the first half report cards of 9 automakers are released: byd and saic are the top two in performance
2024-08-31
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with the arrival of the financial reporting season, the first half report cards of vehicle manufacturers have also been released.
as of the evening of august 30, wind data showed that nine vehicle manufacturers on the a-share market, including byd, saic group, and great wall motors, have all released their first-half performance reports.
in terms of operating income, byd has become the only a-share automaker with a revenue scale exceeding 300 billion yuan, followed closely by saic group. the two companies have a "cliff-like advantage."
in terms of earning power, byd is still the leader, earning 13.6 billion yuan in the first half of the year. although great wall motors ranked third in terms of operating income, with only 91.4 billion yuan, its net profit surpassed saic group, reaching 7 billion yuan.
under the dual waves of electrification and intelligence, my country's automobile industry is undergoing unprecedented profound changes and fierce competition.
in the first half of this year, the market environment was a mixture of "internal and external pressures", with accelerated technological iteration and intensified competition among domestic brands for product homogeneity, and external pressures brought by the accelerated layout of new energy and intelligent network technologies by international brands. all car companies are facing the "internal dilemma", and who will win and who will lose may be seen in the financial reports.
byd and saic motor ranked first and second in performance
looking back at the first half of the year that just ended, byd became the biggest winner among a-share auto companies. not only did its operating income exceed 300 billion yuan, making it the number one, but its net profit also exceeded 13.6 billion yuan, making it the "double king."
saic motor ranked second and showed a downward trend. saic motor released its 2024 semi-annual report showing that the company achieved operating income of 277.086 billion yuan, a year-on-year decrease of 12.43%; net profit attributable to shareholders was 6.628 billion yuan, a year-on-year decrease of 6.45%; net profit after deducting non-recurring items was 1.020 billion yuan, a year-on-year decrease of 82%.
independent brands, new energy vehicles and overseas business have always been the "new three pillars" of saic group.
in terms of sales, in the first half of this year, saic group completed wholesale sales of 1.827 million vehicles and achieved terminal retail sales of 2.115 million vehicles. among them, the company achieved retail sales of 1.244 million vehicles of its own brand, accounting for 58.8% of the company's sales, retail sales of new energy vehicles of 524,000 vehicles, a year-on-year increase of 29.9%, and retail sales in overseas markets of 548,000 vehicles, a year-on-year increase of 12.7%.
however, it should be noted that under the wave of electrification and intelligence, the internal competition in the automotive industry is particularly fierce. in the first half of this year, my country's automotive industry continued its growth momentum amid the complex challenges of "internal competition and external pressure".
from the perspective of the retail market, car companies have launched "price wars" one after another, causing consumers to hold on to their money and wait and see, which has also led to higher terminal inventories in the automotive industry than normal levels.
saic group also mentioned in its financial report that the company's net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses decreased year-on-year, mainly due to the decline in the fuel vehicle market and unprecedentedly fierce price wars, the company's sales revenue decreased, and gross profit fell.
looking at the exports that saic group has always been proud of, although automobile exports and new energy vehicle production and sales have maintained rapid growth, the growth rate of new energy vehicle exports has slowed significantly due to the impact of international trade protectionism, industry competition has further intensified, and corporate operating pressure has continued to increase.
on june 12 this year, the european commission released a preliminary ruling, calculating a subsidy rate of 38.1% for saic. on july 4, the european commission officially announced the preliminary ruling, announcing a tax rate of 37.6%. after that, the european commission again released the final ruling of the anti-subsidy investigation, pre-disclosing that the subsidy rate for saic was 36.3%.
in august this year, saic group responded that due to factors such as overseas pressure from europe and the united states, saic's overall sales this year have experienced short-term fluctuations. the company will make every effort to make up for the losses and strive to achieve consecutive month-on-month sales increases.
at the first interim shareholders' meeting of 2024 held recently, saic group president jia jianxu made it clear that "saic's sales in europe this year will not be lower than last year, and saic's own brand mg's hev products will soon enter europe; the enthusiasm for hev vehicles now exceeds our imagination, and some orders will not be delivered until the first quarter of next year."
saic group also mentioned in its financial report that in the first half of this year, saic consolidated its base markets such as western europe and south america, accelerated the expansion of emerging markets such as eastern europe, and continued to improve the construction of its overseas service system. the terminal delivery volume in overseas markets reached 548,000 vehicles, a year-on-year increase of 12.7%.
in response to the eu anti-subsidy investigation, saic actively conducted legal defense by submitting questionnaires, writing defenses, stating opinions at special hearings, and providing thousands of documents and written evidence.
great wall motors and seres became the "dark horses" in the first half of the year, with net profits doubling
looking back at the first half of this year, great wall motor and seres are undoubtedly the fastest-growing companies. the former is "far ahead" among all automakers with a year-on-year net profit growth rate of 419.98%, while the latter's net profit growth rate is as high as 220.85%.
