Under the continuous influence of the epidemic, the domestic automobile industry chain has been tested. Although the listing plan should have been ready long ago, Sheng Xing Auto's IPO in Hong Kong at this special time is particularly interesting.
In 2002, Sheng Xing Auto opened its first Bentley dealer in China. In 2008, it became one of the first enterprises in China to open Rolls-Royce dealers. As a car dealer focusing on ultra-luxury brands, Star brand also covers Maserati, Land Rover, Jaguar, BMW and other world-renowned luxury car brands.
According to the prospectus, in the first three quarters of 20 17, 20 18 and 20 19, the company's net current liabilities rose sharply, reaching 654.38+500 million yuan, 29/kloc-0.00 million yuan and 548 million yuan respectively.
In fact, in the past two years, affected by the sluggish consumption in the auto market, auto dealers have encountered bottlenecks in revenue and net profit growth. Capital is under pressure, and rising liabilities have become the normal performance of enterprises. At the same time, the sudden outbreak of the epidemic has aggravated the deterioration of funds of many dealers.
"Before the outbreak, car dealers still need to rely on the revenue of new cars to maintain normal operations." On February 10, the person in charge of a luxury car dealer in Guangzhou Guang Jun Car Shop told the test driver that the epidemic had been going on and a car could not be sold for several months, so the cash flow was bound to be a big problem.
"In order to expand the scale and seek more financing, it is natural for dealers to choose to go public." On February 10, an insider who did not want to be named told the test drive report.
On February 10, for the famous star cars listed on this node, Guo Shiliang, a securities commentator, told the test drive report that the sudden epidemic would more or less affect the enterprises' queuing for listing. But the key still depends on the business strategy of the enterprise after the inflection point of the epidemic and the subsequent revenue growth ability.
The epidemic will aggravate the deterioration of the dealer's capital chain.
In recent two years, domestic automobile consumption has been in a weak situation, and the automobile sales pressure of major dealers is obvious, and the profit rate of vehicle sales is also declining. Enterprises have to find other ways to increase profits from auto finance, auto aftermarket and other fields.
The plight of the dealer industry can also be seen from the prospectus of star cars.
In the first three quarters of 20 17, 20 18 and 20 19, the gross profit of the company's sales of luxury and ultra-luxury brand cars was 250 million yuan, 279 million yuan and1640,000 yuan respectively, accounting for 60.5%, 62% and 50.2% of the total business gross profit. The gross profit margin has also remained below 10%, which are 8.2%, 8.4% and 7. 1% respectively.
In the same period, the gross profit margin of after-sales service and auto parts sales showed an upward trend.
Among them, the gross profit margin of the company's after-sales service in the first three quarters of 20 19 was 39.2%, and it was close to 39.8% in 20 17. The gross profit margin of auto parts sales has achieved "three consecutive increases", from 47.7% in 20 17 to 50.6% in 20 18. In the first three quarters of 20 19, it has surpassed last year and reached 5 1.8%.
On February 10, Zhang Xiang, a senior auto industry analyst, told the test drive report that at present, 80% of the operating income of auto dealers comes from vehicle sales, and others include auto finance and after-sales maintenance. "However, from the perspective of profit contribution, new car sales are not the main source of making money, and even some dealers are still at a loss when selling cars alone."
Under the continuous influence of the epidemic, the fragile anti-risk ability of dealers is further highlighted.
Zhang Xiang said that now that the epidemic has come, everyone is not going out, and the consumption of buying a car has almost stagnated, but most of the income of car dealers still depends on selling cars.
"Although the profit margin of new car sales is not high, it is very important for the company to maintain a healthy cash flow." ? On February 10, the person in charge of the above luxury car dealer revealed the same view to the test drive report. Before the outbreak, car dealers still need to rely on the income of new cars to maintain normal operation, which is the largest part, mainly used to offset the basic costs of new car purchase, manpower, logistics, rent, maintenance and so on.
In the prospectus, the famous star car also highlighted force majeure events, including natural disasters or infectious diseases, and mentioned infectious diseases (such as coronavirus, avian influenza, H 1N 1 flu, etc. ) may seriously affect the company's operation and financial situation.
On February 10, the test drive newspaper visited the exhibition hall of Guangzhou 14 car companies, and found that only three of the many 4S shops that planned to resume work that day started to operate, and some of them only handled car maintenance business or picked up cars, and few people bought cars to take care of them.
"I didn't start to open the market. Let's wait and see. There is no business to open the door these days. " The above-mentioned luxury car dealers also said that many shops in the car dealership should not open at present, and everyone can only hope that the epidemic will pass quickly.
Money is under pressure? Take a fancy to the "money" scene of listing financing
At the special moment when the automobile circulation industry generally encounters revenue difficulties and epidemic spread, Sheng Xing Automobile chose to go public in Hong Kong, or to alleviate the financial pressure and establish a longer-term financing channel to cope with the company's business expansion and long-term development.
According to the prospectus, in the future, the company will expand its customer base and market share by expanding the geographical coverage of its distribution network, and plans to open new dealerships. Among them, it is planned to open a Bentley and two Rolls-Royce dealerships.
It is reported that the company's revenue has achieved steady development in the past three years, with 20 17 and 20 18 being 3.455 billion yuan and 3.763 billion yuan respectively, and 2.650 billion yuan in the first three quarters of 20 19, which is expected to exceed 3 billion yuan in the whole year.
At the same time, the company's profit and comprehensive income in the above statistical period were 65.438+40 million yuan, 246 million yuan and 225 million yuan respectively. Among them, the income of 20 19 is expected to exceed 20 18, achieving three consecutive increases.
It is worth noting that the company's profits showed steady growth, while the company's net current liabilities rose sharply in the same period, which were 65.438+50 million yuan, 2.965438+00 million yuan and 548 million yuan respectively.
In addition, the net asset value in the first three quarters of 20 19 dropped sharply, from 406 million yuan and 284 million yuan in 20 17 and 20 18 respectively to only 37 million yuan in the first three quarters of 20 19.
In this regard, the prospectus explained that the decrease in the net asset value of 20 18 was mainly due to the decrease in the amount payable to related parties partially offsetting the decrease in the amount receivable from related parties; The sharp decline in the first three quarters of 20 19 was due to the decrease in trade, other payables and financial guarantee liabilities, which partially offset the increase in bank loans and payables to related parties.
On February 10, the test drive report called Sheng Xing Auto about the company's development and listing, but there was no direct response as of press time.
On the same day, the above-mentioned insiders pointed out to the test drive report that the overall situation of the automobile dealer industry is declining. Compared with the high profit rate in the past, it is more and more difficult to operate and the competition is more cruel than before. In his view, it is a long-term plan for star cars to go public in Hong Kong, but the outbreak of the epidemic caught up with this point in time.
"The Hong Kong stock market mainly implements the registration system model. Compared with the A-share market, the requirements for corporate profitability are not too strict. " ? On February 10, Guo Shiliang, a securities commentator, told the test drive report that the threshold of registration system was relatively loose. If the enterprise has submitted the queuing information, waiting for formal review, and then the market decides its listing fate, the market leading role will be more obvious.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.