Regarding the reasons for the decline in net profit, Yutong Bus explained in the report: "In 20 19, due to the further reduction of national new energy subsidy standards, the profitability of the company's new energy buses declined, but it was still better than the overall level of the industry." ? Yutong bus said, 20 19? What is the annual income plan? 32 billion yuan, but due to the subsidy policy for new energy vehicles and the sharp decline in the overall demand of the industry, the company failed to achieve the revenue plan formulated at the beginning of the year.
However, the net operating cash flow of Yutong Bus in 20 19 years reached 5.34 billion, a sharp increase over the same period of last year 107. 16%. According to the analysis of Industrial Securities, the operating cash flow of Yutong Bus greatly exceeds the net profit of returning to the mother, which is the reason for its high dividend: "The main reason is that there are more state subsidies in 20 19. At present, the company's accounts receivable138.6 billion, of which 72 1 100 million is subsidized by the state. Subsequently, with the state subsidies in place, the company's cash flow is in good condition, and it is expected that the company will continue to maintain high dividends in the future. "
Regarding the development of 20 19 bus industry, Yutong bus believes that the bus industry belongs to a weak cycle industry, and the total amount of the industry depends on the total number of residents' trips and the travel structure, and is also affected by national policies to some extent. During the reporting period, due to the early consumption of new energy products, high-speed rail and private cars, the total demand of large and medium-sized buses in domestic industries decreased by 65,438+05.2% year-on-year.
According to the reporter of Economic Observer Network, the superimposed influence of the policy changes in many industries in 20 19 has brought pressure to bus companies. These policies include the adjustment of new energy subsidy policy, the promulgation and implementation of the national six standards, the implementation of three-stage vehicle fuel consumption restrictions, and the improvement of safety protection and isolation facilities requirements for urban buses, road buses and tourist buses. For example, the new energy subsidy policy. On March 26th, 20 19, the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Science and Technology and the National Development and Reform Commission issued the Notice on Further Improving the Financial Subsidy Policy for the Promotion and Application of New Energy Vehicles, which not only raised the technical threshold, but also greatly lowered the new energy subsidy standard for 20 19.
According to the statistics of China Public Transport Statistics Information Network, in 20 19, did the public transport industry achieve sales of 7 meters or more? 134300 vehicles, comparison? 20 18? Annual decline? 1 1.3 1%。 At the same time, in 20 19, the market share of the top five large and medium-sized buses in the industry was 74.6%, 2.6 percentage points higher than that in 20 18, and the industry concentration was further improved.
As far as Yutong bus is concerned, its sales volume in 20 19 was 58,600, down 3.58% year-on-year. Among them, the cumulative sales volume of large buses is about 23,900; The cumulative sales volume of medium-sized buses is about 25,900; The cumulative sales volume of light buses is 8862. Although the sales volume has decreased year-on-year, Yutong Bus? 20 19? In, the total sales volume of large and medium-sized buses still reached 49,800, ranking first in the industry. "The company's products mainly cover the large and medium-sized bus market. Thanks to the development of the national economy and the improvement of people's living standards, the competitiveness of the company's products can be fully reflected, and the domestic market share? 37. 1%, an increase of 2.6 percentage points. " Yutong Bus said.
In terms of new energy vehicles, Yutong Bus sold 2. 1 10000 pure electric vehicles in 20 19, with a revenue of132.25 million yuan and a new energy subsidy of 21700,000 yuan, accounting for16.37 million yuan. Plug-in models sold 745 vehicles, with revenue of 466 million yuan and subsidy of 28 million yuan, accounting for 6.13%; Fuel cell vehicles sold 232 vehicles, with revenue of 692 million yuan and subsidies of 93 million yuan, accounting for 15.89%.
It is understood that Yutong bus has made great strides in overseas markets while laying out the domestic market. The bus business is divided into domestic sales and overseas sales. Among them, the domestic sales revenue was 24 1.37 billion yuan, down 5.20% year-on-year, and the gross profit margin decreased1.64%. Overseas sales were 410.95 billion yuan, up 3.47% year-on-year, and gross profit margin increased by 3.72 percentage points year-on-year. Comparatively speaking, Yutong bus's overseas sales growth is better than domestic sales performance.
