On the evening of August 30th, Changan Automobile released the semi-annual report for 2020, showing that its operating income was 32.78 billion yuan, up 9.73% from 29.88 billion yuan in the same period last year. The net profit attributable to shareholders of listed companies (hereinafter referred to as "net profit") was 2.6 billion yuan, a year-on-year increase of 265,438+06.2%.

It is worth noting that Changan Automobile's net profit turned into profit, although related to the improvement of the company's product structure and profitability, mainly benefited from the substantial increase in the income of non-recurring profit and loss items during the reporting period. In fact, Changan Automobile's deducted non-net profit is still at a loss.

Deducting non-net profit loss exceeded 2.6 billion yuan.

According to the data of Changan Automobile's semi-annual report, its non-recurring profit and loss in the first half of the year totaled 5.22 billion yuan. Among them, the gains and losses from the disposal of non-current assets and the rise in the share price of Contemporary Amp Technology Co., Ltd. are the main sources of income, accounting for 90% of the non-recurring gains and losses.

The gains and losses of non-current assets disposal are mainly as follows: Chongqing Changan New Energy Automobile Technology Co., Ltd. (hereinafter referred to as "Changan New Energy") introduced strategic investors; Sell 50% equity of Changan Shenlong Automobile Co., Ltd. ..

At the beginning of 65438+February last year, Changan New Energy introduced four strategic investors, Nanjing Runke, Changxin Fund, Southern Industry Fund and Liangjiang Fund, because it was difficult to support the development of new energy business. The four major shareholders increased their capital by 654.38 billion yuan, 654.38 billion yuan, 740 million yuan and 654.38 billion yuan respectively. After the capital increase, Changan Automobile's shareholding in Changan New Energy decreased to 48.95%, losing its absolute control.

The capital increase of Changan New Energy has brought a net profit of 2 1 100 million yuan to Changan Automobile.

At the end of last year 1 1, Changan Automobile listed to transfer 50% equity of Changan Peugeot Citroen, and the listing price was 1.63 billion yuan. At the end of 65438+February of the same year, Qianhai Ruizhi, a subsidiary of Baoneng Group, was delisted. PSA followed closely and announced its Changan PSA? 50% of the shares were transferred to Baoneng Group.

Changan Automobile's sale of Changan PSA equity increased its net profit by about 654.38+0.4 billion yuan.

In addition, the share price of Contemporary Ampere Technology Co., Ltd. held by Changan Automobile rose, increasing its net profit by about 65.438+78 billion yuan.

If the non-recurring gains and losses are deducted, Changan Automobile's non-net profit is at a loss of-2.62 billion yuan, compared with a loss of 2.9.1billion yuan in the same period last year.

Joint venture plate "drag"

In addition, Changan Automobile's joint venture sector has dragged down its performance.

With the sale of Changan PSA shares, the joint venture departments of Changan Automobile are mainly Changan Ford and Changan Mazda.

On August 6th, Changan Automobile released the sales data for July,165,000 vehicles, up 38.5% year-on-year; From June 5438 to July, the cumulative sales volume was 996,000 vehicles, a slight increase of 6% year-on-year.

Among them, Changan Ford sold 22,000 new cars in July, a year-on-year increase of 20%; From June 5438 to July, the cumulative sales volume was 1 1.9 million vehicles, a year-on-year increase of 27.8%.

Changan Mazda sold 654.38+0.2 million vehicles in July, a year-on-year increase of 3%; 1-In July, a total of 68,000 new cars were sold, down 6.5% year-on-year.

Ren Wanfu, a senior auto analyst, said that from the data point of view, the sales growth of Changan Automobile was mainly driven by the sales growth of independent brands and Changan Ford. He believes that there are two reasons for the increase in sales of Changan Ford: first, the large-scale upgrade of Changan Ford products; Second, last year's trough base was relatively low.

Changan Ford sold only 654.38+084 million vehicles in 2065,438+09, down more than 50% year-on-year. At its peak, Changan Ford sold nearly 960,000 vehicles in 20 16.

Bai Yiyang, the international research department of China Merchants Bank, believes that Changan Ford's loss reduction is an important concern in the future market. In the first half of this year, Changan Ford still lost 570 million yuan.

However, Zhou Lijun, an analyst with Easy Car Research Institute, believes that Changan Ford can seize the additional purchase market with the help of the listing of high-end products such as Explorers.

At present, the proportion of consumers' purchase and purchase demand continues to grow. According to the analysis of the Association, the proportion of first-time car buyers in China automobile market is decreasing year by year, and in 2065,438+09, it was only 565,438+0%. The foreign exchange ratio increased from 32% of 20 16 to 40% of 20 19.

Changan Ford introduced that in 2020, Sharp will become the main force of bicycle sales within six months, and the brand-new sixth-generation explorer will get 2000 orders within two weeks.

However, Ren Wanfu believes that due to non-market factors, there is still great uncertainty about whether Changan Ford's sales rebound trend can continue.

Expert: It is suggested to optimize the profit structure of independent sectors.

The industry believes that the profitability of Changan Automobile's independent sector needs to be improved.

Bai Yiyang said that the profitability of Changan Automobile's independent sector needs to be improved. "Although sales in the first half of the year increased year-on-year, profitability is still in a weak position in the industry."

In July, the sales volume of Changan's independent sector accounted for 75%, totaling 654.38+0.24 million vehicles, up 49.9% year-on-year. Among them, the sales volume of Chongqing Changan was 665,438+0,000 vehicles, up 35% year-on-year; 8,588 vehicles in Chang' an, Hebei Province, a year-on-year increase of 24%; The number of cars in Hefei Changan was 1.9 million, up by 286% year-on-year.

Although the sales of independent sectors have increased, the profit of bicycles is weak.

Changan Automobile's semi-annual report shows that the gross profit margin in the first half of the year was 9.29%, up by 1.07 percentage points from 8.44% in the same period last year.

Zhou Lijun believes that Changan Automobile's low gross profit margin indicates that its products are small but its bicycle profit is low. The gross profit margin of competitors such as Great Wall Motor exceeds 16%.

Zhou Lijun said that it is urgent to adjust the profit structure of Changan's independent sector, and it is necessary to enhance the profitability of brands such as Auchan and Kaicheng, "further improve product prices and sales volume, and expand scale advantages".

With the launch of UNI series, Changan Automobile may realize the improvement of gross profit margin of the whole vehicle.

UNI-T, the first product in the UNI series, was officially launched on June 2 11.39-133900. Uni-t sales in July 10000 vehicles. Changan Automobile revealed that UNI-T was pre-sold for 32 days, and the order exceeded 1.6 million.

Zhang Xiang, an independent automobile analyst, said that before the launch of UNI series, Changan automobile products were mainly concentrated in the low-end market below 654.38+0.2 million, and UNI-T was the upward performance of independent brands.

Ren Wanfu said that the appearance and technology configuration of UNI series models have been greatly improved compared with other products of Changan Automobile, but the follow-up performance still needs to be observed. He believes that Changan UNI series should be alert to the situation of high opening and low walking.

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