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[YesAuto News] Some people are happy but others are worried. As of mid-September, 15 mainstream passenger car companies listed on the market have successively completed their 2018 semi-annual reports. In the first half of this year, the total sales volume of China's auto market was 14.0665 million vehicles, a year-on-year increase of 5.57%. In the case of exceeding the year-on-year growth rate of last year, not all mainstream auto companies have achieved outstanding results. Some net profits have increased by more than 59% year-on-year, and some have fallen by 1229% year-on-year. The polarization is serious. Behind this, the company's own product layout is not comprehensive enough Yes, there are policy factors.

SAIC makes an average of over 100 million yuan a day

In the first half of this year, mainstream auto companies have increased their profitability in two levels, and those with higher net profits have also increased year-on-year. Looking at the financial reports of 15 mainstream auto companies, SAIC, Dongfeng, BAIC, GAC, Geely, and Great Wall are experiencing higher growth in total operating income and net profit, but there are slight differences. Among them, SAIC, Geely Automobile, and Great Wall Motor mainly Rely on its own products, while Beijing Automobile, Dongfeng Group and Guangzhou Automobile Group rely more on joint venture brands.

Revenue of some mainstream passenger car companies in the first half of 2018
enterprise Total operating income (100 million yuan) Year-on-year Net profit (100 million yuan) Year-on-year Sales (ten thousand) Year-on-year
SAIC 4648.52 17.27% 189.82 18.95% 352.3 11.005%
Dongfeng Group 579.22 0.3% 80.68 14.9% 151.01 2.6%
Beijing Auto 769.02 15.2% 80.46 59.4% 71.96 13.71%
GAC Group 372 7% 69.13 11.82% 101.68 5.53%
Geely Automobile 537.1 36% 66.7 54% 76.66 44%
Great Wall Motor 486.78 17.99% 36.96 52.73% 47.15 29.01%
Changan Automobile 356 6.22% 16.1 -65.16% 120.74 -15.5%
BYD 521.63 20.23% 4.79 -72.19% 22.1 twenty one%
Jiangling Motors 142.87 -8.8% 3.19

-42.31%

14.74 -4.16%
Zotye Automobile 102.51 77.15% 3.05 37% 11.36 6.9%
JAC 237.09 -6.34% 1.63 -52.58% 25.23 -8.16%
Lifan shares 59.79 -5.06% 1.25 3.01% 5.86 3.7%
FAW Car 134.79 0.58% 0.8 -70.08% 11.24 1.01%
Haima Motor 28.67 -45.99% -2.75

-1228.89%

4.14 -42.31%
FAW Xiali 7.3 17.28% -6.37 7.03% 1.3 8%
Watchmaking: Car House

The data shows that SAIC is far ahead in terms of total revenue or net profit, and its performance is the best in the same period. In the first half of this year, SAIC Group achieved total operating income of 464.852 billion yuan, a year-on-year increase of 17.27%. The net profit attributable to shareholders of listed companies was 18.992 billion yuan, a year-on-year increase of 18.95%. It earned an average of more than 100 million yuan a day, making it the most profitable car in China. enterprise.

SAIC Motor's passenger car sales in the first half of 2018 (units)
month 2017 2018 Year-on-year
January 40268 73036 81.4%
February 32979 46966 42.4%
March 44674 61836 38.4%
April 41607 62289 49.7%
May 40026 58607 46.4%
June 34668 56273 65.2%
Cumulative sales 233622 359007 53.7%
Watchmaking: Car House

SAIC still adopts a joint venture and walks on two legs independently. In the first half of this year, SAIC Motor sold 3.523 million vehicles, an increase of 11.01% year-on-year. The sales of independent brands (Roewe and MG) totaled 359,000 vehicles, a year-on-year increase of 53.7%, of which 57,000 new energy vehicles were sold, a year-on-year increase of 275%; for joint venture brands, SAIC Volkswagen and SAIC-GM-Wuling both exceeded 1 million. It is worth mentioning that in terms of exports, SAIC Motor exported 130,000 vehicles and sold 130,000 vehicles overseas in the first half of this year, a year-on-year increase of 104%.

