1 sec 300,000 pure! Li. Run! I didn't expect China car companies to make so much money.

Looking back on the last issue, the professor integrated the ranking of global multinational car companies who earned the most per second in 20 19 years. Everyone said "almost meaningless" after reading it. It depends on the ability of our car companies in China! No problem ~ plate!

Moreover, many friends said that they were "natural eggs" in the final ranking, because only the current income of each car company is used to calculate, and the current capital does not represent the money that car companies really earn. Everyone also expressed their views on this.

In most people's impression, net profit is linked to the ability of car companies to make money, so the professor will focus on "net profit per second" this time. However, does high net profit really mean strong ability to make money? I'll say the answer first. It's really not. Why? There is also the following, let's arrange the car companies according to the conventional logic.

According to the 20 19 financial report data released by various car companies, we have obtained the above table-the list of China car companies' net profit before 2019, and the same is true for the ranking of net profit income per second. Is it a little different from what you think?

This time, let's change the order from the champion. In 20 19, SAIC earned the most money in China, nearly half more than the second Dongfeng Group! The net profit per second is close to 300,000, which shows its strength. SAIC owns many brands, such as Roewe, MG, SAIC-GM-Wuling/Chevrolet/Cadillac, SAIC Volkswagen and SAIC Volkswagen Skoda. It makes people more powerful, and there are more children to fight!

Dongfeng Group is a downward dividing line, because only SAIC and Dongfeng have a net profit of over 654.38 billion in 2065.438+09. Dongfeng Group's independent sectors include Dongfeng Fengxing, Dongfeng Shen Feng and Dongfeng Scenery, and its joint-venture sectors include Dongfeng Honda, Dongfeng Nissan and Dongfeng Da Yue Kia, with equal strength. According to the 20 19 financial report of Dongfeng Group, the joint venture company Dongfeng Honda performed well and contributed 4.7 billion yuan to the profit.

The third place was won by Geely Automobile. Although the net profit was 80 1 0.90 billion yuan, the net profit per second fell below110,000 yuan, which was far from the top two. In addition to Geely, Volvo and Lectra, Geely Automobile Group also has Global Hawk and British brands.

Guangzhou Automobile Group's net profit in 20 19 was 6.62 billion yuan, which was evenly distributed to 76,620 yuan per second. Like Dongfeng Group, its main profit income comes from joint ventures. For example, Guangqi Honda invested 3.57 billion yuan and Guangqi Toyota invested 3.22 billion yuan, accounting for 70.6% of the investment income. The core business segment of GAC Group consists of independent brands, Japanese joint ventures and European and American joint ventures, involving GAC New Energy, GAC Weilai, GAC Fick and GAC Mitsubishi.

The net profit of Brilliance China 20 19 is close to that of Guangzhou Automobile Group, with a difference of only 540 million yuan and a net profit of 70,370 yuan per second. The three brands of Brilliance China are Brilliance China, brilliance jinbei and BMW Brilliance. Similarly, BMW Brilliance has also made great contributions. In 20 19, Brilliance received a net income of 6.762 billion yuan from BMW Brilliance, a year-on-year increase of 16.438+08%.

It may surprise you that Great Wall Motor ranks sixth with a net profit of 5 1.967 yuan per second. However, we should know that in 2065,438+09, the automobile market was still affected by the "cold winter", but Great Wall Motor increased its R&D investment in such a big environment, and its R&D expenditure increased by 55.82% in 2065,438+09, reaching 2.72 billion yuan. The best result of increasing R&D investment is income return. We also see that Great Wall Motor has many new models this year, hoping to achieve ideal results in 2020.

BAIC Group's net profit per second in 20 19 was 47,222 yuan, and the group was mainly composed of Beijing brand, Beijing Auto, Beijing Hyundai and Fujian Benz. In 20 19, the production and sales volume of BAIC reached 2.26 million vehicles, ranking fourth in the industry. In fact, last year was a year of adjustment of the independent business department of BAIC. For example, Beijing Brand was officially released on 20 19 and 10, which also means the initial completion of the adjustment of the independent board of BAIC. In addition, Beijing Benz sold more than 550,000 vehicles last year, a year-on-year increase of 13%.

BYD's net profit per second in 20 19 years was 18634 yuan. BYD can be regarded as one of the leading brands of passenger cars in China. In recent years, it has performed well in the field of new energy, "holding hands" with Toyota and "fighting" with Tesla, and its total revenue has exceeded10 billion yuan. Then why can we only rank eighth in net profit? It will be mentioned later.

Although jiangling motors's net profit in 20 19 was less than 10 billion, and the average net profit per second was only 1736 yuan, jiangling motors's net profit increased for the first time, reaching 6 1%. At present, jiangling motors has three product series, namely JMC, Yusheng and Ford, including Ford Roadwalker, Ford Transit and Jiangling pickup truck.

The net profit of JAC 2065438+2009 is1.103 million yuan, with an average of 1.273 yuan per second. Since JAC launched Jiarui A5, it has been chased in the field of passenger cars. At present, jiayue series has also become the sales pillar of JAC in the field of passenger cars, and new products are constantly introduced, such as jiayue X4 and jiayue X7 SUVs. Jianghuai Automobile has attracted more attention recently, of course, because of its deep cooperation with Volkswagen, and it is expected to extend more product sequences in the future, with great development potential.

