·The analysis of the semi-annual report of the 6 major automobile groups

Guangzhou Automobile Group: net profit growth rate of over 127%
The 2016 fiscal year interim financial report released by Guangzhou Automobile Group (601238.SH) showed that the company's consolidated operating income from January to June was approximately 21.429 billion yuan, an increase of approximately 87.15% year-on-year, and the net profit attributable to shareholders of listed companies was 3.981 billion yuan. The growth was about 127.49%, the realized earnings per share was about 0.62, a year-on-year increase of about 127.49%, and the return on net assets was about 9.77%, an increase of about 4.93 percentage points year-on-year.
According to the announcement, the Group's rapid growth in revenue in the first half of the year was mainly attributable to the rapid growth of its own brand “Chuanyu” and the rapid development of its auto parts and after-sales services in the upstream and downstream of the industrial chain. The data shows that the sales of the Chuanqi model reached 159,700 units in January-June, a year-on-year increase of 143.47%.
      SAIC Group: "profit cows" growth rate is slow
SAIC Group (600104.SH) reported in the first half of the year that from January to June, the company achieved a total operating income of 351.265 billion yuan, an increase of 8.54%; the net profit attributable to shareholders of listed companies was 15.06 billion yuan, an increase of 6.31% over the same period. The quality continues to rise steadily. During the reporting period, SAIC Volkswagen achieved a total sales of 947,892 vehicles, down 4.36% year-on-year. In this context, SAIC Volkswagen's operating income fell 13.15% year-on-year, net profit attributable to the parent company fell 21.27%, contributing profits to SAIC Group. The net profit ratio fell by 13.77%.
BAIC Group: The loss of independent brands is expanding
BAIC (01958.HK) first released its semi-annual financial report. The data shows that from January to June, the company achieved a total revenue of 49.039 billion yuan and a net profit of 4.42 billion yuan, up 34.27% and 26.63% respectively. The related income of self-owned brands (including Suibao, Weiwang and BJ) increased from 7.291 billion yuan in the previous year to 11.67 billion yuan this year, an increase of 60.1% year-on-year, but the operating loss is still expanding, and the loss is from the previous year. From 843 million yuan to 1.209 billion yuan this year, the operating profit margin increased from -11.6% to -10.4%.
      Dongfeng Group: sales revenue and profit both fell
Dongfeng Group (00489.HK) released its first-half financial report. From January to June, the company achieved sales revenue of 57.133 billion yuan, down 13.2% year-on-year. The net profit attributable to shareholders of listed companies was 6.759 billion yuan, down 1.8% year-on-year.
Dongfeng Group did not announce the specific revenue status of each joint venture company and associated company, but the research report issued by CICC showed that the share price of Dongfeng Group in the next two years was mainly influenced by Dongfeng's own brand - Fengshen and Shenlong Company (Dongfeng Peugeot Citroen) Performance impact. At present, these two major businesses have greatly dragged down the development of the Group's performance.
From the financial statements, it was found that the profitability of Dongfeng Group's own brand continued to decline, excluding the income of joint ventures and joint ventures. Last year, it was a profit of 1.019 billion yuan, and this year it was a loss of more than 200 million yuan.
  FAW Series: FAW Car, FAW Xiali total loss of more than 1.3 billion
FAW Car (000800) lost 826 million yuan, while FAW Xiali (000927) lost 519 million yuan.
FAW Car released financial report data, the company achieved vehicle sales of 80,700 units, a decrease of 33.21% over the same period of the previous year; realized operating income of 849,050,460 yuan, a decrease of 38.31% over the same period of the previous year; realized operating profit - 98,368,800 yuan, compared with the previous year In the same period, the total profit was reduced by 527.99%; the total profit was -960,531,100 yuan, a decrease of 503.55% over the same period of the previous year; the net profit attributable to shareholders of the listed company was -82,606,500 yuan, a decrease of 613.64% over the same period of the previous year.
  Changan Automobile: Nearly half of the annual target is completed
Changan Automobile (000625) released its semi-annual report. In the first half of the year, Changan Automobile's operating income was 35.801 billion yuan, an increase of 8.32% year-on-year. The net profit attributable to shareholders of listed companies was 5.49 billion yuan, a year-on-year increase of 7.98%. It is understood that Changan Automobile's 2016 business target is to produce and sell more than 2.95 million vehicles, with sales revenue exceeding 253 billion yuan. From the situation in the first half of the year, it has basically completed the above operational indicators. Among them, 1,483.3 thousand vehicles were sold, 50.28% of the annual business plan target was achieved; sales revenue was 125.702 billion yuan, 49.68% of the annual business plan target was completed; consolidated statement income was 35.801 billion yuan, and 49.66% of the annual business target was completed.

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