GAC Group released its 2021 annual performance forecast, and net profit resumed growth

On the evening of January 11, GAC Group (601238. SH) announced its 2021 annual results forecast, and expects to achieve a net profit attributable to shareholders of listed companies of about 6.6 billion yuan to 7.6 billion yuan in 2021, an increase of about 11% to 27% compared with the same period of the previous year; and the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses in 2021 is about 5.6 billion yuan to 6.7 billion yuan, an increase of about 16% to 39% compared with the same period of the previous year.

As for the reasons for the change in performance, GAC Group said that in 2021, the company made every effort to overcome the impact and challenges of chip shortages, rising raw material prices, repeated epidemics and other aspects, and achieved a steady increase in production and sales throughout the year; at the same time, through product structure adjustment, strengthening cost control and other measures, it achieved a steady improvement in operating efficiency.

Previously, the December production and sales report released by GAC Group showed that in 2021, GAC Group produced 2.1381 million vehicles, an increase of 5.08% year-on-year, and automobile sales were 2.1444 million units, an increase of 4.92% year-on-year. Among them, the production and sales of new energy vehicles increased significantly, with production in 2021 being 144,700 units, an increase of 88.68% year-on-year, and sales volume of 142,900 units, an increase of 77.35% year-on-year.

Passenger cars by category, sedan production and sales still accounted for the largest proportion, followed by SUVs. In FY2021, GAC Group produced 1,007,600 sedans and 961,200 SUVs, compared with 1,012,800 sedans and 968,100 SUVs during the year.

Yin persimmon financial reporter noted that in 2019 and 2020, the net profit attributable to the mother of GAC Group showed a negative growth trend.