20 19 net profit growth slowed down, and Weichai Power accelerated the transformation of new energy.

[? A billion euro guide? ]? Weichai Power's operating income in 20 19 years1743.6 billion yuan, up 9.5% year-on-year; The net profit returned to the mother was 9 1 100 million yuan, a year-on-year increase of 5.2%. Although many businesses of 20 19 are still growing, Weichai Power must face the challenge of transformation.

Author Cheng Tianqi

Editor Hao

Although many businesses of 20 19 Weichai Power are still growing, it must face the challenge of transformation.

Weichai Power's operating income in 20 19 years1743.6 billion yuan, up 9.5% year-on-year; The net profit returned to the mother was 9 1 100 million yuan, a year-on-year increase of 5.2%.

Weichai Power was established in 2002 by Weifang Diesel Engine Factory and a joint venture at home and abroad, with Tan Xuguang as the chairman. It was listed on Hong Kong Stock Exchange in 2004 and Shenzhen Stock Exchange in 2007. 20 19 ranked 60th among the top 500 Chinese enterprises.

Weichai Power's main business is heavy truck engines. But through independent research and development, mergers and acquisitions, the company has formed a complete industrial chain. Products include a full range of engines, heavy vehicles, light and micro vehicles, construction machinery, hydraulic products, automotive electronic products and parts. At the same time, it is also involved in luxury yacht business and logistics and warehousing technical support.

It is worth noting that in 20 18, the growth rate of Weichai Power's revenue and net profit returned to its mother was 5. 1% and 27.2% respectively. Compared with 9.5% and 5.2% this year, Weichai Power's revenue increased in 20 19, and the growth rate of net profit returned to the mother slowed down obviously.

Nevertheless, Weichai Power can rise against the trend in the global automobile "cold winter" environment, and it is not easy to maintain the double growth of revenue and net profit. It also proves that Weichai Power is not afraid of "cold winter" with its solid product technology and stable customer relationship.

The main products of Weichai Power are divided into two categories: the first category is powertrain, complete vehicle and key parts, and the second category is intelligent logistics. Their revenue accounts for 565,438+0.97% and 38.43% of the total revenue respectively, making a total of 90.4%. Their respective incomes increased by 9.4% and 1 1. 1% respectively in 20 19 years.

The operating cost of the two types of products increased slightly higher than the operating income, so the gross profit margin decreased slightly, with a decrease rate of 0.4% and 0.6% respectively.

Specifically, the first category of products are engines, complete vehicles, gearboxes and forklifts. Among them, the sales of engines and gearboxes increased greatly, both about 10%, with 742,000 units sold and10.002 million units sold respectively.

During the period, Weichai Power's sales, management, finance and R&D expenses in 20 19 all increased in different degrees. Among them, financial expenses and R&D expenses rose most significantly.

The increase of financial expenses is as high as 192.4%, which is mainly caused by exchange loss and the increase of interest expenses under the new lease standard.

R&D expenses increased by 265,438+0% year-on-year, mainly due to the company's efforts to increase R&D: R&D personnel increased by 724, with an increase of 65,438+00.7%, resulting in an increase of 30.8% in R&D personnel expenses and 65,438+02.6% in technology development expenses.

Weichai Power has made great efforts in R&D, which is not a short-term move.

As early as 20 12, Weichai Power acquired Kaio, a German forklift giant, for 730 million yuan. The meaning of drunkenness is not wine. In fact, the driving force of Wei Chai is Linde Hydraulic, a subsidiary of Kaio. There is a popular saying in the construction machinery industry that "those who get hydraulic parts win the world". Weichai Power has the most advanced hydraulic technology in the world, and has sent its own R&D personnel to join hands with Linde to produce high-performance hydraulic products at lower cost.

In recent years, Weichai Power also actively responded to the call of the national "blue sky defense war" and became the first enterprise to develop and support the "National Six" emission standard products. China Heavy Duty Truck, which ranks third in national heavy truck sales, also proposed to cooperate closely with Weichai Power because some engines independently developed do not meet the latest emission standards. In 2020, China Heavy Duty Truck will purchase heavy truck engines from Weichai Power in bulk.

In addition, Weichai Power has also accelerated the pace of new energy transformation of enterprises and thoroughly implemented the policy of "conversion of old and new kinetic energy" proposed by the state. In 20 18, the Chai Weixin Energy and Power Industrial Park, which costs nearly1400 million yuan and has a planned construction area of 1460 mu, is expected to be completed in Weifang, Shandong in 2025.

Learn from foreigners and improve yourself. At the end of 20 19, Weichai Power successfully mastered the core technology of motor controller through ARADEX, a German enterprise of strategic acquisitions New Energy. At present, Weichai Power has completed the development of various fuel cell engines.

The acquisition process of more than ten years has brought Weichai Power a better industrial chain and leading technology, and also accumulated a lot of goodwill. In 20 19, its goodwill increased slightly, about 3.4%. However, the total value of goodwill is as high as 23.82 billion yuan, accounting for about 34. 1% of the net assets, which will bring potential pressure.

Once due to the overall economic downturn, poor business management and other reasons, high goodwill will be impaired, which may lead to a significant setback in Weichai Power's net profit.

At the end of 20 17, Weichai Power put forward the "2020-2030 Strategy", pointing out the company's global leading goal of new energy business by 2030. This year is the first year of this strategy. It is not difficult to see that Weichai Power has gained a firm foothold on the road of transformation since it increased R&D investment on 20 19.

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