Guanghui Auto: “Endogenous Growth + Extended Expansion†to achieve good performance Securities Code: 600297
According to the semi-annual report data, in the first half of 2017, Guanghui Auto achieved revenue of 70.283 billion yuan, a year-on-year increase of 30.78%, and net profit of 2.02 billion yuan, a year-on-year increase of 45.08%.
In the first half of 2017, Guanghui Auto continued the development strategy of M&A integration, and further regained the ultra-luxury, luxury and mid-to-high-end brand management outlets on the basis of the original 4S stores, while focusing on strengthening the comprehensive services of ultra-luxury and luxury vehicles, and strengthening the profitability. In order to deal with the impact of falling profits in individual brand markets. Statistics show that as of June 30, Guanghui Auto handled 754 business outlets, including 691 4S stores, an increase of 17 compared with the end of 2016, covering 28 provinces, autonomous regions and municipalities across the country.
As of the first half of 2017, Guanghui Auto sold a total of 366,800 new vehicles, an increase of 5.75% year-on-year. At the same time, the proportion of new car gross profit continued to decrease, the gross profit structure is closer to the level of international mature dealers, reducing the impact of sales fluctuations in the new car market and increasing the ability to resist risks.
M&A integration brings new car business optimization, which makes Guanghui Automobile also have unique advantages in car e-commerce, after-sales service, used car, financial leasing and other business: Statistics show that after-sales, Guanghui Auto in 2017 In the first half of the year, the cumulative number of maintenance visits was 345,800 units, an increase of 16.29% year-on-year; the accumulated maintenance service income was 5.893 billion yuan, up 37.19% year-on-year; the company commission agent completed a total revenue of 2.119 billion yuan, an increase of 103.36% and a gross profit margin of 80.89%; The second-hand car business realized a total of 78,740 agency transactions, an increase of 179.66% over the same period of last year; the company's financial leasing business completed 85,000 vehicles, an increase of 26.87%.
In addition to the growth of business operations, Guanghui Auto has maintained strategic partnerships with major financial institutions for a long time, with strong financing capabilities and obvious capital cost advantages. At the same time, the company's subsidiary, Guanghui Baoxin, listed on the Hong Kong Stock Exchange, opened up new channels for the company to obtain financing from overseas financial institutions, and realized “two-wheel drive†of “endogenous growth†and “extended expansion†through capital market operation. Inject new kinetic energy into the company's growth and development.
  Zhongsheng Holdings: Brand portfolio advantage continues to emerge Securities code: 00881.HK
According to the semi-annual report data, in the first half of 2017, Zhongsheng Holdings achieved revenue of 38.322 billion yuan, a year-on-year increase of 20.7%, and net profit of 1.356 billion yuan, a year-on-year increase of 121.2%.
The improvement in the half-year performance of Zhongsheng Holdings was firstly attributed to the continued emergence of the brand portfolio advantage. As of June 30 this year, the total number of Zhongsheng Holding dealerships reached 262, an increase of 11 compared with the end of last year, including 10 luxury brands. Distribution store, a mid-to-high-end brand dealership. The advantage of the brand portfolio is the improvement of the sales performance of new cars. According to statistics, in the first half of this year, Zhongsheng Holdings achieved a total sales of 147,240 new cars, an increase of 10.6% year-on-year. The revenue of new cars increased by 20.1% year-on-year to reach 33.098 billion yuan.
Among all the brands operated, Mercedes-Benz is the highest sales revenue of Zhongsheng Holding's new car, accounting for 31.9% of its new car sales revenue, an increase of 3.8 percentage points over the same period last year.
During the same period of increase in sales of new car sales, Zhongsheng Holdings also increased its sales and after-sales business. According to statistics, in the first half of this year, its after-sales and boutique business segment achieved revenue of 5.224 billion yuan, up 24.7% year-on-year; Other value-added services, mainly finance and used cars, achieved gross profit of 738 million yuan, a year-on-year increase of 39.0%. Compared with the same period of last year, Zhongsheng Holdings' sales and after-sales business accounted for an increase of 0.4 percentage points.
