With China National Heavy Duty Truck (Hong Kong) Co., Ltd. released the 2014 interim report on the Hong Kong Stock Exchange on September 5, all the truck-related listed companies' 2014 interim financial statements were disclosed.
Looking at the financial data of all the truck listed companies, you can see several distinctive features. First of all, the profitability of heavy trucks is generally better than that of light trucks, and the gross profit margin has also increased compared with the same period. Secondly, the profitability of key component manufacturers is much better than that of vehicle manufacturers. This is prominently demonstrated by Weichai and Weifu. This also shows that under the market environment where emission policies have fluctuated in recent years, the biggest winner is not a complete vehicle factory but a key component supplier.
The performance is relatively high. The gross profit rate of the heavy truck listed company increases
"Comparison of 2014 Semi-Annual Reports of Truck Listed Companies" shows that from January to June 2014, the financial report data of heavy-duty listed companies was obviously better than that of light-card listed companies.
Benefited from the overall growth of 6.5% in the heavy-duty truck market in the first half of the year and the favorable price of raw materials, China National Heavy Duty Truck (Hong Kong) and China National Heavy Duty Truck Jinan Truck Group Co. . China National Heavy Duty Truck (Hong Kong) sold 51,130 heavy trucks in the first half of the year, an increase of 9.7%; operating income was 16.746 billion yuan, an increase of 12.7% year-on-year; gross profit margin was flat, and net profit attributable to shareholders of listed companies was 322 million yuan, a year-on-year increase of 66.8 %. Heavy truck Jinan Truck Group sold 45884 heavy trucks in the first half of the year, an increase of 14.03%; revenue was 12.236 billion yuan, an increase of 19.12%; net profit attributable to shareholders of listed companies was 284 million yuan, a year-on-year increase of 53.4%; gross vehicle sales The interest rate was 10.03%, a year-on-year increase of 0.22 percentage points.
Weichai Power, which focuses on heavy trucks and engines, has been driven by a small increase in the heavy truck industry. The performance of the mid-year report is also very brilliant. In the first half of the year, revenue reached 34.111 billion yuan, a year-on-year increase of 10.32%; net profit attributable to shareholders of listed companies reached 3.765 billion yuan, an increase of 80.57% year-on-year; gross profit of finished vehicles and key components rose 2.6 percentage points to 23.02%.
In addition, the gross profit margin of Foton Motor's medium and heavy truck business (including Futian Auman) increased by 0.17 percentage points to 9.27%.
Of course, behind the overall growth, there are also down heavy truck companies. Valin Xingma has been busy promoting the self-produced Hanma engine and the Hualing transmission since last year, together with the excessive proportion of special engineering vehicles (this type of vehicle is the most affected by this year's sluggish state investment in fixed assets), resulting in The financial report data is not satisfactory. In the first half of the year, Valin Xingma sold 11,810 heavy trucks, a year-on-year decrease of 11.48%; revenue was 3.04 billion yuan, a year-on-year decrease of 19.06%; net profit attributable to shareholders of listed companies was 90,560,300 yuan, a year-on-year decrease of 46.17%. The gross profit margins of its entire vehicle and chassis as well as special vehicles have also declined.
Ice and light two heavy sky light trucks fell due to the "policy city"
Different from the performance of heavy-duty listed companies, the financial reports of light-card listed companies are not so satisfactory. The reason is that light trucks have fallen year-on-year due to factors such as the slowdown of the macro economy and sluggish domestic consumption. At the same time, under the pressure of CCTV reports, major ministries and commissions have been cracking down on “Fake Country IV†since May and cracked down on them. As a result of the decking behavior, monthly sales of almost all middle- and low-end light truck brands from May to July have continued to drop sharply. Only Jiangling light trucks have “increased†their anti-corruption measures. This "policy city" is unexpected for all companies.
Specifically, Jinbei Automobile, which mainly sells Jinbei light trucks, sold 46,362 units of light-duty cards in the first half of this year, a year-on-year decrease of 16.66%; revenue of 2.719 billion yuan, a year-on-year decrease of 4.5%; and net profit attributable to shareholders of listed companies was only 7.0109 million yuan. Decline of 79% year-on-year. Although Foton Motor, Zhongzhong Card, Dazhong Ke and other major businesses all witnessed growth, the largest business segment - light trucks decreased in the first half of the year (230,070 light truck sales, 12.3% year-on-year decline), resulting in sales in the first half of the year. Automobiles fell 6.1% year-on-year to 326,117 vehicles. As the proportion of high-end businesses of Foton Motor increased, revenue increased slightly (18.805 billion yuan, an increase of 4.71% year-on-year), but its net profit was still greatly affected, falling 29.31% year-on-year to 288 million yuan; The decrease was 1.04 percentage points to 12.17%.
