Increased production does not increase revenue in the first quarter auto market


China Automobile Industry Association recently released statistical data; in the first quarter of 2009, the production and sales of automobiles were 2,567,600 and 2,668,800 vehicles, an increase of 1.91% and 3.88% respectively. Although the number of car sales hit record highs in the first quarter of this year, most of the 19 key auto enterprise groups such as FAW, SAIC, Dongfeng and Changan have lower than the same period of time, and the total profit was 10.8 billion yuan, a year-on-year decrease of 48.36%. The current situation of increasing production without increasing income has caused many auto makers to worry about the auto market this year.

The latest statistics show that as the sales growth of automobiles in the first quarter was mainly driven by small-displacement vehicles and micro-substances, the profits of these two types of vehicle bicycles are low, and the more profitable mid-size vehicles have experienced slow sales, resulting in a large number of vehicles. The phenomenon of “increasing production and reducing revenues” occurred in enterprises, with profits falling by nearly 50% year-on-year, and Dongfeng and Chang’an’s net profits even dropped by 80%, with only a few companies having a slight increase.

According to reports, in the first quarter of this year, the most unsatisfactory operating profit status was attributed to the light commercial vehicle business, such as Dongfeng Motor, whose net profit attributable to shareholders of listed companies was 2.5491 million yuan, a year-on-year drop of 98.21%; Chang'an The first-quarter net profit of the automobile dropped by 89% compared with the same period of last year. Shanghai Auto’s net profit attributable to shareholders of listed companies was RMB 627 million, a decrease of 49.46% year-on-year. Jiangling Motors and FAW Car were no exception. Net profit decreased by 5.5% and 20.24% year-on-year, respectively.

In this regard, SAIC, FAW, etc., said that the main reason for the decline in profits was the impact of the global financial crisis on the downturn in the auto market, resulting in a slowdown in sales growth due to poor sales, and a drag on investment losses.

Statistics also show that 19 key auto enterprise groups (operating revenues account for about 50% of the total industry) most economic indicators in the first quarter were lower than the same period, operating income was 268.6 billion yuan, a year-on-year decrease of 14.15%; total profit was 10.8 billion Yuan, a year-on-year decrease of 48.36%; industrial added value was 56 billion yuan, a year-on-year decrease of 8.95%. The index of economic efficiency of key enterprises in the automotive industry in the first quarter was 305.5, down 56.66 from the same period of last year.

In the quarterly report of auto listed companies, it was Baiqi Holdings which achieved a sales income of RMB 21.1 billion in the first quarter, an increase of 11.4% year-on-year, and a profit of RMB 770 million, a year-on-year increase of 43.9%. Among them, Beijing Hyundai Earn 4 In 2014, Beiqi Foton made a profit of nearly 200 million yuan.

China Automobile Association, said that although the automotive industry has shown some recovery, but the automotive industry has not yet ushered in the spring of development. On the one hand, the automotive industry, especially the key indicators of economic efficiency of key enterprises still showed a significant decline; on the other hand, the trend of a sharp decline in auto exports has not been effectively alleviated; in addition, the policies favored outside the models, especially commercial vehicles are still hovering in the trough.

The relevant experts of CAAM also stated that in April, the production and sales of automobile enterprises continued to grow, sales of small-displacement vehicles were booming, and sales of mid- to high-end cars and auto exports also showed signs of recovery.

It is reported that in the first two months of this year, the low-displacement vehicle purchase tax preferential policy has a great impact on mid- to high-displacement sedan models, especially the market performance of the 1.8-liter model. However, in the past two months, the high- and medium-displacement cars have shown a declining trend compared with the same period, but there are signs of improvement from the ring situation, in which the 1.6-liter 2.0-liter sedan in April rose by 2.2% from the previous month. The 2.0-liter to 2.5-liter sedan was up 5.2% from the previous month. In addition, the exports of auto vehicle manufacturers in April showed a slight increase compared with March, and the number of completed auto exports was 26,000, an increase of 15.9%. China Automobile Association expects that the overall situation of the automotive industry will gradually improve in the second quarter.



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