Profit Analysis of Distributors Listed Companies This Year

In the first three quarters of this year, the automobile industry picked up. The sales of the auto market increased significantly, and the net profit of automobile and auto parts companies all increased significantly. Auto dealer companies were no exception. The performance was much better than the same period of last year.

Although many automobile dealership groups have been listed in China, the main business of their listed companies are passenger car dealerships and aftersales related businesses: the Shanghai/Shenzhen-listed giant group, Yaxia Auto, Shenhua Holdings , Hong Kong-listed Yongda Auto, Zhongsheng Group, Zhengtong Automotive, and the joint venture group listed on the New York Stock Exchange. Among them, the Hong Kong stock company and Liantuo did not release the third quarter financial reports, so the following analysis of the major group, Yaxia Auto, Shenhua Holdings's first three quarters and third quarter net profit situation.

According to the data compiled by Gasgoo.com, during the first three quarters of last year, due to the slowdown in the growth of the auto market, the pressure from manufacturers was severe, and the amortization of cost of new construction by dealers was still large. For example, the Group, Yaxia Auto and Shenhua Holdings The overall net profit dropped sharply by 133.7%, resulting in a loss of 296 million yuan. In the first three quarters of this year, the auto market recovered and the net profits of these three companies totaled 301 million yuan.

Among the three companies, the largest group has the largest loss in the same period of last year. In the first three quarters of this year, it achieved a net profit of 305 million yuan. The reason is not only related to the recovery of the industry economy, but also mainly to the recovery of Japanese car sales. Its Subaru is Representing the recovery of Japanese car sales business.

Shenhua Holdings still suffered losses in the first three quarters of this year, and its revenue also fell sharply year-on-year. This was mainly due to the fact that its wholly-owned subsidiary, Shanghai Shenhua Chenbao Automobile Co., Ltd., withdrew from its statistical consolidation scope. However, it suffered a loss of 56.72 million yuan in the first three quarters of this year, which also narrowed from 79.02 million yuan in the same period of last year.

The revenue of Yaskawa Motor increased by 20% in the first three quarters of this year, but the net profit was 52.85 million yuan, which was 20% lower than the same period of last year. According to its financial report, the reasons are mainly due to the expansion of the company's business scale, sales, management, finance and other expenses caused by a substantial increase.

Although the profit performance of the three companies in the first three quarters of this year was better than the same period of last year, with the ever-increasing scale of the auto market and increasingly fierce market competition, the net interest rate of auto dealers has been declining in recent years. Since 2010, the net profit of the huge group dropped from 2.30% in 2010 to 0.68% in the first three quarters of this year; the number of vehicles in the Yasaka Group fell from 2.48% to 1.49%. (Shenhua Holdings suffered losses in the first three quarters of this year).

Note:

The "net profit" in the chart of this article refers to "net profit attributable to shareholders of a listed company", "net profit attributable to owners of parent company", "net profit attributable to shareholders of parent company" or "attributable to ordinary shares of the company Shareholders' net profit."