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As powerful as SAIC, in the winter of 20 19, the performance decline is inevitable.
13 in April, SAIC released 20 19 financial report, showing that the operating income of listed companies was 843.324 billion yuan, down 6.53% year-on-year; The net profit attributable to shareholders of listed companies was 25.603 billion yuan, a year-on-year decrease of 28.9%; The cumulative sales volume was 6.238 million vehicles, down 1 1.5% year-on-year. The key data all showed a downward trend, and the net profit fell for the first time in ten years, hitting a new low since 20 14.
Regarding the reasons for the decline in performance, SAIC said in the financial report that the automobile industry as a whole was cold, and the domestic automobile market was affected by the slowdown in economic growth and industry policy factors, while the decline in net profit relative to operating income and sales volume was caused by multiple factors, such as the decline in sales volume, the intensification of the contradiction between supply and demand due to the switching of models in five countries and six countries, and the decline in subsidies for new energy vehicles.
However, despite the decline in performance, SAIC still showed its "resilience" as the industry leader, and its market share remained stable, and it was also quite effective in reducing costs and increasing efficiency. The annual expense rate is stable, the number of projects under construction is reduced, and the operating cash flow is obviously improved, while the investment in R&D is still high, exceeding10 billion yuan. Therefore, many brokers have indicated that the performance of 20 19 listed companies is in line with expectations, and given a "buy" or "overweight" rating.
At the same time, the specific performance of SAIC's main molecular companies also has its own bright spots, which is also the confidence of brokers in the performance of listed companies in 2020.
Export/new energy vehicles have bright spots and abundant cash flow.
In 20 19, SAIC sold 6.238 million vehicles, down11.5% year-on-year; Among them, the sales volume of passenger cars was 5.378 million, down12.7% year-on-year; The sales volume of commercial vehicles was 859,000 units, down 3.4% year-on-year; The sales volume of new energy vehicles was185,000, up by 30.4% year-on-year; The export volume was 350,000 vehicles, a year-on-year increase of 26.5%.
It is not difficult to see from the above data that, on the whole, SAIC's sales decline is consistent with the market trend, but it has performed well in new energy vehicles and exports, among which the export volume ranks first in the country, and the export volume of independent brands is 6.5438+0.86 million, an increase of 82.3% year-on-year. The cumulative export of MG brand is 6.5438+0.38 million, accounting for the vast majority of independent exports.
For independent brands, it is a fact that China automobile market has entered the stage of stock competition. Whether it can seek a breakthrough in overseas markets may be the next focus of independent brands, and relying on SAIC, SAIC passenger cars are more emboldened to "go out to sea"; In terms of new energy vehicles, in addition to the new energy vehicle business of its own brand, the MEB factory and corresponding models that SAIC Volkswagen is about to put into production are also considered as a highlight of SAIC in 2020.
Another bright spot is that SAIC's overall sales structure continues to rise. In 20 19, SAIC's sales volume decreased by 1 1.5% and its operating income decreased by 6.5% year-on-year, indicating that the average bicycle price of enterprises has increased and the proportion of high-end structures has continued to increase.
At the same time, the expenses and cash situation of listed companies performed well. In the expense part, the three rates (sales expenses, management expenses and financial expenses) decreased slightly, which reflected the strong cost control ability of the enterprise. Specifically, the sales expense was 57.455438 billion yuan, down 9.42% year-on-year, and the sales expense ratio decreased by 0.2 percentage points year-on-year; The management expense was 22.308 billion yuan, up 4.56% year-on-year, and the expense ratio increased by 0.3 percentage points.
In terms of R&D expenses, it was 2013.394 billion yuan, down by 12.94% year-on-year, and the total R&D investment was14.768 billion yuan, accounting for 1.79% of the operating income. Although R&D expenses have declined, they still remain at a high level of10 billion yuan.
In addition, the fixed assets of listed companies reached 83.06 billion yuan in 2065438+2009, and only the second phase of SAIC Volkswagen MEB factory and SAIC Zhengzhou passenger car base were under construction, with the scale declining. CICC Securities believes that the peak period of capacity expansion of listed companies has passed.
In the case of actively controlling costs, SAIC Group's cash flow in 20 19 was good, and the net cash flow generated by operating activities reached 46.272 billion yuan, up by 4 15.53% year-on-year, mainly affected by the change of loan scale of finance companies. Adequate cash flow is of great significance for enterprises to resist risks during the market downturn.
The joint venture sector is developing steadily, and the prospects of independent enterprises are promising.
Similar to the overall development trend of SAIC, the overall sales of SAIC Volkswagen, SAIC-GM and SAIC-GM-Wuling all declined. However, it is not difficult to find that SAIC-GM and SAIC-GM-Wuling have bright spots in the sales structure.
SAIC Volkswagen remains SAIC's biggest performance booster. In 20 19, the sales volume of enterprises was 2.002 million vehicles, down 3.2% year-on-year. The total operating income was 235.95 billion yuan, down 9% year-on-year; The net profit attributable to the parent company was 20.025 billion yuan, a year-on-year decrease of 28.52%. As a joint venture, SAIC can make a profit of 654.38 billion yuan, accounting for about 40% of the group's overall profit.
However, due to the lack of luxury brands, the price war in 20 19 years, and the switch between five countries and six countries, SAIC Volkswagen's bicycle income was 20 1 17900 yuan, and its bicycle net profit also dropped to 1000 yuan.
Comparatively speaking, the improvement of SAIC-GM's bicycle revenue is worthy of attention. In 20 19 years, the sales volume of enterprises was1600,000, down 18.8% year-on-year. Total operating income 1878.2 1 billion yuan, a year-on-year decrease of16.32%; The net profit attributable to the parent company was 65.438+0.0958 billion yuan, a year-on-year decrease of 29.85%.
However, thanks to the optimization of product structure, Cadillac sales increased by 65,438+0.7 percentage points, and SUV sales increased. SAIC-GM's bicycle revenue increased by 3.07% year-on-year to 1 1.74 million yuan, but the bicycle profit still showed a downward trend, with a year-on-year decrease of 13.58% to 0.68 million yuan.
The sales volume of SAIC-GM-Wuling in 20 19 was1660,000 vehicles, down19.4% year-on-year; The total operating income was 85.727 billion yuan, down 65.438+05.45% year-on-year; The net profit attributable to the parent company dropped sharply to 65.438+0.699 billion yuan, and its bicycle income also increased against the trend due to the promotion of business transfer. Regrettably, the net profit of bicycles still fell sharply to around 1,000 yuan.
Write it at the end
Although many enterprises have said that the impact of the epidemic on China's auto market is temporary, with the global spread of the epidemic, the global auto market decline in 2020 is a high probability event, so SAIC has set more cautious targets for 2020, including total operating income of 780 billion yuan (down 7.5% year-on-year), operating costs of 678.6 billion yuan (down 654% year-on-year) and sales of 6 million vehicles (down year-on-year).
Even so, the challenges of other enterprises will undoubtedly be more severe.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.