The semi-annual report shows that the gap between the rich and the poor has increased

The Chinese automobile market, which has been hot for many years, has experienced the most depressing phase in history in the first half of this year. According to data from the China Automobile Association, passenger car sales in the first half of the year amounted to 11.253 million units, an increase of 1.61% year-on-year, and the growth rate slowed down by 7.62% year-on-year. The auto market that enters the stationary period is just like a tank of oil and water mixture. When it was once degenerate, the auto market gradually appeared obvious stratification.

Recently, a number of car companies released their financial statements for the first half of 2017. It can be seen that some car companies still earn a lot of profits in the context of the micro-market growth, such as SAIC, Dongfeng, Guangzhou Automobile, etc.; and some The car companies have passed the days of oligopolies, such as the Great Wall, Jianghuai, and Haima. Of course, some car companies rely on their joint ventures or capital operations to harvest a good performance list, such as BAIC and Zhongtai.

SAIC: Earn it one billion a day

Wang Jianlin's “One Million Small Target” has become a popular term on the Internet. This kind of thinking undoubtedly makes ordinary people expect but not reachable. If SAIC spoke of the “small goal of earning 100 million yuan each day”, will it cause a sensation in the auto circle? However, SAIC Motor’s ability to earn money has been far ahead of major auto makers. It has been suffocating for money. According to a rough calculation, SAIC’s average daily net profit for the first half of this year is close to 90 million yuan. Who can say that the next small target is not Make it a billion a day?

The financial report for the first half announced by SAIC (600104.SH) a few days ago shows that in the first half of this year, SAIC's overall revenue exceeded expectations, and the group’s total operating revenue was 396.046 billion yuan, up 12.85% from the same period of last year, and the ROE was 7.59. %; Net profit 15.958 billion yuan, an increase of 5.96%.

At the same time, in the first half of this year, SAIC's earnings per share were as high as 1.38 yuan, far exceeding the listed automobile industry's average of 0.31 yuan, ranking first among listed auto companies, followed by GAC passenger vehicles, per share. The return is 0.96 yuan. In general, earnings per share is regarded as a measure of the company’s ability to successfully achieve its profit target, and it can also be seen as a manifestation of a company’s ability to add value to its assets. In addition, from a variety of perspectives, in the first half of this year, the liquidity of SAIC Group is continuously improving, and the return on capital investment is gradually increasing.

However, it is worth noting that as a SAIC Group with several joint ventures, SAIC-VW, SAIC-GM, and SAIC-GM-Wuling are still the largest contributors to profits, and they are 50:50 in accordance with SAIC-Volkswagen and SAIC-GM. The ratio of shares of the company and SAIC-GM-Wuling’s foreign company accounted for 40% of the company’s share. The foreign side also gained a lot during the first half of the year. Fortunately, SAIC Motor’s own brand has made breakthroughs and SAIC Motor’s passenger vehicles have made profits for the first time in the first half of this year. Data show that in the first half of the SAIC Group's total vehicle production 3.248 million units, an increase of 7.16%; sales again exceeded 3 million, reaching 3.17 million units, an increase of 5.76% over the same period last year, including independent brand performance dazzling, accounting for more than 40 %, reaching 42.1%, which is only 38% of the total in 2016.

JAC: Fall into SUV pit

With the small-sized SUV, Jianghuai Automobile, which had produced a beautiful transcript in the previous two years, suffered a sharp drop in its performance in the first half of this year.

Jianghuai Automobile (600418.SH) recently released the 2017 semi-annual report, which shows that Jianghuai achieved operating revenue of 25.313 billion yuan from January to June 2017, a year-on-year decrease of 4.08% (average operating income growth of the entire vehicle industry is 11.58%); The net profit attributable to the shareholders of the listed company was 345 million yuan, a year-on-year decrease of 40.31%. What is worth mentioning is that of the 345 million yuan in profits in the first half of the year, there are still RMB 124 million from government subsidies for new energy vehicles, accounting for nearly 30% of total profits.

