"The difficulties faced by multinational parts companies in the first half of the year seem to be even better than last year. Since the first half of this year, the spread of the epidemic has caused these enterprises to stop production on a large scale, and the negative impact has also been reflected in the financial report. "
This situation directly disappointed Cao, who was already worried about Sino-US relations. At the same time, the semi-annual report of 2020 released by Fuyao Glass Industry Group Co., Ltd. (hereinafter referred to as "Fuyao Glass") also forced him to face such a cold reality.
According to the data, the company achieved an operating income of 865,438+0.265,438+0 billion yuan in the first half of the year, down 265,438+0.06% year-on-year; The net profit was 964 million yuan, a year-on-year decrease of 35.97%. For the decline in performance, Fuyao Glass said that due to the epidemic, the production and sales of the automobile industry decreased year-on-year, and the demand for orders from downstream customers of the company decreased.
Because of this, the number of employees decreased by 2,267 in the first half of the year, equivalent to about 8% of the number of employees at the end of last year. The company said that this move is to give full play to the enthusiasm and potential of employees, improve work efficiency and enhance the competitiveness of enterprises.
Undoubtedly, since 20 18, China's automobile industry has experienced the first decline in 28 years, and then the domestic automobile consumption power is obviously weak.
In 20 19, the domestic automobile industry experienced negative growth for the second consecutive year. In the first half of this year, affected by the epidemic, the automobile industry faced tremendous pressure. According to the statistics of China Automobile Industry Association, in 2020 1~6? What is the monthly car output? 10110.2 million vehicles, down 16.8% year-on-year, of which passenger car production was 7.754 million vehicles, down 22.5% year-on-year.
The recession of the automobile industry has become the first factor affecting Fuyao Glass. In addition, the poor performance of overseas companies has also affected the overall income of Fuyao Glass.
According to the report, the total profit of German FYSAM auto parts project during the integration period and affected by the epidemic was -26 1.7 1.2 million euros, which reduced the total profit of the company by 654.38+0.48 billion yuan. Fuyao Glass bought the German SAM company for 58.8276 million euros in February last year. The company's main business is the production and sales of aluminum decorative strips. The total profit generated during the integration period of the project last year was-37,765,438+0,000 euros, which also affected the total profit of Fuyao Glass.
At the same time, the consolidated profit of Fuyao Glass USA Co., Ltd. affected by the epidemic was-65.438+0.7378 million US dollars, a year-on-year decrease of the company's total profit of 270 million yuan. The above two companies suffered a total loss of nearly 300 million yuan in the first half of the year, including a loss of 206 million yuan by FYSAM and a loss of 92 1 1 10,000 yuan by Fuyao Glass USA Limited.
As a key market, Fuyao Glass has invested more than 900 million US dollars in Fuyao USA since 20 14, and established the world's largest automobile glass manufacturing factory, which can provide glass for a quarter of American cars. In 20 19, Fuyao USA made a profit for the third consecutive year, and plans to create more than 100 jobs in 2020, and invest 46 million US dollars to upgrade the production line of a new project.
But at present, in addition to Sino-US relations, the epidemic situation will also become an important factor affecting the development of Fuyao Glass in the United States.
For the development in the second half of the year, Fuyao Glass said that the domestic and international economic situation is still not optimistic, but it will increase compared with the first half of this year, but risks and uncertainties still exist, and the automobile industry continues to face the risk of negative growth.
However, Citigroup pointed out that it believes that the worst of the company has passed and its performance will improve significantly in the second half of the year. At present, the company has readjusted its business forecast, and the target price has been raised from HK$ 65,438+07.3 to HK$ 25.7, with a rating of "neutral".
In the industry's view, Fuyao Glass still has room for growth. On the one hand, the value of automobile glass is still increasing. On the other hand, the current global new energy vehicles are in an explosive period, not only the glass consumption of new energy bicycles is generally higher than that of traditional fuel vehicles; This year, Fuyao Glass also won the "big order" of Tesla brand whose sales volume increased against the trend this year.
In addition, Fuyao Glass has recently cooperated frequently with other domestic manufacturers.
It is reported that BYD Han, which is currently equipped with Fuyao glass "three defenses" double glass, has been officially listed; At present, the cooperation between Fuyao Glass and Evergrande Automobile is still at an early stage, and supporting services will be provided after subsequent confirmation, depending on the overall production progress of Evergrande Automobile.
In addition, in terms of cross-industry cooperation, Fuyao Glass and BOE held a strategic signing ceremony on June 1. According to the agreement, the two sides will carry out strategic cooperation in the fields of automobile intelligent dimming glass and window display; /kloc-in July, Fuyao Glass signed a strategic cooperation agreement with Big Dipper Tonglian Technology Co., Ltd. The two sides will combine their respective industrial resources and technological advantages, * * * jointly innovate and develop the solution of GNSS high-precision positioning and communication multimode smart antenna+automotive glass fusion, and promote the commercial application of automotive intelligent networking related technologies.
At present, Fuyao Glass ranks first in China and second in the world. According to the latest data, Fuyao Automotive Glass has a domestic market share of 70% and a global market share of about 30%, second only to Asahi Glass in Japan. Cao once said that Fuyao Glass will be the first in the world sooner or later.
Not only Fuyao Glass, but also for most multinational parts companies, the living conditions in the first half of 2020 can be described as "hot water". And the CEO of Continental Group? ElmarDegenhart said at the earnings conference, "Since the end of World War II, there has never been a similar downturn in the automobile industry market."
According to the prediction of many parts companies, it will take at least three years for the world to recover to the production level of 85 million vehicles before the epidemic in 20 19.
Faced with this situation, parts companies also released their own "rescue plan" in the financial report. However, it is worth noting that, in the case of poor revenue and profit growth, multinational parts enterprises have made unexpected gains in the China market, ranking in the forefront of the global market in terms of both shipments and benefits.
According to the data of China Automotive, the Michelin truck tire market will decrease by 13% ~ 17% for the whole year. Passenger car and light truck tire market will decline 15%~20%. Michelin said that it expects its business to return to the level of 20 19 in the second half of 2022.
Weininger supplies ADAS vision system, radar and software to automobile manufacturers such as Daimler, Ford and Honda, and it still has confidence in the future. It said that customers in Europe and North America gradually increased their car production at the end of the second quarter. "At present, we are working hard to achieve the benefit goal in 2020." JanCarlson, Chairman and CEO of Weininger, said frankly.
The mainland said that due to the extremely unstable economic situation, the epidemic situation may continue to have an impact, and the sluggish consumer demand and supply chain disruption will have a negative impact on automobile production. Therefore, there is no financial growth target for the third quarter of this year and the whole year of 2020. Dana also believes that it is unwise to announce the annual financial target now, because the terminal market is disturbed by the epidemic and related economic uncertainties, and it is planned to be released after the terminal market demand is further stabilized.
The financial report data in the first half of the year is worrying, but how to turn the tide in the second half of the year is an examination question for all multinational parts companies.
However, with the response and resumption of production of automobile enterprises in various countries, the market should be significantly better than that in the first half of the year, which may provide better opportunities for multinational parts enterprises. In addition, the test of market and epidemic situation may become a new driving force for multinational parts enterprises to accelerate their transformation.
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This article comes from car home, the author of the car manufacturer, and does not represent car home's position.