On September 29th, the rating announcement of China Money Network showed that Dagong and Dongfang Jincheng downgraded the main rating of Brilliance Automobile Group Holding Co., Ltd. to AA and AA+ respectively, and the rating outlook was adjusted to negative.
Dagong said in the rating report that Brilliance Group's debt investment plan failed to pay interest on time; Oriental Jincheng's rating report said that the company will face greater pressure of centralized bond payment in the next two years.
It is worth mentioning that from April to August this year, Brilliance China has been on the list of executed persons 17 times. It is an indisputable fact that Brilliance Auto is in debt of hundreds of billions, many shares are frozen and cash flow is tight. The data shows that by the middle of 2020, Brilliance Group will have liabilities of 654.38+032.8 billion yuan, assets of 654.38+093.3 billion yuan and asset-liability ratio of 68.72%.
Oriental Jincheng pointed out in the rating report that the profit of Brilliance Auto mainly comes from BMW Brilliance. At the same time, the production, sales and business income of self-owned brand passenger cars continued to decline under the epidemic, and the profitability was still weak. Brilliance Auto's interest-bearing debt is large, and it is increasing year by year. Debt is mainly concentrated in the company headquarters, and the debt structure is mainly short-term.
In other words, Brilliance Auto relies too much on BMW Brilliance, making its own brand basically unprofitable.
In the face of financial problems, Cage, vice president of Brilliance Automobile Group Holding Co., Ltd. said: "This year is really difficult. Not only Brilliance Auto, but also many enterprises have encountered the liquidity problem of lack of funds. However, both Liaoning Province and Shenyang City have provided a lot of financial support for Brilliance Auto. This crisis is short-term. With the improvement of business conditions and the control of the epidemic, Brilliance Auto will gradually get out of the predicament. "
Moreover, Brilliance Auto Group will face up to its shortcomings, refocus on the vehicle and parts industry, and comprehensively develop joint venture brands BMW Brilliance and Renault brilliance jinbei, private joint ventures Brilliance Xinri and Brilliance Xinyuan, and independent brands China.
According to the plan of Brilliance Auto, the sales volume will reach 6.5438+0.95 million in 2025, including 6.5438+0.110,000 passenger cars and 850,000 commercial vehicles. The sales scale of spare parts business is expected to reach 35 billion yuan. Specifically, the sales volume of 165438+ 10,000 passenger cars includes 650,000 BMW Brilliance, 300,000 Zhonghua and 654.38 million Brilliance Xinri. There are 850,000 commercial vehicles, including 600,000 Brilliance Xinyuan, 0.5 million Renault brilliance jinbei/KLOC-0, and 654.38+10,000 trucks and special vehicles.
Obviously, Brilliance Auto should realize the balanced development of joint venture brand and independent brand.
But now in China auto market, independent mainstream auto companies such as Geely, Great Wall and Chang 'an have started to move towards the high end. Under the trend of "four modernizations" of automobiles, Brilliance's own brand has not made any moves. In 20 18, Brilliance Auto was listed in the special publicity by the Ministry of Industry and Information Technology, and its application for new products of new energy vehicles was suspended.
Cage said that Brilliance Auto has been in contact with auto companies on the development of the platform, involving traditional fuel vehicles and new energy vehicles. This means that Brilliance Auto is fully prepared and will realize enterprise revival.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.