share listed vehicle manufacturers have successively released the 2017 annual performance report and annual distribution plan. NBD Motors found that 9 of them had a total of approximately RMB 310.79 billion in red, a year-on-year increase of 12.83%.
Judging from the distribution plan of these car companies, SAIC Motor Corporation (600104, SH) and Guangzhou Automobile Group (601238, SH) have the most generous plans. Great Wall Motors (601633, SH) and Yutong Bus (600066, SH) have seen their dividends shrink. , FAW Xiali (000927, SZ) most tips, has not paid dividends for four years.
“The cash dividend growth of listed car companies is basically in line with the growth rate of their car sales. Last year, domestic car sales have greatly improved in quality, and the product structure has moved upwards. This has led to an increase in the added value of automotive products. With more obvious growth," said Luo Lei, deputy secretary-general of the China Automobile Dealers Association.
SAIC's largest distribution plan
Compared with other listed car companies that have already issued distribution plans, SAIC Motor plans to distribute the most dividends. It is understood that SAIC plans to distribute a cash dividend of RMB18.30 (tax included) for every 10 shares based on the company's total non-public offering (about 11.683 billion shares). Once this distribution plan is passed, it means SAIC will distribute approximately 21.38 billion yuan in dividends.
The SAIC Group's decision to make a generous relationship with its performance last year. According to SAIC Motor's 2017 annual report, in 2017, the company achieved a total operating revenue of 870.639 billion yuan, a year-on-year increase of 15.10%; and a net profit attributable to shareholders of listed companies was 34.41 billion yuan, an increase of 7.51% over the same period of last year.
GAC Group's distribution plan can also be considered generous. GAC Group stated in its financial report that in 2017, GAC cash dividend will be as high as 3.136 billion yuan; plus dividends that have been distributed in the mid-term, GAC's total dividend distribution for the year totaled approximately 3.8 billion yuan, an increase of approximately 95% over the previous year.
GAC Group’s generous dividends are also closely related to sales performance. According to the GAC Group's 2017 annual report, GAC Group achieved a total operating revenue of approximately 339.773 billion yuan in 2017, an increase of approximately 23.21% year-on-year; net profit attributable to parent company owners was approximately 107.86 billion yuan, an increase of approximately 71.53% over the same period of last year.
Compared with SAIC and GAC’s high-performance high dividends, Great Wall Motors and Yutong Bus are distributing dividends in the event of a deterioration in sales performance.
According to the data, Great Wall Motor’s total operating revenue was 101.169 billion yuan, and the net profit attributable to owners of the parent company was approximately 5.027 billion yuan, a decrease of 52.35% year-on-year, which also caused Great Wall Motor’s dividends to shrink from 3.194 billion yuan in 2016 to 1.5 billion yuan. . The same is true for Yutong buses. According to the 2017 annual report of Yutong Bus, in 2017, the Yutong Bus had a cash dividend of 1.1 billion yuan, which is a significant drop from the 2.213 billion yuan in 2016.
FAW Xiali distribution plan face?
In stark contrast to the dividends of the above four car companies, Haima Motors (00572, SZ), FAW Xiali, FAW Cars (000800, SZ) and other car companies did not pay dividends for several consecutive years, or their dividends were low.
Haima Motor's 2017 annual report shows that the company plans not to distribute cash dividends, don't send bonus stocks, and don't convert public reserve funds into share capital. NBD Motors learned that Haima Motors has not paid dividends for two consecutive years after the cash dividend was paid in 2015. The dismal performance may have a direct relationship with Haima Motor’s non-profit sharing. In 2017, the total sales volume of hippocampus vehicles was more than 140,000, which was a significant year-on-year decline.
Compared with the hippocampus car, FAW Xiali's distribution plan also appeared in a dramatic "face change." Previously, according to China Youth Online report, FAW Xiali once planned that “the company intends to distribute a cash dividend of RMB 0.20 (taxes included) for every 10 shares.†In the 2017 annual report of FAW Xiali, “the company plans not to distribute cash dividends in the year, and will not send bonus shares. , don't convert public reserve into share capital."
Regarding the existence of changes in the distribution plan, NBD Automobile has repeatedly contacted FAW Xiali Office Director, but as of press time, the other party did not reply.
From the performance of FAW Xiali 2017, we can see the clues of its “changing faceâ€. In 2017, the net loss of FAW Xiali was approximately RMB 1.64 billion. At the same time, in 2017, FAW Xiali had total assets of RMB 4.9 billion, total liabilities of RMB 4.81 billion, net assets of RMB 83.321 million, and asset-liability ratio of 98.2%. This means that FAW Xiali has approached insolvency.
NBD Automobile understands that as of now, FAW Xiali has accumulated 8 dividends since its listing, and the cumulative dividend amounted to 644 million yuan. The last dividend was stayed in April 2013.
In addition, the distribution plan of Jiangling Motors (000550, SZ) has also attracted widespread attention. According to the distribution plan disclosed by Jiangling Motors on January 15, 2018, a special interim dividend of RMB 2 billion will be distributed for a total dividend of 863 million shares. In the newly released 2017 annual report, Jiangling Motor’s previous pride is no longer available. The company plans to base a cash dividend of RMB 3.20 (taxes included) on every 10 shares for all shareholders with a total share capital of approximately 863 million shares. Shares (including tax), a total of 276 million yuan.
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