·The car industry's three quarterly report indicates that the car market is weak

Compared with the profitability of car companies in the first half of this year, the three quarterly reports released by major car companies seem to indicate the bleak prospects of this year's auto market.

Among the companies that have disclosed their earnings, only SAIC and GAC Group have continued their previous profitability and achieved a certain year-on-year growth; several traditional “superiors” such as Changan Automobile and Great Wall Motor have shown net profit in the first three quarters. The trend of year-on-year decline; BYD and Jianghuai Automobile, which are the new energy models in the market, the net profit decline in the first three quarters has once again increased, and the disadvantage of over-reliance on subsidies has gradually become prominent; while FAW Car and Zotye have succeeded in the third quarter. Turning over, net profit increased significantly year on year.

In fact, compared with the same period last year or the first half of this year, the profitability of most listed passenger car companies began to fade in the first three quarters. The peak season effect of “Golden September and Silver 10” gradually weakened, and some car companies regained sales. Bullish, profitable decline trend.

SAIC Group: Joint venture, steady increase, self-reliance

In the first three quarters, SAIC's net profit attributable to shareholders of listed companies was 24.64 billion yuan, a year-on-year increase of 6.7%. In terms of sales volume, SAIC Group sold a total of 4.821 million new cars in the first three quarters, a year-on-year increase of 7.6%. Among them, SAIC Volkswagen accumulated sales of 1,472,600 units, an increase of 3.13% year-on-year; SAIC-GM's cumulative sales totaled 1,362,100 units, an increase of 5.31% year-on-year, all showing steady and steady growth. The performance of its own independent sector is also awesome. The cumulative sales from January to September totaled 361,400 units, an increase of 88.08% year-on-year, which contributed to the sales and profit growth of the entire group.

Guangzhou Automobile Group: All sectors go hand in hand to develop a balanced

In the first three quarters, the net profit attributable to owners of GAC Group was 8.962 billion yuan, an increase of 59.79% over the same period of the previous year. The substantial improvement in operating results was attributed to the continuous growth of independent brands and the stable growth of joint venture brands. Among them, Guangzhou Automobile sold a total of 376,200 units in the first three quarters, up 46.12% year-on-year; in the joint venture, Guangqi Honda sold in the first three quarters It reached 502,900 units, an increase of 14.25% year-on-year. GAC Toyota's sales in the first three quarters reached 239,300 units, an increase of 8.22% year-on-year. GAC Fiat's sales in the first nine months reached 151,500 units, a year-on-year increase of 48%. Overall, the development of the various sections of the Guangzhou Automobile Group is relatively balanced, showing a good momentum of progress.

Changan Automobile: The profit and decline in R&D investment is “not bad money”

In the first half of this year, the net profit of Changan Automobile has already experienced a year-on-year decline. In the first three quarters, the downward trend has intensified again. It is understood that from January to September, Changan Automobile achieved a net profit of 5.811 billion yuan attributable to shareholders of listed companies, down 24.92% year-on-year. Among them, the year-on-year decline in July-September was the most obvious, reaching 47.07%. However, even at the critical moment when net profit continued to decline, Changan Automobile still did not shrink its R&D projects. Instead, it was full of confidence and announced a high-profile plan called “Shangri-La”. It plans to invest 100 billion yuan to promote the new energy strategy by 2025. According to Changan Automobile, the current decline in profitability is mainly due to the increase in the company's external credit sales. In addition, Changan Automobile's prepayment balance and inventory balance have also increased compared with the beginning of the year.

Great Wall Motor: The most profitable label for sales is no longer

After the net profit fell by 50.87% in the first half of this year, Great Wall Motor continued its downward trend in net profit in the third quarter. According to the third quarter financial report of Great Wall Motor, the net profit attributable to shareholders of listed companies from January to September was 2.879 billion yuan, down 60.05% year-on-year. In fact, from the point of view of sales, Great Wall Motor's performance is relatively stable: the cumulative sales in the first three quarters was 706,000 units, a slight increase of 2.25% year-on-year. For the decline in net profit, Great Wall Motor had previously stated in the mid-year announcement that the Group is currently making profits for its customers and promoting new products and new products as well as R&D. Indeed, after the launch of the WEY brand in Great Wall, brand promotion and advertising in the whole media increased significantly, and Great Wall believes that this is one of the reasons for its decline in net profit.

BYD: Subsidy dependence continues

Relying on government subsidies to “decorate” profitable transcripts has been the most important weapon for new energy auto companies. However, with the decline of government subsidies, more and more auto companies are beginning to realize the importance of their independent profitability. Recently, BYD Co., Ltd. announced its third quarter report for 2017. The report shows that in the first three quarters, BYD's net profit attributable to shareholders of listed companies was 2.791 billion yuan, a year-on-year decrease of 23.82%. In fact, BYD also recognizes that the current gross profit of the new energy vehicle business is shrinking. Therefore, in the fourth quarter, BYD will increase its investment in the traditional automobile business, hoping to make the tradition driven by the sales of the new model Song Max. The car business can also be restored, together with new energy models to improve profitability.