Dongfeng Motor Co., Ltd., which also used mid-range and low-grade light trucks as the largest business segment, sold 129,000 vehicles in the first half of the year, a year-on-year decrease of 8.3%. Among them, the sales of light trucks (including pickup trucks) were 83,000 vehicles, a year-on-year decrease of 8.8% (despite the pickups, the decline in light trucks was more than double digits); the revenue was 8.962 billion yuan, a year-on-year decrease of 11.08%; net profit attributable to shareholders of listed companies 162 million yuan, an increase of 182.73% year-on-year - but this is due to the growth of 50% investment income from Dongfeng Cummins. In the first half of the year, Dongfeng Motor's investment income reached 234 million yuan, the main source of contribution is the joint venture company Dongfeng Cummins.
The decline in key performance indicators of JAC's mid-year report was mainly due to the decline in passenger car business and light truck business. From January to June, JAC’s revenue increased slightly to RMB 18.105 billion, which represented a year-on-year increase of 0.67%; however, both sales and profits declined: 242,671 vehicles and chassis sold, a year-on-year decrease of 11.27%. In the first half of the year, 23,598 units were sold, up 34.4% year-on-year; however, 125,303 units of light trucks were sold, down by 8.95%); the net profit attributable to shareholders of listed companies was 460 million yuan, a year-on-year decrease of 11.58%; the comprehensive gross vehicle profit rate was 15.17%, which was a year-on-year decrease. 1.12 percentage points.
The mid-to-low-end light truck market segment mourns, Jiangling Motors, which specializes in high-end light truck business and pushes the electric control model, is flourishing. Jiangling Zhongbao reported that 132,938 vehicles were sold in the first half year, including 48,353 JMC trucks, 35,511 JMC pickup trucks, 15,369 Jusheng SUVs, 33,671 Ford Transit passengers, and 34 heavy trucks. The company’s total sales increased by 21% compared to the same period of last year. The increase in light trucks was as high as 27.1%. In terms of revenue, Jiangling Motors reached 12.275 billion yuan in January-June, an increase of 26.93% year-on-year; net profit attributable to shareholders of listed companies was 1.164 billion yuan, a year-on-year increase of 24.2%. It is expected that the gross profit rate of Jiangling Light Trucks will continue to exceed 20% since the beginning of this year.
Weichai and Weifu lead the key component suppliers are the biggest winners
In the market environment in which the emissions and environmental protection policies have fluctuated significantly in 2014, the biggest winner is actually not a complete vehicle factory but a key component supplier.
In the first half of the year, driven by the overall growth of the heavy-duty truck market, Weichai Power's overall performance indicators were all in full swing: sales of 168,300 heavy-duty engines, up 8.5% year-on-year, and 39.2% of the heavy-duty truck market share, up 0.7% year-on-year; sales of passenger cars The number of engines used was 10,100 units, an increase of 11.3% year-on-year. The market share of large and medium-sized passenger cars was 14.2%, up 2.6 percentage points year-on-year. Shaanxi Heavy's sales of heavy-duty trucks was 49,500 heavy trucks, up 5.3% year-on-year; Sales of 390,000 transmissions were up by 21.8% year-on-year. In terms of revenue, Weichai Power's operating income for the first half of the year was 34.111 billion yuan, an increase of 10.32% year-on-year; gross profit margin for complete vehicles and key components was 23.02%, up 2.6 percentage points; net profit attributable to shareholders of listed companies was 3.765 billion yuan, year-on-year The increase was 80.57%; the weighted average return on net assets was 12.64%, an increase of 4.58 percentage points from the same period last year.
Under the influence of the hot selling of the National Fourth-Quarry Exhaust Gas Aftertreatment System and the shortage of high-pressure common rail systems in the first half of the year, Weifu Hi-Tech's mid-year report data can be described as “a road burstâ€. The company mainly produces automobile fuel injection system, air intake system and exhaust gas after-treatment system. Among them, auto fuel injection system sales revenue increased by 16.33%, gross profit margin (27.37%) increased 1.04 percentage points, mainly due to Bosch OEM The sales of common rail pumps produced have increased significantly; Weifu Rida, a subsidiary of the exhaust gas aftertreatment system, has increased its operating income by 60% year-on-year to 863 million yuan, and its net profit has increased by 50% year-on-year to 87.51 million yuan; at the same time, Holding a 34% stake in Bosch Diesel, Weifu High Tech enjoyed a very high return on investment (Bosch's net profit reached 1.1 billion yuan in the first half of this year). In the first half of the year, Weifu Hi-Tech achieved operating income of 3.53 billion yuan, a year-on-year increase of 22.61%; net profit attributable to shareholders of listed companies was 841 million yuan, a year-on-year increase of 58.02%; weighted average return on net assets was 8.41%, an increase of 2.47 percentage points over the same period last year .
The significant increase in the interim results of Weichai and Weifu Tech is a direct reflection of the current policy environment faced by the commercial vehicle industry. It also indicates their different fate curves: In the second half of the year, as the increase in heavy trucks narrowed down to decline, Weichai's performance in the second half of the year Difficulties in the first half of this year's glory, and Weifu Hi-Tech will continue to benefit from the increasingly stringent stimulus of the national emission policy and maintain rapid growth in sales and profitability.
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