AutoBeta(AutoBeta.net)04/01 Report--

On March 31, GAC GROUP released the 2019 performance report, which showed that the operating income for the whole year of 2019 was 59.234 billion yuan, down 17.17% from the same period last year; the net profit of shareholders of the company's listed companies was 6.618 billion yuan, down 3.93 billion yuan from the same period last year; and basic earnings per share was about 0.65 yuan, down about 39.25% from the same period last year.

As for the reasons for the decline in both revenue and net profit, GAC GROUP said that there was great downward pressure on the economy in 2019, domestic auto industry production and sales continued to negative growth, and the impact of domestic policy changes led to a decline in car sales. According to the China Automobile Association, China's car sales in 2019 were 25.769 million, down 8.2% from the same period last year.

According to the financial report, GAC GROUP's cumulative sales in 2019 were 2.0622 million vehicles, down 3.99 per cent from the same period last year. In terms of sub-sections, joint venture brands Guangzhou Auto Toyota and Guangzhou Automobile Honda are the main sales force of GAC GROUP. GAC Toyota's sales increased by 17.59% to 662000 vehicles in 2019 compared with the same period last year, and revenue increased by 17.12% to 98.054 billion yuan. Guangzhou Auto Honda's sales increased by 3.98% to 770800 vehicles in 2019 compared with the same period last year, and its operating revenue increased by 8.03% to 105.711 billion yuan compared with the same period last year. The total sales of the two joint venture brands accounted for nearly 70% of the group's total sales.

By contrast, GAC GROUP's other plates are in a state of decline. Among them, joint venture brand GAC-Mitsubishi sold 133000 vehicles in 2019, down 7.64% from the same period last year; GAC Fick sold 73900 vehicles in 2019, down 40.96% from the same period last year; and independent brand GAC MOTOR sold 394600 vehicles in 2019, down 28.14% from the same period last year.

In addition, GAC GROUP also released specific data on his single model. In terms of a single model, a total of seven models sold more than 100000 vehicles in 2019, of which 2 models sold more than 200000 vehicles, namely GAC Honda Accord and GAC Toyota Leiling, with cumulative sales of 223700 and 221600 respectively in 2019.

In response to the outlook for 2020, GAC GROUP said that the automobile industry still faces greater downward pressure in 2020, with annual car production and sales expected to grow by about 3 per cent year-on-year, and plans to launch 19 new and modified models to further improve the product structure.

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