From June 5438 to September, Changan Automobile achieved an operating income of 55.84 billion yuan, a year-on-year increase of 23.77%; The net profit attributable to shareholders of listed companies was 3.486 billion yuan, a year-on-year increase of 230.98%. Net cash flow from operating activities increased by 86.8% year-on-year to 7.02 billion yuan.
Looking at Q3 alone, Changan achieved revenue of 23.06 billion yuan, a year-on-year increase of 51.32%; The net profit attributable to shareholders of listed companies was 880 million yuan, a year-on-year increase of 309.7%. If the non-net profit of RMB 520 million is deducted, the year-on-year growth will be reduced to 183.52%.
However, the net profit has increased substantially. Changan Automobile's financial report explained that the sales volume increased, the product structure was optimized, the profitability of independent business was improved, and the profitability of joint ventures was improved. At the same time, non-recurring gains and losses increased the net profit attributable to shareholders of listed companies by about 5.6 billion yuan.
By the end of the reporting period, the asset-liability ratio of Changan Automobile was 57.4%, which was 2.4 1 percentage point higher than that at the beginning of the year, but it was far better than the debt ratio of many automobile enterprises which had exceeded 70%. When we look at Chang 'an's profit in the third quarter, we will also find that the non-profit deduction reaches 5190,000 yuan, which is also an important turning point signal. Then, what is the growth gold content brought about by Changan Automobile's sales growth?
Non-recurring profit and loss
In fact, the so-called non-recurring gains and losses refer to the gains and losses arising from the disposal of non-current assets held by Changan Automobile and the rise in the share price of contemporary Ampere Technology Co., Ltd. After the completion of these two benefits, it is expected that this aspect will return to normal in future financial reports.
Among them, the gains and losses from the disposal of non-current assets were mainly due to the introduction of strategic investors by Chongqing Changan New Energy Automobile Technology Co., Ltd. (hereinafter referred to as "Changan New Energy") and the sale of 50% equity of Changan PSA Automobile Co., Ltd., and the income of the two projects was 3.548 billion yuan. In terms of financial investment income, after Changan Automobile sold its shares in Contemporary Ampere Technology Co., Ltd., its net profit increased by about 65,438+0.938+0 billion yuan.
This income refers to the "Announcement on the Progress of Disposal of Transactional Financial Assets" and the financial report released by Changan Automobile at the same time. In 2020? From July 1 2008 to October 30, 2008, Changan sold 22,999,600 shares of Contemporary Amp Technology Co., Ltd. through centralized bidding, accounting for 0.99% of its current total share capital, with a total turnover of 4,259 million yuan. It is estimated that after deducting the cost and related taxes, the after-tax net profit will increase by about 65,438+09,438+0 billion yuan.
Changan Automobile emptied the shares of Contemporary Ampere Technology Co., Ltd. this time. However, Changan Automobile said that this reduction will not affect the strategic cooperation between Changan Automobile and Contemporary Ampere Technology Co., Ltd.. In other words, Changan successfully made a low-sucking and high-throwing in three years and withdrew the funds. In addition, Changan currently holds17.75 million shares of Southwest Securities, with a market value of about1700 million yuan, which has also tripled.
In fact, Changan Automobile began to invest in Contemporary Ampere Technology Co., Ltd. from 20 17, with an initial cost of 654.38 billion yuan. 20 17 In June, Changan Automobile invested 5190,000 yuan to acquire the paid-in share of Zhenjiang Demao Hairun Equity Investment Fund Partnership (Limited Partnership) held by China Merchants Wealth Asset Management Co., Ltd. of 490 million yuan. After the capital contribution is completed, Changan Automobile holds 32.67% of the shares of the latter, and the latter became a shareholder in Contemporary Ampere Technology Co., Ltd. on June 20 17, with the shareholding ratio of 1. 18%.
From this perspective, the main profit of Changan in the third quarter was not contributed by the car owners. However, we also see that the non-profit created by the main business deducted in the third quarter reached 5190,000 yuan, indicating that Changan Automobile has completed the offensive and defensive transformation in the internal transformation in the past two years.
Production and marketing growth
We refer to the Chang 'an110 production and sales bulletin published on October 5th. Before 10 this year, Changan Automobile sold a total of158.35 million vehicles, up by 1. 1% year-on-year, and achieved 829 1% of the sales target of 1.94 million vehicles. The monthly sales volume has maintained growth for seven consecutive months.