 Huge Group: New business layout sees results Securities Code: 601258
According to the semi-annual report data, in the first half of 2017, the huge group achieved revenue of 32.927 billion yuan, a year-on-year increase of 14.63%, and net profit of 297 million yuan, a year-on-year increase of 379.58%.
In 2017, the main business of the Group was still focused on automobile distribution and maintenance, but further integration and innovation. During the reporting period, its continuous integration of business outlets, adjustment of brand structure, merger and cancellation according to market environment Some traditional car business outlets, while adding some new energy vehicle outlets and car supermarkets. Statistics show that as of June 30 this year, the Group's operating outlets were 28 fewer than last year. Based on this integration and innovation, the huge group sold 216,600 new vehicles in the first half of this year, achieving revenue of 32.927 billion yuan, a year-on-year increase of 14.63%.
In addition to the traditional main business, the huge group has increased its efforts to promote value-added services such as auto finance, insurance, boutique, used cars, extended warranty, and membership, and increased new profit growth points. At the same time, the huge group also closely follows the market policy and industry development situation, vigorously expands the new energy vehicles with high gross profit margin and stable profits, and parallel imports of automobile business, making it an important source of profit contribution to the company. It has become China's largest new one. Energy car dealers and China's largest parallel import car dealers.
In addition, the huge group has also made major changes in its business model and business format. During the reporting period, the company also focused on the development of Internet innovation services such as door-to-door maintenance, contracted vehicles, and parking. At present, its contracted car business has obtained the qualifications for network car operation in Chongqing and Shenyang. It is planned to strive for the operational qualifications of about 10 cities by the end of this year. At the same time, the sales of graphene engine oil of the huge group has also developed rapidly. The above innovative business has laid a good foundation for the company's future sustainable development.
 SINOMAC: Transformation to a new type of enterprise combining science, industry, trade and gold. Stock code: 600335
2017 is the "executive year" of SINOMACH's 2016~2018 strategy. In the first half of the year, the company aimed at “deepening reform, innovation and transformation, improving quality and efficiency, strengthening synergy, enhancing core competitiveness, and actively creating a new development situationâ€, focusing on implementation and grasping, and continuing to deepen resource integration and internal coordination. Explore the strategic positioning and adjustment and upgrading of the business structure. While consolidating the existing core business, focus on the automotive industry chain and continue to promote a new round of innovation and transformation. It is also driven by this innovative transformation objective that SINOMACH achieved revenue of 25.582 billion yuan in the first half of 2017, a slight decrease of 2.76% year-on-year, and the net profit value increased steadily, reaching 503 million yuan, an increase of 18.74%.
Based on the market development trend, SINOMACH has continuously strengthened the company's core competitiveness in the entire industrial chain of the automobile, and comprehensively promoted the company to move toward a new-type automobile group combining science, industry, trade and gold.
Specific to the segmentation business level, in the first half of this year, SINOMACH's import auto trade business continued to introduce new models of the original agency service brand, while actively expanding new brands and optimizing the business structure, resulting in steady growth in service revenue; In the retail service business, the company continued to promote synergy and integration, resulting in rapid profit growth. The net profit in the first half of this year was about 0.5 billion yuan, equivalent to the total profit of the sector last year; after the market and other business, SINOMAC The launch of the large car leasing business will increase the construction of new outlets while investing in new models, laying the foundation for future business development. In the new energy vehicle project, in April this year, SINOMACH’s new energy vehicle project – SINOMACH completed the business Registered and held a groundbreaking ceremony in May in Jiangxi Province, which became a useful exploration for grasping the development strategy of new energy vehicles and actively seeking transformation and upgrading. In terms of auto finance, SINOMACH uses its own funds to finance its leasing companies. Huiyi Finance carried out a capital increase of 500 million yuan, focusing on "focusing on the main business, moderately diversified "The strategic goal of steady, actively carry out financial leasing business. Statistics show that in the first half of this year, Huiyi Finance's business has accumulated a total of 19, with a total investment of nearly 2 billion yuan, achieving rapid growth in business scale.
