From November to November, major domestic auto makers disclosed their financial results for the first three quarters in a row. Gasgoo also targeted eight companies including SAIC, GAC, FAW, Zotye, Changan, JAC, BYD, and Great Wall Motor. Car prices of mainstream car companies are combed.
Due to the gradual slowdown in the growth of domestic passenger car market, half of the mainstream car companies saw declines in revenue and net profit in the first three quarters of 2017. Among them, Great Wall Motor, Changan Automobile, and Jianghuai Automobile had the most significant declines. Daxie “Great Wall Motor’s net profit attributable to shareholders of the third quarter saw a 79.9% decline; in terms of double growth in revenue and net profit, SAIC and GAC Group maintained a good momentum of growth, and Zoty The purchase of assets acquired a 100% stake in Yongkang Zhongtai Automobile Co., Ltd., resulting in a substantial increase in the company's net profit, while FAW Cars achieved a double-digit growth year-on-year.
SAIC Group: Continue to maintain its leading position
As the first car company in China, SAIC Group achieved a total operating income of 608.049 billion yuan in the first three quarters of the year, a year-on-year increase of 14.38%, and a net profit of 24.64 billion yuan attributable to the shareholders of the listed company, a year-on-year increase of 6.7%. SAIC Motor Group has no doubt in terms of volume and quantity. It is a big Chinese car market.
The continued increase in vehicle sales among these models is an engine that promotes SAIC Motor’s double growth. According to statistics, as of September 2017, SAIC Motor's cumulative sales of 4,821,400 units increased by 7.57% year-on-year. SAIC-VW and SAIC-GM maintained a solid top-three sales, with SAIC-Volkswagen sales totaling 1.47 million units in September. Sales reached 1.362 million vehicles.
It is worth noting that in addition to SAIC Volkswagen and SAIC GM two giants, SAIC passenger car performance is also very eye-catching, explosion models Roewe RX5, i6 and MG ZS sales and market share continued to increase.
GAC Group: Double-income in revenue and net profit
According to GAC Group's financial report, it showed operating income of 51.631 billion yuan in the first three quarters of this year, an increase of 50.15% year-on-year; net profit attributable to shareholders of listed companies was 8.962 billion yuan, a year-on-year increase of 59.79%, and this achievement has already exceeded the camp for the entire year of 2016. Income and net profit are well-deserved "double materials" champions.
The significant increase in operating performance was attributed to the continued strength of self-owned brands and the steady growth of joint venture brands. As of September this year, GAC Group sales reached 1.467 million units, an increase of 27.6% year-on-year, and completed 77% of the 1.9 million sales target for 2017. Among them, GAC Passenger Cars sold 376,200 vehicles in the first three quarters of the year, which was a 46.12% year-on-year increase. In terms of joint ventures, GAC Toyota sales reached 239,300 units in the first three quarters, an increase of 8.22% year-on-year. GAC Honda sold for the first three quarters of the year. It reached 520,900 units, a year-on-year increase of 14.25%. GAC Fiat also sold 151,500 units in the first three quarters, an increase of 48% year-on-year.
It must be said that Guangzhou Automobile Group has been able to have such a good financial report data, can not do without the double growth of its joint venture brand and its own brand sales.
FAW Car: Turning loss into profit
As a FAW car that has not been favored by the majority of people for a long time, it gradually made a fortune in the first three quarters of 2017, not only continuing to turn a profit, but also increasing the net profit by more than 100% year-on-year. In the first three quarters, FAW Cars achieved revenue of 19.827 billion yuan, a year-on-year increase of 32.17%. The net profit attributable to shareholders of listed companies in the first three quarters was 291 million yuan, an increase of 140.69% over the same period of the previous year.
The substantial increase in profit was mainly attributable to the increase in vehicle sales. According to statistics, the total sales of FAW sedan in the first nine months of this year reached 169,000 units, an increase of 28.2% over the same period of the previous year, of which, the Mazda brand contributed an accumulated sales of 88,600. Vehicles, compared with the same period last year increased by 56.3%, while the Pentium brand also received cumulative sales of 80,400 vehicles.
