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2024-09-08 Update From: AutoBeta autobeta NAV: AutoBeta > News >
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AutoBeta(AutoBeta.net)03/30 Report--
With the recent disclosure of the 2020 financial results of various car companies, the market affected by the superimposed epidemic in two consecutive years has been impacted to varying degrees. In spite of this, many car companies have achieved a year-on-year growth trend, reflecting the obvious recovery of the market and promoting a rapid recovery in business.
According to the 15 mainstream car companies that have recently disclosed their 2020 results, most of them have achieved year-on-year growth in revenue, and at the same time, more than half of the car companies have seen an increase in net profit, so it can be seen that 2020 is a great predicament for car companies in the first half of the year. however, it has been reversed with a strong performance in the second half of the year.
Although SAIC still has the highest revenue performance in 2020, its net profit has been surpassed by FAW, which means that FAW has once again become the most profitable car company. Although the proportion of car companies that achieved double growth in market revenue and profits last year is very small, the decline in both revenue and profits like SAIC basically appears in marginal car companies, which shows that the pressure of SAIC still exists.
In terms of sales volume, SAIC's vehicle sales reached 5.6 million in 2020, which is the highest in China, and even far exceeds FAW's annual sales of 3.706 million. In spite of this, SAIC's profit, which exceeds FAW's sales of 1.9 million vehicles, is only half that of FAW. Research and analysis, the main cause of this situation is that FAW owns the luxury brand Audi with high profit margin, and secondly, its commercial vehicles also contribute nearly 3 billion of the profits.
From the point of view of several other major state-owned automobile enterprises, they all achieved revenue growth. In addition to Changan Automobile, which achieved both revenue and profit growth, Dongfeng Automobile, GAC GROUP and Beijing Automobile all experienced a substantial decline in profits. Its announcements all said that it was affected by the epidemic in 2020, but in fact, only Changan Automobile relied on its own series to drive the performance of the entire group last year, repeatedly setting new highs in sales, while ensuring that the joint venture brand maintained a steady trend.
In contrast, GAC GROUP's joint venture brand only "Liangtian" has more advantages, independence and Guangzhou Auto Fick can not help the group's performance growth, while Beijing Automobile can only rely on Beijing Mercedes-Benz to support the loss of its own brand. On the other hand, Dongfeng Group has a large number of joint venture brands, and a number of brands were obviously divided at the center of the epidemic last year, coupled with the weakness of their own brands, which can only rely on the support of the commercial sector, so that they have been in the performance of "business strength plus weakness".
In terms of sales volume, Changan automobile sales in 2020 were 2.0037 million, up 13.98 percent from the same period last year; Dongfeng Group's 2.868 million vehicles, down 2.17 percent from the same period last year; GAC GROUP's sales were 2.0438 million, down 0.89 percent from the same period last year; and Beijing Automotive's four business sectors totaled 1.169 million vehicles, down 18 percent from the same period last year.
As for private enterprises, Geely Group, Great Wall Motor and BYD will perform differently in 2020. Geely, the largest independent group in China, saw not only a decline in revenue last year, but also a decline in profits higher than the industry level, which undoubtedly shows that last year was a very difficult year for Geely. In response to this situation, Geely told the media at the results conference that the decline in the company's performance was mainly affected by macro factors such as the epidemic and rising prices of raw materials, as well as the product cycle of Geely itself.
On the contrary, Great Wall, which is also an independent head car company like Geely, was significantly better than the former last year. In the past, the two car companies showed a neck-to-neck performance, but last year, after the Great Wall launched a number of platforms and models in succession, it contributed to the improvement of brand sales and stock prices, which also led to the growth of both revenue and profit.
In terms of sales, Geely sold more than 1.32 million vehicles in 2020, down 3% from the same period last year, while Great Wall sold 1.11 million new cars in 2020, up 4.8% from the same period last year.
Thanks to its strong position in the new energy sector in 2020, BYD's sales and profits have soared, making it the biggest growth among mainstream car companies. Although it is not the largest in terms of model sales, it sold only 416300 vehicles in 2020, of which 179054 new energy models were sold, accounting for 43 per cent of the total. Nevertheless, its net profit has exceeded that of many car companies, and it can be said that BYD has become the first traditional car company to successfully transform new energy vehicles.
According to the released information, many automobile companies have achieved relatively good performance in 2020, but at the same time, due to the impact of the epidemic, the performance of many automobile companies has also declined to varying degrees. In particular, some marginal car companies undoubtedly reflect that in the most difficult time in the market, car companies that can maintain performance growth are enterprises with core strength, which can only "fend for themselves" for brands that do not have market competitiveness.
As for the overall performance of the automobile market in 2020, Cui Dongshu, secretary general of the Federation of passengers, also said that last year's epidemic had a significant impact on the automobile market, and the entire automobile industry was greatly affected. However, under the strong promotion of the policy and the market, the overall performance of Chinese automobile enterprises is good, and the operating performance is much better than expected.
At the same time, it is generally believed that China's auto market will continue to rise in 2021, especially in the field of new energy vehicles, which will allow more and more car companies to accelerate the transformation of the new energy market.
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