Recently, a number of car companies announced their 2017 annual reports. In 2017, the auto market was generally cold, some car companies saw an increase in contrarian growth, and faced the challenge of a slowdown in the auto market, some car companies were in 2017. The performance has dropped sharply. Below is a list of SAIC, GAC, Geely, Chang'an, Great Wall, BYD, and JAC seven automakers operating income and net profit in 2017.
SAIC
Total operating income: 870.639 billion yuan / net profit: 34.41 billion yuan
Although the growth rate of the domestic auto market slowed down in 2017, SAIC Group achieved a bucking trend and once again became the most profitable Chinese auto company with a net profit of 34.41 billion yuan, surpassing the sum of net profits of GAC, Geely, Changan and Great Wall Motor; SAIC Motor The Group's total operating revenue in 2017 reached 870.639 billion yuan, a year-on-year increase of 15.1%, and its operating performance hit a record high.
In 2017, SAIC Motor sold 6.93 million complete vehicles, a year-on-year increase of 6.8%, more than double the growth rate of the overall market; of which, 6.188 million were sales of passenger cars, an increase of 9.2% year-on-year; commercial vehicle sales were 742,000, an increase year-on-year. Declined by 9.8%.
Regardless of whether it is a joint venture brand or an independent brand, SAIC Motor Group has achieved rapid growth in 2017, of which the self-owned brand has become the new engine for sales growth of SAIC Motor. In 2017, SAIC Motor's three major vehicle joint ventures, SAIC-VW, SAIC-GM, and Shanghai-Wuxing, all sold more than 2 million vehicles. At the same time, SAIC Motor’s own brand passenger vehicles Roewe and MG and SAIC Chase achieved rapid growth. In 2017, SAIC Motor’s new 440,000 vehicle sales, its own brand new sales reached 227,000, and the incremental contribution accounted for 51.6%.
In addition to the increase in sales volume, SAIC Motor has made progress in the optimization of its production and sales structure, the deployment of new energy vehicles and smart driving, the integration of automobile production and financing, and international operations, which has helped boost the achievement of new operating performance.
Chen Hong, chairman of SAIC, said that in the future, SAIC Motor will use intelligent network-linked cars, smart travel solutions, and smart manufacturing as an important starting point to explore and practice the development of big data, cloud computing and artificial intelligence with the automotive industry more extensively and deeply. The combination will contribute to the accelerated transformation and upgrading of the Chinese automobile industry. SAIC Motor’s sales target in 2018 is more than 7.2 million units.
Guangzhou Automobile Group
Total operating income: 71.575 billion yuan / net profit: 10.786 billion yuan
GAC Group's major economic indicators in 2017 have grown rapidly, and major indicators such as production, sales, revenue, and profits have all hit historical highs. The total revenue for 2017 was 71.575 billion yuan, a year-on-year increase of 44.84%; the net profit attributable to owners of the parent company was 107.86 billion yuan, which exceeded the net profit value created by Geely Automobile in 2017; GAC's 2017 net profit was higher than that of GAC. The year-on-year increase of approximately 71.53%, basic earnings per share of approximately 1.65 yuan, an increase of approximately 68.37% over the same period last year.
In 2017, GAC Group's auto production and sales exceeded 2 million for the first time, reaching 2.017 million units and 2.01 million units respectively, an increase of 21.54% and 21.27% over the same period of last year, which was higher than the average increase of the industry by about 18%. The sales of all five major auto companies have achieved positive growth. The growth of self-owned brands has been particularly prominent. The data shows that the production and sales volume of GAC's self-owned brand models have increased by 34.4% and 36.7%, respectively, compared to 2016, of which the Chuanqi GS4 and GS8 have become star models. The introduction of GS3 and GS7 further enriched the star product portfolio. In respect of the joint venture brand of GAC, both the domestic-made Jeep models of European and American joint ventures and the products of Japanese joint ventures have achieved steady growth in 2017. The rapid growth of self-owned brands and joint venture brands has driven the growth of business segments such as parts and components, service trade, and finance and insurance.
The growth of sales volume has brought outstanding performance. In 2017, GAC Group was listed in the Fortune Global 500 for the fifth consecutive year, ranking 238th, an increase of 65 places over 2016. As of December 2017, GAC Group’s total market value was RMB 160 billion. Above, the market value rose by 40 billion yuan.
GAC Group previously stated that in the future, it will build new energy exclusive platform models based on the development of electrification and intellectualization, and is expected to be launched in 2019. In addition, GAC Group stated that it expects to achieve L3 level autopilot function by 2020.
Guangqi chairman Zeng Qinghong said that in 2018, he plans to challenge the target of 2.3 million car production and sales.