Haima Automobile's net profit decreased by 1228.89% year-on-year

Compared with the euphoria of the SAIC Group's financial report, FAW Xiali and Haima Automobile are sad. In the first half of this year, the net profits of these two companies were negative. Since FAW Xiali's net profit last year was -686 million yuan, it increased by 7.03% year-on-year. Haima Automobile turned profits into losses, a year-on-year decrease of 1228.89%.

In fact, in 2017, Haima Automobile has been in a state of substantial loss. The annual loss reached 994 million yuan. Compared with the net profit of 230 million yuan in 2016, the decline was more than 1.2 billion yuan, a year-on-year decrease of 532%. This is still in 2017. The half-year net profit is 24.3733 million yuan.

Regarding the reasons for the decline in 2017 annual performance, Haima Automobile’s official statement is: In addition to external environmental factors, Haima Automobile has been in a period of strategic transformation in recent years. Capital investment and implementation of key projects have been adjusted, product costs have risen, and gross profit has declined. , Which in turn affects overall performance. However, industry analysts believe that Haima’s product aging and single product line are at the core of Haima’s decline. Except for the Haima S5, there are no other hot-selling models.

Haima Motor hopes to get out of the predicament with the help of new energy vehicles. In July this year, Haima Motor publicly announced that it would “eliminate traditional fuel vehicles by 2025” and plans to launch 3 platforms and 4 series models within two years. All models will be equipped with hybrid electric vehicles. Version, after 2020, a new energy modular platform will be launched.

At present, Haima New Energy is mainly selling new energy vehicles such as Aishang EV and Haima E3. In the first half of this year, Haima sold a total of 6 thousand new energy vehicles, a year-on-year increase of 709%. Although sales have risen, in the face of declining industry subsidies and the insignificant competitiveness of its own products, Haima Motor has great difficulties in catching up or even surpassing in the field of new energy, and it is also more difficult for companies to turn losses within the year.

SUV bonus no longer

What's interesting is that the phenomenon of SUVs no longer advancing by leaps and bounds can be clearly perceived in the financial report. Haima Automobile, Jianghuai Automobile, Changan Automobile and other auto companies have achieved great development by relying on the performance of their SUV models, but this year has seen a decline in net profit. Only Great Wall Motors maintains a positive growth in sales and net profit.

However, Great Wall Motor's life is not easy. The company pointed out that the increase in performance was due to the optimization of the company's product structure and the increase in sales of WEY brand products, which resulted in an increase in overall product profitability. In addition, the performance announcement also shows that there are four major risks within the Great Wall: First, the economic downturn has led to a weakening of demand for car purchases, the auto market has entered a period of micro-growth, industrial competition has deteriorated, and SUVs have turned into a red sea; second, consumers have become more independent car companies. The brand building and quality of the company put forward higher requirements; third, the new energy credit policy has been tightened, and there is a certain risk whether Great Wall can complete the fuel consumption; fourth, the technical barriers of overseas markets have increased, and the expansion of the international market is uncertain .

Sales of Great Wall Motor Series Models in the First Half of 2018 (Top Ten)
Rank Model Sales (vehicles)
1 Haval H6 218653
2 Feng Jun 65033
3 Haval H2 44745
4 WEY VV5 38987
5 WEY VV7 37587
6 Haval H4 18688
7 Haval M6 18487
8 Haval H9 7911
9 Haval H7 7119
10 Haval H5 5293
Watchmaking: Car House

From the data point of view, in the first half of this year, Great Wall Motor made a net profit of 3.696 billion yuan, but there is still a gap compared with the net profit of over 4.5 billion yuan every six months before 2016. According to data from Great Wall Motors, in the first half of 2018, the cumulative sales of vehicles were 471,500, a year-on-year increase of 29.01%. However, the overall sales of its Haval series models showed a decline. Among them, the cumulative sales of Haval H6 was 218,653, a year-on-year decrease of 3.62%; the cumulative sales of Haval H2 was 44,745, a year-on-year decrease of 159.85%. Cars are also a decline point for Great Wall Motors. C30's cumulative sales in the first half of the year were 3,526, a decline of nearly 40% year-on-year, and its performance continued to be sluggish.

