Perspective of JAC 20 19 financial report: cooperation empowers brand development and products enter the 3.0 era.

Some time ago, JAC disclosed the financial report of 20 19. The data shows that in 20 19, JAC's operating income reached 47.286 billion yuan, down 5.60% year-on-year. The net profit attributable to shareholders of listed companies is 65.438+0.06 billion yuan. Compared with 20 18, it is also the first time to turn losses into profits in recent years.

It is worth mentioning that in 20 19, the non-net profit deducted by JAC was-978 million yuan, while the non-net profit deducted in 20 17 and 20 18 was-93 million yuan and-1877 million yuan respectively, which has been negative for three consecutive years. During the reporting period, Jianghuai Automobile sold a total of 4,265,438+0.2 million cars and chassis, down 8.965,438+0% year-on-year.

In the context of the overall decline of the automobile market last year, JAC's financial report is not too bad at first glance, but it is still a bit worrying in detail.

The main problem here is that the profitability of the main business is seriously insufficient.

Although the financial report shows that the annual operating income of JAC passenger car plate is 201721kloc-0/000 billion yuan, the "net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses" in the annual report is 978 million yuan; Financially, deducting non-net profit is often an indicator that truly reflects the profitability of enterprises. From this perspective, JAC did not really turn over in 20 19, but only won a real loss.

At the same time, according to the financial report, the non-recurring profit and loss items of JAC in 20 19 mainly focused on government subsidies, disposal of non-current assets and investment income, of which the amount of government subsidies was1170,000 yuan, indicating that JAC's "turning losses into profits" this year was largely realized by government subsidies.

A drop in the bucket of good luck.

On March 18, JAC announced that An Kai Bus, a holding subsidiary of JAC, had collected and stored two idle lands under its name, located in the west of Nanfeihe Road and east of Tianjin Road in Baohe District, Hefei City, and the compensation for collection and storage was 544 million yuan.

Perhaps this action was influenced by another windfall last year.

In 20 19, JAC announced that two employee apartments owned by JAC would be expropriated by the local government in the form of monetary compensation due to the planning and construction of Hefei Rail Transit Line 5, and the amount of expropriation compensation was 2 1 1,129,352.89 yuan. After deducting relevant taxes and fees according to regulations, the company's 20 19 annual net profit is expected to increase by about 200 million yuan.

This joke that was once told as a joke really happened to JAC.

This is indeed a good thing for Jianghuai Automobile, whose sales volume continues to decline, losses gradually increase and book funds are seriously insufficient.

Unfortunately, this fund can't really reverse the current lack of funds of JAC.

The latest financial report for the first quarter of 2020 shows that Jianghuai Automobile achieved an operating income of 96,543.8+0.2 billion yuan, down 37.68% year-on-year; The net profit attributable to shareholders of listed companies was-356 million yuan, and the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was-429 million yuan, an increase of 395 million yuan over the same period last year.

Sales data show that in the first quarter of 2020, Jianghuai sold a total of 83,400 vehicles, down 35.53% year-on-year. In terms of sectors, Jianghuai passenger cars are not optimistic. The cumulative sales volume (SUV, MPV, car) from June to March was 2,765,438+0,000, accounting for only 30% of the total sales. Among them, SUV has the largest decline, down 6 1.44% year-on-year, with a cumulative sales of 9997 vehicles; MPV and cars also decreased by 35.68% and 10.74% respectively. The commercial vehicle sector also showed weakness. Among them, light trucks sold 40,000 vehicles this quarter, down 35.95% year-on-year; Medium trucks and heavy trucks decreased by 9.6% and 4. 17% respectively.

Although Jianghuai Automobile said that the reporting period was mainly affected by the epidemic, the company's automobile sales declined. However, judging from the latest throttling behavior of disposing idle land, the financial pressure faced by Jianghuai Automobile is still not small.

It is difficult to "fly with me" by car while taking business.

Jianghuai Automobile has always occupied a dominant position in the commercial vehicle market, and its "Ruifeng" commercial vehicle has also achieved good results.

Judging from the financial report, it is obvious that commercial vehicles are still the main force of Jianghuai Automobile's revenue. In 20 19, the passenger car revenue of JAC 172 1 100 million (year-on-year decrease 12.43%), and the gross profit margin was-13.43%. Commercial vehicle revenue was 22.06 billion (up 3.83% year-on-year), and gross profit margin was only 3.83%.

