Combing the 20 19 financial reports of car companies: state-owned enterprises should pay attention to the decline of joint ventures and the weakness of autonomy.

On April 3rd, after combing the 20 19 financial report published by mainstream car companies, car forecasters found that nearly 80% of car companies saw a decline in sales volume and a corresponding decline in revenue level due to the downturn of the car market environment, the decline of new energy subsidy policies and the switch of national standards.

The downturn of automobile market is both an opportunity and a challenge for automobile enterprise groups. While the sales volume in the domestic market is declining, the performance of China automobile companies in overseas markets is remarkable, and SAIC, Great Wall and other automobile companies are outstanding.

It is worth noting that in the overall performance of the 20 19 automobile enterprise market, the joint venture brands of various automobile enterprise groups have played a key role as "ballast stones". It can be said that the market performance of joint venture brands has a "promotion" and "drag" effect on the group as a whole.

After further analyzing the financial reports of mainstream car companies, car forecasters find that although the performance of major car companies has declined, there is one thing that deserves attention, that is, the investment in R&D has not decreased, but has increased. In 2020, affected by the COVID-19 epidemic and the downturn of the automobile market, the government introduced a stimulus policy, and automobile companies increased their investment in R&D and accelerated the introduction of product updates. The industry expects future market recovery.

1

Car market down? 80% of the automobile group sales declined.

Auto Prophet combed the financial reports of mainstream car companies and found that in 20 19, SAIC's annual cumulative sales volume was 6,237,900 vehicles, down 1 1.54% year-on-year, ranking first among car companies. Automobile sales of FAW Group reached 3.464 million vehicles, up by1.3% year-on-year; Dongfeng Group sold 2.932 million vehicles throughout the year, down 3.9% year-on-year; BAIC Group sold 2.26 million vehicles, down 5.91%year-on-year; Guangzhou Automobile Group's cumulative sales volume was 2,062,200 vehicles, down 3.99% year-on-year. Automobile sales ranked in the top five in China, and its market share increased by about 0.35 percentage points year-on-year. Changan Automobile Group sold about 6,543.8+0.76 million new cars, down 654.38+05% year-on-year.

20 19 annual sales of mainstream car enterprise groups

Geely Automobile achieved a sales volume of 654.38+0,366,5438+0.6 million units, ranking first in the sales volume of China brand passenger cars, exceeding the annual sales target of 654.38+0.36 million units; In 20 19, Great Wall Motor delivered nearly1060,000 new cars, up by 1.43% year-on-year, and its sales exceeded one million vehicles for four consecutive years, making it one of the few enterprises with increasing sales. BYD sold 466,5438+0400 vehicles, down 65,438+065,438+0.39% year-on-year.

2

Affected by the market environment, the revenue of most car companies has declined.

Affected by sales volume, in terms of revenue, according to the financial year 20 19 performance forecast released by SAIC, SAIC realized a net profit attributable to shareholders of listed companies of about 25.6 billion, down 28.9% year-on-year; The total revenue of FAW Group was 620 billion yuan, up 4.4% year-on-year, of which the net profit reached 44.05 billion yuan, up 2.2% year-on-year; Dongfeng Group's operating income in 20 19 was10/0.87 million yuan, down 3.3% year-on-year; The net profit of returning to the mother was 65.438+02.858 billion yuan, a year-on-year decrease of 0.93%; The operating income of BAIC Group in 20 19 was 50123 million yuan, up by 4.26% year-on-year.

Guangzhou Automobile Group achieved operating income of about 59.234 billion yuan, down by about 65.438+07. 17% compared with the same period of last year, net profit dropped by 39.3% to 66.1800 million yuan, and basic earnings per share dropped by about 39.25% to 0.65 yuan. Changan automobile released the 20 19 annual performance forecast. The forecast shows that the net profit attributable to shareholders of listed companies is expected to lose 2.4-2.9 billion yuan, which is 452.56%-526.438+0% lower than the profit of 680 million yuan in the same period of last year. Basic earnings per share is expected to lose 0.50 yuan/share to 0.60 yuan/share.

