Original title: The total market value of 24 A-share vehicle companies is nearly one trillion, and one of BYD One-quarter source: YiouwangAuthor: Cao Yuqi, picture from "Unsplash"
1) In the first half of 2020, the sales of new and second-hand cars in the market fell significantly year-on-year, and the overall performance of A-share listed car companies was poor;
2) The commercial vehicle market has outperformed the passenger car market, and nearly 50% of commercial vehicle companies have achieved sales growth;
3) As traditional auto companies such as Geely Auto return to the Sci-tech Innovation Board, the A-share market may continue to usher in new changes.
As soon as the start of 2020, a sudden epidemic made the auto industry, which was already "a bottleneck," worse. The auto market has entered its third consecutive year of decline.
According to the data released by the China Automobile Manufacturers Association and the Automobile Dealers Association, from January to June 2020, the sales of new and used cars will be 10.257 million and 5.516 million respectively. Vehicles, down 16.9% and 9.6% year-on-year respectively.
Watchmaker/Yiou Automobile Cao Yuqi
Among them, the decline in car sales in February was the most obvious. The sales of new and used cars in the month were only 313,000 and 71,000, a year-on-year decrease of 79.1% and 91.2%. The headshot brought by the "black swan" really caused a heavy blow to the Chinese auto market.
The A-share market as a whole was not affected by the epidemic in the first half of the year. On the contrary, it performed well. Although the Shanghai Composite Index fell by 2.15%, the Shenzhen Component Index, SME Board Index, and ChiNext Index all rose to varying degrees, and the ChiNext Index rose by 35.6%.
However, in terms of sub-sectors, the automotive sector has only a slight growth, and the entire vehicle sector has not risen rapidly with the market. It has been in a state of volatility, starting in mid-May. Only then gradually returned to the level at the beginning of the year.
24 vehicle companies, some are happy and some are worried
According to statistics from Yiou Automobile , As of the end of August 2020, there are 24 complete vehicle listed companies in the A-share market, with a total market value of nearly one trillion yuan. Among them, there are 11 auto companies whose main types of vehicles are passenger cars and 13 commercial vehicle companies.
Watchmaker/Yiou Automobile Cao Yuqi
Among these, four auto companies have a market value of more than 100 billion yuan, namely BYD and SAIC, Great Wall Group, and FAW Jiefang. BYD ranks first among Chinese auto companies with a market value of 232.96 billion yuan; and Yaxing Bus has a market value of only 1.66 billion yuan, which is at the bottom.
In addition , There are 5 auto companies facing delisting (with "ST" prefix or "*ST" prefix), namely: ST Haima, ST Ankai, *ST Xiali, *ST Lifan , *ST Zotye. The revenue and net profit of related car companies have dropped significantly in recent years At the same time, the market value has shrunk severely, with a maximum of less than 7 billion.
Looking at the market conditions in recent years, most auto companies have shown a downward trend in revenue and net profit since 2018. The auto market is under obvious pressure, and auto companies are gradually falling into the dilemma of "difficulties and difficulties".
Two days of ice and fire: nearly half of commercial vehicle companies have increased their sales
Sales indirectly affect the market value and directly reflect the decline of the auto market. According to data from the China Automobile Association, total auto sales in 2018 and 2019 were 2808.1 Million vehicles and 25.769 million vehicles, a year-on-year decrease of 2.8% and 8.2% respectively.
Watchmaker/Yiou Automobile Cao Yuqi
Entering the first half of 2020, the performance of the commercial vehicle market It is significantly better than the passenger car market and has become a highlight of the automotive market. Nearly half of commercial vehicle companies have achieved sales growth. FAW Jiefang, China National Heavy Duty Truck, Jiangling Motors has achieved growth in sales, revenue, and net profit.
JMC’s net profit has increased significantly year-on-year, reaching 253.0%. Such dazzling data is mainly due to the increase in sales and a series of cost reduction and efficiency measures. aspect.
In the passenger car market, sales of more than 70% of car companies have fallen, only Changan Automobile One family achieved sales growth.
According to the 2020 interim results disclosure report, Changan Automobile’s net profit attributable to shareholders of listed companies in the first half of the year was 2.60 billion yuan, and after deducting non-recurring gains and losses The net profit was a loss of 2.61 billion yuan. Its non-recurring profit and loss items mainly include the abandonment of the capital increase subscription rights of Changan New Energy Technology, the sale of Changan PSA equity, and the holding of Ningde Times the increase in profits brought about by the rise in stocks. In short, "selling subsidiaries" and "stocking in stocks" became Changan Automobile's turnaround The key factor of the company.
And BYD’s net profit in the first half of the year was 1.66 billion yuan, a year-on-year increase of 14.3%. It is one of the few auto companies that achieved net profit growth. At the same time, its new energy vehicle sales fell by 30.5% year-on-year to only 159,000. However, the diversified layout of the mobile phone components and assembly business and the secondary rechargeable battery and photovoltaic business gave it a breathing space.
In 2017-2019, BAIC Blue Valley achieved revenue, Net profit grew in both directions. But in 2020, BAIC Blue Valley turned from profit to loss, revenue fell by 69.8% year-on-year, and net profit fell by 2815.0%. Data shows that during the reporting period, in addition to the increase in R&D expenses, The decline in sales of new energy vehicles is another important reason.
Although most car companies show unsatisfactory data, as the car market gradually picks up in the second half of the year , I believe that some companies will have certain performance improvement.
On September 6, according to the official website of the Shanghai Stock Exchange, Geely Automobile Holdings Co., Ltd. was listed on the Science and Technology Innovation Board. The review status has been changed to “inquired.” In addition to traditional car companies represented by Geely Automobile, new car manufacturers such as Weimar Automobile and Hezhong Automobile have also announced that they will launch a sprint to the science and technology innovation board. At that time, I believe the A-share market More new changes will be ushered in.
At the same time, the industry’s knockout competitions continue to intensify, the market concentration continues to increase, and the industry will focus on leading car companies in the future , The weaker brands at the bottom of the rankings may face out, and the auto market will continue to make structural adjustments.
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