In 2021, the automotive industry has suffered from multiple challenges such as lack of cores, epidemics, power rationing and sharp increases in raw material prices. In this context, 256 automotive industry chain companies released the 2021 "report card".
Shell financial reporter combed Wind data and found that as of the last trading day of 2021, the 3 with the highest market value of 256 companies are vehicle companies, namely BYD with a market value of more than 700 billion yuan, Great Wall Motors with a market value of about 360 billion yuan and SAIC Motor With a market value of about 240 billion yuan.
Interestingly, in terms of market capitalization, SAIC is often compared with BYD. Although SAIC's market value is nearly 500 billion yuan lower than THAT's, its revenue is higher than BYD's 500 billion yuan, and it has even become the "double material king" with the first revenue and the first net profit among 256 companies.
In 2021, 256 companies created a total of 3.26 trillion yuan in revenue, of which 7 companies exceeded 100 billion yuan in revenue and 5 car companies broke through the threshold of net profit of 5 billion yuan. However, several car companies are happy and worried, and the net profit of 7 companies has fallen by more than 1000%, including Foton Motor's net profit decline of 3696.79%.
SAIC Group is trapped in the "dilemma of market value" Zotye is affected by the sharp increase in stock prices
Like all industries, the industrial chain of the automotive industry is divided into three parts: upper, middle and lower. Among them, the upstream is the mining of raw materials, such as Ganfeng Lithium Mining Lithium Mine, Huayou Cobalt Mining Cobalt Materials, Shanshan Co., Ltd. owns anode products, etc.; the midstream is the production of parts, such as Ningde Times for new energy vehicles to provide batteries, Weichai Power and Guoxuan Hi-Tech to provide motors, Ningbo Huaxiang to provide interiors and accessories, etc.; downstream is the vehicle enterprises, such as SAIC, BYD and other direct sales of cars to consumers.
Wind data shows that there are only 11 A-share listed vehicle companies today, but there are as many as 256 listed companies in the entire automotive industry chain.
However, from the perspective of market capitalization, the market value of the above 11 vehicle companies has included the top 3 in the industrial chain, and all of them have entered the top 24 in the industrial chain.
Among them, as of the last trading day of 2021, BYD's market value is far ahead, as high as 725.473 billion yuan. Great Wall Motor ranked second, reaching 365.765 billion yuan. SAIC ranked third with 241.02 billion yuan.
The "market value dispute" between BYD and SAIC Has a long history. As a veteran automobile group whose revenue significantly exceeds THAT's, SAIC Motor's market value is 484.453 billion yuan lower than THAT.
In July 2021, Chen Hong, chairman of SAIC Motor, responded that not only SAIC Motor, but also volkswagen, Mercedes-Benz, BMW and so on have a certain gap compared with the stock prices of new car-making forces. At that time, Chen Hong optimistically predicted that as the proportion of SAIC's business on the new track increased, it was believed that the group's stock price would gradually increase.
But it is clear that the market value of SAIC Is still far from THATD.
In the whole of 2021, the share price of BYD, which is the first in market capitalization, rose by 38.06%, and the share price of Great Wall Motor, which is the second largest in market value, rose or fell by 30.25%, but the stock price of SAIC Motor, which is the third in market value, fell by 12.80%, further widening the gap.
If you look at it from the perspective of the industrial chain, Weichai Power, which provides motors for automobiles, and Fuyao Glass, which provides glass, are the two companies with the highest market value, reaching 145.599 billion yuan and 114.412 billion yuan respectively.
In 2021, there are 36 companies in the automotive industry chain that have risen or fallen by more than 100%, whose stock price has risen the most? Unfortunately, the top three positions have not been selected by the vehicle companies, shangsheng electronics, Ningbo Founder, Zhongjie Seiko occupied the top three, the range of up and down reached 623.70%, 455.94%, 410.05% respectively.
Shangsheng Electronics is actually a Huawei concept stock, and the stock price of Shangsheng Electronics, which was listed in April 2021, rose by 316.84% on the first day of trading, and then continued to grow slowly. The market has reported that the audio products provided by Shangsheng Electronics will be used in the smart cockpit of Huawei cars.
It is worth noting that *ST Zotye's stock price range in 2021 will rise or fall as high as 370.37%, ranking fifth in the whole industry chain. At the end of December 2020, *ST Zotye announced the signing of a "Letter of Intent Agreement" with the pre-restructuring manager, and the company's stock price began to rise sharply shortly after that. In January 2021, *ST Zotye harvested five consecutive up and down boards, and this phenomenon continued until May.
However, the continued rise in stock prices may not be entirely a good thing. On May 12, *ST Zotye announced that the company received a notice from Shanghai Zhiyang Investment Co., Ltd. forwarded by the pre-restructuring manager, and Shanghai Zhiyang decided to suspend the investment in the company.
Shanghai Zhiyang said that based on the company's assessment of the results of *ST Zotye's due diligence survey, as well as the recent changes in the stock price of Zotye Automobile and serious deviations from its fundamentals, out of investment prudence considerations, it was decided to suspend the investment in Zotye Automobile.
*ST Zotye also said that the abnormal fluctuation of the company's stock price may cause the expectations of all parties to diverge, increase the difficulty of subsequent restructuring, and may even lead to the inability of restructuring to continue.
