Introduction: Gac Motor Group, which said that sales ended perfectly, why the stock price has repeatedly declined recently.
On January 5, GAC Group released its December 2021 Production and Sales Express, which also includes the sales performance of the whole year, as this is the last issue of 2021.
"2021 ended perfectly, the annual growth of 4.9%..." For a time, the sales volume of GAC Group in 2021 was praised, but on the first trading day after the release of the production and marketing express, GAC Group's A shares and H shares fell, and failed to reverse the situation of three consecutive declines this week.
The question is, why?
From the overall data point of view, the sales performance of GAC Group in 2021 is actually less than expected at the beginning of the year.
At the beginning of 2021, with the release of sales data of 2.04 million vehicles in 2020, GAC Group put forward a target of 10% growth in 2021, which is estimated to be about 2.24 million. In the latest December production and sales report, the cumulative sales volume this year was 2.14 million vehicles, and according to the general performance of GAC Group in 2021, there was a sales gap of about 2-3 weeks.
1 Daily dependence has not changed radically
In addition, the more obvious problem is the dependence on Japanese joint venture brands. The first thing that must be admitted is that compared with 76.86% of the total sales of GAC Group in 2020, when GUANGC Honda and GAC Toyota jointly accounted for 76.86% of the total sales of GAC Group, it did decline in 2021, but it only decreased by 1.86 percentage points, and the above two joint ventures still accounted for 75% of the total sales of the group.
It is worth mentioning that in addition to August, September, October and November, GAC Group's sales share of the two Japanese joint ventures in most of the single months of 2021 is higher than 75%, and even reach around 78% at the beginning of the year.
Combined with the performance of independent brands in the sprint stage at the end of the year, the situation is even more worrying. GAC Aean, which has a thriving sales growth rate in the whole group, suddenly dropped from 6.71% in November to -3.56% in December, but in fact, GAC Aeon has maintained month-on-month growth in terms of production throughout the third quarter. In the last two months, the Aeon brand has continuously seen the "upside down" of production and sales.
At the same time, GAC Passenger Vehicles showed the exact opposite. In December alone, production exceeded sales by more than 11,000 units, and under the negative month-on-month growth in production capacity from November, December was more like full horsepower, up 25.04% month-on-month, but sales fell by 9.62% month-on-month.
2 Is GAC's report card perfect?
On the first trading day after the release of the production and marketing express, the stock price of GAC Group continued to decline, of which the decline in A shares further expanded to 2.46% compared with the previous trading day, reaching the lowest 14.58 yuan per share since September. Capital markets seem less satisfied with the performance of the last month.
Of course, from a broader point of view, GAC Group's sales performance in 2021 does have a lot of remarkable places, especially gac passenger cars and GAC Aean's sales account for more than 20%, which is not an easy task for any auto group with a strong joint venture car company.
At the same time, we can also see the strong recovery of GAC Toyota compared to GAC Honda. These are definitely a major problem facing the decision-making level for how GAC Group allocates group resources and adjusts its development strategy.
Although the 2021 sales volume of GAC Group is not a perfect ending in the true sense, it actually shows a lot of reference value for traditional automobile groups. After all, for profit-seeking capital, the requirement for a "perfect ending" is not as simple as imagined.