Beijing Auto: Net profit rebounds Beijing Modern Contribution is not small

Recently, Beijing Auto announced the financial data of the first three quarters. It is understood that from January to September, Beijing Motor’s net profit attributable to owners of the parent company was 1.969 billion yuan, down 49.83% year-on-year. In fact, the year-on-year decline has been reduced compared to the first half of the decline. This was mainly due to the rebound in Beijing's modern sales. At the beginning of this year, due to the influence of the “Sade incident”, the sales of Korean cars in China suddenly fell cold, and the sales of Beijing Hyundai began to show a downturn, but in September, its sales volume It began to pick up, reaching 85,000 vehicles, an increase of 60.4% from the previous month, which directly promoted the improvement of Beijing Automotive's third-quarter net profit.

FAW Car: Turning losses into profitability

Recently, FAW Car announced the financial statements for the first three quarters, and the net profit attributable to shareholders of listed companies was 291 million yuan, a year-on-year increase of 140.69%. For this growth, FAW Car pointed out that the large proportion of operating data growth was mainly due to the increase in vehicle sales, and the market performance of the self-owned brand Pentium X40 was very prominent. According to statistics, from January to September, FAW Car achieved a total vehicle sales of 169,000 units, an increase of 28.2% over the same period of the previous year. In fact, since Xu Liuping adjusted any steam in August this year, FAW Group has been in the process of rapid adjustment and adjustment, which is also a rare development opportunity for FAW Car.

Zhongtai Auto: Asset restructuring leads to profit turning

In the first three quarters, the net profit of Zhongtai Auto's shareholders at the listed company was 258 million yuan, a year-on-year increase of 982.85%. In fact, from January to September, the cumulative sales volume of Zotye’s passenger vehicles was 24,000, a year-on-year decrease of 20%. The sales volume has declined, and the net profit has achieved an amazing growth. The profit performance of Zotye Motors appears to be slightly “squeaky”. In this regard, Zotye Motor said that in the first half of 2017, the company completed a major asset restructuring and acquired 100% equity of Yongkang Zhongtai Automobile Co., Ltd. by issuing shares to purchase assets, resulting in a substantial increase in the company's net profit. Therefore, based on the data alone, it is impossible to judge the true profitability of Zotye.

Jianghuai Automobile: The subsidy for the decline in sales volume has suffered a double blow

Recently, Jianghuai Automobile announced the financial data of the first three quarters, in which the net profit attributable to shareholders of listed companies was 219 million yuan, a year-on-year decrease of 73.24%. In this regard, the main reason for the decline in performance is the decline in subsidies for new energy vehicles and the decline in sales of passenger vehicles. In fact, the impact of these two factors on their profitability has been highlighted in the first half of this year. It can be seen that under the background of declining new energy subsidies and increasingly fierce market competition, Jianghuai Automobile's profit pressure will be greater and greater.

Lifan shares: sales of new energy vehicles are driving up to reduce losses

On October 25, Lifan Co., Ltd. released its third quarterly report for 2017. The net profit attributable to shareholders of listed companies was 164 million yuan, down 12.2% year-on-year. Compared with the first half of this year, the decline has been reduced. At the end of last year, Lifan was disqualified for “fraudulating the storm”, so its sales volume has been significantly affected this year. However, in the “Golden Nine” month, Lifan’s sales of new energy vehicles all increased, with a cumulative sales of 594 vehicles, an increase of 192.61%. However, in the first three quarters, the company's cumulative sales of new energy vehicles was only 2,836 units, down 35.9% year-on-year, and sales and profit sales were still not small.

Dongfeng Motor Co., Ltd.: When divesting bad assets is underway

On October 30, Dongfeng Motor released the third quarterly report of 2017. The company's net profit attributable to shareholders of listed companies from January to September was 115 million yuan, down 49.23% year-on-year. In addition, the financial report clearly shows that the Zhengzhou Nissan equity transfer project is currently awaiting final approval documents from the Ministry of Commerce. Upon receipt of the approval document, Zhengzhou Nissan will handle the industrial and commercial change procedures and conduct the transition period profit and loss audit as soon as possible. It can be seen that in order to improve the profitability, car companies have begun to divest non-performing assets to reduce losses.

Hippocampus: sales decline affects profit reduction

The loss of Haima Motor's shareholders attributable to listed companies in the first three quarters was 63 million yuan, a year-on-year decrease of 130.04%. For revenue and a sharp drop in profits, Haima Motor said that its operating performance has fallen sharply due to the decline in car sales. It is reported that in the first three quarters, Haima Automobile sold a total of 98,900 units, a decrease of 31.95% year-on-year. Among them, SUV models sold a total of 58,300 units in the first three quarters, down 22.35% year-on-year. MPV models sold a total of 0.62 million units, down 20.29% year-on-year. The cumulative sales of basic passenger vehicles totaled 34,400 units, down 44.68% year-on-year. It can be seen that the decline in product sales has directly led to the loss of Haima Motor in the first three quarters.

FAW Xiali: Loss and continuous investment confidence reduction

On October 31, Tianjin FAW Xiali Automobile Co., Ltd. (hereinafter referred to as “FAW Xiali”) released the third quarter report for 2017. According to the report, in the first three quarters, FAW Xiali’s net profit attributable to shareholders of listed companies was 1.123 billion yuan, an increase of 36.14% over the same period last year. In fact, the loss situation of FAW Xiali has been going on for a long time, which further hurts investors' confidence. It is expected that the loss situation of FAW Car will be difficult to change in a short period of time.

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