Yangtze River Business Daily reporter Xu Liangli
Through a series of measures, in 2023, Dongfeng Motor (600006. SH) sales volume increased.
A few days ago, Dongfeng Motor released its annual report, and the company's automobile sales in 2023 will reach 151,300 units, an increase of 15.78%. During the reporting period, Dongfeng Motor achieved operating income of 12.069 billion yuan and net profit attributable to the parent company of 200 million yuan.
Dongfeng Motor shoulders the important task of the development and growth of Dongfeng light vehicle business, since its listing, the company's business layout has expanded from Xiangyang to Wuhan and Shiyan, and its main business light vehicle business has made great progress, from a single light truck platform to light trucks, small light trucks, buses, VAN vehicles and other product platforms. While developing traditional fuel vehicles, the company vigorously develops new energy vehicles.
In 2023, the company's new energy and export businesses will hit a record high.
In 2024, Dongfeng Motor will continue to promote "product-leading, efficiency-driven, and international operation", and strive to achieve the annual business target of 185,000 units and revenue of 16.935 billion yuan.
New energy and export business out of "acceleration"
In 2023, Dongfeng Motor will continue to promote transformation and upgrading, focusing on market development, manufacturing upgrading, product research and development, and management improvement. Among them, the company focuses on the reform of the marketing model of the new energy business, strengthens the layout of the overseas business network, and expands the scale of overseas business around the "innovative overseas model", so as to promote the overseas business to become bigger and stronger. Dongfeng Motor's new energy and export businesses in 2023 hit a record high, and the ranking of the light commercial vehicle industry rose to third.
The annual report shows that in 2023, Dongfeng Motor will achieve vehicle sales of 151,300 units, a year-on-year increase of 15.78%.
In terms of products, the sales of light trucks were 139,300, a year-on-year increase of 18.19%, and the sales of buses and chassis were 11,600, a year-on-year increase of 4.55%. By market, domestic fuel vehicle sales were 105,300 units, a year-on-year increase of 2.64%, new energy vehicle sales were 31,000 units, a year-on-year increase of 49.67%, and overseas export sales were 15,200 units, a year-on-year increase of 90.56%.
During the reporting period, Dongfeng Motor continued to increase its investment in technology research and development in the direction of a full range of new products, new energy, intelligent networking, lightweight, and hybrid, and carried out R&D capacity building around R&D capability planning, product development, five modernizations innovation, and R&D value. The Kaiput hybrid model was mass-produced, the new generation of Dolica D9 completed the upgrade of all products in the logistics market, the Yufeng V9 developed an economical model, developed an overseas version and launched it to overseas markets, and completed the development of a new displacement model.
From the perspective of the overall situation of the automotive industry, in 2023, with the domestic economic situation stable and improving, the domestic light commercial market will show recovery growth, and the market structure will also undergo profound changes. On the one hand, the fuel market has grown slightly, and the penetration rate of new energy has increased rapidly; on the other hand, with the rapid growth of the new energy market and the increase in the penetration rate of new energy, more and more new forces and non-automobile manufacturers have entered the new energy light truck market, and the market competition has further intensified, and the export market has continued to grow rapidly.
Dongfeng Motor said that the company has established an independent R&D team for overseas products, which can quickly respond to the diversified needs of overseas markets, and share domestic resources in trial production and testing to ensure the comprehensive performance of overseas products; the company continues to increase investment in overseas certification, and overseas products have met the requirements of EU ECE certification, Mexico NOM certification, Chile 3CV certification, and Gulf GCC certification; the company adheres to the development of localized marketing network, further promotes the construction of marketing network, and has achieved full coverage of the Central and South American markets. At the same time, the company will accelerate the network layout in Asia and Africa, and continue to improve the coverage of overseas markets.
The company aims to sell 185,000 units in 2024
According to Dongfeng Motor's 2023 annual report, the company's operating income in 2023 will be 12.069 billion yuan, a year-on-year decrease of 0.98%, and the net profit attributable to the parent company will be 200 million yuan, a year-on-year decrease of 29.83%. The company intends to distribute a cash dividend of 0.301 yuan (tax included) for every 10 shares.
In terms of quarters, Dongfeng Motor achieved profitability in the first and fourth quarters, while losses of 10.759 million yuan and 47.5694 million yuan in the second and third quarters respectively. Dongfeng Motor explained in the third quarterly report that it was mainly due to the change in product structure and the decrease in gross profit margin in the current period, and the decrease in profit from the main business.
Looking forward to 2024, Dongfeng Motor believes that the domestic fuel market will still show a slow recovery growth trend, and the market size will be basically the same as in 2023. In terms of export markets, with the continuous improvement of the competitiveness of the mainland automotive industry and the increase in the development of overseas markets by domestic manufacturers, the overseas export market will continue to grow.
Dongfeng Motor said that in 2024, the company will continue to promote "commodity leadership, efficiency-driven, and international operation" around the three major market strategies of domestic fuel, new energy, and overseas, and strive to achieve the annual business target of 185,000 units and revenue of 16.935 billion yuan. In addition, Dongfeng Motor warned of possible risks, and there are still many uncertainties about the structural changes in the light commercial vehicle market. In the context of stock competition, market competition will be further intensified, enterprises will change from price war to value war, market concentration will be further improved, and tail enterprises will face elimination and reorganization.
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