Zotye Auto: Net profit soared 982.85%
In terms of revenue and net profit alone, Zotye Automobile is undoubtedly the biggest winner in 2017. Operating income in the first three quarters was 58.1 trillion yuan, an increase of 831.13% year-on-year, and net profit attributable to shareholders of listed companies reached 255 million yuan. The year-on-year increase of 1039.82%.
However, in the first three quarters of this year, the cumulative sales volume of the anti-Catcher Thai autos was only 183,400 units, down 19.91% year-on-year, of which the SUV models of Zhongtai’s main vehicles saw a cumulative total of 139,800 vehicles sold, a decrease of 23.64% compared with the same period of last year. Only pure electric vehicles were realized. The year-on-year increase means that for Zhongtai Auto, major asset reorganization is the initiator of double-rising growth.
Great Wall Motor: Net profit fell sharply for whom
After experiencing a sharp drop in net profit of 50.87% in the first two quarters of this year, Great Wall Motors continued this trend in the third quarter. According to the financial report, Great Wall Motor’s operating income for the first nine months was 62.99 billion yuan, a slight decrease of 0.6% year-on-year, and net profit attributable to shareholders of listed companies was 2.897 billion, down 60.05% year-on-year.
Judging from the sales volume, Great Wall Motor's performance remained stable. In September, it sold 102,037 vehicles in a single month, an increase of 4.46% year-on-year; cumulative sales in the first three quarters reached 706,000 units, a slight increase of 2.25% from the same period of last year. Therefore, the revenue maintained a slight increase, net profit. However, there is no reason for falling sales.
As the net profit attributable to shareholders of listed companies was significantly lower than the same period of last year, Great Wall Motors stated: "Because Rangli's customers promote existing products, increase brand and new product promotion, and increase R&D investment, net profit is reduced." Since Great Wall Motor’s debut of the WEY brand has broken the rules of not doing marketing, the long-term high investment in marketing and R&D expenses is the biggest reason.
JAC: 70% decline in net profit subject to subsidies
According to the report of Jianghuai Auto, the revenue for the first three quarters of 2017 was 35.581 billion yuan, down 6.69% year-on-year, and the net profit attributable to shareholders of listed companies was 219 million yuan, a year-on-year decrease of 73.24%.
As the sales volume of its main SUV products dropped drastically, 90,545 vehicles were sold in the first three quarters, down 54.62% year-on-year. At the same time, as the country’s new energy subsidy policy has declined, the new energy vehicle business has also been affected to varying degrees.
Changan Automobile: Self-owned and Joint Venture Challenges
The financial report from Changan Automobile showed that the operating income for the first three quarters of the year was 51.431 billion yuan, a year-on-year decrease of 4.06%; and the net profit attributable to shareholders of listed companies was 5.811 billion yuan, a year-on-year decrease of 24.92%.
For Changan Automobile, the initiator of the “double down†comes from the downturn in the sales of self-owned and joint venture brands. According to the data from the CUP, the cumulative sales of Changan’s own-brand passenger cars totaled 762,700, a year-on-year decrease of 8.1%. Compared with the same period of last year, its share in the self-owned brand market fell from 11.74% to 10.37%, a year-on-year decrease of 1.37 percentage points; in the joint venture brand, the first three quarters of Changan Ford sold 573,400 units, a year-on-year decrease of 12.8; %, while Changan Mazda’s sales were basically the same as last year, Chang’an Suzuki and Chang’an PSA’s Citroen slid 32.47% and 64.17%, respectively, which was also the main reason for Chang’an’s double drop.
BYD: Fully betting on new energy vehicles affected by policies
Due to factors such as new energy vehicle subsidy retreat and catalog reaffirmation, BYD's new energy vehicle production and sales have increased substantially, but profitability has not improved due to the decline in gross profit margin and increase in sales finance costs. In the first three quarters of the current year, BYD achieved revenue of 73.93 billion, an increase of 1.56%, net profit attributable to shareholders of listed companies was 2.79 billion, a year-on-year decrease of 23.8%, but as BYD continues to cultivate the traditional fuel vehicle market, there will be new breakthroughs.
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