just on august 25, yu chengdong, huawei's executive director, chairman of the terminal bg, and chairman of the intelligent automotive solutions bu, just introduced the results delivered by seres: 400,000 vehicles were delivered in 2 years and 5 months, the new m5 delivered more than 20,000 vehicles, the new m7 delivered more than 240,000 units in cumulative quantity, and the m9 delivered more than 120,000 units in cumulative quantity.
according to the financial report of seres, the company achieved operating income of 65.04 billion yuan and net profit of 1.625 billion yuan in the first half of this year.
in contrast, in the five years of 2019, 2020, 2021, 2022 and 2023, seres' first-half performance was a net loss, and its operating income did not exceed 13 billion yuan. this year, seres finally turned losses into profits in its first-half performance.
seres also has its own "small goals". zhang xinghai, chairman (founder) of seres group, recently mentioned that seres strives to achieve the annual production and sales target of one million units in the three-year plan, drive the supply of one million sets, and achieve a win-win situation.
on august 23, seres announced that it would invest 11.5 billion yuan in huawei's yinwang and acquire a 10% stake.
at the signing ceremony, zhang xinghai said that this investment in yinwang company marks the upgrade of seres and huawei to a comprehensive cooperation of "business + equity", and opens a new starting point for the sustainable development of the cooperation between the two parties from 1 to n.
saic group, which has seen a slight decline in net profit, has experienced frequent personnel changes in the past two months.
on july 10, saic group announced that saic group chairman chen hong officially retired, the current saic group president wang xiaoqiu was promoted to saic group chairman, and the current saic group vice president jia jianxu was promoted to saic group president.
against the backdrop of the succession of the top leaders, saic-gm announced four senior personnel changes on august 9. on august 14, saic volkswagen also announced a series of personnel changes.
the new leadership team will certainly have newer expectations for saic group. for example, when saic-gm announced its personnel changes, it mentioned that the new leadership team will continue to accelerate the company's transformation in the electrification and intelligentization tracks, focus on innovative breakthroughs in technology, products and marketing, and face fierce market competition.
faced with internal competition, automakers are focusing on r&d
looking back at the entire first half of the year, faced with the market's "involution" trend, major automakers have increased their r&d investment, explored the boundaries of technological innovation, and strived to achieve breakthroughs in battery technology, autonomous driving, intelligent networking and other fields, in order to respond to market challenges with differentiated advantages.
at the same time, policy guidance and upgrading of consumer demand have also injected new vitality into the industry, promoting the continued expansion of the new energy vehicle market and the rapid popularization of intelligent products.
in this war without the smoke of gunpowder, every participant is constantly innovating themselves and striving to stand out in the field of electrification and intelligence.
wang chuanfu, chairman and president of byd co., ltd., recently publicly stated that the world is full of competition, and all entrepreneurs must embrace and participate in competition and stand out from it.
on august 27 this year, li yunfei, general manager of byd group brand and public relations, publicly stated that byd fangchengbao and huawei qiankun intelligent driving officially announced their cooperation, and the first model to be used was bao 8. he said that the two teams started to connect very early and have been developing for a long time. in the future, new models of fangchengbao brand will also be developed together with huawei.
prior to this, wang chuanfu also publicly announced that byd will invest more than 100 billion yuan in the field of vehicle intelligence to accelerate the intelligent transformation of the automotive industry and lead the industry in a new direction of intelligent development.
when it comes to electrification and intelligence, saic group has made many attempts over the years.
for example, in october this year, the zhiji l6 equipped with lightyear solid-state batteries will be officially delivered to users. in 2026, saic's all-solid-state batteries will achieve mass production and complete prototype testing. in 2027, zhiji's new cars equipped with all-solid-state batteries will be mass-produced and officially delivered to users; subsequently, the energy density is expected to be further increased to 500wh/kg.
however, judging from the sales data, these behaviors are still one step away from making consumers pay for them.
according to the latest sales data, zhiji auto, a joint venture between saic motor and alibaba with huge investment, sold 4,180 vehicles in july this year. although sales increased by 142.74% year-on-year, this figure is not outstanding among the new forces in car manufacturing.
in the first seven months of this year, zhiji auto's cumulative sales volume was 26,632 vehicles, with an average monthly sales volume of only 3,804 vehicles.
wei jianjun, chairman of great wall motors, has also repeatedly stated that "great wall pursues quality market share". in its financial report, great wall motors mentioned that the company adheres to the brand-upward strategy and enters the high-end market. it comprehensively deepens the strategic layout of intelligent new energy vehicles, accelerates the return to the main category channel, main price channel, main level channel and main style channel, empowers the renewal of intelligent new energy products with technological innovation, helps the company's product structure continue to improve, and promotes the company's profitability.
beijing news shell financial reporter lin zi
editor: wang jinyu
proofread by wu xingfa
