Introduction: China's auto stocks this performance disclosure feast, some vehicle companies may not even be able to drink soup.
Judging from the performance forecasts disclosed by listed companies year-to-date, the current listed companies in China's automotive industry are no longer as simple as "a few joys and a few sorrows".
Next, various listed companies began to release their 2021 financial reports. Now, let's peek into the performance of 36 auto companies this year from their pre-released performance forecasts.
1) New energy & intelligent automobile stocks became the biggest winners
As of February 18, among the 69 Chinese auto-related listed companies concerned by Auto K Line, a total of 36 have issued 2021 performance forecasts (Note: Great Wall Motors and Jiangling Motors have issued performance express reports), and a total of 25 have achieved profitability, of which new energy & intelligent plate companies occupy half of the country, and only 3 passenger car companies that have unlimited scenery have declared profits.
One of the most eye-catching is Yahua Group, which released its 2021 performance forecast as early as early January, although the expected net profit of 920 million yuan only ranked 13th in the total list, but unexpectedly, February is not over, and it has preemptively released the first quarter of 2022 performance forecast!
What is even more unexpected is that its expected net profit in the first quarter of 2022 has reached the level of the whole year of 2021.
(Picture from the announcement of Yahua Group)
At the same time, in the total list of listed companies ranked according to the net profit situation, new energy & intelligence related companies occupy 6 seats in the total list of TOP 10, even if the scope is narrowed to TOP 5, there are 3 from this sector.
The no. 1 Cataline Era is expected to have a net profit of up to 14 billion yuan, which is even more than the net profits of Great Wall Motors and GAC Group combined.
What is more interesting is that even the 3 new energy & intelligent sector related companies in the bottom position of the list also have their own relatively special and decent reasons.
For example, the expected loss will expand to 140 million to 190 million yuan of Yihuatong, and the performance forecast explains the reason for the loss as the debt crisis of the company's customer, Shanghai Shenlong's parent company Dongxu Optoelectronics, which is dragged down by bad debts.
In addition to being affected by asset impairment, Fu Neng Technology also attributed the loss to the low pricing of the company's products, coupled with factors such as fixed assets and research and development investment.
After the Spring Festival, Fu Neng Technology held an investor telephone communication meeting, and targeted the solutions to the above problems, during the same period, that is, in the 6th week of 2022, Fu Neng Technology brushed purple in the weekly auto stock rise and fall list of "Auto K Line", leading the overall list.
Compared with the above two, the most interesting thing is the third-to-last-ranked Winson Electronics. Affected by the shortage of chips, Joyson Electronics expects to lose 3.18 billion to 3.78 billion yuan for the whole year.
The company was profitable last year, and because the performance forecast was so different from the operating conditions mentioned in the third quarter report, the Shanghai Stock Exchange conducted a series of very detailed inquiries on January 28. After the beginning of the year, Joyson Electronics responded to the announcement with an inquiry letter and ushered in a rise in stock prices.
Even new energy & intelligent enterprises that rank almost at the bottom of the net profit can enjoy a feast in the capital market.
2) The scenery of the whole vehicle enterprise is no longer there
In stark contrast to the new energy & intelligence sector, it is the listed companies of passenger cars and commercial vehicles that have grown rapidly with the era of China's automobile market blowout and infrastructure. Among the top 10 in the overall list, only two passenger car companies are on the list, and even if they reach the top 20 range, it is only two more commercial vehicle companies.
What needs to be added here is that as of February 18, among the 18 passenger car and 12 commercial vehicle listed companies concerned by the "Auto K Line", 6 and 8 have issued performance forecasts (or express reports) respectively, and two-thirds of the passenger car listed companies have not issued performance forecasts. Their operations can only wait until the official annual report reveals the answer.
First, looking at the passenger car sector, half of the profit and loss of the 6 companies that issued performance forecasts accounted for each. Among the 3 companies that are expected to lose money, in addition to the asset impairment and bad debts caused by the suspension of production, Xiaokang Shares and Beiqi Blue Valley are obviously the "new forces of car manufacturing 2.0" players who are most closely related to the concept of new energy & intelligence among the passenger car listed companies, but they have lost nearly 2 billion yuan and nearly 5 billion yuan respectively.
Looking at the commercial vehicle sector, don't look at the vast majority of them have issued performance forecasts, but only three have achieved profitability, of which Jiangling Motors explained the reason for profitability in the performance express report as receiving government subsidies; and Yaxing Bus has actually struggled on the profit and loss line; Yutong Bus seems to be relatively good performance, but a closer look at its deducted non-net profit is much lower than the net profit, about this we will analyze in detail below.
Among the remaining 5 commercial vehicle companies that are expected to lose money, 3.5 belong to bus companies, so why 3.5? Because of the bottom of the ranking of Foton Motor, which was once the world's largest production and sales of commercial vehicle companies, in just less than 10 years today, but because of the impairment, asset reduction, equity transfer, and even the reduction of government subsidies, from last year's profit of 155 million yuan, to today with a loss of more than 5 billion yuan in the last place on the list.
In addition, other bus companies have generally fallen from last year's profit and loss line to losses.
3) Squeeze out the "moisture" and see if you deduct non-net profit
Generally speaking, the net profit after deducting non-recurring gains and losses is a more realistic embodiment of the operating conditions of a listed company.
It is not difficult to find that the huge group with net profit in the list, Haima Automobile, and Yaxing Bus have all lost money in deducting non-net profit.
Among them, the huge group and Haima Automobile were related to the disposal of idle assets and equity transfer, and the above-mentioned Yaxing Bus relied on 150 million yuan of government subsidies to barely achieve a net profit of 1.5 million yuan to 2.25 million yuan on the basis of deducting non-losses of 169 million yuan to 166 million yuan.
Also mentioned above, Yihuatong, which is on the same profit and loss line as it, and Shanghai Shenlong, a bad debt customer that leads to losses, is also a bus company.
In addition, there are not a few companies that have more than double the difference between deduction of non-net profit and net profit. In addition to the three mentioned above, it also includes Ganfeng Lithium, Shanshan Shares, Tianqi Lithium, Jiangling Motors, Yutong Bus, BDStar, NavInfo, and Dongan Power.
It is not difficult to find that although the upstream suppliers of lithium and intelligence are driven by the rapid expansion of the market and the sudden increase in downstream customer orders, a series of non-recurring investments have also made them deduct non-net profits and directly cut them in half.
Let's go back to the performance forecasts and express reports released by these 36 automobile-related listed companies, among the reasons mentioned by profitable enterprises, production and sales growth is the most common keyword, even in the face of the industry status quo of "lack of core and less electricity", there are still companies that can achieve profitability through cost reduction and efficiency increase.
Correspondingly, among the loss-making enterprises, the main reason is the decline in production and sales, and the increase in raw materials and freight rates has led to a decrease in gross profit margin.
In March, Chinese auto stocks are about to enter a period of concentration in the release of the official 2021 financial report. At that time, what kind of achievements can the remaining passenger car listed companies achieve? What kind of annual answer sheet will those dealers and parts listed companies that have not yet issued performance forecasts come up with? All the suspense is about to be revealed, let's wait and see.