Reporter | Zhang Yi
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After a two-year trough, GUANGZHOU AUTOMOBILE GROUP (SH601238) recovered its revenue level to 2018 last year and hit a record high, but its net profit did not reach the level at that time.
GAC Group disclosed its 2021 annual report on the evening of March 30. According to the annual report, GAC Group achieved operating income of 75.676 billion yuan last year, an increase of 19.82% year-on-year; net profit attributable to shareholders of listed companies was 7.335 billion yuan, an increase of 22.95% year-on-year.
The revenue data has been comparable to the scale of more than 70 billion yuan in 2017 and 2018, and even exceeded the level at that time. Although the net profit increased faster, there was still a gap of more than 3 billion yuan with the net profit of 10 billion yuan at that time.
At the performance briefing meeting, Zeng Qinghong, chairman of GAC Group, replied to the interface news that the production and sales of independent brand new energy vehicles are subject to the current production capacity, and in February this year, 100,000 production capacity expansion has been completed, and the existing production capacity has reached 200,000 vehicles. The construction of a new capacity of 200,000 is already in progress, and the proportion of new energy vehicles will continue to increase in the future.
Zeng Qinghong also revealed that GAC Aian, a wholly-owned subsidiary of GAC Group, has completed employee equity incentives and is expected to complete the A round of financing this year and strive for an opportunity to IPO next year.
The growth rate of passenger car production and sales is lower than that of the whole country
The main reason for the increase in performance was the increase in production and sales of GAC Group.
During the reporting period, GAC Group's automobile production and sales were 2.1381 million units and 2.1444 million units, up 5.08% and 4.92% year-on-year, respectively, and the growth rate was better than the overall level. Last year, the national automobile production and sales were 26.0822 million units and 26.2748 million units, respectively, an increase of 3.40% and 3.81% year-on-year.
However, the growth rate of GAC Group's passenger car production and sales is inferior to the overall growth rate of the whole country. Last year, GAC Group's passenger car production and sales were 2,135,400 units and 2,141,700 units, up 5.13% and 4.97% year-on-year, respectively. The national growth rate was 7.07% and 6.46% respectively.
From the model category, MPV model sales increased by 38.84%, and sedan and SUV sales increased by 3.44% and 2.40% year-on-year.
The production and sales of new energy vehicles continued to grow at a high rate, with annual production and sales of 144,700 units and 142,900 units, respectively, an increase of 88.68% and 77.35% year-on-year. Among them, the annual sales of independent brand new energy vehicles exceeded 120,000 units, doubling year-on-year, especially the sales of "Eian" new energy vehicles increased significantly.
After the high growth, the sales volume of new energy vehicles still accounts for less than 7% of the GAC Group, which is still quite far from the goal of the GAC Group.
GAC Group aims to achieve 50% of the sales of its own brand new energy vehicles in 2025 and 50% of new energy vehicles in 2030.
Ruqi Travel, a subsidiary of GAC Group, is also a highlight. Last year, The market share of Ruqi Travel increased, and the new operation business in Zhuhai, Shenzhen and Dongguan was newly opened, and the total number of users and annual orders exceeded 2 times that of the previous year.
In the context of last year's chip shortage and rising prices of various raw materials, the gross profit margin of GAC Group last year still increased by 1.29 percentage points to 6.06%, but compared with the gross profit margin of about 20% three years ago, the gap is also obvious.
Capacity expansion is concentrated in the field of new energy vehicles
In the annual report, Zeng Qinghong, chairman of GAC Group, proposed that in 2022, the company will challenge the goal of 15% year-on-year growth in automobile production and sales. It means that this year's production and sales volume are respectively reached. "It's a goal that you have to jump up to touch." Zeng Qinghong said.
This growth point is obviously still in the field of new energy vehicles, and the production capacity of GAC Group under construction is concentrated here.
Gac Motor Toyota New Energy Phase I production capacity of 200,000 units/year will be completed and put into operation in July 2021. As of the end of last year, the company's total automobile production capacity was 2.933 million units per year, but last year's capacity utilization rate was only 75.86%.
As can be seen from the table below, GAC Passenger Cars, GAC Mitsubishi and GAC FCA have all dragged their feet. In particular, the joint venture brands GAC Mitsubishi and GAC FCA, of which GAC FCA designed an annual production capacity of 328,000 vehicles, but last year only produced 16,300 vehicles, the capacity utilization rate was as low as less than 5%, and GAC FCA also continued to lose money.
Capacity of each plant of THE GAC Group
In 2022, GAC Group's production capacity is expanding. GAC Zhilian New Energy Automobile Industrial Park has implemented an investment of 30.46 billion yuan, and the second phase of the new energy vehicle production capacity expansion project for independent brand passenger cars (100,000 units / year production capacity) has been completed and put into operation in February.
At the same time, GAC Toyota's new energy vehicle expansion (phase II) is expected to start production in 2022 with a planned production capacity of 200,000 units; GAC Honda's new energy vehicle production capacity expansion is expected to be put into operation in 2024, with an estimated production capacity of 120,000 units.
At the performance briefing, Feng Xingya, general manager of GAC Group, also revealed that in February 2022, GAC Aeon completed the expansion of 100,000 vehicles/ year of production capacity with a small investment, and now has a production capacity of 200,000 vehicles / year, and the scale effect will be further enlarged. In addition, the second plant will be completed in December 2022, when the production capacity of Aeon will reach 400,000 units per year. Aeon is also continuing to promote product iteration and new model development.
"GAC Aeon will continue to promote the high value of the product image through the continuous iteration of existing products and the release of subsequent models, such as the upcoming launch of high-performance supercar AS9 and next-generation product A02." Feng Xingya revealed.
GAC Group is building production capacity
GAC also proposed that the company continue to develop alternative fuel models, including hydrogen power. "GAC hydrogen fuel cell vehicles have been in demonstration operation, hydrogen internal combustion engines have been successfully ignited, and hydrogen energy application research will continue in the future." Feng Xingya said.
In the secondary market, the stock price of GAC Group continued to fall after hitting a new high of 21.00 yuan in August last year, falling by more than 40%, and the recent stock price was around 11.00 yuan.
Synchronized with the stock price, since the second half of last year, the trend of shareholders withdrawing from GAC Group is obvious. Following the reduction of six of the ten shareholders of GAC Group in the third quarter of last year, the shareholders in the fourth quarter are still reducing their holdings.
As of the end of last year, the fourth, fifth and seventh largest shareholders of GUANGZHOU AUTOMOBILE Group continued to withdraw, and Guangzhou Industrial Investment Holding Group, Guangjin Asset Wealth Management Preferred No. 3 Private Equity Fund and Guangzhou Light Industry industry and trade group reduced their holdings by 21.1785 million shares, 30.0733 million shares and 32.978 million shares respectively. Northbound funds also reduced their holdings by 5.9551 million shares. In addition, Sui Yong Holdings Co., Ltd., the former eighth largest shareholder, holding 52.7373 million shares (accounting for 0.74%) has withdrawn from the top ten.
Yuan Hexinjin, a natural person shareholder, became the ninth largest shareholder, holding 24.7862 million shares. Because the threshold of the top ten circulating shareholders has been moved down, Yuan He has substituted for him, so it is not known whether he has increased his position. Ningbo Meishan Bonded Port Area Jincheng Shazhou Equity Investment Co., Ltd. bought back 8.187 million shares that it had reduced in the third quarter of last year.
On March 31, GAC Group fell slightly by 0.44%, and the latest closing price was 11.23 yuan.