Geely Automobile
Total operating income: 92.761 billion yuan / net profit: 10.634 billion yuan
In 2017, it was the year of Geely's harvest. Not only was it generous in buying, buying, and buying, but it also made people particularly jealous. The annual report shows that in 2017, Geely's total operating income reached 92.761 billion yuan, a year-on-year increase of 73%; net profit reached 10.634 billion yuan, a year-on-year increase of 108%, which consolidates its leading position in China's own brand market.
The returns on high profits are directly linked to sales. Although the overall growth rate of China's auto market entered a new norm of micro growth in 2017, sales growth of Geely Automobile was 63% year-on-year, with annual sales of 1,247,000, of which sales of Geely brand cars were With 12.14 million vehicles, the sales volume of the Pulley brand is 66,000. Analyze the reasons. In 2017, Geely insisted that the two-wheel drive of the sedan and the SUV should be balanced and development is an important aspect. In addition, since August 2016, the launch and sales of various models such as Emgrand GL, Vision SUV and Vision X3 have also helped boost Geely sales to some extent. Sales of Bo Yue, Dorsett GS and Vision SUV in 2017 increased by 159%, 167% and 84% year-on-year, respectively; in addition, sales of Geely new energy vehicles increased by 47% in 2017.
Geely Automobile CEO An Anhui said that 2018 will be a key year for Geely's transformation. "This year, Geely will invest more energy in new energy, smart driving and other fields to ensure high-quality growth."
In the future, Geely stated that it will comprehensively promote the “3.0 generation†channel system construction on the basis of the existing market, and will launch more than 10 new and modified models in 2018, covering cars, SUVs, crossover SUVs, MPVs, etc. Different Types. At the same time, the Puller car brand will also launch a new model, in order to sprint in the 1818 sales of 1.58 million (including the lead brand car sales) sales target.
Changan Automobile
Total operating income: 80.012 billion yuan / net profit: 7.137 billion yuan
With the autonomous car companies entering the reshuffle period, Changan Automobile will face unprecedented pressure in 2017. In 2017, its total operating income was 80.012 billion yuan, a year-on-year increase of 1.87%. The growth rate was significantly different from that of SAIC, GAC and Geely. In 2017, the net profit attributable to shareholders of listed companies was 7.137 billion yuan, a year-on-year decrease of 30.61%.
In the face of declining performance, the Changan Automobile explained that in 2017, the company’s own product sales fell by 5.66%, and its operating income was RMB 80.01 billion, which was a year-on-year increase of 1.87%, mainly due to the increase in average selling price after product replacement. In 2017, the company realized a net profit attributable to shareholders of listed companies of 7.137 billion yuan, a year-on-year decrease of 30.61%, which was mainly due to the drop in investment income from joint venture companies.
The decline in profits was inextricably linked with the sales of automobile enterprises. In 2017, sales of Changan Automobile were 2.872 million vehicles, which was a 6.23% year-on-year decrease from 2016 and failed to meet the annual sales target of 3.3 million vehicles previously set.
As China's first self-owned car manufacturer with sales and sales volume of over one million, Changan Automobile is currently facing the dilemma of decline in product strength. After the launch of Geely Automobile and the launch of the Great Wall Motors WEY brand, Changan Automobile has been late in its high-end products. There was no action late, but before the two sessions this year, Zhu Huarong, president of Changan Automobile, disclosed that “At present, Changan Automobile is carrying out brand strategic planning and is expected to be released from April to June.†This remark makes the industry about whether Changan Automobile will soon launch high-end brands. Fantasy.
The performance of Changan Automobile's JV brand in 2017 is also not optimistic. Changan Ford's sales in 2017 decreased by 12.3% year-on-year, Changan Mazda slightly increased by 1.3% in 2017, and JMC held only a slight year-on-year growth in 2017.
In 2018, Changan Automobile has made strategic adjustments to changes in the market, and it remains to be seen whether it will be able to reverse the decline. Great Wall Motor
Operating income: 101.169 billion yuan / net profit: 5.027 billion yuan
In 2017, Great Wall Motor’s total operating revenue was 101.116 billion yuan, an increase of 2.59% year-on-year, but net profit was only 5.027 billion yuan, a year-on-year drop of 52.35%. This should be Great Wall Motor’s worst financial performance in 12 years.
Great Wall Motor sold 1.07 million vehicles in 2017, which was basically the same as 2016 sales volume. It only completed 85.6% of the targeted annual sales volume of 1.25 million units. In this regard, Great Wall Motor Chairman and President Wang Fengying paid a yearly salary of RMB 3 million and RMB 2 million respectively. yuan.
In the absence of significant changes in sales volume and revenue, Great Wall Motor’s net profit was halved in 2017. For the reasons for the decline in profits, Great Wall Motors explained that in 2017, the company’s activities, such as shaking the red envelopes, will benefit customers. There are products for sales promotion that affect the level of income and gross profit margins; at the same time, the advertising costs for advertising through the Internet, television, and outdoor media have increased significantly; in addition, Great Wall Motors has increased the competitiveness of its SUV products. The investment in R&D of new products led to an increase in R&D expenditures.
