Jiangling Motors Co., Ltd. (hereinafter referred to as "Jiangling Motors" or "the Company") announced on April 9 that the company held its 2023 annual results briefing on April 7. At the meeting, Jiangling Motors revealed that the company's net profit attributable to the parent company in 2023 will be 1.476 billion yuan, a year-on-year increase of 61.26%, and the profit growth is mainly due to the growth of sales and the optimization of product structure.
Screenshot of Jiangling Motors' announcement
Jiangling Motors introduced the company's production and operation in 2023 to investors. In 2023, the light commercial vehicle industry will recover from the pandemic, with a year-on-year increase of 6.5%, of which the new energy market will increase by 47.1% year-on-year, and the fuel light commercial vehicle market in which the company participates will decrease by 3.7%. In 2023, the company will have heavyweight new products launched on the whole line of light buses, pickup trucks and light trucks, and the market competitiveness will continue to strengthen: the leading edge of light passenger cars "first in the industry" will continue to expand, and breakthroughs will be made in the modified markets such as RVs and commercial vehicles; It makes up for the weak market of high horsepower and effectively makes up for the adverse impact of the low-end of the light truck market. The company's new platform of new energy light buses and light trucks will be launched on the market in early 2025 to enhance the competitiveness of new energy products. The company's average gross margin in 2023 is 15.38%.
Jiangling Motors said that in 2023, the company's net profit attributable to the parent company will be 1.476 billion yuan, a year-on-year increase of 61.26%, and the profit growth is mainly due to the increase in sales volume, product structure optimization, the company's continuous design optimization, process improvement and other cost reduction and efficiency improvement measures to reduce gross profit and increase profits caused by minority shareholders' profit and loss changes.
In the first quarter of 2024, the performance of the light commercial vehicle industry is weak, and it is expected that the overall decline of fuel light commercial vehicles will be 9.5%, of which the pickup truck market will decline by more than 20% year-on-year, while the penetration of new energy will accelerate under the background of the same price of gasoline and electricity, and the light passenger fuel market will decline by 12% year-on-year. In terms of competitiveness, Jiangling's performance in the first quarter was stable, with the share of light passenger cars and pickup trucks increasing year-on-year. Light buses, light trucks, pickup trucks and SUVs are the pillars of the company's business, and the company will continue to focus on promoting the development of each business segment.
The export markets of the company's SUV products mainly include Latin America, the Middle East and Southeast Asia. The gross profit margin of a single product is the company's core business secret, which is inconvenient to disclose to the public. It is currently unaffected by changes in international trade relations.
In the face of the increasingly competitive automobile market, the company continues to be committed to technology research and development and product innovation, lays out the "New Four Modernizations" technology, continues to increase investment in core areas such as new energy vehicles, intelligent networked vehicles, and autonomous driving, and accelerates the construction of a future-oriented and globally competitive business ecosystem, in order to bring greater returns to shareholders.
Jiangling Motors revealed that Jiangling Ford Technology's loss in 2023 is mainly due to the company's upfront investment in some new models. JMC Ford Technology is still in the investment period, with the launch of new products and the gradual increase in sales scale, it is expected that JMC Ford's cash flow and profit will be improved, and at the same time, the company will carry out comprehensive risk management and control of JMC Ford Technology to ensure the stability and sustainability of the company's operation. The company's operating performance fluctuates due to the macroeconomic environment and market competition, and has shown a continuous growth trend in the past three years.
In 2023, the company will adjust the amortization expense of non-patented technology in the income statement from R&D expenses to operating costs. Compared with the same caliber year-to-year, the company's R&D expenses have increased compared with 2022.
Jiangling Motors said that the company plans to sell 360,000 units in 2024, and compared with 2023, the increase mainly comes from new product launches and overseas exports.
Talking about the company's specific goals and initiatives in digitalization, Jiangling Motors said that after years of exploration and practice, the company has achieved remarkable results in digital transformation. By strengthening digital operation capabilities, we will realize the transformation of the "four onlines", including product online, customer online, process online, and employee online. Through the introduction of digital technology, optimize business processes and innovate business models, and focus on customer-centric integration of the whole value chain. At the same time, it actively expands the operation of new energy transportation capacity, second-hand vehicles and other businesses, integrates intelligent technology into the service system, and gradually forms a customer-centric commercial vehicle ecosystem to provide customers with full life cycle solutions. The company continues to focus on: 1. Improve customer satisfaction in the whole life cycle of "seeing, buying, selling" through digital marketing and service platforms; 2. Use big data and artificial intelligence AI and other technologies to improve product competitiveness and customer experience; 3. Introduce advanced digital technology and equipment to realize the automation and intelligence of the factory production process.
Jiangling Motors said that the company has always unswervingly promoted the new energy strategy, actively deployed pure electric and hybrid products, combined its own brand with the Ford brand, and driven by two wheels in domestic and foreign markets. The company's new platform electric light passenger car and light truck, new electric platform SUV products and electric export products will be put into production in 2025. Aiming at the new development trend of the automotive industry, the company accelerates the transformation to new energy vehicles, continues to increase R&D investment, carries out technology R&D and product innovation, and accelerates the construction of a future-oriented and globally competitive business ecosystem.
Jiangling Motors said that the company attaches great importance to the empowerment of dealers, and conducts all-round, full-closed-loop and full-post key personnel training for dealers through on-site training, video explanations, real car test drives, and inviting professional third-party guidance to enter the store, so as to continuously improve the ability of dealers to serve customers.
Jiangling Motors also briefed investors on the company's Ranger sales, such as Branco products. Since its official launch in December 2023, the Ranger has topped the market of mid-to-high-end pickup trucks with an absolute leading terminal market share of more than 150,000 for three consecutive months, becoming the leader of high-end pickup trucks. After the debut of the Ford Flame Bronco in January this year, it has been highly concerned and popular by the market, and at the end of March, after the announcement of the pre-sale price, it has caused strong feedback and market heat from the majority of consumers, and the company has recently carried out roadshows in key areas such as Shanghai, Hangzhou and Beijing, so that consumers who pay attention to the Lie Horse experience and feel this hard-core off-road product for the first time. In the future, the company will also hold large-scale test drive activities, so that more customers can experience the excellent performance and performance of this product first. The company will follow the pace of listing and product readiness, as soon as possible to bring the product to the market, I believe that in the near future, everyone will soon experience this product in Ford Zongheng 4S stores across the country.
Jiangling Motors said that the 2023 profit distribution plan company intends to distribute a cash dividend of 6.84 yuan (tax included) for every 10 shares, calculated based on the total share capital of 863,214,000 shares on December 31, 2023, and a total of 590,438,376 yuan will be raised from the dividend fund. Dividends on B shares will be paid in Hong Kong dollars at the benchmark price of Hong Kong dollars to RMB announced by the People's Bank of China on the first working day after the resolution of the general meeting. This time, there will be no conversion of provident fund to share capital. This plan still needs to be reviewed and approved by the company's 2023 annual general meeting of shareholders.
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