On August 28th, Guangzhou Automobile Group (60 1238. 02238.HK SH) released the interim report for 2020. In the first half of this year, Guangzhou Automobile Group * * * achieved a comprehensive operating income of about 25.642 billion yuan, a decrease of about 9.56% compared with the same period last year; The net profit attributable to shareholders of the parent company was about 23 1.8 billion yuan, down 52.87% year-on-year. Earnings per share was about 0.23 yuan, down 52.08% year-on-year.
Guangzhou Automobile Group said that the main factors affecting the performance changes during the reporting period were: the COVID-19 epidemic in the first half of the year, the downward pressure on the economy, the sharp decline in the production and sales of the domestic automobile industry, and the decline in the sales of its own brand Chuanqi models.
Guangzhou Automobile Group's operating income in the second quarter increased by about 5.63% year-on-year, and non-net profit increased by about 99% year-on-year, and all indicators improved significantly; In addition, thanks to the sales growth of joint ventures (GAC Toyota and GAC Honda), GAC's investment income in the second quarter increased by about 32.4% year-on-year, and its profitability was restored.
In terms of sales volume, Guangzhou Automobile Group achieved production and sales of 797,300 vehicles and 824,600 vehicles in the first half of the year, and the decline has been narrowing since the second quarter. The domestic market share of passenger cars increased by 0.62 percentage points over the previous year, reaching 10.47%. Among them, the sales volume of Guangqi Honda was 3.65438+0.85 million, down 20.58% year-on-year; GAC Toyota sold 320,900 vehicles, a year-on-year increase of 3.11%; Both joint venture car companies outperformed the overall growth rate of the auto market (-22.42%). It is worth mentioning that in the first half of the year, the sales volume of self-owned brand new energy vehicles exceeded 20,000, up 89.42% year-on-year. ?
In the first half of the year, Guangzhou Automobile Group * * * launched 13 brand-new and modified models, in which the structural proportion of new energy and energy-saving products increased, and 7 models were put on the market.
In terms of cash flow, as of June 30, 2020, Guangzhou Automobile Group's cash and cash equivalents were 203.0 1 billion yuan, compared with 295.78 yuan in the same period last year. Billion yuan, a decrease of about? 92.77? 1 billion yuan.
During the reporting period, the net cash flow generated by GAC's operating activities was 6.366 billion yuan, an increase of 3 billion yuan over the same period last year. According to GAC, it was mainly due to the decrease in sales volume and operating income and expenditure in the first half of the year, the net deposits of non-consolidated enterprises of GAC Finance decreased year-on-year, and the loans issued by Group Finance to customers increased.
In terms of R&D expenditure, GAC invested 22.64 yuan in the first half of the year. 100 million yuan, an increase of 65,438+0.40? 1 billion yuan. Considering the company's profitability and future development needs, the board of directors of Guangzhou Automobile Group proposed to distribute an interim dividend of 65,438+00 shares, each with 0.3 yuan (including tax). Since listing, the accumulated cash dividends have exceeded 1, 7 1 100 million yuan.
Guangzhou Automobile Group said that in the second half of this year, it will focus on steady growth and strive to achieve the annual task target. To this end, the group will try its best to enhance product strength and marketing strength; Implement the "e-TIME" action plan to promote scientific and technological innovation; Deepen the reform of group professional managers; Promote the localization of key components and so on.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.