    Yongda Auto: Continue to promote channel transformation Securities code: 03669.HK
Yongda Auto's 2017 semi-annual report showed that its revenue in the first half of the year was 22.556 billion yuan, a year-on-year increase of 18.8%, and the net profit was 652 million yuan, a year-on-year increase of 70.2%.
In the first half of 2017, Yongda Auto's sales of luxury brand dealerships achieved rapid growth. Compared with the same period of last year, Jaguar Land Rover sales increased by 21.9% year-on-year, Volvo brand sales increased by 94.8%, and Cadillac brand sales increased by 92.1%. The Lincoln brand grew by 45.9% year-on-year... The overall sales of new cars reached 725,83 units, an increase of 17.1% year-on-year, and the sales revenue of new cars reached 18.9 billion yuan, a year-on-year increase of 17.7%.
In addition to strengthening the sales ability of new cars, Yongda Auto continued to promote channel changes with customer contact and experience as the core, optimize the internal management of new car sales, and introduce a comprehensive appraisal model with sales gross profit as the core to grasp the premise of ensuring sales gross profit. Each vehicle extends the business sales opportunities and continues to expand the profitability of bicycles in the extended business of auto finance, insurance, auto supplies, etc., ensuring the rapid growth of comprehensive gross profit of new car sales.
In terms of innovative business, Yongda Automobile has strategically cooperated with many leading domestic leasing companies to strengthen the service advantages of the whole industry chain by providing rental companies with new vehicle procurement, car service and second-hand car repurchase integrated sales service mode.
Especially worth mentioning is that Yongda Automobile continues to accelerate the construction of the new retail business model of used cars in the used car business, and initially realized the new business pattern of used car + Internet + physical store + financial + logistics. At present, it has built 92 second-hand car retail outlets nationwide, including 47 OEM brand certification outlets, 24 4S store outlets, and 21 Yongda used car mall chain outlets. In the first half of this year, Yongda Auto's second-hand car sales volume was 16,171 units, up 64.4% year-on-year, and second-hand car agency service income was 78 million yuan, up 61.0% year-on-year.
Guanghui Baoxin: M&A integration effect is more obvious. Stock code: 01293.HK
Compared with the positive performance of 2016, Guanghui Baoxin has made further breakthroughs in the first half of this year, achieving revenue of 15.671 billion yuan, a year-on-year increase of 44.1%, and net profit of 400 million yuan. 521.3%, and all of this, it is not unrelated to its deep integration with Guanghui Auto.
As mentioned in the semi-annual report, in the first half of this year, Guanghui Baoxin further optimized the operation and management capabilities of the regional and 4S stores through the integration with Guanghui Automobile Group, and continued to deepen the cooperation of various business segments to enable new car sales and after-sales. The service business has developed steadily, the revenue of auto value-added services has increased substantially, and the profitability and sustainable development capabilities of various stores have also been comprehensively improved.
In the first half of this year, Guanghui Baoxin sold a total of 45,591 new cars, up 56.6% year-on-year. Among them, luxury brand cars sold 33,040 units, up 36.7% year-on-year, and mid- to high-end brand cars sold 12,551 units, up 153.9% year-on-year. In terms of after-sales service, Guanghui Baoxin realized hand-plugs of 1.754 billion yuan, a year-on-year increase of 30.5%, and the gross profit margin of after-sales service increased to 47.6%.
In addition to the growth of new car sales and after-sales business, in the first half of this year, Guanghui Baoxin and Guanghui Auto Group carried out close and in-depth cooperation in the extended business of insurance, used car and auto finance. During the reporting period, Guanghui Insurance realized commission income from automobile value-added services of 296 million yuan, a year-on-year increase of 83.6%.