In 2018, in the face of fierce competition, Great Wall Motor will continue to focus on the SUV business and ensure that the Group will maintain its position as the No. 1 seller in the Chinese SUV market. It is understood that the Great Wall’s Haval H6 has won the domestic SUV bicycle sales championship for 57 months.
New energy vehicles have also become the key layout area of ​​Great Wall Motors, and the dual-point policy has been officially implemented since April 1, so Great Wall Motors must resolve the imminent pressure on new energy points. In this regard, Great Wall Motor and BMW AG signed a letter of intent to establish a joint venture company to focus on new energy vehicles and future technologies. In addition, Great Wall Motor will launch the first plug-in hybrid model P8 and other new energy products in 2018.
In terms of sales target for 2018, since 2017 failed to complete the target of 1.25 million vehicles, Great Wall Motor's annual sales target for 2018 fell to 1.16 million units at the beginning of this year.
BYD
Total operating income: 105.915 billion yuan / net profit: 4.066 billion yuan
According to BYD 2017 annual report, BYD achieved a total revenue of 105.915 billion yuan in 2017, a slight increase of 2.36% year-on-year; net profit attributable to shareholders of listed companies was 4.066 billion yuan, a year-on-year decrease of 19.51%. The basic earnings per share was 1.4 yuan, a year-on-year decrease of 25.53%.
Looking at BYD’s net profit growth in the last five years, it can be said that BYD is an iconic year. Prior to this, BYD spent only three years transforming itself into an electric vehicle company. However, after experiencing a major outbreak in 2015, net profit growth has been slowing.
The decline in BYD’s net profit is not unrelated to its auto market failure and fierce competition in the solar business. According to the data of the CCC, BYD accumulated a total of 410,000 new cars in 2017, a year-on-year decline of 17.5%. Among them, the traditional fuel vehicles sold for only 296,000 vehicles, down 9.2% year-on-year, creating a new low in the field in the past three years. The lack of bright spots in the upgrading and styling design of traditional fuel vehicles in recent years is the main reason for the decline in sales volume. In the field of new energy vehicles that BYD is good at, the reality is that the subsidy for new energy has declined. With the subsidy retreat, BYD's profits in the new energy vehicle market have slipped. Even so, in the new energy vehicle field, BYD still maintains its leading position in 2017. According to the data, the cumulative sales volume of BYD new energy vehicles in 2017 was 113,700, a year-on-year increase of 13.4%.
In 2018, BYD continued to overweight the new energy market. According to the plan, it will launch a number of new vehicles, the e5 450, the Qin EV450, the Yuan EV360 and the Song EV400, and use an upgraded ternary lithium battery pack for battery technology. It is worth mentioning that BYD’s long-established cloud-track business has already contributed some of its revenue to the Group since the second half of 2017. In 2018, with the maturity of this business, it is believed that it will become a new growth point of BYD.
Jianghuai Automobile
Total operating income: 49.203 billion yuan / net profit: 432 million yuan
JAC Motor's 2017 performance was not satisfactory. The data showed that in 2017 JAC's total operating income was 49.203 billion yuan, down 6.33% year-on-year; net profit was 432 million yuan, down 62.83% year-on-year. As a result of the decline in performance, Jianghuai’s management team reduced their salaries, with directors and senior management teams dropping by an average of 50%.
The decline in sales is the direct cause of poor performance. From a sales perspective, JAC sold a total of 516,900 complete vehicles and chassis in 2017, a decrease of 20.58% year-on-year. In a comprehensive analysis, the SUV products in the passenger car have a greater impact on sales decline. In 2017, sales of Jianghuai SUV products reached 121,300, a year-on-year decrease of 154,200, of which sales of S3 declined and sales of new S7 products did not reach expectations after listing. The main reason for the poor sales of SUVs. In addition, factors such as the retreat of new energy subsidies and rising raw material prices have also contributed to the decline in the performance of Jianghuai Automobile.
Although overall sales fell sharply, sales of Jianghuai New Energy Vehicles sold 28,300 vehicles in 2017, a year-on-year increase of 53.86%. However, JAC New Energy Vehicles rely on government subsidies to improve their independent core competitiveness in the face of subsidy retreat. Upward development is still a matter of no delay.
In 2017, the joint venture between Jianghuai and Volkswagen was approved by the National Development and Reform Commission and the Ministry of Commerce. The joint venture company has now officially commenced operations. At present, the first electric car brand under the joint venture of Jianghuai Volkswagen has entered the 306th batch of road motor vehicle manufacturers. And product announcements, but from the industry's response, this model does not seem to bring surprises. On the other hand, the first product ES8 that Jianghuai cooperates with Weilai Automobile has already been listed, but Weilai Automobile seems to be planning to build its own factory for the long-term, so JAC's situation is even more hopeless.
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