In the second half of the auto market, in addition to consolidating the basic joint venture, how will the leading auto company SAIC make moves in terms of autonomy and export?

    On the afternoon of August 27, SAIC Group, the largest domestic listed car company, released a semi-annual report. In the first June of this year, SAIC's total revenue was 283.740 billion yuan, a year-on-year decrease of 24.6%; net profit was 8.394 billion yuan, a year-on-year decrease of 39.01%; however, various data in the second quarter recovered strongly, with net profit of 7.273 billion yuan, which was 6.5 in the first quarter. Times.

    Behind the sharp decline in revenue, SAIC's sales have also been severely impacted. In the first half of the year, SAIC achieved 2.049 million vehicle sales, a year-on-year decrease of 30.2%. Among them, passenger vehicle sales were 1.63 million, a year-on-year decrease of 35.8%.

    It is worth noting that SAIC-GM and SAIC-Volkswagen under the group still contributed the largest profits, while the self-owned brand SAIC-GM-Wuling suffered a loss. During the period, the total revenue was 25.515 billion yuan and the net profit was -629 million yuan. Since the beginning of this year, SAIC-GM-Wuling has been frequently searched and criticized by consumers for problems such as gearbox failures. Recently, it was also given a warning and a fine of 30,000 yuan by the Guangxi Liuzhou City Market Supervision Administration.

The picture comes from the official website of the car company

    "The size and scale of SAIC Motor is very large, and the impact of the epidemic on it is obvious. However, the data in the second half of the year is believed to continue to be positive." On August 27, an industry analyst told Times Finance and Economics that in the future, SAIC " The focus of "Elephant" should still focus on the new four modernizations and independent brands.

    "Faced with the severe challenge of the sudden new crown epidemic, SAIC Group is looking for opportunities in crisis and actively responding to the challenge." On August 27, SAIC told Times Finance that the company's revenue and profit growth in the second quarter was strong. In response to the continuous adjustment of the auto market, the new crown Uncertain factors such as the pneumonia epidemic provide a strong guarantee.

    As of press time, SAIC's stock price closed at 18.77 yuan, down 2.24%, with a total market value of 219.299 billion yuan.

   Net profit fell by nearly 40%

   The impact of the epidemic on the leading auto company SAIC is obvious.

   In the first half of the year, SAIC Group's total revenue was 283.740 billion yuan, a year-on-year decrease of 24.6%; the net profit attributable to shareholders of listed companies was 8.394 billion yuan, a year-on-year decrease of 39.01%; non-net profit was 7.176 billion yuan, a year-on-year decrease of 42.57%.

    As the auto market began to rebound in the second quarter, SAIC's data in the second quarter quickly recovered. During the period, SAIC achieved total operating income of 177.794 billion yuan, a year-on-year increase of 0.96%; net profit attributable to shareholders of listed companies was 7.273 billion yuan, a year-on-year increase of 31.92%.

    Behind both the decline in revenue and profit during the period, SAIC's new car sales also fell. In the first half of the year, SAIC achieved 2.049 million vehicle sales, a year-on-year decrease of 30.2%; of which, passenger vehicle sales were 1.63 million, a year-on-year decrease of 35.8%, and commercial vehicle sales were 419,000, a year-on-year increase of 5.0%.

    The overall industry environment is down, and SAIC's borrowing is even more obvious. As of the end of the current period, SAIC's short-term loans amounted to 36.006 billion yuan, an increase of 40.72% from the end of the previous year. The company explained that this was a new loan for the company's subsidiaries due to business development needs.

    In addition, bills payable and bonds payable also increased by 49.37% and 76.99% to 49.233 billion yuan and 28.606 billion yuan respectively, mainly due to the company's strengthening of cash flow management, an increase in the proportion of bill payment and the company's subsidiaries for the development of auto finance and financial leasing businesses And issue asset-backed securities.

The picture comes from the official website of the car company

    However, during the reporting period, SAIC Group’s asset-liability ratio only slightly increased by 0.44% to 64.87% from the end of the previous year. During the reporting period, the company’s current ratio was 1.1822, which was an increase of 7.04% from the end of the previous year. An increase of 7.44%, both values ​​are greater than 1, indicating to a certain extent that the company's debt repayment ability is better.

    As of the first half of this year, SAIC had a total credit line of RMB 58.61 billion, of which the used line of credit was RMB 11.12 billion. This data also shows that the company's credit status is in good condition and has strong financing capabilities. At present, SAIC still has two bonds of 19 SAIC 01 and 19 SAIC 02, with a total bond balance of 5 billion yuan. According to the latest rating of China Chengxin International Credit Rating Co., Ltd., the credit ratings of “19 SAIC 01” and “19 SAIC 02” are both For AAA.

