·In 2015, nearly 90% of the complete vehicle companies' profitable dealers' inventory digested

In 2015, although the growth rate of China's auto market slowed down compared with the same period of the previous year, the production and sales increased steadily. The average monthly production and sales exceeded 2 million units, and the annual production and sales exceeded 24 million units. Thanks to this, the scale of production and sales of large enterprise groups has remained basically stable, the overall performance has kept rising, and the structure of the automobile industry has been further optimized.

As of February 16, according to the statistics of the straight flush, a total of 16 listed auto companies in the Shanghai and Shenzhen stock markets announced the 2015 annual report performance forecast. Among them, 14 car companies forecast net profit, reaching nearly 90% of the total. According to the maximum change in the forecasted net profit, the net profit rose by the top three times, namely Shuguang, BYD and Dongfeng Motor, which increased by 1015%, 557.39% and 150% respectively.

In addition, Great Wall Motor and Jiangling Motors announced the 2015 performance report. Among them, Great Wall Motor achieved operating income of 76.033 billion yuan in 2015, a year-on-year increase of 21.46%; net profit attributable to shareholders of listed companies was 8.040 billion yuan, which was basically the same as last year. Jiangling Motors also performed well. The net profit in 2015 was 2.22 billion yuan, up 5.42% year-on-year.

It is worth mentioning that, unlike the previous situation of “whole car companies eating meat, dealer companies drinking soup”, among the nine listed auto dealers in the “Securities Daily” reporters, only Cangzhou Development and SINOMACH It is expected that net profit and performance will decline, and the other seven companies have indicated that they will turn losses or increase.

Nearly 90% of car companies' net profit rose

In the fourth quarter of last year, driven by factors such as the purchase tax preferential policy and the winter car buying boom, the automotive industry recovered and the market sales achieved rapid growth, which was also reflected in the 2015 annual report forecast of various car companies.

According to the statistics of the straight flush, the “Securities Daily” reporters learned that among the 16 companies that have announced the 2015 annual report performance warning, 6 performances have increased, 4 have increased slightly, 4 have turned losses, and 2 have been reduced.

It is worth noting that according to the maximum change in the forecast net profit, the net profit rose by the top three in the past three years, namely Shuguang, BYD and Dongfeng Motor, which increased by 1015%, 557.39% and 150% respectively.

In this regard, Shuguang shares said that this year, with the country's policy of new energy vehicles, the financial subsidies, exemption from purchase tax to unlimited, unlimited purchase, electric vehicles on the road ahead. The company seized market opportunities and vigorously developed new energy vehicles. In 2015, it achieved 1,705 new energy vehicle sales, a year-on-year increase of 3688.89%, which is the main reason for the company's performance growth. At the same time, through the transfer of land use rights in Shenyang Economic and Technological Development Zone, it also received a total of about 167 million yuan in compensation for property acquisition.

For a long time, SAIC has always sat in the first place in the net profit contribution of vehicle companies. In the 2015 performance forecast, as a representative of large enterprise groups, SAIC's production and sales scale remained basically stable, and the growth of net profit remained at About 6%. According to the company, in 2015, the company's vehicle sales reached 5.919 million units, an increase of 5.01% year-on-year.

On the BYD side, the 500% increase in profit has received much attention. According to the data of the Flush iFind, BYD is expected to achieve a net profit of 2.6 billion yuan to 2.85 billion yuan in 2015, and the growth rate is expected to reach 518.18% to 557.39%.

Regarding the reasons for the pre-sales performance, the company said that in the fourth quarter of 2015, the development of domestic new energy vehicles showed explosive growth. The company’s plug-in hybrid vehicles “Qin” and “Tang” were in the fourth quarter of 2015. Due to its excellent product performance and product competitiveness, its sales volume in the same category is leading; the orders for electric vehicles in the public transportation sectors such as K9 and E6 are booming, which has promoted the company's new energy vehicle business to achieve rapid growth in the fourth quarter. This drove a substantial increase in the company's profit level, which made the company's operating results better than expected.

Cui Dongshu, secretary-general of the National Passenger Car Market Information Association, also affirmed this in an interview with the Securities Daily. He said, "The sharp increase in profits of independent car companies such as BYD and JAC, in addition to the popularity of SUV sales, has caught up with the policy of new energy vehicles."

Nearly 90% of the 16 car manufacturers' profitable dealers' inventory digested

Dealer inventory digestibility improved

According to the China Automobile Dealer Inventory Alert Index Survey VIA released by the China Automobile Dealers Association, the inventory warning index for January 2016 was 56.6%, an increase of 4.0 percentage points from the previous month. According to the survey, although the sales volume of the manufacturers in December last year, the sales demand before the new year was released ahead of schedule, the sales volume in January decreased compared with the end of last year. However, the decline in the car buying boom did not increase the inventory pressure of the dealers, mainly because of the car. The sales tasks set by the manufacturers to the dealers tend to be reasonable, and the inventory digestibility is improved.

The data shows that in the forecast of the dealer's annual report, Guanghui Auto took the lead with a net profit of 1.866 billion yuan, a year-on-year increase of 16.39%. At the same time, the reporter noted that the huge group's performance in 2015 increased significantly. With the contribution of new businesses such as new energy vehicles and parallel imported automobiles, the overall profitability of the company has increased significantly compared with the same period of last year, and the growth rate is expected to reach 40% to 60%.

In addition, the development of Zhangzhou has the first loss, and the net profit loss is expected to reach 80 million yuan to 100 million yuan. It said that the real estate business and auto trade business in the current period had a significant decline in net profit compared with the same period of the previous year, of which the net profit of the real estate sector decreased by approximately 75.73 million yuan over the same period of the previous year. The net profit of the auto trade sector decreased by about 25 million yuan compared with the same period of the previous year. At the same time, the equity of the subsidiary was transferred in the same period of last year, and the investment income was 66.189 million yuan, a decrease of 659.863 million yuan in the current period.

It is worth mentioning that in 2016, the biggest good news for auto dealers is that the "Automobile Sales Management Measures (Draft for Comment)" (hereinafter referred to as the "New Measures") is open for public comment. From the perspective of administrative guidance, the new "Measures" clearly hides the "brand" in the current "Automobile Brand Sales Management Implementation Measures", which undoubtedly shows that the government is breaking the brand authorized sales model and enhancing dealer autonomy. And the intention and determination of the right to speak.

Can the new "Measures" bring the gospel to car dealers in the future? In the view of Su Hui (microblogging), vice president of the China Automobile Distribution Association Tangible Automobile Branch, the answer is yes.

Su Hui believes that the new "Measures" aim to maintain a fair and just market competition order, vehicle manufacturers can not require dealers to have both sales and after-sales service functions, as well as parts manufacturers of OEMs can freely sell accessories and other regulations. Help to break the monopoly of auto parts sales channels.

However, he also pointed out that the transformation of the competitive landscape of the entire automobile market will be affected by many factors, the most important of which is the implementation and implementation in the future. The terms "encourage" and "recommendation" in the new "Measures" have neither mandatory nor specific rules, or it will be difficult to play a binding purpose.

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