Listed passenger car performance forecast for 2017: SAIC alone big profit loss

In 2017, the Chinese auto market ended smoothly with a slight increase of 3%, but the sales competition of each car company has never stopped. To some extent, whether the sales volume is good or not determines the warmth of the purse. During the whole year of hard work, many domestic listed car companies have issued 2017 performance forecasts in succession.

Gasgoo has compiled 9 listed passenger vehicle companies with published data to explore the status of auto companies in 2017. From the public forecast data, combined with the sales status of the whole year, the companies represented by SAIC, GAC, and Geely Automobile achieved a good harvest in both sales and capital markets in 2017; by contrast, Great Wall Motors The annual sales volume exceeded one million vehicles, but there was a phenomenon of profit decline. Conversely, FAW Xiali, Haima Automobile, and JAC released a performance reduction notice under the situation of a sharp decline in sales; however, there were also FAW cars and Lifan shares passed. A company that sells assets without loss.

SAIC Group: One Large

Net profit of approximately 34.2 billion yuan, a year-on-year increase of 7%

On January 18, SAIC Motor announced an announcement of its 2017 performance increase. The announcement pointed out that after preliminary calculation by the financial department, it is expected that the net profit attributable to shareholders of the listed company for 2017 will be approximately 34.2 billion yuan, an increase of approximately 2.2 billion yuan over the same period of last year, an increase of approximately 7% year-on-year.

As for profit growth, SAIC Motor said that it was mainly due to the increase in vehicle sales. In 2017, SAIC Motor sold 6.93 million units of vehicles, a year-on-year increase of 6.8%.

In 2017, SAIC Motor’s joint-venture brands and their own brands were able to go hand in hand. Among the joint venture brands, SAIC-VW, SAIC-GM and SAIC-GM-Wuling sold more than 2 million vehicles a year. At the same time, SAIC Motor's performance in the past year is also worth noting, Roewe and MG two brands sold more than 520,000, an increase of 62%.

Looking at the financial reports over the years, we can see that SAIC's net profit in recent years has been rising steadily, from 20.022 billion in 2011 to 32.009 billion in 2016, and 2017 will be a record high in history. From the above table, in 2017, SAIC Motor Group will reap the net profit of 34.2 billion yuan without any suspense to be the most profitable automaker in China and easily exceed the sum of the net profits of the other 8 passenger car companies that have announced their results.

GAC Group: Autonomy and Joint Venture

Net profit increased by 55% to 85% from the same period last year of 97.4 to 11.63 billion yuan

On January 16th, GAC Group announced its 2017 earnings pre-addition announcement. It is expected that net profit attributable to shareholders of listed companies in 2017 will increase by 3.45 billion to 5.34 billion yuan, a year-on-year increase of 55% to 85%. The net profit after deducting non-recurring gains and losses attributable to shareholders of the listed company increased by 3.35 billion to 4.57 billion yuan compared with the same period of last year, an increase of 55% to 75%.

As for the reason for the increase in performance expectations, GAC Group stated that it is due to the steady growth of its main business. In 2017, GAC Group sold 2 million vehicles in the year, which represents an increase of over 20% from the cumulative sales in 2016.

Like SAIC, the joint venture and autonomy of GAC Group also achieved better performance in 2017. Among the joint venture brands, sales of Guangzhou Automobile Honda, GAC Toyota, and GAC Mitsubishi have steadily increased. Among them, GAC Honda Motor Co., Ltd. sold a total of 705,000 new vehicles in 2017 and exceeded its annual sales target of 690,000 units. GAC Toyota's cumulative sales reached 44. 20,000 units, exceeding the annual target of 435,000 units; GAC Mitsubishi has increased sales by 110% compared to 2016. At the same time, GAC Passenger Vehicles sold a total of 509,000 new vehicles in 2017, an increase of 36.7% year-on-year, exceeding the 500,000 sales target set at the beginning of the year.

It is reported that this is the first time GAC Group has entered the sales of millions of clubs in 2013. In 2017, it has reached 2 million steps, and its production and sales have both exceeded 2 million.

Geely Automobile: The biggest dark horse of the year

Net profit increased by 100% to approximately RMB 10.22 billion

On January 9th, Geely Auto listed on the Hong Kong stock market issued a positive earnings forecast. It is expected that the net profit attributable to shareholders of Geely Automobile for 2017 will grow by over 100% compared to 5.11 billion yuan for 2016, or it will achieve more than 102%. 200 million yuan profit. Geely said that the substantial increase in vehicle sales and product mix improvement are the main reasons for the increase in net profit.