Liquidity statistics are superficial, so why is net profit superficial? Presumably, after reading the top ranking of 10, you still think it is "almost meaningless". Perhaps the car companies in their hearts are not on the list, and if they are on the list, they may not be in their hearts. So the professor will "take off makeup" (of course, help them) to see what "secrets" there are.

First of all, the logic of "high net profit means strong earning ability" is one-sided, because there is a saying that "non-net profit is deducted". The most official analysis of "deducting non-net profit" is the net profit after deducting non-recurring gains and losses. If it is used in automobile enterprises, it can be understood as: net profit after deducting profits unrelated to automobile sales.

The "non-recurring gains and losses" here refers to real estate income, which can basically be understood as one-off and short-term transactions, followed by income from the sale of equity and government subsidies. Therefore, if you really want to compare the profitability of a car company in the car business, you have to use "deducting non-net profit" to speak.

(Not in order, only some car companies are listed)

We might as well add "deducting non-net profit". It is worth noting that the above list does not include all car companies, and there is no ranking before and after. It can be seen that the deduction of all car companies is not equal to the net profit, because there is a "price difference" between them. Just like BYD, after deducting relevant government subsidies, its non-net profit is only 230 million yuan. Another example is Jianghuai Automobile, where the income from government subsidies and disposal of non-current assets is relatively large. After deduction, its non-net profit was a loss of 980 million yuan.

At this time, you may have found that the net profit of Changan Automobile is-265 million yuan, but the sales volume of Changan Automobile in 20 19 is 175997 1, and the results are not bad. Why is the net profit a loss? At this time, we have to ask two other questions: First, the gross profit margin and net interest rate are logical, so why are the two car companies opposite? The reason is that neither car company has included the income of the joint venture company in the consolidated statement, but the profit of the joint venture company is reflected in the statement in the form of investment income. Just like Brilliance China, BMW Brilliance's net income is 6.762 billion yuan, but other sectors of Brilliance China are losing money after removing this income. To put it another way, the profit of BMW Brilliance is only reflected in the net interest rate, while the gross profit is the profit data excluding BMW Brilliance.

The second is influenced by the joint venture company. For example, the most unexpected Changan Automobile, its net loss in 20 19 was as high as 2.65 billion yuan, and its non-net profit was as high as 4.76 billion yuan. In fact, Changan Automobile's own brand is profitable, but the joint venture brand is not ideal. Among them, in 20 19, Changan Ford, Changan Peugeot Citroen and Changan Suzuki lost 6.48 billion yuan in net profit.

Then there is BYD, which also can't enjoy the sweetness of joint venture. It is said that BYD's revenue (65.438+0277 billion yuan) is higher than Geely Automobile's (97.4 billion yuan), but its net profit is ... The data shows that Tengshi New Energy Company, a joint venture between BYD and Daimler Group in 2065.438+09, directly caused BYD to lose 5.4 billion yuan, and other joint ventures lost about 400 million yuan. It cannot be said that.

Is it really strong to eat "joint venture sweetness"? In fact, on the contrary, it is more urgent to eat the sweetness. First of all, the National Development and Reform Commission (NDRC) announced on 20 18 that special-purpose vehicles, new energy vehicles and commercial vehicles will be abolished in 2020, and the foreign share ratio limit for passenger cars will be abolished in 2022.

This means that after the restrictions on the share ratio of joint ventures are opened, we are likely to see some overseas brands wholly owned by China, foreign-funded car companies whose share ratio has increased to 100% and foreign-funded car companies continuously increase their shares in China car companies. If China car companies with joint venture brands still lag behind the joint venture sector in the independent sector, then with more and more equity of joint venture car companies, the revenue will only be lower and lower.

Therefore, even if you see the automobile group with the highest net profit in the ranking, they benefit more from the contribution of joint venture brands, while the loss of independent brands is more. As the saying goes, solving a temporary thirst is not a long-term solution. Car companies with backward independent sectors need to pay more attention to the development of their own brands, otherwise "generalizing the whole" will only enlarge their shortcomings.

It is worth mentioning that 20 19, Great Wall Motor, Changan Automobile, BYD, etc. Make a profit in their own business. Perhaps these car companies will be among the best in the net profit list after the restrictions on foreign shares in passenger cars are lifted in 2022.

It can be seen that a large net profit value does not mean that car companies have strong ability to make money, but also depends on the contribution of non-net profit and joint venture brands. If you want to compete for real earning power, you should look at it the other way around, that is, how the performance of the independent sector is, and then whether it depends on revenue other than the automobile business. If these two aspects are done well, then the reflected net profit is meaningful.

However, we can still see that many independent brands are doing well in their own business, and they are also strong brands in China at present. Before getting out of the cold winter of the automobile market completely, 2020 will be affected by the epidemic. In recent years, the test faced by automobile enterprises is extremely severe. However, as the saying goes, exposing shortcomings is not a bad thing, but facing them directly is a positive attitude.

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