On April 27, GAC Group announced the first quarter report of 2022, during which the company achieved a total operating income of 23.145 billion yuan, an increase of 45.67% year-on-year, and a net profit attributable to the mother of 3.009 billion yuan, an increase of 27.17% year-on-year. Gac Aeon's cumulative production and sales in January and March of the independent camp increased by more than 150% year-on-year, and the sales of joint venture brands GAC Toyota and GAC Honda still accounted for more than two-thirds. It can be seen that the performance of the joint venture brand is still very important to the profit growth of GAC Group.
Net profit in the first quarter increased by 27.17%
The report shows that in the first quarter, the operating income of GAC Group was 23.145 billion yuan, an increase of 45.67% year-on-year, and the net profit attributable to the mother was 3.009 billion yuan, an increase of 27.17% year-on-year. GAC Group said that the revenue growth during the reporting period was mainly due to the increase in revenue caused by the relatively large increase in the sales of its own brand vehicles in the reporting period, especially the sales volume of the new energy vehicle "Eian" brand increased by 1.5 times year-on-year.
In the first quarter, the net profit attributable to the shareholders of the listed company, net of non-recurring gains and losses, was 2.898 billion yuan, an increase of 30.18% year-on-year, mainly due to the increase in sales volume in the reporting period, the substantial increase in operating income, and the increase in net profit attributable to the shareholders of the listed company due to the substantial increase in investment income from the joint venture.
The company's operating costs in the first quarter of 2022 were 21.73 billion, up 44.8% year-on-year, lower than the 45.7% growth rate of operating income, which also increased gross margin by 0.6%.
We want to challenge the 15% production and sales growth target
In the first quarter of this year, the domestic automobile market was affected by unfavorable factors such as the frequent occurrence of the epidemic and the rise in raw material prices, while GUANGZHOU AUTOMOBILE Group achieved positive year-on-year growth in production and sales, and achieved double growth in revenue and profit. In the context of the overall industry environment, GAC Group completed a total of 598,000 vehicles and 608,000 vehicles in the first quarter, an increase of 24.96% and 22.48% respectively. It is reported that GAC Group will challenge the production and sales growth target of 15%.
In terms of the Group's various brands, GAC E-An, an independent camp, produced 43,874 units and sold 44,874 vehicles in January-March, an increase of more than 150% year-on-year. Among them, GAC Aean's production and sales exceeded 20,000 yuan for the first time in March, and it is also the only new energy vehicle company with monthly sales exceeding 20,000 units in March 2022.
GAC Aeon continues to grow strongly. Nandu Wan Finance Agency reporter Liang Luozhe photography
GAC Trumpchi produced 85,206 units from January to March, an increase of 15.92% year-on-year, and sold 90,448 units, an increase of 21.8% year-on-year, all of which achieved double-digit growth. This year is the beginning of gaga Bach hybrid plan, from the performance of the previous quarter, the brand's market confidence is gradually recovering, under the "hybrid + intelligent" development strategy of GAC Trumpchi, the sales growth rate of the whole series in the first quarter has outperformed the market.
The product competitiveness of GAC's joint venture brands also continues to rise. Guangqi Honda's cumulative production volume was 209,453 units, an increase of 19.19% year-on-year, and sales volume was 212,424 units, an increase of 16.75% year-on-year, and the growth rate of production and sales exceeded 15%. Among them, as the main contributor to Guangqi Honda's sales, the Accord series achieved sales of 54,856 units, an increase of 20% year-on-year. GAC Toyota sold more than 240,000 units in the first quarter. Among them, Camry's sales in the first quarter were 68,904 units, an increase of 73.3% year-on-year. The fourth-generation Highlander, also a flagship model, followed in the first quarter with sales of 25,418 units. As one of TNGA's three flagship models, Xena successfully proved its strength with a sales record of 15,738 units in the first quarter and entered the first-line product camp of seven-seat MPV.
In 2021, GAC Toyota and GAC Honda still accounted for 75% of sales, and their contribution to GAC Group's profit increased by 18.8% and 3.9% year-on-year. It can be seen that these two Japanese joint venture brands are still very important to GAC Group. Judging from the composition of sales in the first quarter of this year, this proportion has not decreased significantly. It can be seen that in addition to the gratifying sales growth rate of the independent section, in a short period of time, it is obviously unrealistic to expect them to bring too much profit growth.
The investment layout of new energy and intelligent networking is constantly increasing
In fact, GAC Group is still making continuous efforts in new energy and intelligent networking to achieve a change of role as soon as possible. In terms of new energy, GAC BJEV produced 51,148 units from January to March, up 139.67% year-on-year, and sold 52,819 units, up 144.8% year-on-year. On March 10, GAC Aeon's self-developed power battery trial production line was officially started, marking the entry of self-developed power batteries into a new stage. In recent years, GAC Group, together with Huawei, Tencent, iFLYTEK, CATL and other enterprises, has promoted the development of intelligent and connected new energy vehicles. Recently, GAC Capital, a subsidiary of GAC Group, and Yuexiu Industry Fund have integrated their respective technology, capital and industry advantages to invest in the new energy and intelligent networked vehicle industry chain. In addition, the Ruqi Travel project, led by GAC Group, also announced the completion of a round of financing of more than 1 billion yuan. While this round of financing as the original investor of GAC Group increased its shareholding, it also introduced two of the world's leading autonomous driving companies and a number of high-quality investment institutions at home and abroad to form a diversified shareholder background, and the project also provided impetus to accelerate the transformation of GAC Group into a technology enterprise.
Nandu Wan Finance Agency reporter Liang Luozhe