In 2017, Geely sold a total of 1.247 million new cars in the year, a year-on-year increase of 63%. Among them, the sales volume of Geely-branded automobiles was 1,241,000, and the sales volume of the Leading-brand vehicles was 0.6 million, which exceeded its previous level. Set a sales target of 1.1 million units for the entire year of 2017.

Through the two-lane layout in the field of cars and SUVs, Geely Automobile has successfully entered its own brand “millions of clubs” in 2017. In the face of 2018, Geely Automobile will sprint a sales target of 1.58 million vehicles.

Great Wall Motor: Annual sales of millions of dollars

Net profit decreased by 52.3% year-on-year to approximately RMB 5.03 billion

On January 27, Great Wall Motor Co., Ltd. released its 2017 performance forecast announcement. The announcement shows that the net profit of Great Wall Motors attributable to the shareholders of the listed company in 2017 is estimated to be 5.03 billion yuan, a decrease of 5.52 billion yuan compared with the same period of last year, a decrease of 52.3% year-on-year.

As for the decline in profits, Great Wall Motors stated that there are three main reasons. First, it is through the activities of buying cars and shaking red envelopes to benefit customers, promote sales of existing products, affect the level of income and gross profit margins; secondly, through media, television, and outdoor media, etc. In terms of branding and product promotion, the increase in advertising fees was greater. In the end, Great Wall Motors continued to increase investment in R&D in order to continuously increase the competitiveness of SUV products, resulting in an increase in research and development expenses.

In 2017, Great Wall Motor sold 1.07 million new cars, a decrease of 0.4% year-on-year. The annual sales of million may well be good for the Great Wall, which is based on the SUV's one-legged walk. However, it is difficult to see the SUV model's 2017 year-on-year increase of 13.32% to 10.2525 million vehicles. Facing more and more competitors, Great Wall Motor Co., which never advertised, has also started to promote itself through promotion and investment in R&D.

The decline in short-term net profit is for a longer-term layout. Relevant data show that on the next trading day after the announcement of the performance reduction announcement, Great Wall Motor Hong Kong shares rose 2.45%, A shares fell 0.08%, investors and institutions said they would be optimistic about Great Wall Motor’s 2018 performance.

FAW Car: Turning loss into profit

Net profit increased by 127.6% to 133.5% from approximately 260 million to 320 million yuan year-on-year

On January 27, FAW Car announced the 2017 performance forecast. It is expected that the net profit attributable to shareholders of listed companies in 2017 will be 260-320 million yuan, compared with the loss of 954 million yuan in the same period of 2016. , an increase of 127.6% -133.5%.

The operating results achieved a successful turnaround, and FAW Car said that it was mainly based on the company's deepening reforms, actively and orderly carried out various tasks, keeping a close eye on the market, and successfully launching the Pentium X40, an intelligent network-linked model, and the continuation of the co-branded dual-star models. In terms of sales, the company sold 239,600 complete vehicles in the year, an increase of 23.8% over the previous year.

The data shows that in 2017, FAW Car sold 239,600 complete vehicles, of which, Mazda brand sales reached 124,200, which exceeded the 120,000 targets set at the beginning of the year, a substantial increase of 35.7% year-on-year; the Pentium brand is With the help of the main model "Pentium X40", the annual sales of 145,400 units were up by 13.7% year-on-year.

However, industry insiders also stated that the growth of FAW Car's performance did not come entirely from its main business, and the revenue from the red flag was a large part of its annual revenue. The main business revenue also came from FAW Mazda. Contribution, FAW Car's own brand still needs to be improved.

FAW Xiali: At Risk

Net profit loss of RMB1.6 billion to RMB 1.69 billion, down 1088.7% year-on-year to -1138%

On January 31st, FAW Xiali released its 2017 annual performance forecast. It is expected that the net profit attributable to listed shareholders in 2017 will be RMB 1.16 billion to RMB 1.69 billion, which is a decrease of 1088.7% compared with 2016 net profit of RMB 160 million. %-1138%.

FAW Xiali attributed the loss to the fact that the product structure adjustment has not yet been completed. The current production and sales scale of the product is low, and its profitability is weak. At present, the company is intensely preparing for the production of new products. It is expected that the newly-designed Junpai A50 sedan, Chunpeng CX65 crossover car and A-SUV will be successively launched in 2018. At the same time, officials also stated that as a result of the company's transfer of a 15% stake in Tianjin FAW Toyota Motor Co., Ltd. in 2016, its shareholding ratio has decreased, and investment income has also decreased.

