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As of yesterday, about 40 percent of the nearly 50 auto industry listed companies in Shenzhen and Shanghai have announced the third quarter report. Overall, although half of the company’s revenue continued to increase year-on-year in the third quarter, 80% of the company’s net profit declined year-on-year, especially for car companies. Almost 20% of the passengers were mainly distributed in passenger cars. And auto parts listed companies.
Car categories: Gross profit decreased Costs The listed companies of cars have experienced a considerable decline in performance both in terms of year-on-year and ring-to-quarter ratio. Among them, Shanghai Automotive (600104)'s third-quarter net profit fell 23% year-on-year; Chang'an Automobile (000625) fell 32% year-on-year; FAW Car (000800) did not release its third-quarter report, as its first-half net profit increased by 129% year-on-year. However, there has been no announcement of the announcement of the third-quarter earnings increase, which shows that the third-quarter results are also likely to decline. The decline in the price of cars and the substantial increase in operating expenses are two main reasons for the profitability of companies. Companies have either actively or passively adjusted the price of their products. For example, Changan Automobile's average price reduction on Changan Star series models since 2000 was 2,000 yuan; Shanghai Automotive's current investment income was only 228 million yuan, 492 million yuan. The drop was 54%, mainly due to the lower prices of its North and South public. With regard to the substantial increase in operating expenses, the companies explained that due to fierce market competition, marketing expenses were forced to rise sharply. For example, Changan Automobile's operating expenses rose 32% year-on-year in the third quarter, and management expenses increased by 191% year-on-year. It is worth noting that the receivables and inventory of some companies have increased significantly compared to the beginning of the year. Shanghai Automotive's accounts receivable at the end of September increased by 70% from the beginning of the year; Changfeng Automobile's (600991) inventory increased by 93% from the beginning of the year; Chang'an Automobile's two indicators increased by 92% and 42% respectively. Most of the funds in the third quarter of the auto stocks were reduced, only when the Bo Shi reverse line, statistics show that Bo Shi value in the third quarter to increase the holding of 4,740,000 shares of Shanghai Automotive to 34,290,000 shares, holdings of 608 million shares of Changan Automobile to 15.23 million share.
Passenger Cars: Gross profit margin further downgraded In addition to Yaxing Bus (600213), other bus companies' sales revenue maintained a certain growth in the third quarter. Although the gross profit margin of passenger cars has been at a relatively low level, mostly between 10% and 15%, due to the fierce competition, the gross profit margin of passenger cars in the third quarter was further reduced, resulting in a decrease in profits of various companies, such as Ankai. Car (000868) sales gross margin fell from 11.25% last year to 6.97% in the current period. Yutong Bus (600066), due to a 70% increase in revenue in the third quarter and Jianghuai Automobile (600418), due to better control of cost growth, both companies' net profit for the period increased by 9% and 66% respectively year-on-year.
Cargo category: Macro-control impact Big Star Ma Automobile (600375) dominates products for bulk cement trucks and concrete pump trucks, etc. In the third quarter, the company’s main business revenue and profits all decreased by about 40%, the company said, mainly by The State restrained the investment overheated industries from the impact of fixed assets investment and the macroeconomic control policies such as banks’ tightening of auto consumption credit scale. The net profit of Northern Stock (600262) and Northern Venture (600967) in the first three quarters also fell.
Auto parts: hard to increase profits, most of the auto parts listed companies continued to maintain a good growth momentum in the third quarter, but due to the decline in vehicle prices, auto parts sales prices will inevitably be affected, coupled with such as steel Such as high raw material prices, auto parts sales gross profit margins have also generally declined, which directly led to the company's third-quarter net profit fell.
Such as Fengshen Co., Ltd. (600469) in the third quarter of product demand, sales revenue increased 36% year-on-year, but because of the decline in gross profit margin, its net profit decreased by 29%; Changchun Yidong (600148), Quan Diesel (600218), molding Technology (000700) and other situations are similar; only Wanxiang Qianchao (000559) thrives. In the third quarter, revenue and net profit increased by 29% and 70% respectively year-on-year, mainly due to the significant increase in sales revenue of the chassis system in the third quarter. More than 30% more than the total sales volume in the first half of the year, which fully demonstrates the company's handling strength as the largest independent auto parts component manufacturer in China.
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