The "soul" theory of the chairman of SAIC has been discussed on the Internet for many days. The hot spot has just passed, and the half-year financial report has been released again. Let's take a look.
From the perspective of revenue represented by the size of the bubble, SAIC is not the largest in the first half of 2021, although it is higher than the same period in 2020, there is still a gap of nearly 100 billion from the historical peak in the first half of 2018 , And it was still less than the first half of 2019 before the epidemic, and the business situation was not good.
However, due to the low base last year, the revenue growth rate represented by the upper and lower positions of the bubble hit a new high in the first half of the past decade. From the point of view of the net profit represented by the left and right positions, it is at a low-medium level, only higher than the performance under the 2020 epidemic in the past seven first half of the year.
The growth rate of net profit has hit a new high, and is higher than the growth of revenue, we need to observe the changes in its gross profit margin.
We guessed right. SAIC Group's gross profit margin and return on equity have both rebounded, but they are still lower than the same period in 2019, and even lower than 2018 at their peak. The state of the traditional automobile industry has indeed become less profitable under the dual pressures of market saturation and new energy competition.
Since the revenue proportions of the sub-products in the semi-annual report are not very detailed, we first select two annual report data for comparison. The proportion of vehicles and parts products of SAIC Group in the past two full years Over 90%, the proportion of parts business revenue in 2020 has increased by two percentage points.
The gross profit margin of the parts business is several times higher than that of the whole vehicle, and the fractional ratio of several times is not a boast. It is indeed the parts business that is more profitable.
SAIC has about 6% export business, but the gross profit margin of export business is still lower. It can be said that the main profit is contributed by domestic consumers.
To seek electrification transformation,In the past two years, SAIC’s R&D investment as a percentage of revenue has increased, reaching 2.1% in the first half of the year. The first half of 2020 may be passive growth caused by the decline in revenue, but the first half of 2021 should be proactive.
SAIC’s assets are relatively high-quality, with monetary capital accounting for more than 30%, and slower realization of inventories and prepayments together account for approximately 15%. Its short-term solvency is not questionable.
As the leader of the domestic auto industry, SAIC finally ushered in a boom in the auto industry, but the triple pressure of market saturation, the epidemic, and the transformation of electrification followed one after another.
Will SAIC maintain its position as the leader in this way in the future? It may really depend on how well he cultivates his soul, because this time there is almost no such benefit as a mandatory joint venture.
#SAIC Group's revenue in the first half of the year was nearly 366.1 billion yuan#
To declare: The above is only a personal opinion and does not constitute investment advice to anyone.
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