Introduction: Excellent sales performance almost sent the two shares of GAC Group to a halt, and also exposed the polarized group status quo.
Remember that a month ago, when GAC Group released the February production and sales report, excellent sales did not save GAC Group's continuous decline in stock prices. Today, a month later, GAC Group once again came up with a beautiful production and sales report. This time, not only did GAC Group almost achieve a double-share limit in the following trading day, but also exposed the trend of increasing polarization within the group.
1) The two fields "hold the scene", bringing a group performance that is not tolerated
On April 7, GAC Group took the lead in releasing the March production and sales express report of traditional automobile groups in various countries. From the overall performance of GAC Group, whether in a single month or cumulatively, GAC Group's production and sales have achieved a year-on-year increase of more than 20%, of which the year-on-year increase in sales in a single month is even as high as 30.66%.
This is the highest growth rate of GAC Group in the past 12 months, second only to February. At the same time, the monthly production and sales also reached 49.8% and 58.6% respectively. This performance is enough to laugh at the six state-owned automobile groups.
Although the industry is generally optimistic about the recovery of the domestic auto market in March, the actual level of rise that can be achieved is only so.
Behind the excellent sales of the group is the "vigorous support" of two Japanese joint ventures, GAC Toyota and GAC Honda. In particular, GAC Toyota, with a monthly production and sales of nearly 100,000 vehicles, a year-on-year increase of 38.05% and 41%, once again from the hands of GAC Honda, snatched the position of "brother" in production and sales of GAC Group. This can't help but make people wonder, Guangqi Honda is not ok?
In particular, it is worth mentioning that GAC Toyota's production and sales growth rate in March reached 74.61% and 93.62% respectively, second only to GAC Aeon, which is only within the group, which is rapidly climbing in production capacity, taking the side with new energy sword, and anxious to IPO.
However, GAC Honda itself performed well, with a single month production and sales of more than 70,000 vehicles, but the year-on-year growth rate was significantly weaker, especially the production part, the year-on-year growth rate was only 6.6%, 21.2% month-on-month, not only far behind GAC Toyota, but also a significantly lower level in the group.
This is easy to recall that zeng Qinghong, chairman of GAC Group, repeatedly stressed at the performance briefing that the production capacity of the two Japanese joint ventures is limited by the shortage of chips. Since the chips of GAC Toyota and GAC Honda are from two different suppliers, the good news is that it will only affect one of them, and the bad news is that as long as there is a shortage of supply from one supplier, the production and sales of GAC Group will be directly affected.
2) Autonomous sector: production and marketing and loss "race"
In addition to Liangtian, in the March production and sales express, the autonomous sector of GAC Group also showed a good performance. Among them, the production and sales of GAC passenger cars have reached the level of 30,000 units, and GAC Aeon has exceeded the mark of 20,000 units.
Remember the performance briefing, Zeng Qinghong once said that he wanted to turn "Wei Xiaoli" into "An Xiaowei", at least from the perspective of sales performance, even if Xiaopeng Automobile's sales in March had reached 15,000 vehicles, but in the sales ranking, it was still killed by GAC Aean, which was growing at a growth rate of nearly 200%. Incidentally, even from the perspective of cumulative sales in the first quarter, the ranking of "An Xiaowei" is still true (currently limited to sales).
However, while the sales volume is slightly better, the loss level of the autonomous sector of GAC Group is also catching up with Xiaopeng Automobile. According to the 2021 financial report of GAC Group, the group's net profit is 7.335 billion yuan, of which the profit from joint ventures and associated enterprises has reached 11.404 billion yuan, and it is not difficult to infer that the loss of the autonomous sector has exceeded 4 billion yuan, and the loss of Xiaopeng Automobile is only 4.863 billion yuan.
Remember zeng Qinghong complained at the performance briefing that a large number of GAC talents were poached by Xiaopeng Automobile before, and now what they have to do is to do everything possible to retain talents and attract talents. This includes both various incentives and the cost of the once-screened riverview house.
That is to say, before the launch of Niolai's new products, Xiaopeng Automobile is the next most critical opponent of GAC Group, which includes both products, markets and other aspects, as well as the competition for outstanding talents.
3) Production and sales of only 1 vehicle, what does it mean?
In addition to liangtian, which is recovering strongly, and Aeon, who is competing with Xiaopeng, in the March production and marketing express, the polarization within the GAC Group has become more and more obvious.
In particular, GAC Fiat Chrysler (hereinafter referred to as GAC Fiat Chrysler), which was still rumored to have adjusted its stock ratio two months ago, produced and sold only 1 vehicle in March, and the production and sales fell by nearly 100% year-on-year. In contrast, GAC Mitsubishi's performance is slightly better, with a monthly output of more than 4,000 vehicles, but sales are only 2,002 vehicles, although the year-on-year decline is far from reaching the horror level of Guangfik, but in the context of the overall rise of GAC Group, GAC Mitsubishi still urgently needs to reverse the situation.
However, with the listing of GAC Mitsubishi's first pure electric product, Atuka, and the month-on-month recovery in production, it may bring good news in the next issue of production and sales express.
It is not difficult to see that the reason why the GAC Group's March production and sales express report is outstanding is not only because of how high its production and sales data and growth rate itself are, but more importantly, through this production and marketing express report, people find that at the performance briefing held a week ago, Zeng Qinghong, chairman of GAC Group, and Feng Xingya, general manager, said that what they said was true.
This includes both the investment and confidence injected by Aeon, as well as the distress of its two major Japanese joint ventures, GAC Trumpchi, which has limited production capacity due to chip shortages. Such a simple and direct status quo makes this production and marketing express report provide impetus for the stock price of A+H shares of GAC Group to rise sharply. On April 8, GAC Group's A-share shares rose by 7.35% and H-shares by 9.65%, both of which hit the highest one-day increase since 2022.
However, we should also note that in addition to the top four sectors, the rest of GAC Group's automotive business has gradually moved to the other extreme. Although polarization is common to almost every traditional automobile group in the current Chinese automotive industry, when will GAC Get rid of its dependence on Japanese joint ventures? Turning people's confidence in Aeon into cash? Where will Guangfiq and GAC Mitsubishi go in the future? We will continue to pay attention.
Of course, don't forget to pay attention to the 2021 performance analysis of a series of auto listed companies recently launched by auto K-line, and the loss is about to catch up with the autonomous sector of Xiaopeng Automobile, what does it mean for GAC Group? Stay tuned.