In the first half of this year, net profit fell and net profit fell back to the blowout of the auto market in 2009 and 2010. In the first half of 2011, the growth rate of the auto market in China slowed down significantly, and the competition among auto makers intensified. Affected by this, what are the changes in the revenue and profit status of the entire vehicle company?
According to the financial report data of 25 listed companies listed by Gasgoo.com, in the first half of this year, the average operating income of Chinese listed automakers has decreased from 30.8% and 59.5% in 2009 and 2010 to 12.6%, while the net profit A year-on-year decline of 4.7%.
From the perspective of the net interest rate, after the average net interest rate of China's vehicle-listed companies suddenly increased to 4.4% in 2009, it further rose to 4.9% in 2010, and it dropped to 4.6% in the first half of this year.
Above the average level of net profit: Great Wall Motors and Shanghai Automotive have the highest growth rate
In the first half of the year, of the 25 vehicle-listed companies in China, there were nine net margins above the average level (4.6%), followed by Great Wall Motors, Jiangling Motors, Geely Automobile, Changan Automobile, Xingma Automobile, Yutong Passenger cars, Guangzhou Automobile Group, Lifan shares and Shanghai Automotive. Among them, Great Wall Motor's net profit rate rose the fastest (also the fastest rising company among 25 listed companies), rising to 13.3% from 9.5% in the same period last year. Its operating income increased by 49.8% year-on-year to 13.669 billion yuan, and net profit rose by 109.0% year-on-year to 1.812 billion yuan.
Of the 9 listed companies with higher than average net margins, the second highest rate of increase in net profit was Shanghai Automotive, which rose from 4.0% in the same period last year to 4.7%. Its operating income and net profit rose by 24.6% and 46.1 respectively year-on-year. % to 18.3877 billion yuan and 8.576 billion yuan. The main reason for the higher net profit growth was explained by the report: Compared with the same period of last year, the investment income of the company’s joint-venture vehicle companies increased, and the finance company’s wealth management products and government bond investments expired, resulting in increased investment income.
The net profit of Geely Automobile and Yutong Bus rose slightly to 8.9% and 6.6% respectively year-on-year. For the first half of 2011, the net interest rates of Jiangling Motors, Changan Automobile, Xingma Automobile, Guangzhou Automobile Group and Lifan Co., Ltd. all decreased compared with the same period of last year. Among them, there are two companies with both operating income and net profit falling - GAC Group and Changan Automobile. The net profit rate has dropped from 8.0% and 8.2% in the first half of last year to 6.2% and 7.2%, respectively.
Below the average level of the net profit: BYD's largest drop in the gross loss of GAC Changfeng. There are 16 vehicle companies listed in the first half of 2011, which have a lower net profit margin than the average. Among them, BYD's net profit fell the most, from the 10.0% in the same period last year to 1.3%. (The largest decline was in 25 listed companies.) Its operating income fell 11.4% year-on-year to 21.483 billion yuan, net profit fell 88.6% year-on-year to 275 million yuan, and gross profit margin decreased by 7.61 percentage points year-on-year to 13.74%.
For BYD, the automotive business has become the largest business in 2009 and 2010, accounting for 53% and 46% of BYD's total operating revenue in the two years (compared with only 32% in 2008). In the first half of this year, the auto industry was still its largest business, but its revenue fell 26.51% year-on-year to 9.546 billion yuan, accounting for 44.4% of the total; while revenues for "mobile phone parts and assembly, etc." business increased 3.25% year-on-year. 95.13 billion yuan, accounting for 44.3% of the total, "secondary rechargeable battery" business also rose to 11.3%. The gross profit margins of the company's first two businesses were down year-on-year: the gross profit rate of the automotive business dropped by 10.73 percentage points from the same period last year to 16.18%, while the "mobile phone parts and assembly" business decreased slightly by 0.72 percentage points to 12.01%.
It is not difficult to see from the above that the main reason for the decline in BYD revenue and gross margin is due to the sharp decline in its auto business. The decline in this business revenue was mainly due to its first half year-on-year decline in auto sales of 22.31% to 221.01 units, while the growth of China's total auto sales slowed, but it still increased by 3.35%. In the first half of the year, the sales volume of self-owned branded passenger vehicles (315.61 million units) decreased by 0.82% year-on-year, and BYD was obviously the main factor that dragged down the overall decline of self-owned brands.
