AutoBeta(AutoBeta.net)05/27 Report--

On May 24, Zhongtai Motor Company received a letter of inquiry about the 2018 annual report of Zhongtai Automobile Co., Ltd. (hereinafter referred to as the "inquiry letter") issued by the Shenzhen Stock Exchange. The "inquiry letter" mainly includes the financial situation of Zhongtai Motor in 2018, the reasons for the change in earnings, and the fulfillment of promises.

The Shenzhen Stock Exchange requires Zhongtai Automobile Co., Ltd. to disclose the sales volume, price, sales revenue, gross profit and related period expenses of the major models of Yongkang Zhongtai in 2018, and to explain the differences and reasons between the realization and the evaluation at the time of acquisition, on this basis, analyze and explain the reasons why the current performance did not meet the forecast. A reply will be made by June 5, 2019.

In the case of such a depressed automobile market environment, Zhongtai Automobile, as a marginal brand of its own brand, has declined to a large extent in terms of sales and performance in the past two years.

2018 is also the second year after the listing of Zhongtai Motor, and the performance of the whole year is also the lowest in recent years. In 2018, Zhongtai Motor's cumulative sales fell to 154800 from 227700 in the previous year, down 32 per cent from the same period last year. The company's annual operating income increased from 208 in the previous year. 400 million yuan decreased to 14.764 billion yuan, down 29.03% from the same period last year. Today, 000980.SZ has a market capitalization of 9.256 billion yuan, compared with a consideration of 11.6 billion yuan when Zhongtai listed in a backdoor listing.

Sales of the Zhongtai T300 model are the core sales pillar of Zhongtai Automobile, with 8891 units sold in April. Sales of the T300 totaled 25048 units from January to April, down sharply from the same period last year, according to the Federation's sales report.

Zhongtai Motors has issued "Verification opinions and letters of apology for the realization of performance commitments in 2018". The content shows that after deducting non-recurrent gains and losses and the profits and losses generated by matching funds raised in 2018, Zhongtai Motor's net profit after audit is-491.426 million yuan, and only-30.52% of the performance commitments have been completed. From 2016 to 2018, the company's total return net profit was 2.08 billion yuan, only 49.25% of the performance promise. In the announcement, after verification, the independent financial adviser said that the performance commitment of the target company for 2018 had not been fulfilled, which was deeply regretted by the independent financial adviser and the organizer.

Zhongtai's car sales in new energy are also stagnant. According to data from the Federation of passengers, Zhongtai's sales of new energy vehicles reached 33872 in 2018, an increase of 7.3% compared with 2017. But it is far lower than the domestic new energy vehicle growth rate of 61.7% in the same period, which is much lower than Zhongtai's original sales target of 80, 000 units. It has also directly reduced the automobile production capacity of Zhongtai New Energy due to sales. Sales of the new energy vehicle E200 were only 139, down 93.1 per cent from 2016 the previous year. As a marginal brand among independent brands, Zhongtai's goal of 2019 has become precarious under the influence of the general environment.

There was also news that Zheng Gang, former general manager of BAIC New Energy, would serve as a special adviser to the chairman of Tieniu Group (the controlling shareholder of Zhongtai Automobile) to help Tieniu Group Chairman Ying Jianren carry out strategic planning, asset restructuring and business integration of the automotive business.

According to the requirements, if Zhongtai still fails to meet its performance commitments in 2019, it will face the pressure of goodwill impairment. According to the April data released by Zhongtai Automobile, Zhongtai Automobile sold only 50,000 vehicles in the first four months, a year-on-year decline of more than 50%. It will be very difficult to achieve the annual performance commitment.

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