The data shows that in 2017, Xiali sold 24,000 vehicles, a decrease of 44.6% year-on-year. It is also understood that FAW Xiali currently sells only 8 models, of which the sales of the Xiali model and Wei series models have been significantly reduced due to suspension of production for several months, and they rely solely on the Chunpai series to maintain sales. The above announcement stated that the 2018 FAW Xiali product line will be greatly enriched, and it is expected that the scale of production and sales will also be improved.

Haima Motor: First loss in 2010

Net profit loss of 940 million-10.4 billion yuan, down 508.7% -552.2% year-on-year

On January 27, Haima Motors announced its 2017 performance forecast. It is estimated that the net profit of shareholders of Haima Motor Co., Ltd. in 2017 will be 940 million to 1.04 billion yuan, compared with 230 million yuan in the same period of last year. It fell 508.7%-552.2%.

Haima Motor Co., Ltd. stated that its significant pre-losing results were mainly at the same time as car sales volume fell sharply compared to the same period of last year. The company launched a category strategy, seized resource focus, product focus strategy, implemented delisting for some products or ongoing projects, or stopped R&D, etc. The related assets or R&D expenditures are depreciated or expensed.

The data shows that in the whole year of 2017, the total sales volume of hippocampus vehicles was only 140,000, a year-on-year decrease of 35.13%, which is far from the sales target set at the beginning of the year of 300,000.

It is worth noting that this is the first time that Haima Motor has suffered losses since 2010. From 2012 to 2016, Haima Motor’s net profit was 164 million, 298 million, 213 million, 162 million, and 230 million, respectively. Insiders said that Haima Motor’s 2017 loss will “swallow” the net profit of the past five years.

Jianghuai Automobile: subsidy for passengers with trailing slopes

Net profit loss of 485 million yuan decreased by 58% year-on-year

On January 31, JAC Motor announced the 2017 performance reduction announcement. It is expected that the net profit attributable to listed company shareholders in 2017 will be reduced by 680 million yuan compared with the same period of last year (in 2016, it was 1.16 billion yuan). Around Yuan, a year-on-year decrease of 58%; net profit attributable to shareholders of listed companies deducting non-recurring gains and losses will be reduced by RMB 860 million compared with the same period of the previous year (2016 was RMB 840 million). 101%.

According to Jianghuai, the pre-reduction of performance was mainly due to the subsidization of new energy vehicles and the sharp decline in the sales of passenger cars.

According to the data, in 2017, Jianghuai Automobile Co., Ltd. sold a total of 516,900 passenger cars and commercial vehicles, a year-on-year drop of 20.58%. It is worth noting that, subject to the sluggish performance of SUV products throughout the year, Jianghuai passenger vehicles sold only 222.2 thousand vehicles throughout the year, and only completed 55.55% of the annual sales target of 400,000 vehicles.

At the same time, in 2017, Jianghuai Automobile sold 28,200 new energy passenger vehicles, an increase of 54% year-on-year, but affected by the subsidy of new energy vehicles, the confirmed subsidy income of new energy passenger vehicles was 1.556 billion yuan, up year-on-year. It dropped by 6.6% and the subsidy for a single new energy passenger car dropped by about 40%.

Lifan shares: continue to "sell assets" to profit

Net profit increased by 72.6% YoY to approximately RMB121.383 billion to 121%

On January 28, Lifan issued a 2017 preannouncement of earnings increase. It is expected that its annual operating income will increase by more than 10% year-on-year; net profit attributable to shareholders of listed companies will increase by 60 million yuan to 100 million yuan, a year-on-year increase of 72.64. % to 121.06%. In 2016, the company's profit was approximately 8,260.1,800 yuan.

Lifan said that the pre-increase in performance was mainly due to non-operating profit or loss. In 2017, Lifan obtained an investment income of RMB 195 million from its 51% equity interest in Lifan Financial Leasing (Shanghai) Co., Ltd., a wholly-owned subsidiary of Lifan. The impact on net profit was RMB 165 million. However, in addition to the non-recurring gains and losses arising from the disposal of the equity of the subsidiary, Lifan’s net profit attributable to the shareholders of the listed company in 2017 became an expected loss of 23 million to 17 million yuan.

It can be seen that through the sale of shares, Lifan shares will be free from losses in 2017. However, after reviewing its performance in recent years, it can be found that the main business of Lifan shares for 2015-2017 was a loss for three consecutive years. The data shows that Lifan’s cumulative sales volume in 2017 was only 133,000 vehicles. In this regard, Yin Fanshan, founder of Lifan, said that in 2018, Lifan will continue to promote the transformation and upgrading strategy from traditional fuel vehicles to new energy vehicles. It will shift strategy from the pursuit of the past to the pursuit of efficiency, and strive to have an overall profitability. Big improvement.

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