·The first quarter of the car industry is still a double-fire day

Recently, domestic auto listed companies have successively released the first quarter financial report for 2015. As a whole, the polarization has become more and more obvious, and it can be described as “two days of ice and fire”.
The differentiation of passenger cars has intensified In the first quarter of this year, over half of the passenger car manufacturers were not satisfactory, and the profit fell significantly year-on-year. The net profit of GAC Group's shareholders belonging to listed companies was 530 million yuan, down 37.60% year-on-year; Jianghuai Automobile achieved net profit of 215 million yuan, down 17.4% year-on-year; SAIC achieved net profit attributable to shareholders of listed companies of 7.468 billion yuan, a slight increase year-on-year. 6.98%. The net profit attributable to shareholders of listed companies in the first quarter of Lifan was RMB 118 million, a slight increase of 1.46% year-on-year.
Among the current listed car companies, FAW Car's net profit fell the most, achieving a net profit attributable to listed companies of 138 million yuan, down 48.14% year-on-year; while FAW Xiali is still in a loss whirlpool, attributable to listed companies' net profit loss of 257 million Yuan, down 27.36% year-on-year.
However, not all car companies have encountered market difficulties and polarization has intensified. In the first quarter, BYD's performance was particularly eye-catching. The net profit attributable to shareholders of listed companies was 121 million yuan, a year-on-year increase of 910.75%. Dongfeng Motor and Haima Motor also scored well. In the first quarter, Dongfeng Motor achieved a net profit attributable to shareholders of listed companies of 137 million yuan, a year-on-year increase of 280%. Haima Automobile achieved a net profit attributable to shareholders of listed companies of 129 million yuan, an increase of 119.99%.
In addition, Great Wall Motor and Changan Automobile have always maintained a small step and fast running. The data shows that Changan Automobile's net profit attributable to shareholders of listed companies in the first quarter was 2.494 billion yuan, a year-on-year increase of 29.41%. The net profit of Great Wall Motor's shareholders attributable to listed companies was 2.535 billion yuan, a year-on-year increase of 26.45%.
The downturn in commercial vehicles is even worse in the performance of listed companies in the first quarter. The most serious decline in profits is commercial vehicle companies. Among them, Zhongtong Bus has the largest decline, and the net profit attributable to shareholders of listed companies is 0.087 billion yuan, down 95.34% year-on-year; Foton Motor is also unable to avoid the downward trend, achieving a net profit of 125 million yuan attributable to shareholders of listed companies. 42.01%; As a leader in the commercial vehicle industry, China National Heavy Duty Truck's net profit attributable to shareholders of listed companies in the first quarter was 65 million yuan, down 29.35% year-on-year. While Jiangling Motors' sales in the first quarter increased by 5% year-on-year, its net profit attributable to shareholders of listed companies was 570 million yuan, down 4.11% year-on-year.
It is worth mentioning that Jinlong Motor performed very well in the first quarter. According to the quarterly report, due to factors such as the significant increase in sales of new energy vehicles during the reporting period, Jinlong Automobile achieved a net profit attributable to shareholders of listed companies of RMB 39 million in the first quarter, a substantial increase of 190.53% over the same period last year. In addition, Yutong Bus also achieved a net profit attributable to shareholders of listed companies of 374 million yuan in the first quarter, a slight increase of 5.19%.
Among the 88 listed companies in the automotive industry, there are two parts companies with a performance decline of more than 100%, namely Xiyi and Tianxing Instruments. In the first quarter, Xiyi’s net profit attributable to shareholders of listed companies was 6,272,300 yuan, a year-on-year decline of 636%. Tianxing Meter's net profit attributable to shareholders of listed companies in the first quarter was a loss of 5 million yuan to 6 million yuan, compared with -149.93 million yuan in the same period last year.
Obviously, although the operating income of auto parts companies has continued to grow in recent years, there is no substantial improvement in profitability. The decline in vehicle prices will drive down the price of parts and components, which in turn will affect the survival and development of component companies. The income of components will become thinner and thinner. Under such circumstances, some auto parts companies have begun to transform, and other businesses have been added, achieving a substantial increase in performance. The typical representative is Shunrong Sanqi, the first quarter. The net profit attributable to shareholders of the parent company was 90.71 million yuan, a year-on-year increase of 16782%. In addition, like Century Huatong's acquisition of game development companies, the performance has doubled. However, in the process of transformation, the risks increase, and should be cautious.
The dealers lamented that there is a contradiction between the excessive release of production capacity and the relative lack of demand in the current auto market, which has caused dealers to bear most of the inventory. In order to revolve funds, the price reduction promotion led to a decline in the gross profit of bicycle sales, which led to a general decline in the profitability of dealers. The first-quarter earnings report showed that the listed dealer groups such as Huge Group and Yaxia Auto continued their losses last year, and their profits dropped significantly.
In the first quarter, Yaxia Automobile's operating income reached 1.406 billion yuan, an increase of 8.57%, and there was still a loss of 0.11 billion yuan, down by 159.32% year-on-year. The huge group's operating income in the first quarter was 13.713 billion yuan, down 17.34% year-on-year; net profit attributable to shareholders of listed companies was 36 million yuan, down 54.70% year-on-year, basic earnings per share was 0.01 yuan, and the decline was as high as 66.67%. However, the performance of dealers listed groups in the first quarter also showed polarization. Shenhua Holdings’ first-quarter earnings report showed that its net profit attributable to shareholders of listed companies was RMB 0.44 billion, a year-on-year increase of 204.59%.
There is no shortage of bright spots in the market. Although the first-quarter earnings report is more worrying, there are many highlights that are crucial to the market outlook.
First, the post-market development has a broad space. In the first quarter, the growth rate of the aftermarket business of listed companies was relatively high, which was higher than the growth rate of total revenue and the growth of automobile sales revenue, indicating that the development space of the automotive aftermarket business is still very broad. The data also shows that the automotive aftermarket business contributed 49.3% of the gross profit of the company with 8.6% of revenue, which is due to the relatively high gross profit margin of the automotive aftermarket business, and also means that the automotive aftermarket business will be distributed in the future. The business group of the business group occupies an increasingly important position.
Second, the return period of independent brands including state-owned car companies in SUV R&D investment is beginning to come. Behind the good performance of Great Wall and Changan Automobile in the first quarter, it is the sales growth and profit dividend brought by SUV. In addition, most of the self-owned brand SUVs have gradually evolved from the previous single product to the product matrix, and the degree of loss caused by R&D investment has gradually decreased. It is understood that in the second half of this year, Great Wall and Changan Automobile will also launch more high-end SUV products. The market outlook is optimistic about the independent brand in the SUV continues to climb.
Third, in addition to SUV, another growth point of independent brands lies in new energy. In the first quarter, BYD relied on the growth of new energy vehicle business to achieve nearly 10 times growth. Under the government's strong promotion, the policy dividend is expected to continue to promote the rapid growth of the new energy auto industry, and from the previous policy-driven transformation to the dual drive of policy and performance. However, whether the independent brand can firmly grasp these two market segments depends on whether the joint venture can significantly reduce the price of its corresponding products.

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