Of the 25 vehicle companies listed, the second highest drop in net profit margin was the ST Gold Cup, which fell from 8.1% in the same period last year to 1.0% this year.
GAC Changfeng's net interest rate in the first half of this year dropped from -4.3% in the same period of last year to -0.8%, the net loss was 21.466 billion yuan, and operating income fell by 20.2% to 2.593 billion yuan. The reasons for the loss include, but are not limited to: (1) Product sales decline; (2) Increase in the exchange rate of Japanese yen and increase in vehicle configuration lead to rising costs; (3) Losses in management expenses and asset impairment increase respectively over the same period of last year 0.18 billion yuan and 27 million yuan.
FAW's FAW Cars and FAW Xiali's net profit also saw a large drop, from 7.5% and 5.9% in the same period last year to 4.2% and 0.8% this year. The net interest rates of Haima, JAC, Dongfeng Motor, Foton Motors, China National Heavy Duty Truck Group and China Aviation Panthers also declined slightly in the first half of this year.
Among the auto companies with lower-than-average net margins, the net profit rate increased compared with the same period of last year including Yaxing Bus, Shuguang Stock, Zhongtong Bus, Ankai Bus and Jinlong Automobile. Among them, Yaxing bus rose fastest, rising from 0.9% in the first half of last year to 3.9% this year.
Note:
1. At the end of 2009, ST Changhe has been renamed "AVIC Electronics" and has reorganized its assets to change its main business to aviation instrumentation and flight control. Therefore, it did not classify it as an entire vehicle company and only selected data from another 25 listed car companies (data from 2008 onwards).
2. BYD data are taken from its financial reports submitted to the Hong Kong Stock Exchange.
3. “Dongfeng Motor†refers to Dongfeng Motor Co., Ltd., which is listed on the Shanghai A-share market. Its main business includes light trucks, buses and chassis, SUVs, MPVs, and micro cards.
4. "Net profit" in the chart of this article refers to "net profit attributable to shareholders of listed company", "net profit attributable to owners of parent company", "net profit attributable to shareholders of parent company" or "attributable to the company Net profit of ordinary shareholders."
Schedule:
According to the financial report data of 25 listed companies listed by Gasgoo.com, in the first half of this year, the average operating income of Chinese listed automakers has decreased from 30.8% and 59.5% in 2009 and 2010 to 12.6%, while the net profit A year-on-year decline of 4.7%.
From the perspective of the net interest rate, after the average net interest rate of China's vehicle-listed companies suddenly increased to 4.4% in 2009, it further rose to 4.9% in 2010, and it dropped to 4.6% in the first half of this year.
Above the average level of net profit: Great Wall Motors and Shanghai Automotive have the highest growth rate
In the first half of the year, of the 25 vehicle-listed companies in China, there were nine net margins above the average level (4.6%), followed by Great Wall Motors, Jiangling Motors, Geely Automobile, Changan Automobile, Xingma Automobile, Yutong Passenger cars, Guangzhou Automobile Group, Lifan shares and Shanghai Automotive. Among them, Great Wall Motor's net profit rate rose the fastest (also the fastest rising company among 25 listed companies), rising to 13.3% from 9.5% in the same period last year. Its operating income increased by 49.8% year-on-year to 13.669 billion yuan, and net profit rose by 109.0% year-on-year to 1.812 billion yuan.
Of the 9 listed companies with higher than average net margins, the second highest rate of increase in net profit was Shanghai Automotive, which rose from 4.0% in the same period last year to 4.7%. Its operating income and net profit rose by 24.6% and 46.1 respectively year-on-year. % to 18.3877 billion yuan and 8.576 billion yuan. The main reason for the higher net profit growth was explained by the report: Compared with the same period of last year, the investment income of the company’s joint-venture vehicle companies increased, and the finance company’s wealth management products and government bond investments expired, resulting in increased investment income.