 Zhengtong Auto: Continue to develop financial business sector Securities code: 01728.HK
Zhengtong Auto's semi-annual report data shows that its revenue in the first half of this year was 15.628 billion yuan, a year-on-year increase of 7.1%, and net profit was 516 million yuan, a year-on-year increase of 104.0%.
In the first half of 2017, Zhengtong Auto continued to selectively expand the network base of luxury car dealers, focusing on increasing the same store sales potential and increasing the existing regional competitive advantage. Statistics show that in the first half of this year, a total of 46,050 new car sales were achieved, a year-on-year increase of approximately 3.5%, of which luxury and ultra-luxury brand sales were 34,021 units, an increase of 8.1% year-on-year. The gross profit of new car sales was 634 million yuan, a year-on-year increase of 62.6%. The gross profit margin of new car sales was 4.8%, an increase of 1.7 percentage points over the same period of last year.
While optimizing the sales of new cars, Zhengtong Auto has also increased its focus on after-sales services and auto finance and insurance business. In terms of after-sales service, we actively explored the R&D and marketing of new product services, and comprehensively upgraded the development of customized products such as maintenance and maintenance. At the same time, we provide efficient services to our customers through the rapid appointment and rapid promotion. In the first half of this year, Zhengtong Auto realized a total of 526,800 after-sales service, an increase of 10.8% year-on-year, and after-sales service income reached 1.17 billion yuan, a year-on-year increase of 5.7%.
In terms of auto finance, Zhengtong Auto focuses on building a mature financial sector around Dongzheng Finance, giving play to its unique competitive advantages in product design, risk control and promotion channels, and achieving multi-car brands and in a shorter time nationwide. The rapid growth of high-quality credit assets. On June 1 this year, Dongzheng Finance received an approval from the Shanghai Regulatory Bureau of the China Banking Regulatory Commission, which approved the registered capital of Dongzheng Finance to increase from 500 million yuan to 1.6 billion yuan. In addition, Dongzheng Finance achieved a gross profit of 205 million yuan in the first half of this year, with a gross profit margin of 72.3%.
 Rundong Auto: Automotive Finance as the strategic business of the year Securities Code: 01365.HK
After experiencing the equity repurchase between Greenland Group in 2016, the performance of Rundong Auto in 2017 has become more stable. According to its annual report, the company achieved revenue of 9.293 billion yuan in the first half of this year, an increase of 18.1% and a net profit of 1.25. 100 million yuan, an increase of 13.7%.
In 2017, Rundong Auto paid more attention to the balanced development of various business segments. First of all, in the new car business, Rundong Auto optimized the brand structure, increased the construction of luxury car brand stores, and comprehensively considered the product cycle, market conditions and inventory depth of each brand, and actively adjusted the inventory management strategy, through the formulation and formulation of ladder prices. Policy, optimize inventory structure. In the first half of the year, its sales revenue of new cars was 8.192 billion yuan, a year-on-year increase of 19.7%. The sales revenue of luxury and ultra-luxury brand cars was 6.335 billion yuan, up 29.8% year-on-year, accounting for 77.3% of new car sales.
In terms of after-sales service, Rundong Auto takes after-sales beauty as its annual strategic business, introduces external excellent professional suppliers, and builds standard auto-beauty workshops in the store to meet the individual needs of customers and increase customer stickiness. During the reporting period, Rundong Auto achieved a total after-sales service income of 1.101 billion yuan, a year-on-year increase of 7.0%.
In terms of value-added services, Rundong Auto regards the auto finance business as its strategic business this year, strengthens the strategic brand's total financial mechanism, broadens the financial channels, integrates the financial resources of the group and the region, and innovates financial products according to customer needs. During the reporting period, Rundong Automobile achieved a financial agency service income of RMB 85 million, a year-on-year increase of 64.3%. The penetration rate of auto finance agency business increased by 10 percentage points year-on-year to 42%.
