Reporter 丨 Xiaomin Trainee 丨 Tian Qiqi
Produced by 丨aotou finance (theSankei)
Sugon Shares (600303.SH) has not had a good news recently:
In terms of the latest results, the net profit in 2021 is pre-loss -320 million yuan to -445 million yuan;
Specifically, since 2012, the 10-year non-profit deduction of non-net profit has accumulated a loss of 2.085 billion yuan;
In terms of sales, sales in 2021 were only 5812 vehicles, down 10.02% year-on-year, and 264 vehicles were sold in January 2022, down 68.38% year-on-year;
The comprehensive capacity utilization rate in 2020 is only 12.03%, and it will drop to 6.94% in 2021;
The major shareholder is not "too peaceful", from March 3, 2022, 100% of the shares held by the major shareholder Huatai Automobile are frozen, and the freezing period is three years...
Moreover, Shuguang is raising funds to acquire two Chery models and enter the A00-class new energy passenger car, but this has also been questioned by all walks of life in addition to the company's executives.
The production capacity is 68,500 units, but the sales volume is less than 6,000 units
However, Sugon shares also have good news.
On March 5, Shuguang Co., Ltd. announced that its subsidiary, Dandong Huanghai Automobile Company, won the bid in the procurement project of 100 10.5-meter pure electric air-conditioned buses and 23 11-meter tourism-style pure electric air-conditioned buses in Dandong Bus Company, with a total contract amount of 107 million yuan.
Signed a purchase contract for 123 vehicles, and Shuguang also issued a special announcement to "announce the good news", which is rare in car companies.
However, the 107 million yuan transaction money, Sugon shares can not get a one-time, according to the contract, the car payment to be paid in three years, and the delivery time is delivered within 45 calendar days after the contract is signed.
This seemingly "unequal" contract is really worth rejoicing in for Sugon shares.
In January 2022, Sugon sold 264 vehicles, down 68.38% year-on-year.
123 units is almost half a month's sales, and it is a one-time purchase.
More importantly, in January 2022, Sugon only sold 12 new energy buses, and these 123 vehicles are even more precious.
If it had been five or six years ago, Sugon would not have bothered to make such a small sales effort.
In 2016 and 2017, Sugon sold 16,200 units and 21,100 units, respectively, up 5.79% and 30.26% year-on-year, respectively.
The turning point of events happened at this time, and Dawn seemed to have begun the fate of "losing and retreating" in the dark.
In January 2017, Sugon Group signed a transfer framework agreement with Huatai Automobile.
In August 2018, Sugon issued an announcement that the 97.895 million shares of the company transferred by Shuguang Group to Huatai Automobile had completed the transfer registration procedures.
After the change of rights, Huatai Automobile will directly hold 134 million shares of the company's shares, becoming the company's largest shareholder.
At that time, huatai automobile group executives believed that after the strategic reorganization of the two sides, they would give full play to the complementary advantages of Huatai Automobile and Shuguang Automobile products, resources and channels.
However, in 2018, Sugon sold only 15,600 units, down 26.1% year-on-year, comparable to 15,200 units sold in 2015.
Then, from 2019 to 2020, Sugon's sales volume was 7710 and 7892 vehicles, respectively, an increase of -50.61% and 2.36% year-on-year, respectively, and has been less than 1,000 units for two consecutive years.
By 2021, Sugon shares sales fell again, and the number of cars sold in the whole year was 5812.
In terms of new energy buses, from 2015 to 2021, Sugon's sales volume was 1705, 568, 539, 143, 585 and 235, respectively, which was also unsatisfactory.
According to the 2020 annual report, Shuguang co., Ltd. has three major vehicle enterprises, Dandong Huanghai Automobile Co., Ltd. is responsible for the production of passenger cars, with an annual production capacity of 5500 vehicles; Dandong Huanghai Special Vehicle Co., Ltd. is responsible for the production of special vehicles, with an annual production capacity of 3,000 vehicles; Dandong Huanghai Automobile Co., Ltd. (Jinquan) is responsible for the production of pickup trucks, with an annual production capacity of 60,000 vehicles.
In total, Sugon has a production capacity of 68,500 vehicles, and the comprehensive capacity utilization rate in 2020 is only 12.03%, and it will drop to 6.94% in 2021.
Sales are not good, natural performance is not good, Sugon has been relying on subsidies and disposal of assets for many years to survive.
Recently, Sugon Automobile released a 2021 performance forecast showing that the company expects the net profit attributable to the shareholders of the listed company to be -320 million yuan to -445 million yuan; the net profit attributable to the shareholders of the listed company after deducting non-recurring gains and losses is -370 million yuan to -495 million yuan.
Shuguang Automobile said that the company's main vehicle and axle and other sector business, of which the vehicle business involves buses, pickup trucks, etc. belong to the automotive industry segments, affected by the new crown pneumonia epidemic and raw material price increases and other factors, the company's production and sales did not meet expectations, especially the proportion of buses and pickup trucks sales are sluggish, so that the existing gross profit can not cover the inherent costs, resulting in losses.
Sugon was listed in 2000, and it has been 22 years since then, and Aotou Finance found that in addition to the pre-loss in 2021, the company only had two annual losses, namely 2013 and 2018, with losses of 269 million yuan and 128 million yuan.