20 19 revenue and profit of mainstream car enterprise groups

Geely achieved revenue of 9740 1 100 million yuan; Gross profit is RMB1691700,000 yuan; The profit attributable to shareholders of the company is 865,438 yuan +0.9 billion yuan; Basic earnings per share is RMB 0.90; Great Wall Motor has a total operating income of 962 1 1 billion yuan, a total profit of 5 1.0 1 billion yuan, a net profit of 453 1 billion yuan, and a net profit attributable to shareholders of the parent company of 4.497 billion yuan. BYD's annual operating income was 65.438+027.739 billion yuan, down 654.38+0.78% year-on-year. The net profit attributable to shareholders of listed companies161200 million yuan, down 42.03% year-on-year; Earnings per share decreased by 46.24% in 0.5 yuan.

three

Maintain overseas performance of more than one million vehicles? Commercial vehicles performed well.

Under the background of China's depressed auto market environment, some auto companies have made remarkable achievements in overseas markets. According to the statistics of China Customs, in 20 19, the whole vehicle was exported10/2,000 vehicles, down1.0% year-on-year; The export value was US$ 6,543.8+06.045 billion, a year-on-year increase of 3.28%. Analysts pointed out that the decrease in vehicle export volume but the increase in export volume reflected the improvement in the quality of automobiles and bicycles in China.

In addition, among the sub-models, passenger cars exported 728,900 vehicles, down 3.55% year-on-year, with an export value of 9.603 billion US dollars. The export of commercial vehicles was 283 1 10,000 vehicles, up 6.23% year-on-year, and the export value was 6.442 billion US dollars, up 1.82% year-on-year. The decline of passenger car export volume and export value is related to the world macro-economy, such as trade war and other factors. As for the surge in commercial vehicle exports, analysts believe that this is closely related to the climax of infrastructure construction in relevant countries triggered by the "Belt and Road Initiative" promoted by China in recent years.

The export enterprises are mainly China brand enterprises. According to the statistics of China Automobile Industry Association, the top ten export enterprises in 20 19 were SAIC, Chery, BAIC, Jianghuai, Dongfeng, Changan, Daqing Volvo, Great Wall, FAW and Brilliance, with a total export of 837,800 vehicles, accounting for more than 80% of the total export volume. Among the top ten export enterprises, SAIC, Chang 'an and Great Wall are growing rapidly.

Specifically, taking SAIC as an example, with the increase of overseas market share, 350,000 cars were exported overseas in 2065,438+09, up 26% year-on-year, accounting for 33% of the total overseas sales of China automobile enterprises. Analysts believe that this is mainly because it has built the entire value chain of the automobile industry overseas, including innovative R&D centers, production bases, marketing centers, supply chain centers and finance companies.

In terms of Great Wall Motor, in 20 19, the globalization strategy of Great Wall Motor was comprehensively promoted, and its overseas performance was strong, achieving a vehicle export of 65,400 units, a year-on-year increase of 44.93%. Among them, pickup trucks exported 6.5438+0.75 million vehicles throughout the year, with a cumulative year-on-year increase of 34.66%; SUV models exported 43,800 vehicles, a year-on-year increase of 57.62%. Operating income reached 5.522 billion yuan, a year-on-year increase of 66.6 1%.

In addition, the Great Wall pickup truck has ranked first in domestic and export sales for 22 consecutive years, with a global possession of more than 6.5438+0.6 million vehicles and a domestic market share of more than 35%. In the past year, Great Wall pickup truck released a new brand Great Wall Gun, which sold a total of 1 0.82 million vehicles in three months, winning the sales champion of110,000 yuan high-end pickup truck in one fell swoop.

four

What is the performance of car companies? Success is a joint venture, failure is a joint venture.