    Named and fined SAIC-GM-Wuling loses more than 600 million yuan

    At present, SAIC's main source of revenue and profits is still the joint venture sector.

    It is reported that in the first half of the year, SAIC Volkswagen had a total revenue of 73.799 billion yuan and a net profit of 6.906 billion yuan; SAIC-GM had a total revenue of 65.663 billion yuan and a net profit of 1.785 billion yuan; its largest parts company, Huayu Automobile, had a total revenue of 53.622 billion yuan. The net profit was 1.307 billion yuan.

    It can be seen from the above that the sum of the net profit of SAIC-Volkswagen and SAIC-GM slightly exceeded the net profit of SAIC Group. However, the sales of SAIC-Volkswagen and SAIC-GM in the first half of the year still failed to return to the same period. According to the data, in the first June of this year, SAIC Volkswagen sold 577,000 vehicles, down 37.2% year-on-year, and SAIC-GM sold 556,000 vehicles, down 33.3% year-on-year.

    SAIC-GM-Wuling suffered a loss. In the first half of the year, SAIC-GM-Wuling sold 531,000 vehicles, down 28.7% year-on-year, with total revenue of 25.515 billion yuan and net profit of -629 million yuan.

    It is worth noting that SAIC-GM-Wuling has repeatedly searched this year. At the "March 15" party this year, Baojun 560 gearbox failures were frequently named. In fact, the gearbox problem may not only involve one model of Baojun 560. SAIC-GM-Wuling’s 530, 730 and other models have also been cited for similar problems. recall.

    Although the gearbox problem has been criticized, the manufacturer still failed to deal with the problem of the car owner. On July 24, Xiaodao, a car owner from Ji’an, Jiangxi, told Times Finance and Economics that after the "3.15" party, he immediately called the "Baojun 560 DCT Exclusive Hotline" announced by the manufacturer, but the final plan was the same as before. It is still an extended warranty plan, and it has also been required to sign a one-time exemption agreement. I have not seen any sincerity of "responsibility to the end".

    It is reported that the Baojun 560 gearbox problem named this time is mainly caused by the software calibration of the engine control module. Industry insiders pointed out that the engine control module software calibration problem may cause abnormal impact on the transmission clutch damping spring slider. In extreme cases, the power output of the vehicle will be interrupted, posing safety risks.

    In June last year, SAIC-GM-Wuling recalled the vehicles for engine control module software calibration. They upgraded the ECU software and replaced the transmission clutch damping module to eliminate potential safety hazards, but car owners generally reported little success.

    Just recently, SAIC-GM-Wuling was also given a warning and a fine of 30,000 yuan by the Guangxi Liuzhou Municipal Market Supervision Administration. According to the administrative penalty decision, SAIC-GM-Wuling failed to file three packs of family cars (repair, replacement, return) as required. The relevant information was punished. SAIC-GM-Wuling stated on the spot that it had no objection and was willing to bear corresponding legal liabilities.

The picture comes from the official website of the car company

    As the largest domestic auto company group, SAIC's performance in the first half of the year was quite satisfactory. However, under the wave of industry changes, although it is difficult for the "elephant" to turn around, SAIC is still actively transforming, and is in the new four modernizations, independent upward and export. Side force.

    The report shows that during the period, SAIC achieved sales of 58,000 new energy vehicles, which outperformed the overall market of new energy vehicles by about 12%; achieved export of complete vehicles and overseas sales of 132,000 vehicles, of which 79,000 were sold overseas by its own brands, a year-on-year increase. An increase of 17.3%.

    Since the beginning of this year, SAIC's respective main boards have also moved frequently. SAIC Roewe began to implement the "dual standard strategy" and introduced the new "Lion Standard" and the new "R Standard"; MG launched the "mission 100" strategy; SAIC Maxus launched the new energy EUNIQ series of products. However, what kind of results the above development strategy will achieve in the future still needs time to test

    "In the field of innovation and transformation of the new four modernizations, SAIC has continuously increased its R&D investment, invested nearly 6 billion yuan in the first half of the year, and continued to strengthen its differentiated competitive advantages." SAIC told Times Finance and Economics that in terms of new models, the Roewe RX5 PLUS was launched. , Volkswagen Weiran, Cadillac CT4, Buick’s new GL8 and other more than 10 new products, while continuing to increase efforts to upgrade the brand, software technology upgrades and digital transformation.

    With the advent of September, the competition among major auto companies soon came to an end. SAIC said that the epidemic is still spreading globally, and the risk of instability and uncertainty in the economic situation is still high. The company expects annual domestic auto market sales Approximately 2330-24.1 million vehicles, a year-on-year growth rate of approximately -10% to -7%; of which, passenger car sales were approximately 1,870-193 million vehicles, a year-on-year growth rate of -13.2% to -10.4%.