Beijing Automotive (1958.HK) recently released its interim results report for 2017. As a result of the huge loss of nearly 3.3 billion yuan from the Beijing brand and half of Beijing Hyundai sales, the company's net profit fell by nearly six in the first half of 2017. to make. According to BAIC's interim results report, in the first half of 2017, BAIC's total revenue was RMB 66.737 billion, which represented a year-on-year increase of 36%. Profit attributable to shareholders dropped by 59% year-on-year to RMB 968 million; earnings per share were RMB 0.13.
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The interim report shows that the growth of Beiqi's first-half revenue was mainly due to the increase in Beijing Benz’s revenue. In the first half of this year, the revenue of affiliate business of Beijing Benz increased from RMB 3,736 million in the first half of 2016 to RMB 5,831 million in the first half of 2017, representing an increase of 56.0% over the same period of last year, which was mainly due to the 47.0% increase in sales of Beijing Benz and the relative price The increase in sales of high models leads to an increase in average income.
Another Fujian Automobile Co., Ltd., which had participated in the equity participation of Beiqi, was driven by the market of new V-Class models and achieved sales of 10,100 vehicles and a year-on-year increase of 95.4%, maintaining its good momentum of rapid growth.
However, the rapid growth of Mercedes-Benz sales will not be able to save the overall profitability of Beijing Automotive. Beijing brand and Beijing Hyundai's sales decline will cause Beijing Automotive's overall profit to decline.
Data show that the Beijing brand's net profit for the first half of this year decreased from a profit of 398 million yuan in the same period of last year to a net loss of 3.265 billion yuan this year, which is the main reason for the decrease in profit attributable to shareholders. In the first half of this year, the sales volume of branded automobiles in Beijing decreased by 45.5% year-on-year, making related business revenues decrease from 11.67 billion yuan in the first half of 2016 to 8.423 billion yuan, a year-on-year decrease of 27.8%.
In addition, the joint-venture brand Beijing Hyundai achieved 301,000 vehicle sales in the first half of this year, a year-on-year decrease of 42.4%. According to the analysis, the Korean car was squeezed by domestic independent brands, and the previous price advantage is no longer, coupled with the sluggish Korean car market, resulting in Sales volume dropped, and profits dropped sharply.