But if you look closely, unlike the overall decline of the automobile market, luxury brands are growing strongly. In 20 19, the total sales volume of luxury brands was 2,205,043 vehicles, up by 1 1.9% year-on-year. In contrast, the cumulative sales of mainstream joint venture brands in 20 19 years were10,635, 197, which was much higher than that of luxury cars, but there was still a year-on-year decline of 5.2%. The decline of independent brands was the most obvious, with the cumulative sales of 7862242 vehicles in 2065,438+09, down 14.3% year-on-year.
From this point of view, 20 19 is indeed the "cold winter" of independent brands, but the overall decline cannot represent the lives of various car companies after all. Recently, Great Wall, Geely and BAIC released their respective financial reports for 20 19. What about these three companies?
Great Wall Motor: R&D investment increased and overseas performance increased by 66.6438+0% year-on-year.
According to the financial report released by Great Wall Motor, Great Wall Motor's total revenue was 20 1 1 billion yuan, its total profit was 510/billion yuan, and its net profit was 453 1 billion yuan. The net profit attributable to shareholders of the parent company was 4.497 billion yuan. Comparing the financial report of 20 18- with total revenue of 99.23 billion yuan and net profit of 5.248 billion yuan, it can be seen that the total revenue and net profit of Great Wall Motor in 20 19 showed a downward trend.
Although the financial report of Great Wall Motor is not perfect, there is an important figure that we can't ignore, that is, the R&D expenditure invested by Great Wall Motor in 20 19 is as high as 27160,000 yuan, which is 55.8% higher than that of 20174,300 yuan, which also reflects the attitude of Great Wall Motor to "over-invest in R&D". 2.0T gasoline engine won the top ten engines of 20 19 "China Heart"; Honeycomb Yichuang released a new generation of powertrain technology products, including 4N20 new generation environmentally-friendly 2.0T engine, the world's first publicly released 9-speed wet power shift, and 600 1 series electric drive, achieving comprehensive optimization of fuel consumption, emissions, power and other indicators.
The increase in R&D costs also indicates that Great Wall Motor will bring more products. Recently, the information of two new cars B0 1 and B06 of Great Wall Motor was exposed. It is reported that these two new cars will be built on a brand-new platform and will be released this year, among which B0 1 will be the replacement model of the current Haval H6. In other words, Haval H6 will be replaced this year. Judging from the existing situation of Haval H6, B0 1 is bound to continue to lead the market at the same level in the future.
Great Wall Motor's 20 19 financial report also has a data that we can't ignore, that is, the total revenue of Great Wall Motor in overseas markets reached 5.522 billion yuan, up 66. 1% year-on-year. The substantial increase in overseas income is naturally inseparable from the increase in export volume. The export volume of Great Wall Motor in 2065,438+09 reached 65,400 vehicles, up 44.93% year-on-year. Among them, pickup trucks exported 6.5438+0.75 million vehicles throughout the year, with a cumulative year-on-year increase of 34.66%; SUV models exported 43,800 vehicles, a year-on-year increase of 57.62%.
Last year, Great Wall Motor established the first full-process overseas factory in Russia-Tula Factory. Haval F7, the first global car, successfully rolled off the assembly line and achieved great success in Russia. At present, the number of Great Wall Motor in Russia has exceeded 6.5438+0.2 million.
After tasting the "sweetness" of expanding overseas markets, Great Wall Motor increased its overseas factories to three by acquiring GM's factories in India and Thailand respectively this year. In addition, Great Wall Motor has set up parts assembly plants in Ecuador, Malaysia, Tunisia and Bulgaria, and established more than 500 global automobile sales networks in 60 countries and regions around the world. Great Wall Motor continues to increase its global layout, not only to seek new market growth points, but also to expand its territory in the global journey of seeking "the sea of stars".
Generally speaking, Great Wall Motor's 20 19 financial report is not the strongest on the surface, but in the cold winter of the automobile market for two consecutive years, Great Wall Motor still found a "cotton jacket" to deal with the cold winter of the automobile market with its excellent product strength, R&D investment and overseas strategy. With the great wall gun series opening the pickup truck market, the steady product structure renewal of Haval brand, the breakthrough of high-end WEY series and the endeavor of new energy brand Euler, Great Wall Motor will start a new round of high-quality development cycle at home and abroad.
Geely Automobile: ushered in the first decline in revenue in five years and took the lead.
Geely Automobile's 20 19 financial report shows that Geely Automobile achieved an operating income of 97.4 billion in 20 19, down 9% year-on-year; The net profit was 8.26 billion yuan, down 35% year-on-year. In fact, from 20 15 to 20 18, Geely's operating income maintained a sustained growth, and reached its peak in 20 18, and its operating income exceeded 100 billion yuan. In other words, 20 19 is Geely's first revenue decline since 20 15.
The decline in revenue was mainly due to the decline in sales of 20 19 Geely Automobile. In 20 19, the cumulative sales volume of Geely Automobile was1360,000 vehicles. Although it achieved the first national brand sales for three consecutive years, it was still 9.3% lower than the1500,800 vehicles in 20 18. However, one data is basically unchanged, that is, the average bicycle price of Geely Automobile in 20 19 is 74,500 yuan, which is the same as that in 20 18. Then the question is, why did the profit rate drop sharply? There are two main reasons.
