AutoBeta(AutoBeta.net)11/07 Report--

Recently, domestic car companies have released third-quarter results one after another, from the results released by 12 listed car companies, the profit performance is not optimistic. Of the 12 listed car companies, six saw a decline in profits in the third quarter, five reported a net profit loss, and only one achieved net profit growth. However, in the first three quarters, the performance of listed car companies is still relatively optimistic, except for BYD, Changan Automobile, well-off shares, Zhongtai decline, the rest have achieved growth.

In the third quarter, the sales volume of major car companies did not increase significantly, or even declined, mainly because of insufficient supply of chips and rising prices of raw materials, restricting the production and delivery of car companies. Of course, it may also be that there are already problems in the development of enterprises, such as Haima Motor, Zhongtai Automobile and so on.

From the financial report statistics, SAIC, Jiangqi Group, Jiangling Motor have seen a decline in revenue and profits. Specifically, SAIC is still the largest automobile group in China, with revenue of 181.759 billion yuan and net profit of 7.036 billion yuan in the third quarter. However, due to the influence of chip shortage, SAIC's revenue and profit declined in the third quarter. SAIC-Volkswagen and SAIC-GM did not meet expectations. The data show that SAIC-Volkswagen's cumulative sales in the first three quarters fell 17.54% from a year earlier, while SAIC GM's cumulative sales fell 5.22% year-on-year. As the profit cow of SAIC, the malaise of the two joint venture brands has affected the group's profits to some extent, but fortunately, the independent sector has performed well, coupled with the steady growth in new energy sales and export sales. to some extent, it alleviates the massive malaise.

Jiangqi Group also showed a double decline, with a net loss of 283 million yuan, a year-on-year drop of 249.06 per cent. In response to the reasons for the decline in profits, Jiangqi Group said in its financial report that it was mainly due to the increase in income from large government subsidies and large asset disposal of subsidiaries in the third quarter of the same period last year. It is understood that the government subsidy that Jiangqi Group included in the current profit and loss in the third quarter of 2020 was 423 million yuan.

BYD Thunder? Anyone who pays attention to the new energy vehicle market knows that BYD's sales of new energy vehicles have increased rapidly since the second half of the year, and even surpassed Tesla to become the first car company in China for many months. Against this backdrop, it is not surprising that BYD's revenue grew by 21.98% year-on-year to 54.307 billion yuan in the third quarter, but in sharp contrast to revenue, BYD's net profit fell by more than 27.5% to 1.27 billion yuan. It should be pointed out that BYD is not only in the automotive business, but also includes rechargeable batteries and photovoltaic, mobile phone components, assembly and other products. According to the semi-annual report, BYD achieved net profit of 1.174 billion yuan in the first half of the year, down 29.41 percent from the same period last year, while net profit in the first three quarters was 2.443 billion yuan, down 28.43 percent from the same period last year. It is not difficult to see that BYD's performance in the third quarter is not optimistic. In response to the decline in net profit, BYD said in its half-yearly financial report that the company's gross profit margin declined due to changes in product structure. At the same time, the overall profitability of the company has been affected to a certain extent by the rise in raw materials such as commodities.

Similar to BYD, it includes Great Wall Motor and GAC GROUP, especially Great Wall Motor, whose revenue rose 10.13 per cent in the third quarter, but net profit fell 1.72 per cent. In this regard, a securities company analysis said that the decline in profits of Great Wall Motor in the third quarter was affected by factors such as lack of core in the industry and equity incentive fees.

As one of the leading domestic automobile enterprises, Changan Automobile is the only one with an increase in net profit. According to the financial report, Changan Automobile made a net profit of 1.264 billion yuan in the third quarter, an increase of 42.98% over the same period last year, but revenue fell 2.8%. For the situation that Changan Automobile increases profits but does not increase income, Soochow Securities said that although Changan Automobile is also affected by lack of core, and its overall revenue has declined compared with the month-on-month ratio, its gross profit margin and period expense rate have improved, which is mainly affected by the strengthening of terminal discount recovery superimposed cost control.

Let's take a brief look at Xiaokang shares and BAIC Langu, after the introduction of Huawei technology, Xiaokang shares and BAIC Langu are affected by the concept of "Huawei Automobile", resulting in a substantial increase in market capitalization. However, the two car companies did not get rid of losses, well-off shares lost 831 million yuan, BAIC Blue Valley lost 602 million yuan. It is worth mentioning that BAIC Blue Valley revenue growth is due to double points trading, but did not disclose the specific revenue brought by the double points exchange.

Lifan, Zhongtai and seahorse are all at the end of the industry. Lifan turned a loss into profit in the third quarter, with a net profit of 21.326 million yuan, an increase of 102% over the same period last year. Lifan Technology said in the financial report that this year, the company's business restructuring and bankruptcy restructuring were completed, interest-bearing liabilities were significantly reduced, and credit impairment losses, asset impairment losses, asset disposal losses and financial expenses were significantly reduced. It is understood that in August 2020, Lifan Group announced bankruptcy restructuring. After Geely joined Lifan, Lifan Automobile transformed Lifan technology and introduced Geely's first electric exchange model, Maple Leaf 80V. At present, its business situation is gradually improving.

Zhongtai made a net loss of 238 million yuan in the third quarter, an increase of 55.08% over the same period last year, belonging to a narrowed net loss and serious insolvency. At present, Zhongtai is still in the stage of bankruptcy reorganization, Jiangsu Shenzhen Merchants have become its restructuring investors, and 2 billion yuan of restructuring investment funds have been received. For the purpose of participating in Zhongtai restructuring, Jiangsu Shenshang made it clear that it is to obtain the qualification of automobile production, so as to produce and sell the whole vehicle.

Seahorse Motor also posted a loss of-88 million yuan in the third quarter. In recent years, the sales performance of Haima Motor is relatively low, and the sales of its products are very low, and part of the profit comes from the production of G3 for Xiaopeng Motor, but as the G3 returns to its own factory, it means that the profit performance of Haima Motors will be further affected, adding uncertainty to the development of Haima Motors.

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