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    The production and sales data of the listed car companies in the first quarter is seriously different.

    2019-04-07 19:55:00

    Securities Times·e Company

    With the gradual release of the production and sales data of listed car companies in the first quarter, the differentiation trend of A-share vehicle enterprises has become more and more obvious. In terms of classification, bus companies listed in the first quarter of the overall performance of the overall performance; passenger car companies are mixed, especially in the "car winter" approach, for some car companies that failed to actively seek product upgrades in a timely manner, began to encounter Increasingly serious industry ceilings.

    The overall performance of the bus is eye-catching

    Zhongtong BusOn the evening of April 7, the company announced that the company's cumulative output was 2,749 units, an increase of 34.69% over the same period of last year. The cumulative sales volume was 2,856 units, a year-on-year increase of 42.87%.

    Previously,Yutong BusIt was also announced on the evening of April 3. In March, the company produced 4,333 passenger cars, a year-on-year increase of 37.69%, and sold 4,237 passenger cars, an increase of 23.46% year-on-year. In January-March, a total of 10,522 passenger cars were produced, an increase of 1.07% year-on-year; The number of passenger cars was 10,579, a year-on-year increase of 6.26%.

    Ankai busEarlier, it also announced that the company's bus production in the first two months was 854 vehicles, an increase of 4.79% year-on-year; passenger cars sold 837 vehicles, an increase of 22.01%.

    One of the core reasons why passenger car listed companies are eye-catching in the first quarter is to meet the demand escalation of the Chinese bus market with high R&D investment, thus achieving a profitable market share increase.

    Taking Yutong Bus as an example, the 2018 annual report shows that the company's sales and sales expense ratio has increased slightly year-on-year, while R&D expenses have increased significantly by 41.4% year-on-year to 1.86 billion yuan, accounting for 5.9% of the revenue ratio. The proportion of R&D personnel in the company's employees is from 18%. % increased to 19.8%.

    Passenger cars are clearly differentiated

    Relatively speaking, passenger car companies are mixed, and the differentiation trend is more obvious.

    On the one hand,HippocampusFor the representative, the annual sales volume has dropped and dropped. On the evening of April 7, Haima Automobile disclosed production and sales data. The company's production volume in the first three months of this year totaled 3,667 units, down 84.85% year-on-year; sales volume totaled 5,092 units, down 78.58% year-on-year.

    Jiangling MotorsOn the same day, the announcement was also made. In March 2019, the company's total output was 33,374 units, an increase of 14.86% year-on-year; sales volume was 36,280 units, an increase of 4.53%. However, from January to March 2019, the company's cumulative output was 59,692 units, a decrease of 5.43% year-on-year; the cumulative sales volume was 63,445 units, a year-on-year decrease of 2.42%.

    On the other hand, some leading passenger car companies have already started a rebound journey. TakeGreat Wall MotorFor example, the company's February production and sales report released recently showed that the company's monthly product sales increased by 18% year-on-year, and output increased by 16% year-on-year.

    In analysis, the reasons for the differentiation of passenger car companies include at least two points.

    First, can you actively seek product upgrades? Taking Great Wall Motor as an example, the company has been pursuing the horizontal extension of the Haval brand in recent years, and also launched the WEY brand, in order to highlight its four aspects: brand positioning differentiation, product quality differentiation, marketing level differentiation and user experience differentiation. High-end features to increase product premiums.

    In contrast, the decline of Haima Motors has already appeared since the beginning of 2017. Before that, the consumer market has developed towards high-end models, and the company is still stuck in the past low-end models.

    The second factor is whether you can stick to your main business. TakeSAICFor example, the company promoted the “new four” strategy in 2018, and continued to advance in the frontier areas of new energy, intelligent network, and automobile sharing, and the ecological chain around the automobile industry continued to improve; in contrast, Haima Automobile pursued the wind. Banking, layout finance, real estate, and ultimately swallowed up the cost of car research and development, resulting in the company's tumbled more than expected, this year will be implemented to delisting risk warning.

    Start the "Knockout"

    The washing up of the automobile industry chain is not only challenging for the whole vehicle enterprise, but also the entire industry chain is facing operational risks.

    DesaixiThe first quarter results announcement was disclosed on the evening of April 7. The company expects a profit of 35 million yuan to 50 million yuan, down 68.79%-78.15% year-on-year; the company's profit for the same period last year was 160 million yuan. One of the main reasons for the company's sharp decline in performance was that the sales volume of China's auto market declined sharply during the reporting period, which led to a decline in sales of some of the company's supporting models. In addition, the company's R&D investment in the first quarter increased year-on-year.

    Throughout the history of China's automobile industry, from the first time in 2009, the production and sales of passenger cars in China exceeded 10 million vehicles, reaching 13.6 million vehicles. The rapid development continued for many years. In 2015, six years later, the sales volume of passenger cars exceeded 20 million. After that, the auto market entered a period of micro growth.

    In 2018, the Chinese auto market showed an inflection point, and the growth in production and sales for the first time showed a decline. According to statistics from the Federation, the retail sales of narrow-seat passenger cars in October 2018 was 1.95 million, a decrease of 13.2% compared with the same period in 2017. At the same time, policy pressures are also intensifying. Whether it is the emission standard from the national five to six, or the pressure of new energy double points and other policies, car companies in the past rely on the speed of consumer dividends are ending, car companies knockout is speeding up. Therefore, the industry judges that the trend of polarization in the automotive industry will intensify in the future.

    Editor in charge: Robot RF13015

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