According to reports, more than 60 listed auto companies have released 2014 financial reports or performance forecasts, of which more than 40 companies have achieved earnings. The companies whose performance has increased by more than 100% include Dongfeng Motor, Changan Automobile, Steyr, Zhongtong Bus, Ankai Bus, Shunrong Sanqi, Meichen Technology, Century Huatong, Aerospace Chenguang, Tianxing Instrument, Wanan Technology, etc. 13 companies.
Dongfeng Motor's net profit for the full year of 2014 increased by 179% year-on-year, which is the largest increase in car companies. The net profit of Great Wall, BYD, FAW Xiali, FAW Car, and Yaxing Bus declined. Some media exclaimed that the independent brand enterprises are polarized and the situation is very critical. In fact, this is still to be analyzed.
According to the statistics of the China Automobile Association, in 2014, automobile production and sales increased by 7.3% and 6.9% respectively. The 17 key enterprise groups in the automotive industry realized operating income of 310 million yuan, a year-on-year increase of 10.4%; total profit was 548.32 billion yuan, a year-on-year increase of 14%. The growth rate of operating income and total profit was higher than the growth of production and sales, indicating that the whole industry achieved good economic benefits in the case of low market growth. However, the growth trend of economic benefits in 2014 was first high and then low (in 2013, it was the opposite, first low and then high). The growth rate in January-April was over 30%, but the increase in November was only 8.6%. This shows that the market situation is tightening further. This year, we will face more difficulties brought about by the slowdown. The situation that earnings growth is higher than the growth of production and sales will not reappear. Enterprises must base themselves on low-speed growth to make profits.
It has also been analyzed that in the profit growth of Changan, Dongfeng, SAIC and BAIC, there are joint ventures. Therefore, the profitability of self-owned brands is not very optimistic.
However, further analysis is needed on the reduction of self-owned brand earnings. For example, Great Wall Motor said that although the company's overall sales volume decreased slightly in the same period of 2013 compared with the same period of 2013, the sales of the company's sales structure changed due to the increase in sales of SUVs with higher gross profit and gross profit, especially the sales revenue of the company. Growth, while the R&D investment increased significantly, the 2014 profit was slightly lower than the same period in 2013. This shows that some independent brands are still investing in R&D in large-scale to obtain long-term development. Other enterprises are at a critical moment in product structure adjustment. For example, BYD, the growth of new energy vehicles is rapid, and it is expected to rise in 2015, so it cannot be said that the current business situation is not good.
Some corporate strategic goals are still market share, and they will not hesitate to spend their money. For example, FAW Car, the net profit attributable to shareholders of listed companies in 2014 was 0.5-250 million yuan, down 75.18%-95.04% year-on-year. The company's strategic goal is to increase market share, which is difficult to sustain.
What really makes people feel uneasy is FAW Xiali, whose net profit attributable to shareholders of listed companies in 2014 was 1.55 billion to 1.75 billion yuan, a decline of 222.92%-264.58%. After the net profit loss of 480 million yuan in 2013, it was re-created. The main reason for the loss record is that FAW Xiali has no technical source. The speed of product replacement and market changes are gradually derailed. It has been marginalized within the FAW Group and its development prospects are worrying.
The fundamental purpose of an enterprise is to make profits. Without profit growth, it is the growth that costs and expenses are not effectively controlled, and it is extensive growth. It is impossible for a company without profit to achieve long-term development, and it is even less likely to be stronger and bigger.
From the perspective of long-term development, enterprises must be profitable in order to achieve sustainable development. Therefore, the development of self-owned brands must cross the investment period as soon as possible and enter a stage of sustainable development with profitability.
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