20 19 automobile market environment went down, and some automobile enterprise groups rose against the trend. Analysts pointed out that this is closely related to the performance of joint venture brands under major automobile enterprise groups.

The overall performance of SAIC 2065 438+09 can be described as a joint venture. In the joint venture part, the annual sales of SAIC Volkswagen and SAIC-GM both decreased year-on-year. Among them, SAIC- Volkswagen sold 200 1 10,000 vehicles, down by 3.07% compared with 2.06 million vehicles last year, while SAIC-GM sold 6.5438+0.60 million vehicles, down by 6.5438+0.97 million vehicles last year.

In the independent sector, the cumulative sales of SAIC passenger cars (Roewe and MG brands) decreased by 4.08% in 20 19. It is worth mentioning that the annual sales volume of SAIC Chase with "business transfer" reached153,000 vehicles, up by 2 1.36% year-on-year.

Among FAW Group's 3.464 million vehicles, FAW-Volkswagen sold as many as 210.3 million vehicles, up 3.8% year-on-year, making it the first automobile enterprise in China whose Volkswagen brand sales exceeded 2,654.38+0.398 million vehicles and Audi brand sales exceeded nearly 690,000 vehicles, up 4.5% year-on-year. In addition, FAW Toyota sold 738,000 vehicles, a year-on-year increase of 2.5%.

It is worth mentioning that FAW Hongqi, the independent brand of FAW Group, announced that its sales volume exceeded 6,543,800 units, up 233% year-on-year. The cumulative sales volume of FAW Pentium was 6,543,800 units, up 33.4% year-on-year. ?

For Dongfeng Group, the sales volume of Shenlong Automobile in 20 19 was 1 1.4 million units, down 55.17% year-on-year; On the other hand, the joint venture brand of Dongfeng Honda and Dongfeng Nissan is eye-catching. The data shows that Dongfeng Honda's sales in 20 19 exceeded 800,000 vehicles, up 1 1.02% year-on-year. In the same period, Dongfeng produced 1 159000 vehicles, with a slight increase of 0.27%.

While both sales revenue and net profit returned to the mother declined, Dongfeng Group's gross profit margin increased. The comprehensive gross profit margin of Dongfeng Group in 20 19 was 13.3%, an increase of 0.5% over the same period of last year. "The increase of gross profit margin is mainly due to the cost reduction and the change of sales structure." For example, Shenlong Automobile Sales Co., Ltd. reduced its publicity in order to strengthen its performance.

At the high end, the sales volume of Beijing Benz in 20 19 reached 550,000 vehicles, up by 15.2% year-on-year. Fujian Benz achieved sales of 25,000 vehicles. In addition, from 2065438 to March 2009, ARCFOX made its first brand appearance in the world at the Geneva Motor Show, which became the beginning of BAIC's high-end brand globalization strategy.

In terms of Guangzhou Automobile Group, the sales volume of joint venture brand Guangzhou Automobile Toyota 20 19 increased 17.59% to 662,000 vehicles, and the revenue increased 17 12% to 98.054 billion yuan. Guangqi Honda increased by 3.98% year-on-year to 770,800 vehicles, and its revenue increased by 8.03% year-on-year to 1057. 1 1 billion yuan. Both revenues hit record highs, with sales accounting for nearly 70% of the total size of Guangzhou Automobile Group.

In addition, in the financial report of Guangzhou Automobile Group, the capacity utilization rates of Guangqi Honda and Guangqi Toyota reached about 120% and 140% respectively, and some models were still in short supply, so the "two fields" actively expanded their production capacity. Quote Cailian News Agency: "In mid-March, GAC Toyota will build its fifth production line with a planned annual production capacity of 200,000 vehicles. In addition, the second-phase capacity expansion project of Guangqi Honda Zengcheng Factory was also put into operation in February, with an annual new production capacity of 6.5438+0.2 million units. "

In contrast, other business segments of Guangzhou Automobile Group have experienced different degrees of decline. The sales volume of GAC passenger cars in the independent camp decreased by 286,5438+04% year-on-year to 384,500 vehicles. GAC Fick and GAC Mitsubishi achieved sales of 73,900 vehicles and 65,438+0.65 million vehicles respectively, down 40.96% and 7.64% year-on-year.