According to Changan Group's cumulative sales of 6,543,800+0,370 vehicles in the first three quarters, there is no problem in achieving this year's sales target.
Judging from the situation in the three quarters of this year, the sales volume of Changan Automobile in the first quarter of this year is still in a state of decline. In April, the trend began to reverse, with monthly sales of159,600 vehicles, up 32.03% year-on-year. After half a year, the cumulative sales volume reached 830,654,38+0,000 vehicles, up 654,38+03.33% year-on-year. But in the first half of the year, the loss was still very large. The non-net profit deducted by Changan Automobile is a loss of 26160,000 yuan.
Due to the stagnation of its own transformation and the influence of Changan Ford's "profit cow" in the early stage, the profitability of Changan Automobile has been questioned. However, after several years of internal training, in the third quarter of this year, Changan completely turned over. Moreover, this year's epidemic has accelerated the reshuffle of the industry, especially compared with other car companies, we can see that the top three positions of Chang 'an, Geely and the Great Wall are more consolidated, and the Matthew effect is becoming more and more obvious.
Looking from the global market, the recovery speed of China market is the fastest. According to the statistics of China Automobile Association, from June 5438 to September, the production and sales of automobiles were169.57 million and17160,000 respectively, down by 6.7% and 6.9% respectively year-on-year, and the decline rate continued to narrow compared with June 5438+0-August. As of September, automobile production and sales have increased for six consecutive months, of which the sales growth rate has remained above 10% for five consecutive months. Chang 'an performed very well in this warming tide.
At the Beijing Auto Show, Zhu Huarong, Chairman of Changan Automobile, also reiterated the company's "third venture" when interviewed by reporters. With the persistence of the innovation and entrepreneurship plan, Changan Automobile's determination to accelerate its transformation into a smart travel technology company remains unchanged, and it is moving towards a world-class automobile enterprise.
In August, Zhu Huarong also said at the symposium of entrepreneurs in Chongqing that by 2025, Changan Automobile will achieve revenue exceeding 300 billion yuan and sales exceeding 3 million vehicles. Among them, Chongqing accounts for more than 60%. In addition, Changan Automobile (000625) revealed in the latest record of investor relations activities that by 2025, an intelligent development team of 5,000 people will be built, and the proportion of software developers will increase to 60%.
In the process of transformation, Chang 'an has slowly found its own rhythm. In addition, the completion of the equity change of Changan Peugeot Citroen Automobile Co., Ltd. also shows that Changan no longer focuses too much energy on things outside its "capability circle", and the work of eliminating backward production capacity is also going smoothly. It can be said that the result of "breaking up" is quite good.
It should be noted that
It should be noted that according to the analysis of the breakdown data given by Huachuang Securities, the gross profit margin of Changan Automobile after excluding sales expenses rose to the second highest level since the first quarter of 20 17, which was 10.5% (+0.8PP year-on-year and +3.9PP quarter-on-quarter), second only to that of the fourth quarter of 20 19.
However, the fly in the ointment is that the marginal gross profit margin in the third quarter did not exceed the level of 2065438+the second half of 2009, and Huachuang Securities estimated it to be 13.0%, because depreciation and amortization contributed to the increase of gross profit margin since the third quarter of 2065438+2009, but the contribution of "high pricing and cost control" was not reflected, and Huachuang Securities estimated and reduced costs slowly.
In addition, it can be seen from the financial report that the management expenses of Changan Automobile increased month on month, reaching 65.438+0.2 billion yuan, up 300 million yuan year on year and 400 million yuan month on month, mainly due to institutional changes, accrued salary expenses and non-recurring expenses.
However, facing the upcoming fourth quarter, the expectation of automobile sales is very strong. With the upcoming launch of UNI-K, the second model of the UNI series of Changan Automobile, it is also conducive to the high-end upgrade of Changan passenger cars, that is, the brand is upward. Therefore, I believe that the data of Chang 'an Annual Report this year will be much better than 20 19. After the research of CICC automobile, it is believed that Changan automobile procurement cost reduction measures continue to advance, and its contribution to profit improvement is expected to continue to be reflected in the fourth quarter.
It is worth noting that, according to the forecast of 4 15 institutions, Changan Automobile's annual net profit forecast this year is between 713-142.86 million yuan, with an average of 4.4 billion yuan, which is very optimistic as a whole. And in the next three years, the organization also gave a very good performance forecast. This shows that Changan Automobile has undergone transformation and adjustment, and its future potential can be expected.
Text/Wang Xiaoxi
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