7 companies have revenues of more than 100 billion yuan by BYD
In 2021, 7 companies have revenues exceeding 100 billion yuan, of which SAIC Motor leads sharply with a revenue of more than 700 billion yuan, BYD and Weichai Power rank second and third with a volume of 200 billion yuan respectively, and Guanghui Automobile, Huayu Automobile, Great Wall Motor, and Changan Automobile do not have much gap.
From the perspective of net profit, only 5 car companies have broken through the threshold of 5 billion yuan, namely SAIC Motor, Weichai Power, Huayu Automobile, GUANGZHOU Automobile Group and Great Wall Motor.
Among them, SAIC Motor is the "double king" of revenue and net profit. SAIC Motor not only ranked first among the 256 automotive industry chain companies with a revenue of 759.914 billion yuan, but also ranked first with a net profit of 33.941 billion yuan.
SAIC Motor's annual report mentioned that in 2021, the group has successively launched "Zhiji Automobile" and "Feifan Automobile", hoping to promote the upward development of its own brands. Among them, Zhiji Automobile is a company jointly built by SAIC Motor, Pudong New Area, Alibaba Group, etc., and the amount of funds in the founding round has reached the scale of 10 billion yuan. In addition, SAIC Motor is also constantly promoting market-oriented reforms, zero beam technology from a branch to a subsidiary, Feifan Automobile to achieve independent operation, Jie Hydrogen Technology spin-off and listing, Lianchuang Electronics completed the separation, Zhonghai Ting, Xiangdao Travel and other market-oriented financing.
Interestingly, BYD is the second-largest revenue company among 256 companies. Although the market value is nearly 500 billion yuan higher than SAIC, the revenue is nearly 500 billion yuan lower than THATIC.
In 2021, BYD achieved operating income of 216.142 billion yuan, an increase of 38.02% year-on-year, and achieved a net profit of 3.967 billion yuan, but it did not increase revenue, and net profit fell by 34.03%.
Specifically, the operating costs of BYD's business are growing, while the gross profit margin is declining, of which the operating costs of automobiles and related products have increased by 17.39%, and the gross profit margin has fallen by 7.81 percentage points year-on-year.
In this regard, BYD mentioned in the 2021 semi-annual report that the main raw materials required for the company's production include steel, plastic and other metal raw materials, such as lithium, cobalt, etc. The fluctuation of raw material prices directly affects the production cost of the main business, which in turn has a certain impact on operating performance.
It should be noted that BYD received government subsidies of 2.263 billion yuan in 2021, compared with only 1.678 billion yuan in 2020, and increased by 583 million yuan in 2021.
Weichai Power is a company whose operating income is second only to SAIC and BYD, and the big "big guy" in this industrial chain. Weichai Power achieved operating income of 203.547 billion yuan in 2021, an increase of 3.17% year-on-year, and a net profit of 11.561 billion yuan, an increase of 2.35% year-on-year. In 2021, Weichai Power sold 1.02 million engines, 1.153 million gearboxes, and 938,000 axles.
In the era when cash is king, which car company has the highest net cash flow from operating activities? There are 6 car companies in the industrial chain with cash flow of more than 10 billion yuan, of which the highest cash flow is BYD, reaching 65.466 billion yuan, Great Wall Motor reached 35.315 billion yuan, and Changan Automobile reached 22.971 billion yuan.
Net profit of 7 car companies fell by more than 1000% Yuebo Power's net profit fell by more than 5000%
Several car companies are happy and a few are worried. In 2021, there are 7 car companies whose net profits fell by more than 1,000%, namely Yuebo Power, Foton Automobile, Joyson Electronics, Jinlong Automobile, Molding Technology, Junda Shares, and Zhongtong Bus. Among them, the net profit of Yuebo Power fell by 5245.82%, the net profit of Foton Automobile fell by 3696.79%, and the decline of Joyson Electronics was 2325.10%.
Among them, Yuebo Power explained that the company's performance decline was affected by many factors such as the company's one-month suspension of production due to the epidemic and the sharp rise in the price of base metal raw materials, and the company's orders were affected.
In addition, due to the judgment of the company's related assets showing signs of impairment (price decline), Yuebo Power expects to make an impairment (price reduction) reserve of about 100 million yuan for receivables, inventory and new energy operating vehicles. The company also received fewer government subsidies than before.
If you look at the debt, the debt ratio of bus companies is relatively high. Only 3 of the 256 companies have an asset-liability ratio of more than 90%, namely *ST Lion, Yaxing Bus and Ankai Bus. The asset-liability ratio of Zhongtong Bus is 74.08%, ranking 12th.
In addition, there are 9 companies in 2021 the cumulative number of major shareholders frozen accounted for 100% of the shareholding ratio, in addition to the familiar *ST Zotye, including *ST Fierce Lion, Sailun Tire, Aotejia, Derivative Technology and so on.
In the view of Guosen Securities, under the background of global carbon neutrality, the rapid development of electric intelligent technology in automobiles. The new car-making forces represented by Tesla and others have opened the curtain of electric intelligence of automobiles, and traditional car companies have also accelerated the pace of transformation. It is exciting to see how the automotive industry chain will change in 2022.
Beijing News shell financial reporter Lin Zi
Edited by Bai Huabing Proofreader Zhang Yanjun
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