Who made money by listed car companies, who made money?

I saw that the sales volume is not profitable

Are car companies making money?

Under the multiple pressures of the automotive market and the environment, some anxiety began to reveal a little anxiety in the financial report of the car company.

China News Weekly sorted out 17 listed car companies with passenger car business half -year financial reports and Q2 financial reports found that there were only 3 car companies that achieved dual growth in revenue and net profit, namely BYD, Great Wall Motor and GAC Group. From the perspective of net profit, nearly half of the 17 car companies have suffered to varying degrees of losses, of which two companies have fallen by more than 200%.

Image source: Organize according to public information

According to another set of data, in the first half of the year, my country's automobile manufacturing industry completed its operating income of 4089.28 billion yuan, a year -on -year decrease of 4.2%; the profit was 212.9 billion yuan, a year -on -year decrease of 25.5%.

It is not surprising that the profit decline in the first half of the epidemic. However, when the revenue dropped by only 4%, the profit fell by 25.5%, indicating that the car did not sell too much, but the profit fell sharply.

Earlier, Zeng Qinghong, chairman of GAC Group, teased publicly at a power battery conference, saying that due to the high cost of battery, he became a migrant worker of the upstream battery dealers. Behind this sentence is the low gross profit of bicycles, but the upstream battery and mining companies make a lot of money. But then, the battery dealer responded that he was also a worker and struggled very painful on the edge of profit.

Since the car building does not make money, why are there so many entrepreneurs who go to this market?

The gap between the head enterprise is narrowed

Statistics show that among the 17 listed car companies, there are only 7 companies with a decline in operating income in the first half of this year, and as many as eleven companies with a decline in net profit.

Although it is also affected by factors such as epidemic conditions, rising raw materials prices and chip shortages, the profitability of listed car companies is very different.

SAIC Group, with the highest total revenue, operating income of 325.993 billion yuan in the first half of the year, a decrease of 13.69%year -on -year; net profit was 6.91 billion yuan, a year -on -year decrease of 48.10%. BYD, which ranked second in revenue, operating income was 150.607 billion yuan, an increase of 65.71%year -on -year; net profit was 3.595 billion yuan, an increase of 206.35%year -on -year.

Regarding the decline in net profit and revenue, SAIC Group claimed that it was due to the repeated epidemic, which caused a serious impact on the automotive industry chain and supply chain, resulting in a decrease in the company's sales revenue. Factors such as the sharp rise in raw materials such as power batteries and tight chip supply have also adversely affected the gross profit margin of the product.

that's the truth. In the first half of this year, a number of car companies in Shanghai stopped production and reduced production, and SAIC Group suffered a severe frustration.

As the first SAIC Group, which once has the size of the domestic automotive industry, the size of the scale of revenue, and net profit, the gap with the latecomers in recent years is constantly narrowing.

Relying on the dividend of new energy vehicles, BYD not only sold a new high in the first half of the year, but also became one of the "most profitable" car companies in China. In the first half of this year, BYD's net profit had exceeded 3.045 billion yuan last year.

Recently, the Ministry of Industry and Information Technology issued the preliminary review results of the promotion subsidy of new energy vehicles in 2021, and BYD received more than 5.2 billion yuan. This has once again triggered whether BYD can still maintain the performance of performance after subsidy.

In response, BYD Chairman Wang Chuanfu responded to investors' questions at the BYD semi -annual report phone call on August 30, "The company's gross profit margin increased by month by month. The amount of allocation and production capacity are all improving. "

Some analysts believe that the rise in bicycle premium capacity and sales volume is the main reason for BYD's growth in the first half of the year, and to a certain extent hedge the profit pressure brought about by the rise in upstream raw materials.

Government subsidies are no longer an important factor in BYD's financial report. According to the financial report, BYD's government subsidy accounted for profit from 43.75%to 13.99%in the first half of 2022. The subsidy settlement of 5.2 billion yuan in 2021 still takes a period of time.

Multi -brand strategy work

In addition to BYD, Great Wall Motors, which has become increasingly popular in the consumer market in recent years, has also been one of the few car companies that maintain their revenue and net profit growth.

In just two years, Great Wall Motors broke through the era of "magic cars" led by Haval H6 through Haval Dogs, Tank 300, Haval's First Love, Haval Chicken Rabbit and other products, and gradually formed multiple market segments "explosive models". Commonly supported SUV landscape.

