As the leading group army in the automotive state-owned enterprises, GAC Group recently released the latest first-quarter financial report data. During the reporting period, the operating income was 23.145 billion yuan, an increase of more than 45% year-on-year, and after deducting non-recurring gains and losses, the net profit attributable to listed shareholders was 2.898 billion yuan, an increase of more than 30% year-on-year. From the data point of view, in the major automobile groups, the performance is remarkable. So, how is it achieved?
Both operating income and investment income increased year-on-year
GAC Group said that the reason for the rapid growth of net profit is mainly due to two aspects.
The first is that in the first quarter of this year, the total sales volume of its major automobile brands has achieved a relatively high growth. As a result, the Group's operating income has increased significantly. Previously, GAC motor announced its sales data for the first quarter, with a total of 608,000 passenger cars sold, an increase of 22.62% year-on-year. Among the large state-owned automobile groups, the growth rate is among the best.
The second reason for the growth of net profit in the first quarter was that GAC Group achieved a significant increase in investment income. As a result, it led to a year-on-year increase in net profit attributable to shareholders of listed companies.
The two joint venture brands account for about 75% of the sales of GAC Group
Judging from the published data, the growth of operating income is undoubtedly the most interesting part of GAC Group's first-quarter financial report data.
As we all know, GAC Group has two strong joint venture brands, namely GAC Toyota and GAC Honda. In the first quarter, its sales volume reached 247,000 units and 212,400 units, respectively. According to the official data, the sales volume of the two in the first quarter of gac group accounted for about 75%.
The reason why these two brands can achieve excellent results, in addition to being relatively stable in terms of quality, is also inseparable from the strong product cycle. Among them, GAC Toyota launched a new Highlander, Xena, new Camry last year and launched a new Fenglanda this year; GAC Honda has a mid-term redesign of the new Accord, model and Fit and other models. In their respective market segments, they are all highly competitive.
GAC's joint venture brands also include GAC FCA and GAC Mitsubishi. However, from the perspective of sales performance, it is very different from GAC Toyota and GAC Toyota.
Aeon's sales are on the rise, while GAC's passenger cars are in a period of transition
Among the large automotive state-owned enterprises, GAC Group has left a deep impression on the construction of its own brand sector.
Among them, the independent operation of the new energy brand - Aian. The performance in the first quarter of this year is eye-catching, and official data shows that the cumulative sales volume reached 44,874 units, an increase of more than 150% year-on-year. In March, it sold more than 20,000 units, ranking first among independent new energy vehicle companies. It can be seen that GAC Group does have a unique side in building a new energy brand.
GAC Passenger Vehicles, which is also the top priority of the Group's development, sold 90,448 units in the first quarter, an increase of 21.8% year-on-year. Although from the year-on-year data, the performance is good. However, compared with the peak sales, it is much inferior. It should be known that in 2018, gaga Trumpchi's sales in individual months once exceeded 60,000 units.
Of course, judging from the recent "actions" of GAC Trumpchi, it is also actively adjusting the direction of development. At present, the technical route of "hybridization" and "intelligence" has been determined. Officials said that the whole series of products will be hybridized in 2025. Recently, a new hybrid technology brand - "Julang Hybrid" was released, and the model equipped with the hybrid system Wasu also unveiled. It can be seen that GAC Trumpchi is in a critical transition period. As a result, sales are also in turmoil.
Public Opinion: Judging from the first quarter financial report data released, the performance of GAC Group is undoubtedly outstanding. In the fiercely competitive car market, the two joint venture brands still achieved a steady increase in sales. At the same time, the new energy brand created by Aeon has also achieved good results. But there is still a challenge, that is, the joint venture brand is a little slow in the transformation of new energy. Until recently, GAC Toyota bZ4X and GAC Honda Polar 1 began to be introduced to the market. In the future, it remains to be seen whether it can achieve the same strong position as fuel vehicles. What do you think of the performance of GAC Group in the first quarter of this year? Welcome to leave a comment.