However, since 2012, Sugon has not achieved a profit for 10 years after deducting non-net profit, and has accumulated a loss of 2.085 billion yuan in 10 years based on the lowest loss in 2021.
Moreover, on March 3, Shuguang received a notice that the shares of the company held by the company's major shareholder Huatai Automobile were frozen in turn.
The number of frozen shares is about 134 million shares, accounting for 100% of the shares held by Huatai Automobile, accounting for 19.77% of the total share capital of Sugon Shares, and the freezing start date is March 3, 2022, and the freezing period is three years.
Take a 10-year-old model as a baby
It is in this context that Sugon has opened the "last attempt".
On September 30, 2021, Sugon announced that its wholly-owned subsidiary, Dandong Shuguang Auto Trading, transferred its 70% equity interest in Dandong Donghan High Port Logistics to Dandong Transportation Asset Management Co., Ltd., with a total transaction price of 144 million yuan (including: the first part of the equity transfer price of 112 million yuan; the second part is temporarily calculated until December 31, 2020 The interest on capital occupation is 32.7622 million yuan).
Just two days ago, on September 28, Sugon announced that it intends to acquire the advanced and mature technology of Chery S18 (Ruiqi M1) and S18D (Ruiqi X1) models held by Tianjin Meiya New Energy Automobile Co., Ltd., develop and produce pure electric cars and SUVs, accelerate the progress of pure electric passenger car projects, and help the company achieve leapfrog development.
The acquisition price of the related party transaction amounted to $132 million, which was exactly equivalent to the sale price of the above-mentioned assets.
However, Chery's two models with "advanced and mature technology" are products from ten years ago, listed in 2009, discontinued in 2011, and the total sales volume is only a few thousand units, which has almost been confirmed as a failed product.
Moreover, both cars are more than 1200 kg, and competitor cars are under 800 kg, and there is no advantage in cost.
But in the eyes of Shuguang shares, these two models that have been suspended for 10 years have become "treasures".
Shuguang said at the investor briefing that aiming at the mainstream core models of the market and formulating challenging functional performance indicators, "After the two new energy vehicle products removed the engine and gearbox, the vehicle weight has undergone a series of lightweight development and improvement, and the vehicle weight has been controlled at about 830 kg." ”
Cai Wenhua, vice president of Shuguang Shares, further said that the two models are similar to Changan (000625. SZ) Is similar to competing models such as the Ben E-Star, and is a five-door, four-seater model in terms of appearance and size, which has a certain competitiveness.
The two models are positioned as pure electric low-speed vehicles with road rights, and the target market is the market replacement demand for low-speed cars and tricycles.
The "competitor" of the passenger car is a tricycle, and Shuguang seems to have directly targeted the "floor" of the car, while the competitor Changan Benben E-Star has come well.
The official price of Changan Ben E-Star is 49,800 yuan to 74,800 yuan, and in terms of sales in the second half of 2021, the sales volume of Ben Ben E-Star is stable, with an average monthly sales volume of about 8,000 vehicles.
And in January 2022, it produced 9852 units, ranking sixth in the new energy list.
In addition to the Ben E-Star, the current market is also an A00-class new energy passenger car, as well as Hongguang MINIEV, Euler black cat white cat and other models.
Recently, Great Wall Motor (601633. SH) said that Euler black cats and white cats have stopped taking orders at present.
Taking black cat as an example, after the sharp rise in raw material prices in 2022, black cats lost more than 10,000 yuan per unit.
Some people in the automotive industry told Aotou Finance that at present, the problem of lack of core has not been solved, the price of raw materials such as batteries continues to rise, and it is facing a trend of subsidies declining, the price of new energy credits falling, etc., and the impact on price-sensitive A00-class new energy passenger cars is particularly prominent.
Li Jian, financial director of Sugon Co., Ltd., and Zhang Jie, project director, believe that in the context of the growth of the A00-level electric vehicle market, the company's products have certain competitiveness and are expected to obtain market recognition.
The first listed model is about 30,000 yuan, A00 level platform of five-door four-seat economic electric car, with large space, good handling, high vehicle safety, suitable for wage-earner scooters.
In 2021, Wuling Hongguang MINI EV sold 400,000 units.
Shuguang shares can currently be described as a "backwater war", or "the last attempt", the major shareholder Huatai Automobile is a failed car company, holding two failed models, and itself lacks the basis for the production of passenger cars, and it is not optimistic about the market.
In the eyes of many people in the industry, Wuling Hongguang MINI EV has achieved the "extreme" of A00 level from performance and price, and Shuguang shares want to get a piece of the pie from it, and the difficulty can be imagined.
On February 15, 2022, the inquiry letter of the Shanghai Stock Exchange showed that on January 27, 2022, Shenzhen Zhongneng, Yu Jing and other minority shareholders submitted the "Letter on Requesting the Convening of the Extraordinary General Meeting of Shareholders of Liaoning Shuguang Automobile Group Co., Ltd." and related documents to the board of directors of the company in writing.
The minority shareholders decided to convene a general meeting of shareholders on February 28, 2022 to consider the Proposal on Termination of the Purchase of Assets and other proposals.
However, there is no further news at present, and whether the acquisition will be successful is unknown.