Harmony Auto: New Energy Vehicle Project is on the right track Securities Code: 03836.HK
In the first half of this year, in 2016, Harmony Automobile, which was deeply mired in a loss, made a beautiful turnaround, achieving a revenue of 5.085 billion yuan, a year-on-year increase of 3.2%, and a net profit of 565 million yuan, an increase of 84.5%.
In 2017, the management of Harmony Auto has become more rational, and both new car sales, after-sales service and new energy vehicle investment have developed positively. In terms of new car sales, thanks to the benign development of the luxury car market in the first half of the year, brands such as BMW, Maserati and Lexus of Harmony Motors have achieved good sales. In the first half of 2017, Harmony Motors achieved a total of 11,662 new car sales, a year-on-year increase. 8.9%, sales revenue of 4.315 billion yuan, an increase of 7.6%.
In terms of after-sales service, revenue decreased by 15.9% year-on-year, but the main reason for this change was the restructuring of the integrated after-sales business of Harmony Motors, and to ensure the stable and rapid expansion of the integrated after-sales business network, Harmony Motors introduced management to the independent after-sales company. External investor. As of the announcement date, the initial investment of the after-sales management team of RMB 51 million has been completed. This behavior will bring good returns to Harmony in the second half of the year.
In particular, it is worth mentioning that the new energy vehicle project of Harmony Auto is getting better and better, and the FMC of the smart connected electric vehicle project is advancing rapidly and has received strong support from the Jiangsu Provincial Government. In addition, FMC has introduced two rounds of financing since its establishment. The investment income in the first half of the year was 333 million yuan. After deducting losses, the net income was 253 million yuan. In addition, the investment in the second financing was valued at US$550 million.
In addition, in the automotive finance business, Harmony Motors increased its development efforts in the first half of this year. On the one hand, it actively developed agency business, increased automobile financial penetration rate and increased commission income. Its 4S shop currently has a car loan penetration rate of about 60%; On the other hand, actively develop self-operated auto finance business, its indirect wholly-owned subsidiary, Henan Harmony Auto Finance Leasing Co., Ltd. has auto financing leasing qualification, and its financial products have entered various distribution outlets.
Yaxia Auto: Accelerating the pace of strategic transformation Securities code: 002607
Following the pace of strategic transformation in 2016, Yaxia Automobile formulated the “One Center, Seven Strategies†policy in 2017, and further sought and improved industry chain services and value-added services with automotive services as the core. As of June 30, Yaxia Automobile achieved revenue of 2.877 billion yuan in the first half of the year, a year-on-year increase of 3.50%, and net profit of 43 million yuan, an increase of 29.94%.
During the reporting period, Yaxia Automobile further enhanced the market share and profitability of luxury brands, and invested in the newly-built Porsche 4S shop in Wuhu City – Wuhu Yaxia Zhongjie Automobile Sales and Service Co., Ltd. was officially put into operation. In addition, its financial, insurance, used car and aftermarket business also achieved rapid development, and profitability increased steadily. Among them, brokerage consulting services and auto finance services achieved revenues of RMB 83 million and RMB 24 million, an increase of 159.07% over the same period last year. And 219.32%.
In terms of new energy vehicle layout, Yaxia Automobile and Shenzhen Judian Network Technology Co., Ltd. signed a strategic cooperation agreement to strengthen cooperation with large-scale new energy vehicle manufacturers, lithium battery production supporting enterprises and charging pile network companies to jointly create a “post-market†wisdom. The new pattern of interconnection.
In addition, with the help of the “shared economyâ€, Yaxia Automobile's financial leasing company's network car business achieved breakthrough growth, helping the company's automobile sales and industrial chain business to enter Chongqing, Chengdu, Wuhan, Suzhou, Nanjing and other cities to accelerate We will lay a solid foundation for the strategy of “based on Anhui, radiating East China and facing the whole countryâ€.
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