Car prices reported in the ice and the two heavy days, FAW Xiali slipped over 10 times

When it came to the middle report, it was released. Recently, several domestic listed car companies have successively released their performance reports for the first half of the year. Compared with previous years, the “polarization” of car companies in this year has become increasingly serious, especially in the passenger car industry, due to the pressure on independent brands in the market. Some car companies' profits have fallen sharply. Among them, the profit of FAW Xiali even fell 10 times, and the loss is expected to reach 400 million yuan. In the commercial vehicle sector, due to the impact of the cold market in the second quarter, the profits of most commercial vehicle companies also showed a year-on-year decline.

Passenger car differentiation is obvious

Statistics show that as of the July 19th A-share earnings forecast, the auto industry's forecasted net profit growth rate is 18.22%, the forecasted net profit growth rate is 44.1%, and the forecasted net profit growth rate is 31.16%.

Among them, Changan Automobile announced that it expects its first-half results to increase substantially year-on-year, net profit attributable to shareholders of listed companies will increase by 155.45% to 177.99% year-on-year, and earnings will reach 3.4 billion to 3.7 billion. The year-on-year profit was only 1.33 billion yuan, and the basic earnings per share was about 0.73 to 0.79 yuan. This is mainly due to the increase in investment income of Changan Ford Motor Co., a joint venture company, resulting in a significant year-on-year increase in semi-annual business performance.

In stark contrast to this, FAW Xiali, which is mainly owned by its own brand, will lose more than 1000% in the first half of this year and enter a loss situation.

According to the performance forecast released by FAW Xiali, there will be a loss in the first half of this year, in which the net profit attributable to the shareholders of the listed company was negative from 400 million to 460 million yuan, compared with 4.58 million yuan in the same period of last year. Basic earnings per share is a loss of about 0.25 yuan to 0.29 yuan. Tianjin FAW said that the semi-annual loss was mainly due to the transition period of product structure adjustment, which was affected by factors such as the upgrading of market consumption, purchase restrictions in some cities, and adjustments to the national fuel economy subsidy policy. The economic car market showed negative growth, and FAW Xiali. The production, sales, and operations have been affected. At the same time, the production and sales volume of Tianjin FAW Toyota Motor Co., Ltd., which was a shareholder, decreased year-on-year, resulting in a decrease in the contribution of investment income over the same period of last year.

The analysis pointed out that the profits from these two listed companies can reflect the gap between self-owned brands and joint venture brands on the market today. Statistics show that in the first half of this year, China's automobile production and sales reached 11.7834 million vehicles and 11.6835 million vehicles, an increase of 9.6% and 8.4% year-on-year respectively. Among these, the market share of self-owned brands has continued to shrink, and market share has dropped by 3.48 percentage points from the same period last year.

Shen Yinuo, an analyst at Changyue, believes that in the first half of 2014, the sales volume of narrowly defined passenger cars was 8.856 million, an increase of 14.66% year-on-year, of which SUVs will still maintain the fastest growth rate. In addition, the contribution of the joint venture brand contributed a lot to the growth of the industry. In addition to Changan, the sales of independent brands all dropped sharply. Structural differences resulted in different performances of the entire vehicle company.

Commercial vehicle reproduction is sluggish

Compared with the polarisation of passenger cars, the overall profitability of commercial vehicle companies has declined.

Among them, the Ankai bus notice shows that due to the year-on-year decline in the sales volume of products in the first half of this year, the performance will decline significantly. Among them, the net profit attributable to the shareholders of the listed company decreased by 52% to 72% over the same period of last year, and the net profit fell from the 25.01 million yuan in the same period of last year to the lowest 7 million yuan, and the basic earnings per share was 0.01 to 0.017 yuan.

Yaxia Auto's half-year performance forecast also shows that the first half of the performance will drop sharply, and the net profit attributable to shareholders of the listed company is 19,345,800 yuan to 40,841,100 yuan, 55% to 5% over the same period of last year. This was mainly due to the unsatisfactory gross profit of vehicle sales and the unsatisfactory commencement of business of financial leasing.

In addition, the half-year performance notice of Zhongtong Bus significantly increased by 344%-366%, and the net profit attributable to the parent company reached 200 million to 210 million yuan, and the earnings per share reached 0.84 yuan to 0.88 yuan. However, the increase in profit was not due to the outstanding performance of the main business, but to the sale of the entire equity of Suncom Company Xinjiang Zhongtong Real Estate Development Co., Ltd. in 2013. The gain of RMB 190 million was included in this year's profit, resulting in a substantial increase in this year's interim results compared with the same period of last year. increase. This also means that if the investment income is subtracted, Zhongtong Bus's main business profit is only 10 to 20 million, which will drop by more than 50% year-on-year.

Industry analysts pointed out that from a whole point of view, the strong and weak business pattern in the first half of this year has not been changed. The year-on-year decline in commercial vehicles drove the overall negative growth of commercial vehicles in the first half of the year, with cumulative sales of 2.05 million vehicles, down 3.1% year-on-year. Among them, in the second quarter, under the influence of the high base, the overall sales growth of passenger cars slowed down, resulting in a 10.8% decline in sales in the first half of the year.

However, instead of commercial vehicle annihilation, Jiangling Motors achieved substantial growth in the first half of the year. According to statistics, Jiangling Motors sold 132,938 vehicles in the first half of the year, an increase of approximately 21% year-on-year; sales revenue was approximately 12.3 billion yuan, an increase of approximately 27% year-on-year; operating profit was approximately 1.1 billion yuan, a year-on-year decrease of approximately 3%; Total profit was approximately 1.3 billion yuan, an increase of approximately 22% year-on-year.