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The third quarterly report of the listed car companies has begun to disclose one after another. Along with the hot sales of the domestic automobile consumer market, the net profit of some car companies has risen significantly compared with the second quarter.
According to statistics from the Federation, the profit of the entire automobile industry in the third quarter of 2009 was 33.2 billion yuan, compared with only 16.3 billion yuan in the same period of 2008, an increase of 104% year-on-year. It is reported that the profits of car companies in the second quarter increased by only 1.98 billion yuan year-on-year. However, the substantial increase in profits of the entire vehicle industry in the third quarter was mainly due to the direct impact of explosive growth in sales volume, and the profit rate of bicycles did not increase. Judging from the current data, the situation in which domestic auto makers “increased production but not increased income†has changed, but the stage is obvious. Roland Berger Senior Consultant Zhang Junyi stated that the overall “increased production but no income increase†phenomenon in the domestic automobile industry cannot be solved in a short time.
The Shanghai Automotive Group recently announced its third-quarter earnings growth forecast that the net profit attributable to the parent company from January to September 2009 will grow by more than 70% year-on-year. Ping An Securities predicts that Shanghai Automotive’s net profit attributable to shareholders of the parent company for the third quarter of this year will be 2.334 billion yuan, and the earnings per share will be 0.357 yuan. The company’s earnings per share for the third quarter of last year will be 0.04 yuan. In the first three quarters of this year, Shanghai Automotive’s net profit attributable to shareholders of the parent company will reach 3.78 billion yuan, and the earnings per share will be 0.578 yuan, which will also make Shanghai Auto’s performance reach the highest historical value.
Benefited from the implementation of the government’s vehicle revitalization plan and the stimulation of a series of favorable policies, Chang’an Automobile’s profit growth rate recovered rapidly. According to its announcement of the third quarter performance forecast, Chang’an Automobile achieved a net profit of 267 million to 327 million yuan in the third quarter. Earnings per share of 0.11-0.14 yuan; Total net profit in the first three quarters was 800-860 million yuan (Changan Automobile's net profit was 340 million yuan in the same period of 2008), an increase of 133% to 150% year-on-year, and earnings per share of 0.34- 0.37 yuan.
According to statistics, during the first three quarters of 2009, Dongfeng Motor sold a total of 149,000 vehicles, an increase of 9.59% year-on-year. It is predicted that with the strong rebound in sales of its products, the total profit of Dongfeng Motor in 2009 is expected to exceed 20 billion yuan, an increase of 395% over the same period last year. It is understood that Dongfeng Motor achieved a net profit of RMB 4.04 billion in 2008.
While the profits of passenger vehicle companies have steadily increased, the market for commercial vehicles, which has been in a relatively weak state, has gradually begun to recover. According to data from the China Automobile Association, the production and sales of commercial vehicles in the first three quarters of the year were 2,456,800 and 2,421,200 units, an increase of 17.35% and 15.59% respectively. Sales volume of light trucks was basically the same as last month, and corporate profits grew steadily. The sales volume of medium and heavy trucks and large and medium-sized passengers companies are picking up, and the sales performance of enterprises is improving.