First of all, the reason for Geely's profit decline is the surge in R&D investment. In 20 19, Geely Holding Group invested 3.067 billion yuan in R&D, a substantial increase of 59% compared with 2065 438+09 26 billion yuan. This R&D expenditure is mainly used to develop new models, powertrains and new energy vehicle technologies. Although it seems to be a drag on Geely Automobile now, it still has a positive impact in the long run.
The second is the decline in the profit margin of high-end brands. As a high-end brand owned by Geely, the price of the brand is very close to the people. Under the double squeeze of luxury brands and joint venture brands, in 20 19 years, brands have to exchange prices for sales. We learned from Beijing that Ke Ling 0 1, Linke 02 and Ke Ling 03 all have discounts of about 1 10,000 yuan. For example, Ke Ling 0 1 even has a discount of 20,000 yuan in some areas. Therefore, although Lexus sold 65,438+00,000 vehicles per month in 2065,438+09, its net profit decreased by 27%.
Although the total sales volume has declined, Geely Automobile is still quite brilliant in the field of new energy. In 20 19, the cumulative sales volume of Geely New Energy reached 1 13000 vehicles, achieving a 66% increase. Although there is still a certain gap with the target set before, it is still commendable under the general environment of 20 19 subsidy decline and general trend decline.
Affected by the epidemic this year, many car companies have announced that they will lower their annual sales targets or reduce their salaries and lay off employees. However, Geely Automobile still maintains the annual sales target of 65,438+0,465,438+0,000 vehicles set at the beginning of the year, which is 4% higher than that of 2065,438+09, and promises not to lay off employees, reduce wages and default on wages. However, the current situation in 2020 is not optimistic. In the first two months, Geely automobile sales fell by 45%, and a number of heavy new cars also announced the postponement of listing. If you still want to achieve the set goals, the difficulty can be imagined.
It is reported that Geely Automobile will have six new cars in 2020, among which Geely has three models, namely large SUV Hao Yue, compact SUV“ICON "and compact car that have entered the market; Kelin has two brands, namely Kelin 05 and Kelin 06; Geometric brand will launch a pure electric SUV. The auto market is difficult in 2020. What will happen to Geely Automobile in the future? Let's wait and see.
Beijing Auto: Beijing Benz's revenue accounts for nearly 90%, and BAIC is in a downturn.
According to the data of 20 19 financial report of BAIC, the operating income of BAIC was 201746.33 billion yuan, up by14.95% year-on-year; Gross profit reached 37.487 billion yuan, a year-on-year increase of 65,438+0.3%; The net profit attributable to the parent company was 4.083 billion yuan, a year-on-year decrease of 7.83%. According to BAIC, the decline in net profit attributable to the intensified competition in the domestic passenger car industry and the overall downturn in the market led to the decline in profits of Beijing Brand and some investment enterprises.
BAIC is a Hong Kong-listed company of Beijing Automotive Co., Ltd., which includes Beijing Benz, Beijing Brand, Beijing Hyundai and Fujian Benz. Since listed companies only count the financial statements of wholly-owned subsidiaries and holding subsidiaries, BAIC Group's financial report only includes Beijing brand and Beijing Benz. From this point of view, the reason why Beijing automobile revenue growth can reach 14.95% is mostly due to Beijing Benz, so how much does it account for? This figure is 88.8%.
In 20 19, the revenue of Beijing Benz reached1551540,000 yuan, and in 20 19, it was1354150,000 yuan, a year-on-year increase of 14.6%. The increase in income is mainly reflected in sales. In 20 19, Beijing Benz sold 567,000 vehicles, up 17% year-on-year, accounting for 75% of Mercedes-Benz's sales in China.
For Beijing brand, the revenue in 2065438 was+09.607 billion yuan, accounting for 1 1.2% of the total revenue of Beijing automobile. At the same time, the gross profit loss of Beijing brands increased to-4.728 billion yuan. Considering that the Beijing brand was in an adjustment period last year, poor performance is also reasonable.
Since Wang Wei merged into Changhe and Beiqi Cross-country to operate independently, BAIC has completed the upgrade of Suibao brand in Beijing. In terms of products, only some new energy vehicles jointly developed with BAIC New Energy and uniformly sold by BAIC New Energy are produced, as well as some fuel vehicles of the original Suibao brand. In 20 19, the cumulative sales volume of Beijing brands was167,000 vehicles, up by 6.9% year-on-year, among which the sales volume of new energy vehicles reached104,000 vehicles, up by 133.2% year-on-year. The popular model EU5 achieved an annual sales volume of 80,000 vehicles, with a market share of nearly/kloc-0.
Although the contribution of Beijing Benz to Beijing Auto currently accounts for the vast majority, we can't ignore the outstanding performance of Beijing brand (formerly Beiqi New Energy) in the new energy market. The latest policy of extending the purchase subsidy and exempting the purchase tax for two years for new energy vehicles is very conducive to stimulating the development of the new energy vehicle market. It can be said that it is just the right time for Beijing brands to vigorously develop new energy products. Therefore, although the status of Beijing brand may still be in a painful period after adjustment, the development of Beijing brand in the future is still worth looking forward to.
Write at the end:
It is said that every family has a hard book to read, and this book is more like a gobbledygook in China auto market. As can be seen from the financial reports of Great Wall, Geely and BAIC, no car company can stay out of the cold winter of the auto market. After 20 19 years, 2020 is even more difficult. This year will be a crucial year to test the viability of global car companies.
Today's financial report series is here, and tomorrow we will bring you 20 19 financial report analysis of BYD, FAW and Dongfeng.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.