The net profit of Geely Automobile and Yutong Bus rose slightly to 8.9% and 6.6% respectively year-on-year. For the first half of 2011, the net interest rates of Jiangling Motors, Changan Automobile, Xingma Automobile, Guangzhou Automobile Group and Lifan Co., Ltd. all decreased compared with the same period of last year. Among them, there are two companies with both operating income and net profit falling - GAC Group and Changan Automobile. The net profit rate has dropped from 8.0% and 8.2% in the first half of last year to 6.2% and 7.2%, respectively.
Below the average level of the net profit: BYD's largest drop in the gross loss of GAC Changfeng. There are 16 vehicle companies listed in the first half of 2011, which have a lower net profit margin than the average. Among them, BYD's net profit fell the most, from the 10.0% in the same period last year to 1.3%. (The largest decline was in 25 listed companies.) Its operating income fell 11.4% year-on-year to 21.483 billion yuan, net profit fell 88.6% year-on-year to 275 million yuan, and gross profit margin decreased by 7.61 percentage points year-on-year to 13.74%.
For BYD, the automotive business has become the largest business in 2009 and 2010, accounting for 53% and 46% of BYD's total operating revenue in the two years (compared with only 32% in 2008). In the first half of this year, the auto industry was still its largest business, but its revenue fell 26.51% year-on-year to 9.546 billion yuan, accounting for 44.4% of the total; while revenues for "mobile phone parts and assembly, etc." business increased 3.25% year-on-year. 95.13 billion yuan, accounting for 44.3% of the total, "secondary rechargeable battery" business also rose to 11.3%. The gross profit margins of the company's first two businesses were down year-on-year: the gross profit rate of the automotive business dropped by 10.73 percentage points from the same period last year to 16.18%, while the "mobile phone parts and assembly" business decreased slightly by 0.72 percentage points to 12.01%.
It is not difficult to see from the above that the main reason for the decline in BYD revenue and gross margin is due to the sharp decline in its auto business. The decline in this business revenue was mainly due to its first half year-on-year decline in auto sales of 22.31% to 221.01 units, while the growth of China's total auto sales slowed, but it still increased by 3.35%. In the first half of the year, the sales volume of self-owned branded passenger vehicles (315.61 million units) decreased by 0.82% year-on-year, and BYD was obviously the main factor that dragged down the overall decline of self-owned brands.
Of the 25 vehicle companies listed, the second highest drop in net profit margin was the ST Gold Cup, which fell from 8.1% in the same period last year to 1.0% this year.
GAC Changfeng's net interest rate in the first half of this year dropped from -4.3% in the same period of last year to -0.8%, the net loss was 21.466 billion yuan, and operating income fell by 20.2% to 2.593 billion yuan. The reasons for the loss include, but are not limited to: (1) Product sales decline; (2) Increase in the exchange rate of Japanese yen and increase in vehicle configuration lead to rising costs; (3) Losses in management expenses and asset impairment increase respectively over the same period of last year 0.18 billion yuan and 27 million yuan.
FAW's FAW Cars and FAW Xiali's net profit also saw a large drop, from 7.5% and 5.9% in the same period last year to 4.2% and 0.8% this year. The net interest rates of Haima, JAC, Dongfeng Motor, Foton Motors, China National Heavy Duty Truck Group and China Aviation Panthers also declined slightly in the first half of this year.
Among the auto companies with lower-than-average net margins, the net profit rate increased compared with the same period of last year including Yaxing Bus, Shuguang Stock, Zhongtong Bus, Ankai Bus and Jinlong Automobile. Among them, Yaxing bus rose fastest, rising from 0.9% in the first half of last year to 3.9% this year.
Note:
1. At the end of 2009, ST Changhe has been renamed "AVIC Electronics" and has reorganized its assets to change its main business to aviation instrumentation and flight control. Therefore, it did not classify it as an entire vehicle company and only selected data from another 25 listed car companies (data from 2008 onwards).
2. BYD data are taken from its financial reports submitted to the Hong Kong Stock Exchange.
3. “Dongfeng Motor†refers to Dongfeng Motor Co., Ltd., which is listed on the Shanghai A-share market. Its main business includes light trucks, buses and chassis, SUVs, MPVs, and micro cards.
4. "Net profit" in the chart of this article refers to "net profit attributable to shareholders of listed company", "net profit attributable to owners of parent company", "net profit attributable to shareholders of parent company" or "attributable to the company Net profit of ordinary shareholders."
Schedule:
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