On August 17, Geely Automobile, as an independent leading car company, released its sales performance in the first half of the year. The data shows that Geely Automobile's revenue in the first half of the year was 3.68/kloc-0.90 million yuan, compared with 475.58 million yuan in the same period last year, down 23%. The net profit in the first half of the year was 2.296 billion yuan, compared with 4.009 billion yuan in the same period last year, down 43% year-on-year.
At the same time, Geely also revealed that it will reduce its sales target this year by 6%, that is, from 14 1000 vehicles at the beginning of the year to1320,000 vehicles. Reducing the target reasonably can reduce the pressure on dealers and the whole sales system to a certain extent, which is more conducive to the healthy and good development of enterprises.
You know, in the first half of this year, affected by the epidemic, Geely had to give more concessions, and the dealer's business policy made the ex-factory price of Geely Automobile drop by about 6% on average compared with the same period. The downward adjustment target is the ex-factory price of stop loss. Affected by this news, as of the closing of Hong Kong stocks on the same day, Geely's share price fell slightly to HK$ 15.64, a decrease of 6.35%, leading the decline of Hong Kong stocks.
Judging from the financial data of a single car company, Geely's double decline in revenue and profit is bad. But put this data into the whole market, and even look at the global auto market, this performance is still quite impressive. From the perspective of global car companies, for example, Renault's global new car sales fell by 35% in the first half of the year, revenue fell by 34%, and the net loss reached 7.29 billion euros (about 60 billion yuan); Nissan Motor Company and its sales and revenue this quarter halved its net loss in this quarter to about 285.6 billion yen (about RMB 654.38+088 billion).
For audi ag, one of the world's leading giants, its half-year sales revenue decreased by 23% year-on-year to 96 billion euros, while the profit before interest and tax was11500 million euros, which was a huge loss compared with the surplus of 2.286 billion euros in the same period last year. In addition, GM lost $480 million in the first half of the year.
Not only ordinary brands are losing money, but even Daimler, a luxury brand with considerable profits, is no exception. Data show that in the first half of the year, Daimler's automobile sales decreased by 26% year-on-year to1186,000 vehicles, with an operating income of 67.4 billion euros, down by 18% year-on-year, and a net performance loss of1700 million euros (about1400 million RMB).
Compared with the above-mentioned car companies, Toyota, PSA and Hyundai are in a profitable state, but their net profit will drop sharply in 2020. For example, Hyundai Motor's second-quarter net profit decreased by 62.2% year-on-year; The world's number one Toyota Motor's net profit in the first quarter of fiscal year 2020 decreased by 74% compared with the same period of last year. It is estimated that the company's net profit will decrease by 64. 1% this fiscal year. It can be seen that even Toyota, which is very profitable, lacks confidence in this year's auto industry market.
Therefore, 2020 is an eventful year for the automobile industry. It is not surprising that sales, revenue, profits and even losses will all decline. As long as the decline does not exceed the broader market, as long as the company's operating conditions and cash flow, including research and development, new product launch and market share, can achieve sustainable development, it is not a big problem.
Looking through Geely's 40-page semi-annual performance report, several key indicators are worthy of attention. For example, from the most critical market share, according to the data of China Automobile Association, the market share of Geely Automobile increased from 6. 1% in the same period last year to 6.5%, while the market share of China brand passenger cars increased from 15.3% in the same period last year to 17.9% in the first half of this year. In the case of market downturn, the increase of market share is a good phenomenon.
In addition, in terms of cash flow, due to the placement of 600 million new shares in early June 2020, Geely's total cash level in the first half of the year increased slightly by 5% compared with the end of 2065,438+09 to RMB 2,026,543.8+00 billion. The net cash on hand increased slightly to 654.38+065.438+08 billion yuan compared with the net cash six months ago. In addition, at the end of June, 2020, the net bill receivable was RMB 65,438+0,565,438+0 billion, and the cash reserve was abundant. Adequate cash flow is an important guarantee for enterprise development. As an independent head enterprise, Geely has indeed set a good example when most enterprises are facing arrears in wages and payment for goods.
In addition, Geely is still planning the listing of science and technology innovation board, which is currently being further promoted. It is understood that the initial number of RMB shares to be issued does not exceed 65,438+0,7365,438+0,666,448 shares. After deducting the issuance expenses, the funds raised by the proposed issuance of RMB shares are currently intended to be used for research and development of new automobile products, forward-looking technology research and development, industrial acquisition and supplementary liquidity.
It is worth mentioning that in the first half of this year, Geely still spent 17.2 1 billion on R&D expenditure, with a year-on-year increase of 16%. Development expenditure is the key to support Geely's future competitive advantage. Especially at present, Geely has entered the era of technology 4.0, and CMA super matrix architecture is playing a role in Geely's Volvo, Link, Geely, Polaris and other brands, which is also the result of the last round of R&D investment.
In the first half of this year, the total sales of Geely SUVs and crossover models reached 32,4061,down 15% year-on-year, accounting for 6 1% of Geely's total sales in the first half of this year. At the same time, the sales volume of car models reached 65,438+097,030, down 23% year-on-year, accounting for 37% of Geely's total sales in half a year. It can be seen that SUV is still the bulk of Geely's sales growth. In the first half of this year, Geely launched the ICON, Hao Yue and LINKE 05, which will play an important role in the second half of this year, pushing the field of Geely SUV to become bigger and stronger.
It is worth mentioning that Lexus revenue increased from 7.609 billion yuan to 8.039 billion yuan. From the sales of 55,800 vehicles last year and 54,700 vehicles this year, it can be seen that the average ex-factory price of Lexus has steadily increased, and the net profit of Lexus in the first half of this year reached 65.438+0.89 billion yuan. Of course, the revenue of Geely Jizhi Finance Company increased from 65.438+0.02 billion yuan in the same period last year to 65.438+0.525 billion yuan, and the profit increased from 233 million yuan in the same period last year to 423 million yuan. The profit contribution of joint ventures, including Link Link and Jizhi Finance, increased by 38%, becoming a new profit growth point.
Affected by the epidemic situation in overseas markets, Geely's export sales in the first half of the year decreased by 49% year-on-year to 65,438+09,573 vehicles, resulting in a decrease in the proportion of export sales from 5.9% in the same period last year to 3.7%, which was seriously damaged. However, the good news is that Geely Automobile Belarus factory ranked second among all brands in the local passenger car market in the first half of the year, with a sales volume of 4,350 vehicles and a market share of 17.52%. Proton's market share in the first half of the year was 265,438+0.2%, an increase of 6.5% over the same period last year. When the epidemic situation is alleviated overseas, Geely's export sales will resume, and it is expected that sales will be stronger.
The second half of this year is still the concentrated launch period of Geely products. In addition to the new generation of Borui GE, Geometry C and other products that have already been listed, Geely brand will also launch the fifth product of the brand, the brand, with a new generation of 0 1. Geometric brand will also launch an intermediate pure electric vehicle for the travel market, or it will be named Geometric T..
At the upcoming Beijing Auto Show, Lectra brand will be unveiled as a brand-new electric vehicle based on PMA platform. In the future, PMA platform architecture will be applied to brands such as Lectra Volvo and Polaris, which is a new starting point for Geely to open the next car-making era.
Text/Du Xinyu
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This article comes from car home, the author of the car manufacturer, and does not represent car home's position.