Jianghuai Automobile said that the main reason for the first half of the net profit reduction was that the company was affected by the sluggish sales of SUVs, the subsidy for new energy vehicles, and the rising price of raw materials. In the first half of the year, JAC sold 247,700 vehicles and chassis of various types. , a year-on-year decrease of 17.67%. Among them, the sales pillar SUV sector sold a total of 67,200 vehicles, a year-on-year decrease of 52.63%. As the once sales king of Jianghuai, the sales volume of JAC Refine S3 fell from a monthly sales of 20,000 to 1,000 units in just 8 months. The decline in the cliff style was also mentioned; the MPV sector also showed a year-on-year decline. In the first half of the year, it sold 30,700 units, a year-on-year decrease of 4.32%. Similarly, JAC's proud new energy vehicles were not optimistic in the first half of the year. In the first half of this year, the production and sales of new energy vehicles in China were 212,000 and 195,000 vehicles, respectively, an increase of 19.7% and 14.4% year-on-year, while the sales of JAC's pure electric passenger cars were only 0.94 million, a year-on-year decrease of 3.28%.

"From the point of view of gross sales margin, Jianghuai Automobile ranks only 12th among the 13 companies listed in the three industry classifications of "cargo equipment, auto vehicles, and passenger cars", and the last one is FAW Xiali. Among the 23 companies listed on the second-tier delivery equipment and auto vehicles, the JAC is also the third-lowest category. The 22nd and 23rd respectively are Ankai Bus and FAW Xiali. Some analysts pointed out, “From here It can also be seen that Jianghuai Automobile has been marginalized by the market in the entire listed car segment."

In the first half of the poor sales performance, Jianghuai once again opened the "good recipe" for joint large companies. After establishing a new energy joint venture with Volkswagen and OEM of Weilai Automobile, JAC announced on August 29 that it will become a partner of Baidu Apollo. On the same day, Jianghuai delivered 32 units of Ruifeng S3 to Baidu to help Baidu's high-accuracy map data collection. Some automotive industry analysts believe that: "JAC's current survival crisis is very strong, passenger car sales show no highlights, more anxious to seek new breakthroughs." Undoubtedly, finding partners has become the most economic and efficient choice for JAC.

BAIC: Loss of embankments outside the embankment

The first half of 2017 financial statements released by Beijing Automotive Industry Co., Ltd. showed that the operating income of BAIC Motor in the first half of the year was 66.737 billion yuan, up 36% year-on-year; net profit was 5.048 billion yuan, up 14.2% year-on-year; net profit attributable to shareholders was 9.8 billion yuan. It fell 59%. During the reporting period, Beijing Automotive sold a total of 632,100 complete vehicles, of which the Beijing brand and Beijing Hyundai sold 111,000 and 211,000 vehicles, respectively, with sales falling by 45.4% and 42.4% year-on-year respectively.

According to the announcement, the main reason for the increase in revenue and net profit of BAIC in the first half came from the contribution of Beijing Benz. In the first half of the year, the sales volume of Beijing Benz increased 47.0% year-on-year to 211,000 units; the revenue increased 56.0% year-on-year to 58.313 billion yuan; net profit 8.312 billion yuan, soaring 106.7%. In the latest global Mercedes-Benz first-half financial report, Beijing Mercedes-Benz accounted for more than 70% of Mercedes-Benz total sales in China, and its equity performance was approximately 548 million euros (approximately 4.269 billion yuan).

According to the Beijing Automotive Industry Corporation, due to the intensified competition in the domestic passenger car industry in the first half of the year and the overall downturn in the Korean-type car market, the sales volume of the Beijing brand and Beijing Hyundai declined, resulting in a decline in performance, which in turn led to a drop in the group's profit. However, in the new energy sector, the rise of BAIC New Energy has boosted morale to some extent. According to the latest sales data, in the first seven months of the year, the cumulative sales of BAIC New Energy reached 36,084 units, an increase of 88.5% year-on-year. It is reported that before the end of this year, BAIC New Energy will also launch EC200, EU300 replacement version, new logistics vehicles and its new brand - ARCFOX-1.