Among Changan Automobile, the joint venture Changan Ford sold 6.5438+0.84 million vehicles, down 565.438+0.3% year-on-year; Changan Mazda's annual sales volume was133,600 vehicles, down 19.66% year-on-year. According to industry analysis, the main reason for the decline in sales of Changan joint venture plate is that the speed of product upgrading is too slow. For example, Changan Ford began to lack new products from 20 16, and did not start to improve until the second half of 20 19.

According to the analysis of insiders, the market performance of 20 19 automobile enterprise group is affected by the sluggish domestic automobile market environment on the one hand, and it is also worthy of self-reflection by automobile enterprise groups on the other. The market performance of joint venture brands can not only bring high sales volume, but also have a key impact on the overall business of the group. With the transformation and upgrading of China's automobile market environment, it also forces automobile enterprise groups to re-examine joint venture brands and independent brands.

five

No matter how poor you are, you can't "poor research and development"? The total investment of automobile enterprises in R&D has exceeded 1000 billion yuan.

The downturn in the automobile market environment has led to the contraction of sales and income data. Faced with this situation, some automobile enterprise groups still insist on excessive research and development to ensure that products keep up with market demand.

Taking Geely Automobile as an example, the 20 19 annual report shows that Geely invested 5.4 billion yuan in R&D, accounting for 5.6% of its revenue. The car prophet combed and found that this R&D investment ratio is basically the same as that of Mercedes-Benz and BMW. This R&D investment ratio is higher than that of domestic listed auto companies at present.

In addition, in terms of cash reserves, Geely Automobile 20 19? Increase the cash reserve by 3.5 billion yuan to 654.38+09 billion yuan, fully ensuring the safety of the Group's capital flow.

Great Wall Motor, in response to the "new four modernizations" transformation, the financial report shows that Great Wall Motor invested RMB 27160,000 (expenses) in R&D in 20 19, a year-on-year increase of 55.8%. R&D expenses are invested in clean technology, intelligent networking, research and development of autonomous driving technology and global R&D layout accurately and efficiently.

For BYD's performance in 20 19, BYD's official statement clearly mentioned that the decline in net profit in 20 19 was not only due to changes in industry policies, but also due to the increase in research and development expenses. Although BYD did not disclose the specific R&D expenses, from 20 16 to 20 18, the R&D expenses were 4.5 billion yuan, 6.3 billion yuan and 8.535 billion yuan respectively. It is estimated that the R&D expenditure in 20 19 will be nearly10 billion yuan. In 2020, the expenditure of R&D will exceed10 billion yuan.

The recently released "blade battery" is one of the latest achievements of BYD's research and development. Specifically, the blade cell can be directly installed in the battery pack, which greatly reduces the complexity of the battery pack, reduces the manufacturing difficulty, assembly complexity, production cost, weight and failure rate, and improves the energy density and safety of the battery pack.

As for Changan Automobile, although the losses have increased, Changan Automobile has not been reduced due to the losses in the R&D field. The car prophet combed and found that Changan Automobile has been investing 5% of its income as research and development expenses over the years. It is reported that in the last five-year plan, Changan Automobile invested 654.38+06 billion yuan in research and development, and for the next five-year plan, Changan Automobile will invest nearly 30 billion yuan in research and development. At the same time, Changan Automobile also plans to invest not less than 65,438+00% of R&D expenses every year as a research on vehicle intelligence. At present, the achievements of R&D cover L3 autopilot technology, remote parking, integrated adaptive cruise and other fields. It is worth mentioning that Changan Automobile Global R&D Center officially opened in April 20 19 with an investment of 4.3 billion yuan.