Jianghuai Automobile said in its financial report that it plans to produce and sell 450,000-500,000 vehicles and chassis in 2020, up by 6.83%- 18.70% year-on-year, and it is expected to realize an operating income of 50 billion-55 billion yuan, up by 5.57%- 16. 13% year-on-year. For Jianghuai Automobile, which is highly dependent on government subsidies, it is not difficult to achieve the above goals in 2020.

Jianghuai Automobile entered the new energy market as early as 2007, and was one of the first large-scale automobile enterprises to start to lay out the new energy market. However, the time for real mass production is not long, which can be described as "getting up early and getting greedy".

At present, JAC has launched three new energy vehicles, which has indeed brought certain sales growth to JAC. But the reason is still relatively low prices and subsidies. Take JAC IEV6E as an example. After the subsidy, the entry-level model only needs 54,500 yuan, and the cruising range is only 255 kilometers. It can only be a city scooter.

It should be said that these cars have brought a lot of attention and sales to JAC's new energy vehicles at low prices. However, judging from the current situation, this new energy vehicle with short mileage and low technology content has been unable to obtain government subsidies, and will be replaced by more domestic new energy vehicles with high technology content and strong endurance.

Jianghuai Automobile expects commercial vehicles and new energy vehicles to go hand in hand, but without excellent products and technologies, it may just be a good wish.

Multi-party cooperation to find a breakthrough

It is undeniable that JAC is not unaware of these problems, and has been actively seeking breakthroughs in many aspects, such as reaching cooperation with new car-making forces Weilai and Audi.

Jianghuai Automobile said that cooperation with Weilai Automobile achieved new results last year. The production delivery of ES6 was successfully completed, and the cumulative delivery of ES6 and ES8 exceeded 20,000 vehicles. The third mode of cooperation between the two sides will also be officially unveiled. The new car that cooperated with Volkswagen also overcame a series of difficulties and came out smoothly.

Although the financial report deliberately avoided the cooperative relationship with Weilai, it was reported that Jianghuai and Weilai's new factory in Hefei was invested by Jianghuai alone with a total investment of 2.3 billion yuan. From 2065438 to September 2008, JAC invested/KLOC-0.5 billion yuan to build a new factory, and Weilai Automobile accounted for a small proportion. In other words, in the cooperation with Weilai, JAC has invested heavily, and the control of cooperation is actually in JAC's hands. Like many independent brands in China, JAC hopes not only to enhance its brand image through joint ventures, but also to achieve a qualitative leap in independent design, production, quality control and management.

Jianghuai and Volkswagen Group are planning to reintroduce the SEAT brand from Europe to China, and jointly establish Jianghuai Volkswagen, the first Sino-foreign joint venture new energy automobile enterprise in China. In less than five months, they launched a new energy vehicle, the Sihao E20X, which is extremely efficient.

In JAC's view, whether it is OEM Weilai or joint venture with Volkswagen to launch a new energy sector, it is deleveraging, lack of internal strength and insufficient foreign aid. Looking back at history, many domestic automobile brands have also experienced the stage of joint venture production, while learning technology and empowering their own brands.

After all, who can't copy homework?

In addition to leveraging strength, practicing internal strength and improving quality, Jianghuai Automobile clearly realized that only by constantly bringing forth new products and launching cost-effective products is the only magic weapon to truly please consumers.

In April this year, JAC jiayue X7 was officially listed, with an official price of 82,800 -6.5438+06.5438+0.28 million yuan. Jiayue X7 is the first SUV in JAC 3.0 era, equipped with the latest generation of An+ vehicle safety system and J-Link intelligent vehicle networking system, matching 1.5TGDI+6DCT power combination.

From the perspective of product strength, this performance is very attractive and competitive in SUV models with the same price, which can be seen as Jianghuai Automobile's efforts to gain a place in the passenger car market while actively competing for the new energy vehicle market.

Concluding remarks

The past 20 19 has been a difficult year for almost all domestic car companies. This year, affected by the epidemic and other factors, whether it is joint venture or independent, life is still difficult.

However, for second-tier independent car companies like Jianghuai Automobile, whether they can continue to go on depends not on government subsidies, but on excellent product competitiveness. After all, strong product technology and brand appeal are the important reliance for car companies to spend the winter safely.

This article comes from car home, the author of the car manufacturer, and does not represent car home's position.