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Morning News (Reporter Liu Xiaolin) The worst report card of the domestic auto industry last year was presented by Changan Automobile (000625) yesterday: Net profit fell 82% year-on-year, and profit was less than the fraction of 2004. This is the first performance list of domestic small-displacement car companies.
Although Shanghai Automotive and Dongfeng Motor’s annual net profit fell by 44% and 15% respectively in the previous year, Chang’an Auto’s 2005 harvest was still startling: the earnings per share fell from 0.81 yuan in 2004 to 0.15 yuan, net profit. From 1.3 billion yuan quickly shrank to 230 million yuan, less than the fraction of the previous year.
For the decline in profits exceeding RMB 1 billion, Chang’an Automobile’s explanation is that the increased competition in the industry has brought about a drop in gross profit margin and an increase in the cost of the period. In response, Zhang Xin, an analyst at Guotai Junan Securities, gave a popular explanation: “It is a price reduction.†The reduction in the profitability of bicycles caused by the price cut alone is enough to offset the considerable sales of Changan Automobile's 630,000 vehicles last year.
Under the influence of the state's push for small-displacement vehicles and rising oil prices, Changan Automobile, the “mini-car kingâ€, has been favored by the industry. However, in the auto market in which the price war has become the norm and price cuts become inertia, “having a good reputation†has become the general status quo of small-displacement vehicles. Compared with other types of cars, the profitability of small-displacement cars is particularly not optimistic. Last year, the sales volume increased by nearly 100,000 vehicles, and Chery Automobile, which ranks among the top ten car companies, achieved a profit of only RMB 500. It had to face the reality that the profit fell from RMB 188 million in 2004 to RMB 95 million in 2005.
However, in Zhang Xin’s view, this is the inevitable result of the intensified competition in the domestic auto industry and the supply and demand relationship. This kind of price competition is reasonable. “As long as the manufacturers are still producing, the auto industry is profitable, and the prices are downgraded. space".
Similarly, sales volume of FAW Xiali (000927) and Geely Auto (0175.HK) have not yet announced results, but Zhang Xin pointed out that the decline in profits will be the long-term overall trend of small-displacement car companies.
Changan Automobile's net profit plummeted by 82%