For the performance of the automobile market in 2020, some authoritative organizations predict that the world automobile sales will be reduced by nearly 30%, and the China market sales will even drop by 65,438+05%, which is difficult to recover in a short time. Faced with the decline of the automobile market environment and the intensification of market competition, automobile forecasters combed a number of automobile enterprise groups and found that in order to cope with the difficulties, automobile enterprises have carried out various means to reduce costs and increase efficiency, but from the perspective of mainstream automobile enterprises, the investment in R&D has increased instead of decreased.

Experts in this industry believe that as a technology-intensive integrator, the more the market environment goes down, the more investment is needed. In order to have a chance to turn over in a depressed market environment.

six

Government policy+car companies push new measures and expect the market to pick up?

For 2020, although the epidemic prevention and control has achieved initial results, car dealers have begun to resume production and return to work. However, for China automobile market, China Automobile Association predicts that the downward trend will continue in 20 19.

Facing the automobile market environment, several automobile enterprise groups have also begun to introduce countermeasures. Among them, Guangzhou Automobile Group said that on the basis of doing a good job in epidemic prevention and control, it will step up production and strive to reduce the adverse impact of the epidemic on the production of car companies. In 2020, it is planned to launch 19 brand-new and redesigned models, including 8 self-owned brand products. Guangzhou Automobile Group expects annual production and sales to increase by about 3% year-on-year.

In terms of BYD car companies, due to the sharp drop in subsidies in July, the sales volume of 20 19 declined. In 2020, in the face of the impact of the epidemic on the automobile market, on March 1 1, the Ministry of Industry and Information Technology announced that the subsidies for new energy vehicles would not drop significantly in 2020, and then on March 3 1, the State Council announced that the purchase tax for new energy vehicles would be extended for two years. In addition, on March 27th, BYD released a battery system consisting of "Blade Battery". Since its release, BYD's stock has risen 13%. These policies and self-adjustment show that 2020 will be a good year for BYD.

As for the impact of the epidemic, in the 20 19 financial report released by Geely, Geely Automobile did not adjust the current planned sales target of 2020 14 1 10,000 vehicles and maintained its strategic strength. Considering that 2020 is the tenth anniversary of Geely's acquisition of Volvo, analysts believe that this move shows that Geely Automobile has matured in its own R&D, production, platform technology and sales channel system, indicating that Geely Automobile's ability to resist risks has been strengthened.

In addition to cooperating with Guangzhou Automobile Group in the whole industry chain, SAIC Audi project is also actively promoting. The establishment of SAIC Volkswagen MEB factory in Chengdu may help SAIC achieve better performance in 2020.

As for BAIC Group, BAIC Group defines it as "seeking quality steadily and outperforming the broader market", with a planned target of 2.26 million vehicles and a challenge target of 2.35 million vehicles; The planned revenue target is 520 billion, and the challenge revenue target is 530 billion.

Regarding the future market prospect, Dongfeng Group believes that the automobile market will maintain a small growth trend in the next five years, and the overall market is expected to increase by 1.2%, including passenger cars increasing by 1.6% and commercial vehicles decreasing by 1%. Therefore, Dongfeng Group expects to invest1665438+72 million yuan and 20.857 billion yuan in 2020 and 20021year respectively, totaling 37.029 billion yuan. The investment amount is higher than 2019155.78 million yuan.

As for Changan Automobile Group, in terms of joint venture brand, in addition to welcoming the first domestic brand-new Lincoln adventurer of Lincoln brand, Lincoln also plans to launch five new models in the next three years to consolidate the brand image. The outside world also saw that Changan Ford released the "Ford China 2.0 Strategy" for joint venture products. 20 19 After a series of reforms and adjustments, many securities institutions believe that Changan Automobile will improve its performance in 2020 and give it a "buy" rating.

This article comes from car home, the author of the car manufacturer, and does not represent car home's position.