AutoBeta(AutoBeta.net)07/14 Report--

On July 14, Changan Automobile released a forecast of results for the first half of 2021, which shows that the net profit belonging to shareholders in the first half of the year is expected to be 1.6 billion-1.9 billion yuan, down 26.98%-38.51% from the same period last year; net profit after deducting non-recurring profits and losses is 600-900 million yuan, an increase of 122.93%-134.39% over the same period last year. Changan Automobile said that the year-on-year decline in net profit was mainly due to a sharp drop in non-recurrent profit and loss by about 4.2 billion yuan compared with the same period last year.

According to the performance report for the first half of 2020, the net profit of Changan Automobile belonging to shareholders of listed companies in the first half of the year was 2.602 billion yuan, an increase of 216.17 percent over the same period last year, including 216 million yuan in government subsidies.

At that time, Changan Automobile was able to achieve counter-market growth, mainly obtained three non-recurrent profit and loss projects contributed a total of about 5.275 billion yuan: 1, the wholly-owned subsidiary Chongqing Changan New Energy Automotive Technology Co., Ltd. introduced four strategic investors, the company gave up the priority of capital increase, and increased the net profit belonging to the shareholders of the listed company by about 2.1 billion yuan. 2. 50% of the equity held by Changan Peugeot Citroen Motor Co., Ltd. was transferred to Qianhai Ruizhi to increase the net profit belonging to the shareholders of the listed company of about 1.4 billion yuan; 3. The share price of the Ningde era stock held by the company rose and the net profit attributed to the shareholders of the listed company was about 1.775 billion yuan. Therefore, after deducting the net profit of non-recurring profit and loss, Changan Automobile actually lost 2.617 billion yuan, only relying on the automobile business Changan Automobile is still in a state of loss.

According to the financial results for the first quarter of 2021, the net profit of Changan Automobile was 853 million yuan, an increase of 35.26% over the same period last year, while the non-net profit was 720 million yuan, an increase of 140% over the same period last year. In other words, whether it is net profit or deducting non-net profit, Changan's performance in the second quarter of 2021 is significantly lower than that in the first quarter.

In addition to the fact that the results are not as good as those in the first quarter, so are sales. According to the Federation of passengers, the cumulative sales of Changan Automobile in the first half of this year was 613000, up 64.2% from the same period last year, compared with 348000 in the first quarter, up 124.9% from the same period last year. As a result, Changan Automobile sold 265000 vehicles in the second quarter, a decrease of 83000 vehicles compared with the first quarter, and the decline in Changan Automobile sales is bound to affect the performance. Of course, as for the reason why Changan car sales are not expected, in addition to being related to the market, the shortage of chips is also an important reason that can not be ignored.

However, compared with the performance and sales volume, Changan Automobile's performance in the secondary market is still more gratifying. Changan Automobile shares rose 18.03% in the first half of this year and hit an all-time high of 22.38 yuan per share on July 12, but declined in the next two days, closing at 19.67 yuan per share as of July 14, with a total market capitalization of 149.8 billion yuan.

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