Economic Observation Network reporter Zhou Ju Recently, some domestic listed car companies released 2021 performance forecasts, reflecting the survival status of auto companies in the past year. According to the statistics of the Economic Observation Network reporter, among the 8 listed companies that have issued performance forecasts, the expected profit and loss are half of each, that is, 4 are expected to achieve profitability and 4 are expected to lose. Among them, the reasons for each company's profit and loss are different.
GAC Group and Great Wall Motors are the leading enterprises of domestic car companies, and both achieved profitability in 2021, and their profits increased year-on-year. Among them, Great Wall Motor's profit increased the most, with a net profit of 6.781 billion yuan. In addition, Jiangling Motors and Haima Motors also achieved profitability.
Beiqi Blue Valley, Xiaokang Shares, Foton Automobile, and Zotye Automobile have experienced expected losses. Among them, the losses of Beiqi Blue Valley and Foton Automobile both exceeded industry expectations, the former is expected to lose 4.8 billion yuan to 5.3 billion yuan, and the latter is expected to lose about 5.035 billion yuan.
Beiqi Blue Valley has lost money for two consecutive years. According to the data, in 2020, BAIC Blue Valley lost 6.5 billion yuan, a loss of more than The Great Wall Motor's net profit of 5.36 billion yuan in that year; in 2021, THE LOSS OF BAIC has narrowed, and the profit of the Great Wall has also been further improved. Two years is equivalent to losing two Great Walls. In addition, in 2021, due to the cooperation between its brand Xilis and Huawei, xiaokang shares, which are extremely popular, are expected to lose 1.55 billion to 1.95 billion yuan.
It is worth noting that BAIC New Energy, a subsidiary of BAIC Blue Valley, mainly produces new energy vehicles, and Xiaokang shares have also begun to significantly shift to the new energy vehicle track in recent years. The iron law of "costly" car manufacturing has been confirmed by new energy vehicles. The 2021 car company financial report also confirms that among the companies that only build new energy vehicles, except for Tesla, there are few other profiteers. With the end of subsidies and the advent of the era of comprehensive market competition, the capital threshold of new energy vehicles will continue to be high.
The Great Wall leads the rise, and the seahorse turns a profit
Among the four profitable listed car companies, Great Wall Motors performed the strongest, achieving rapid growth in revenue and profit.
In 2021, Great Wall Motor achieved total revenue of 136.317 billion yuan, an increase of 31.95% year-on-year, and net profit of 6.781 billion yuan, an increase of 26.45% year-on-year. Great Wall Motor said that the overall performance in 2021 was mainly due to the increase in vehicle sales. According to the data, the cumulative sales volume of Great Wall Motors in 2021 reached 1.281 million units, an increase of 15.2% year-on-year. In addition, Great Wall Motors mentioned that the improvement of the model sales structure and the smooth transformation of intelligent electrification have also promoted the rise in its performance. According to the data provided by Great Wall Motor, the average selling price of its bicycles in 2021 exceeded 106,400 yuan, an increase of 14.50% year-on-year.
GAC Group is expected to achieve a net profit attributable to shareholders of listed companies in 2021 of about 6.6 billion yuan to 7.6 billion yuan, an increase of about 11% to 27% year-on-year. For the growth of profits, GAC Group announced that it is mainly the company's efforts to overcome the impact and challenges such as chip shortages and rising raw material prices in 2021, and achieve steady growth in production and sales throughout the year. In 2021, GAC Group sold 2.14 million units, up 4.92% year-on-year. In addition, GAC Group pointed out that in 2021, the company has also achieved an improvement in operating efficiency through measures such as product structure adjustment and strengthening cost control.
Jiangling Motors' net profit attributable to the mother in 2021 was 574 million yuan, an increase of 4.26% year-on-year. The company said this was mainly due to higher sales volumes, cost reductions and efficiency gains and higher profits from receiving government subsidies. According to official data provided by Jiangling, it sold 340,000 vehicles in 2021, up 2.99% year-on-year. However, it is worth noting that the proportion of Passenger Car sales of Jiangling Motors has become smaller and smaller, and the main profitable sector in 2021 is in the commercial vehicle business.
Somewhat surprisingly, Haima Automobile also achieved a profit turnaround last year. The data shows that Haima's net profit attributable to shareholders of listed companies in 2021 is 80 million yuan - 120 million yuan. In this regard, Haima said that the company's performance in 2021 improved year-on-year, mainly due to the sales volume of new products Haima 7X and export products listed last year. However, it is worth noting that if the non-recurring profit and loss is deducted, Haima still loses 430-470 million yuan, Haima explained that this is because the company has made a provision for large asset impairment losses on idle assets, discontinued models, backlog inventory, inventory vehicles, etc., resulting in large losses.