This boom is reflected in the financial report data: In the first half of 2022, Great Wall Motor's net profit was 5.6 billion yuan, an increase of 58.72%year -on -year.

It is worth noting that in the first half of the year, the cumulative sales of Great Wall Motors fell 16.12%year -on -year to 518,500 units, while the Haval brand fell a large decline, a year -on -year decrease of 26.21%.

The seemingly inconsistent decline in sales and rising profits is the key to the multi -brand strategy of Great Wall Motors. Although Haval's sales of Harvard, which mainly attacked the market below 150,000 yuan, decreased by nearly 30%year-on-year, but the sales of high-end SUV brand tanks with more than 200,000 yuan in markets increased by 63.56%year-on-year. %.

In addition to Great Wall Motors, Geely Automobile, Changan Automobile and GAC Group also know this. The significant growth of net profit seems to confirm that this strategic direction is correct.

Although the GAC Group, which is also derived from the new energy models, is not as dazzling as BYD, it is actually a result.

In the first half of the year, GAC Group obtained 48.448 billion yuan in operating income, an increase of 41.17%year -on -year; net profit attributable to shareholders of listed companies was 5.751 billion yuan, an increase of 32.61%year -on -year.

In the financial report, GAC Group revealed that the main reason for revenue growth is due to the stability of the domestic economy, the overall stability of the automotive market, the implementation of a series of policies for the stability of the economy, and the implementation of the group's independent brand model products. Small growth and other factors.

Data show that from January to June, GAC Group sold a total of 1.149 million new vehicles, an increase of 12.02%year-on-year. Among them, GAC Ean completed 100,300 units, an increase of 133.88%year -on -year, which was the most prominent of several major sectors; GAC Toyota completed 417,200 units, an increase of 19.89%year -on -year, ranking second in the increase; Increased by 14.31%, and the sales volume was 172,600 units. The three joint venture brands of GAC Honda, GAC Fiat Chrysler, and GAC Mitsubishi have shown different levels of decline.

In addition, Changan Automobile achieved revenue of 56.573 billion yuan in the first half of the year, a decrease of 0.37%year -on -year; net profit was 5.858 billion yuan, a year -on -year increase of 238.74%. Among them, 1.23 billion yuan came from the benefits of Avita, a subsidiary of Changan Automobile. After deducting this part of the income and other non -recurring gains and losses, the net profit of Changan Automobile increased by about 215%year -on -year.

Changan Automobile said that the increase in net profit in the first half of the year was mainly due to the continuous upward improvement of the company's brand, the continuous optimization of the product structure, and the continuous improvement of independent brand profitability.

At present, Changan Automobile has independent car brands such as Changan, Ou Shang, Kaicheng, Deep Blue, and Avita, forming a comprehensive brand and product matrix from commercial vehicles to passenger cars, from low -end cars to high -end cars. With the overall upward upward of Chinese automobile brands, the profitability of various brands of Changan Automobile has also risen.

Most car companies have difficulty in profitability

However, profit is only a small number, most of the car companies have fallen into a strange circle that sells much more.

Weilai Automobile's revenue in the first half of the year (Q1+Q2 announced performance calculation) was 20.203 billion yuan, an increase of 22.96%year -on -year; net profit loss was 4.54 billion yuan, a year -on -year decrease of 17.96%. The ideal car's revenue in the first half of the year was 18.295 billion yuan, an increase of 112.38%year -on -year; net profit loss was 629 million yuan, a year -on -year decrease of 5.61%. Xiaopeng Automobile's revenue in the first half of the year was 14.286 billion yuan, an increase of 121.85%year -on -year; net profit loss was 4.402 billion yuan, a year -on -year decrease of 122.18%.

Traditional car companies are also not good: JAC's revenue in the first half of the year was 17.812 billion yuan, a year -on -year decrease of 20.60%; net profit loss was 712 million yuan, a year -on -year decrease of 249.04%. Haima Auto revenue was 1.28 billion yuan, an increase of 34.36%year -on -year; net profit loss was 98 million yuan, a year -on -year decrease of 17.75%.

Selis and BAIC Blue Valley, which have in -depth cooperation with Huawei, have increased their losses and revenue, but more and more losses. Selis's revenue in the first half of the year was 12.416 billion yuan, an increase of 68.14%year -on -year; net profit loss was 1.727 billion yuan, a year -on -year decrease of 258.97%. BAIC Blue Valley's revenue was 3.479 billion yuan, an increase of 42.76%year -on -year; net profit loss was 2.181 billion yuan, a year -on -year decrease of 20.28%.

