2020 is a very strange year for the commercial vehicle industry. The truck market is booming and the morale of the passenger car industry is low. Originally affected by many factors such as the squeeze of high-speed rail and the reduction of new energy subsidies, coupled with the city and road closures due to the epidemic at the beginning of the year, the operation of the bus industry has worsened, profit margins have been greatly compressed, and many companies have suffered losses.
Recently, domestic mainstream bus listed companies, which represent the industry's vane, have successively released operating performance announcements for the first three quarters of 2020, disclosing their respective profitability and research and development status, becoming the most watched bus companies in the bus industry. one of the focus issues.
Now we will briefly analyze the operating performance of the five major listed bus companies in the first three quarters of 2020 (the following data are all from the operating performance reports of the first three quarters released by listed companies):
Bus Summary of sales, revenue, profits and R&D expenses of the five major listed companies in the first three quarters
1. Yutong Bus
Comment: As the unrivaled leader in my country’s bus industry—— Yutong Bus's profit in the first three quarters of 2020 was 156 million yuan, a year-on-year decrease of 88.21%, which was greater than the 34.77% decrease in sales revenue in the first three quarters of 53.44 percentage points, and also greater than the 36.31% decrease in sales volume in the first three quarters of 51.9 percentage points. In other words, Yutong Bus's profits declined at a much faster rate than its revenue and sales in the first three quarters of 2020. This reflects the substantial increase in operating costs and the substantial decline in profit margins in the bus industry, illustrating the passenger car market this year. of cruelty. If the bus boss is like this, other bus companies can imagine how difficult it is to operate this year!
Despite such difficulties in operation, Yutong Bus is still profitable after all. What is even more commendable is that Yutong’s R&D expenses in the first three quarters only dropped by 15.77% year-on-year, which is much lower than the decline in its profits. R&D expenses account for 7.03% of revenue, which is the highest in the industry. Especially in the third quarter, Yutong Bus's R&D expenses only dropped by 5.82% year-on-year, which was almost a slight decrease. It can be seen that Yutong Bus attaches great importance to product technology research and development. It shows that the more difficult the industry is, the more Yutong Bus attaches importance to the technological upgrading of its products and relies on its leading product strength to win the market! This is also an important reason why Yutong Bus has been far ahead in the industry so far!
2. King Long Automobile Group (including Xiamen King Long, Xiamen Jinlong and Suzhou King Long)
Comments: As the "Three Dragons" that my country's bus industry pays attention to (Xiamen King Long, Xiamen Jinlong and Suzhou Jinlong), its profit in the first three quarters of 2020 was -204 million yuan, a year-on-year decrease of 361.59%, which was far greater than its sales revenue of 26.57% in the first three quarters. The drop was nearly 336 percentage points. In other words, the profit decline rate of Sanlong Bus in the first three quarters of 2020 is much greater than the rate of its revenue and sales. This reflects the substantial increase in operating costs and the substantial decline in profit margins of the bus industry, and illustrates the decline of the bus market this year. Cruelty. It can also be seen from this that King Long’s operating quality was much worse than Yutong’s in the first three quarters of 2020.
Despite such difficult operating conditions, Sanlong Bus’s R&D expenses in the first three quarters only fell by 0.3% year-on-year, which was much lower than the decline in its profits. From this, it can be seen that Sanlong Bus attaches great importance to product technology research and development. It shows that the more difficult the industry is, the more Sanlong Bus attaches importance to the technological upgrading of products and relies on leading product strength to win the market. This is consistent with Yutong Bus Basically similar.
3. Zhongtong Bus
Comment: Zhongtong Bus, as one of the "Three Dragons and Two Links" that my country's bus industry focuses on, has a profit of 11 million yuan in the first three quarters of 2020. , a year-on-year decline of 79.84%, which is far greater than the 47.2 percentage points drop in its sales revenue of 32.64% in the first three quarters, and also much greater than the 27.71% drop in sales volume in the first three quarters of nearly 52.13 percentage points. In other words, the profit decline rate of Zhongtong Bus in the first three quarters of 2020 is greater than the decline rate of its revenue and sales, reflecting the substantial increase in operating costs and the substantial decline in profit margins of the bus industry, and illustrating the cruelty of this year's bus market . It can also be seen from this that Zhongtong's operating quality in the first three quarters of 2020 is still good compared to other peers. Of course, the overall situation is not very good, which is determined by the general environment.
Despite operating difficulties, Zhongtong Bus’s R&D expenses in the third quarter only dropped 38.5% year-on-year, which was lower than the 41.34% decline in its profit in the third quarter. From this, it can be seen that Zhongtong Bus It pays more attention to the technical research and development of products.
4. Ankai Bus
Comment: As an old luxury bus listed company in my country’s bus industry, Ankai’s profit in the first three quarters of 2020 was RMB 267 million (mainly due to the transfer of Ankai Bus) Kaicheqiao’s 40% equity and land income), a year-on-year increase of 97.45%. Its passenger car revenue and sales have both declined significantly year-on-year.
Ankai Bus’s R&D expenses in the third quarter were 33 million yuan, a year-on-year increase of 12.97%, accounting for 6.02% of revenue (this ratio is also relatively high), indicating that Ankai Bus also pays more attention to R&D investment of.
5. Asia Star Bus
Comment: As an old brand bus company, Asia Star Bus’s profit in the first three quarters of 2020 was -88 million yuan, a year-on-year decrease of 771.95%, which was lower than that of the previous year. The 32.13% drop in sales revenue in the third quarter was 739.82 percentage points lower than the 49% drop in sales volume in the first three quarters, which was also nearly 723 percentage points lower than the 49% drop in sales volume in the first three quarters. This shows that Yaxing Bus's operating conditions are not very good.
Asiastar Bus’s R&D expenses in the first three quarters were 39 million yuan, a year-on-year increase of 15.04%. In an environment where profits have declined significantly, the growth rate of Asiastar Bus’s R&D expenses is still far greater than its profit decline. The speed shows that it also attaches great importance to investment in product technology research and development.
Summary: Through the analysis of the operating conditions of the five major listed passenger car companies in the first three quarters of 2020, it was found that the operating conditions of the passenger car industry this year are indeed bleak, and profitability has shrunk greatly, but the same thing is: the more... Under difficult circumstances, more emphasis is placed on product technology research and development investment. This also shows that the competition in the future passenger car market will mainly be the competition of product technology. Whoever masters advanced technology first will occupy the commanding heights of market competition, and whoever will be able to gain market opportunities!
This article comes from the author of Autohome Chejiahao and does not represent the views and positions of Autohome.