How many years do you have to lose money in new energy?
For the annual loss of 4.8 billion yuan and 5.3 billion yuan, Beiqi Blue Valley has its own explanation. First of all, it pointed out that due to the impact of the new crown pneumonia epidemic and the supply of raw materials, the company's production and sales volume did not meet expectations, and the existing gross profit could not cover the inherent costs and expenses, and the impact on the company's performance was about 2.0-2.5 billion yuan.
According to the data, the total output of Beiqi Blue Valley in 2021 fell by 51.84% year-on-year, only 6369 vehicles, and the total sales volume was only 26,000 vehicles. As a former domestic champion of pure electric vehicle sales, BAIC BJEV's sales in recent years have continued to be sluggish.
In addition, Beiqi Blue Valley said that in order to achieve the transformation of products to high-end, the company has made every effort to promote the promotion of arcfox brand and channel construction, increase brand communication, advertising and operation and other sales expenses, the impact on the company's performance is about 1.7 billion yuan. Beiqi Blue Valley also pointed out that in order to continue to build independent technical capabilities and increase investment in research and development, the impact of research and development expenses on the company's performance is about 1.1 billion yuan. The Jihu brand is considered to be the backwater battle of Beiqi Blue Valley, and its subsequent market performance has attracted much attention.
Due to its new energy brand Xilis, the well-known xiaokang shares also suffered losses. According to the data, Xiaokang shares are expected to lose money in 2021, and the net profit attributable to shareholders of listed companies will be -1.55 billion - 1.95 billion yuan.
Xiaokang co., Ltd. pointed out in the announcement that although the sales volume of new energy vehicles in 2021 increased compared with the same period last year, sales were still in the climbing stage, the amortization of fixed assets and intangible assets increased, and the continuous increase in research and development investment, labor costs, and marketing channel construction expenses led to the impact of the business segment on the net profit attributable to the shareholders of the listed company of about -1.4 billion yuan. In fact, in 2020, the well-off shares that began to build Xilisi have turned from profit to loss, with a loss of more than 1.7 billion yuan.
Overall, whether it is Beiqi Blue Valley, which mainly promotes ARCFOX, or Xiaokang shares that focus on building Xilis, it is still in the investment period of building brands, and it seems that it is still a little early to talk about making money. However, the previous data can be seen that financial indicators such as "Wei Xiaoli" are gradually improving, which shows that the automobile market competition is becoming more and more fierce, and it is more necessary for car companies that hope to break through to continue to invest. And Li Bin, the founder of Weilai Automobile, was interviewed by the Economic Observer at the end of 2021, and he also did not come before
Foton Motor has previously taken over Borgward Automobile and has a passenger car business, but its "highest ever" loss in 2021 is because Borgward Automobile "drags its legs". Foton Motor's net profit attributable to shareholders of listed companies in 2021 is expected to be about -5.035 billion yuan, which will set a record for Foton Motor's profitability.
According to the announcement of Foton Motor, the company's performance pre-loss is mainly due to the impact of the impairment of related matters of Beijing Borgward Automobile Co., Ltd. in the current period, and this part of the impact is as much as -5.326 billion yuan. If the company's total profit in 2021 is about 355 million yuan after deducting the factors related to the above-mentioned Borgward matters, this figure is more than double the total profit of Foton Motor in 2020. As early as 2018, Foton Motor transferred 75% of the shares of Borgward Automobile, but until now, it is still affected by Borgward Automobile's debt.
Zotye Automobile's net profit attributable to shareholders of listed companies lost about 400-600 million yuan, a loss of 96.30% to 94.45% over the same period last year. Zotye Automobile said that the company has completed the restructuring in 2021 and is expected to generate restructuring revenue of 2 billion yuan to 2.4 billion yuan. However, due to the company's automobile production bases are basically in a state of suspension, the production and sales of the main product vehicles are not large, and the total sales revenue is low, and its 2021 is still a loss. In addition, Zotye's main business, the automobile business, is in a state of suspension, and it is proposed to make a large amount of asset impairment provisions and bad debt provisions totaling about 1.3 billion yuan to 1.9 billion yuan, so Zotye's overall performance in 2021 is a loss.
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