The main growth point of Great Wall Motor's performance is the new brand WEY. In the first half of this year, the total sales of WEY series reached 77647 vehicles, a year-on-year increase of 2352.53%. Among them, the cumulative sales of VV5 were 38,987, the cumulative sales of VV7 were 37,587, and the cumulative sales of P8 were 1073.

Similar to Haima Automobile, Great Wall Motor will also vigorously develop the new energy field with the launch of the pure electric vehicle brand “Oula”. Its Oula iQ has been launched in August this year, and the Euler R1 and R2 will also be launched respectively. It will be listed in the first and third quarters of 2019. Based on this brand, Great Wall Motors will further deploy new retail, emergence and other fields. In addition, another key action of Great Wall Motors in the field of new energy is the joint venture with BMW to build the beam car, which will produce pure electric MINI in the future. It can be said that Great Wall Motors, which was previously cautious, is also seeking transformation in the face of the dual-point policy and the electrification trend.

The subsidy retreat brings pains

Another car company seeking to change is BYD. On September 5 this year, at the BYD Global Developers Conference, Wang Chuanfu, Chairman and President of BYD Co., Ltd., once again emphasized that the company must become a hardware standard platform provider for smart cars and fully open all sensors and control rights for cars. There are also pressures from falling profits behind this.

According to the sales data released by BYD, the total sales of BYD's vehicles in the first half of this year were 224,500, of which new energy passenger vehicles performed the most eye-catching, with a total sales of 75,000, an increase of 121% year-on-year. However, the high growth did not bring high revenue growth. After a year-on-year increase of more than 20%, reaching a total revenue of 54.157 billion yuan, the net profit only achieved a net profit of 479 million yuan, a year-on-year decline of 72.19%.

Regarding the increase in revenue and the decline in net profit, BYD said that it was mainly due to the uniform implementation of new energy vehicle subsidies in the first half of 2018 in accordance with 0.7 times the original subsidy policy corresponding standard, which had a greater impact on the company's short-term profitability. The report shows that in the first half of this year, BYD received a total of 890 million yuan in government subsidies related to automobiles. With the changes in policy, BYD expects that in the first three quarters of 2018, net profit can reach 1.28 billion yuan to 1.68 billion yuan.

Comparison of new and old subsidies for new energy passenger vehicles
recharge mileage 2017 subsidy amount Transition subsidy amount 2018 subsidy amount
Pure electric vehicle
100km-150km 20,000 yuan 14,000 yuan 0 yuan
150km-200km 36,000 yuan 25,200 yuan 15,000 yuan
200km-250km 25,200 yuan 24,000 yuan
250km-300km 44,000 yuan 30,800 yuan 34,000 yuan
300km-400km 30,800 yuan 45,000 yuan
Above 400km 30,800 yuan 50,000 yuan
Plug-in hybrid electric vehicle
Above 50km 24,000 yuan 16,800 yuan 22,000 yuan
Watchmaking: Car House

For BYD, which regards new energy as its main field of attack, policy factors are crucial. According to the new subsidy policy, starting from June 12, 2018, new energy vehicles sold in China will receive different subsidies based on the difference in cruising range and technical performance. New energy vehicles with long cruising range and high-tech performance will receive more subsidies. High subsidies. BYD pointed out that most of its new energy models will receive more subsidies, and it is expected that the profitability of new energy vehicles will be significantly improved in the second half of the year. This is why BYD believes that it will achieve greater net profit in the third quarter.

The situation of BYD is reflected in the financial reports of most companies. Car companies all stated that the sales of new energy vehicles are greatly related to profitability and subsidies. However, subsidies are not a long-term solution. With the withdrawal of new energy vehicle subsidies in 2020, companies need to sound the alarm in advance and make cost-effective products to meet user needs is the key.

Full text summary: On the whole, the automotive industry performed well in the first half of 2018. The growth of new energy vehicles has promoted the overall performance of listed car companies. This trend will continue. However, as the base increases, competition within the industry is also intensifying. In the future, with the gradual liberalization of auto tariffs and foreign equity ratios, the industry will enter a stage of integration, and enterprises will face greater pressure. In addition, trade conflicts continue to escalate and raw materials Rising prices, etc., will also have an impact on enterprises.