20 19 collapsed, and Guangzhou Automobile Group saved itself?

[? A billion euro guide? ]? Guangzhou Automobile chose to cut down on marketing and increase R&D, which can be said to be "not afraid of clouds to cover its eyes" and focus on a larger territory-new energy and smart cars.

Author Cheng Tianqi

Editor Hao

Due to the sharp decline in revenue profits, GAC is eager to save itself.

In 20 19, the operating income of Guangzhou automobile group was 59.7 billion yuan, down17.5% year-on-year; The net profit of returning to the mother was 6.62 billion yuan, down 39.3% year-on-year. The Group's automobile sales reached * * * 2.062 million vehicles, down 4% year-on-year.

Guangzhou Automobile Group was established in 1997, listed in Hong Kong on 20 10, listed in A-shares on 2012, and ranked in the Fortune 500 189. Its chairman is Zeng Qinghong. Guangzhou Automobile Group owns subsidiaries of Guangzhou Automobile Passenger Cars and joint ventures of Guangzhou Automobile Honda, Guangzhou Automobile Toyota, Guangzhou Automobile Fick and Guangzhou Automobile Mitsubishi.

From the perspective of GAC products, it can be divided into passenger cars, automobile-related trade and finance and others. Its passenger car revenue in 20 19 was 36.04 billion yuan, down 28.5% year-on-year; Cost reduction 17. 1%. The decline in revenue exceeded the decline in cost, and the gross profit margin decreased by 13.3%.

The reason is that Guangzhou Automobile Financial Report explained that the decline in performance was caused by the continuous decline of China automobile industry and policy changes; The decline of gross profit margin is caused by the decline of cost scale effect.

Independent brand "decline"?

According to Yiou Automobile, GAC's revenue and net profit fell sharply in 20 19, not only because of the overall downturn in the passenger car market, but also because of the decline of some models.

In 20 19, the passenger car market in China continued the negative growth trend in 20 18, and the annual sales volume was 214.44 million, down 9.6% year-on-year. From 2065438 to 2009, the sales volume of passenger cars of major investment enterprises of Guangzhou Automobile Group was 2.059 million, down 3.7% year-on-year, which was better than the overall market, with a market share of 9.6%.

However, in the "cold winter of the automobile market", the hero who helped GAC out of trouble was actually a Japanese joint venture brand. In 20 19, sales of Guangqi Honda rose by 3.98% against the trend, and sales of Guangqi Toyota rose by as much as 17.59%. Guangqi Honda 165438+ 10, a brand-new model of Hao Ying, was put on the market in October, with a monthly order of more than 20,000 vehicles.

Compared with the "heroes in troubled times" of these joint-venture brands, the annual sales volume of Guangzhou Automobile Passenger Cars, a self-owned brand of Guangzhou Automobile, was only 385,000 vehicles in 20 19, a sharp drop of 28. 1% year-on-year, which was consistent with the downward trend of the passenger car business of the Group, and it was the brand with the largest sales decline outside Guangzhou Automobile Fick. The reason is that its main model GS4 has reached the decline period of the product cycle.

GS4 has achieved good results since its listing on 20 15, with sales exceeding 300,000 vehicles in 20 16 and 20 17, accounting for 88% of the total sales of Guangzhou Automobile Passenger Cars in 20 16, which can be described as "outstanding".

As GS4 entered the end of the product cycle in 20 18, competing products including Haval H6 and Geely Job were upgraded one after another, and the sales volume of GS4 continued to decline, with the sales volume of 2065438+007,000 vehicles. Fortunately, last year, GS4 finally launched the second generation in 165438+ 10. The sales volume in February and October of 65438+ 10 were10.7 million respectively. For the new models just listed,

Develop "self-help"

The huge decline in the performance of Guangzhou Automobile Passenger Cars in 20 19 led to a "big loss" in the revenue and net profit of Guangzhou Automobile Group. However, in the context of industry background and company performance, GAC is still increasing its research and development efforts.

In 20 19, GAC invested 5.04 billion yuan in R&D, up 3. 1% year-on-year. There are 6222 R&D personnel, accounting for 17.6% of the total number of the company.

In 20 19, Guangzhou automobile new energy intelligent ecological factory with a total investment of 4.7 billion yuan was officially put into production. Guangzhou Automobile Zhilian New Energy Automobile Industrial Park, which started construction on 20 17, has approved investment projects of 28.5 billion yuan.

In China, the sales of new energy vehicles showed negative growth for the first time in the past decade, including Aion? S and Aion? The annual sales volume of GAC New Energy, including LX, is 42,000 vehicles, with a market share of 3.5%, which is higher than that of GAC Passenger Cars 1.8%.

However, the income policy of Guangzhou Automobile Group's new energy business has a great influence. Subsidies account for 17.5% of the new energy income of 4.92 billion yuan.

After the local subsidies for new energy vehicles were completely abolished from 2065438 to June 2009, the year-on-year growth rate of new energy sales in China slowed down significantly. However, the the State Council executive meeting held at the end of March 2020 will extend the purchase subsidy and exemption from vehicle purchase tax for two years. Combined with the subsidies for new energy vehicles that have been introduced in various places at present, it is bound to boost the sales of new energy vehicles to some extent.

In view of this, passively relying on policies is not a long-term solution. GAC New Energy should speed up its own product innovation, not be happy because of "favorable policies" or sad because of "subsidies".

Fight a turnaround?

Guangzhou Automobile is still making full efforts in the field of smart cars.

2065438+In July 2009, GAC released the "ADiGO (Intelligent Driving Interconnection) Ecosystem" covering autonomous driving and intelligent IOT systems, which was put into mass production in September. LX .

In addition, GAC announced the "E-era Action" plan at the end of last year to improve the customer experience through technological innovation, intelligent networking, intelligent manufacturing and electrification. It can be seen that the intelligent field will be the focus of research and development of GAC in 2020.

In fact, the sales expenses of GAC in 20 19 decreased by 520 million compared with the previous year, mainly due to the decrease in advertising and marketing expenses. In the case of sluggish market, GAC chose to cut marketing and increase R&D. It can be said that it is "not afraid of clouds to cover its eyes" and set its sights on a larger territory-new energy and smart cars.

The COVID-19 epidemic is a catalyst for the survival of the fittest in the automobile industry. The latest new policy of automobile consumption can alleviate the decline of automobile industry to some extent, but automobile enterprises have to stand out by their own products.

In recent years, GAC's ambition to increase its independence and new energy research and development is not limited to its attachment to joint venture brands. Among the new and modified models of 19 that GAC plans to launch in 2020, 8 models are self-owned brand products. Obviously, GAC expects to make a beautiful turnaround through its own brand this year.

"Entering the world 100 in 2027" is the grand wish set by GAC in 20 18. Compared with FAW Group's vehicle sales of 3.464 million vehicles in 20 19, which just squeezed into the former 100 last year, GAC still has a long way to go in these seven years.

"If you don't accumulate steps, you can't go to Wan Li Road." In 2020, Guangzhou Automobile Group will first achieve the production capacity target of 3 million vehicles and continue the research and development of new energy and smart cars. The future is expected.

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