Geely, Weilai, ideal, Xiaopeng, Selius, BAIC Langu and Haima cars have different operating income growth and decrease in net profit, mostly because of sales costs, distribution and sales expenses and administrative expenses, which have risen seriously.

Taking Geely as an example, the cost of Geely's sales in the first half of 2022 increased by 33.4%year -on -year, and administrative expenses increased by 43.6%year -on -year, while its operating income increased by only 29.0%. 93.4%of the group's operating income.

In the first half of the year, Selis's sales costs reached 1.459 billion yuan, an increase of 247%year -on -year, of which the highest proportion of Guangzhuang and service fees reached 1.157 billion yuan, a year -on -year increase of 546%. The same situation as Selis is the BAIC Blue Valley, which belongs to the "Huawei Concept Stock", which has expanded the overall loss to 14 billion yuan in two and a half years.

It is worth noting that the financial report shows that from 2017 to 2021, BAIC Blue Valley invested a total of 2.99 billion yuan in research and development, with an average of less than 600 million yuan per year. In the first half of 2022, in the actual fund distribution of BAIC Blue Valley, R & D expenses were 374 million yuan, a year -on -year decrease of 8.35%, while marketing costs were 890 million yuan in the same period, a year -on -year increase of 67%.

In contrast, Xiaopeng Automobile, which is also a new forces of the car, was investment and development in 2021, R & D investment was 4.114 billion yuan, and the ideal R & D investment in the first quarter of 2022 was 1.37 billion yuan. Even Selis, who was formerly known as a well -off car, had investment in R & D in the first half of the year, a year -on -year increase of 123.17%.

Where did the money go?

The increase in sales costs caused by rising raw materials is a headache for each car company. Is it really money by batteries?

Judging from the first half of the performance of several listed power battery manufacturers, the net profit margin of the power battery manufacturer has not been prominent. In the first half of the year, Ningde Times revenue increased by 156.32%year -on -year, and net profit increased by 82.17 year -on -year; Guoxuan Hi -Tech revenue increased by 143.24%year -on -year, and net profit increased by 34.15%year -on -year. 9.08; Xinwangda's revenue increased by 38.49%year -on -year, and net profit fell 39.72%year -on -year; Fineng's technology revenue increased by 495.55%year -on -year, and net profit increased by 29.65%year -on -year.

Look at the upstream supplier of power batteries for half a year's financial report, everything is clear.

The typical representative of the upstream raw material suppliers in power batteries, Ganfeng Lithium and Tianqi Lithium are really full of money in the first half of this year. The operating income of Ganfeng Lithium increased by 255.80%year -on -year to 14.321 billion yuan; net profit increased by 412.72%year -on -year to 7.255 billion yuan, and the net profit margin was as high as 50.66%, an increase of 15.5 percentage points over the same period last year.

The operating income of Tianqi Lithium in the first half of the year increased by 508.05%year -on -year to 14.296 billion yuan; net profit increased by 11937.16%year -on -year, reaching 10.328 billion yuan, and a net profit margin of 72.24%, an increase of nearly 20 times.

"Through several years of technical upgrade and plan optimization, the price of our power batteries has dropped a lot, but because the price of raw materials has risen, we have all the efforts of our years." Chen Shihua, deputy secretary -general of the China Automobile Industry Association Lithium carbonate is in a state of deformity. Data show that this year's lithium carbonate price increases have come again, and the price has soared to 515,000 yuan/ton.

During the critical period of electrifying transformation, the raw price of power battery raw materials made cars and power battery manufacturers miserable. In order to cope with the increase in prices and erosion of upstream materials, many companies have begun to lay out the entire industrial chain layout from raw materials, power batteries to automobile manufacturing, and form a closed loop.

From the perspective of the entire industry, exploring the new profit model is already a general trend. Strengthening investment and research and development of core technology are also considered one of the keys to breaking the "card neck" technology and profitability.

"We believe that the research and development investment of core technology can not only increase the company's ability to deal with technical changes and industrial policy changes, but also improve the company's gross profit margin and technological competitiveness." Li Bin, chairman of Weilai, said.

Author: Zheng Yu

Operation editor: Xiao Ran

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