According to the data, Yutong bus overseas sales service network has achieved a global network layout, which has passed? 70? /kloc-more than 0/00 subsidiaries, offices, distribution partners and other multi-channel models, covering six regions of Europe, CIS, America, Africa, Asia-Pacific and Middle East, have been adopted in more than 10 countries and regions such as Ethiopia, Malaysia, Myanmar, Pakistan and Kazakhstan? KD？ Assembly mode of localization cooperation. At present, Yutong Bus has exported all kinds of buses 100. 70,000.
"In terms of exports, driven by environmental protection policies and requirements, the demand for overseas new energy buses is expected to show a rapid growth trend. With leading product technology and mature marketing experience, China New Energy Bus will highlight its advantages in the global market competition. " Yutong Bus said.
On the other hand, in China, the medium and large bus market is actually saturated. China public transport statistics information network data shows that 20 19? Overall decline of domestic large and medium-sized bus market in? 1 1.3 1%, in which the passenger car market declined? 2.63%, the bus market declined? 16.93%, the school bus market is declining? 14.78%, other vehicle market growth? 60.43%。 It can be seen that except for "other models", almost all categories are in a state of decline.
In terms of new energy vehicles, due to the demand for new energy for public transport, it is affected by? 20 15-20 17? Impact of early consumption of new energy buses, 20 18-20 19? 1990 The demand for buses continued to decline. However, Yutong Bus believes that from the development trend, new energy is irreversible. With the reduction of power battery cost and the increase of cruising range, new energy buses gradually enter the field of road buses, which are mainly used for short-distance passenger transport and scenic ferry service in the short term.
As a leader in the bus industry, Yutong Bus currently has the most complete product pedigree in the new energy industry, covering 6 ~ 18? Michun electric bus, 8 ~ 18? M hybrid bus, 8 ~ 12m fuel cell bus. In addition, Yutong Bus, like many companies in the industry, is transforming from "manufacturing+selling products" to "manufacturing services+solutions". To this end, Yutong Bus has always attached importance to R&D investment. During the reporting period, Yutong Bus incurred R&D expenditure? 17.74? Billion yuan, accounting for the proportion of operating income? 5.82%, which is at a high level in the same industry. Yutong bus 20 19? The annual R&D expenditure is mainly invested in new product development and advanced technology research, and the products are mainly T7? Series models, high-end tourism, high-end public transport, CL6/CL7? And other high-end products.
Regarding the new opportunities in the domestic market in the future, Yutong Bus believes that the market demand of various professional modified vehicles (such as airport car ferry, health care vehicle, communication command vehicle, recreational vehicle, etc.) will grow steadily, among which recreational vehicles and other vehicles will maintain a rapid growth trend. With the improvement of national tourism camp infrastructure and supporting management regulations, there is still room for growth of RV in the future. In addition, under the influence of the COVID-19 epidemic, it is estimated that? 2020? Now, will the medical rescue market appear? "Filled" growth. It is worth mentioning that Yutong Bus has donated 10 negative pressure ambulances to the epidemic prevention line this year.
Yutong Bus said that considering the impact of the epidemic and the development of the industry, in 2020? What is the company's annual revenue plan? 299. 17? 1 100 million yuan, what is the cost plan? 226.3 1? 1 100 million yuan, what is the cost plan? 57.79? 1 billion yuan. It is understood that Yutong bus has basically resumed work, but the impact on the COVID-19 epidemic remains cautious: "In the domestic market, the demand for personnel travel and public transportation has been suppressed in the short term, and the impact on the tourist bus market is particularly obvious; In overseas markets, the epidemic has spread rapidly around the world, and the uncertainty has risen sharply. In order to control the spread of the epidemic, countries may strictly restrict the movement of people and transportation. Affected by the epidemic, the demand side will be affected to some extent, the market recovery will take time, and orders may be delayed or reduced. "
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.