submitted its GEM IPO application on October 13 and was accepted, on November 18, Dongfeng Group disclosed its reply to the first round of inquiries to the Shenzhen Stock Exchange. The reply to the Shenzhen Stock Exchange included "continuing operation of joint venture brands" in a space of 370,000 words. "Risk" and other issues.
On the same day, Dongfeng Group also announced the updated A-share prospectus, supplemented the financial data for the third quarter of this year, and released the 2020 performance forecast. According to the announcement, Dongfeng Group is expected to achieve a profit of 8.4 to 9.2 billion yuan in 2020; according to the annual performance guidelines, the company is expected to achieve a profit of 1.2 billion to 2 billion yuan in the fourth quarter, a year-on-year increase of 28% to 112%. According to the prospectus of
, the main business of the issuer Dongfeng Group mainly includes a full range of passenger vehicles, commercial vehicle business and financial business. The income mainly comes from the sales of vehicles (commercial vehicles and passenger vehicles), accounting for more than 90%. The issuer’s revenue during the reporting period has been declining year by year, and the revenue structure has changed. Among them, the commercial vehicle business’s revenue during the reporting period accounted for 47.97%, 57.25%, 67.83%, and 77.61%, which have increased significantly year by year, and the passenger car business’s revenue accounted for 49.27. %, 38.75%, 26.78% and 15.16%, which decreased year by year. The reason why
has led to the year-on-year decline in passenger car business revenue is mainly due to joint ventures. At present, the passenger vehicle joint ventures under the Dongfeng Group include Shenlong Motors, a joint venture with PSA in France, Dongfeng Co., Ltd. with Nissan, Dongfeng Honda with Honda, Dongfeng Renault with Renault (disbanded), Dongfeng Yueda Kia with Kia, And Dongfeng Yulong with Yulon and so on.
Among them, except for Dongfeng Nissan and Dongfeng Honda that have maintained high sales in the past two years, Shenlong Motors, Dongfeng Renault, Dongfeng Yueda Kia and Dongfeng Yulon all performed poorly.
During the reporting period, the Dongfeng Peugeot and Dongfeng Citroen Dongfeng Citroen Automobiles, which mainly operate two brands, lost 140 million yuan, 1.769 billion yuan, 2.664 billion yuan and 626 million yuan respectively.
Shenlong Automobile’s long-term losses and the overall weakness of the passenger car sector have also led to a continuous decline in its contribution to Dongfeng Group’s gross profit.
Regarding the issue of "sustainable operating risks of joint venture brands", Dongfeng Group stated that it has established a solid strategic cooperation with internationally renowned and powerful automobile companies such as Nissan Motor Company, Honda Motor Company, PSA (Peugeot Citroen Group), etc. relationship. In 2017, 2018, 2019 and January-June in 2020, the sales of the main models of the company's joint venture brands were 2.040 million, 2.064 million, 2.122 million and 797,000 respectively. The production and sales of main models of the company's joint venture brands have increased year by year, maintaining a good market performance.
In addition, Dongfeng Group actively negotiated with foreign shareholders to introduce new models for the joint venture. As of the date of issuance of the inquiry response, the company has a total of 14 models under development that are planned to be put on the market in the next two years. The joint venture brand models currently on sale cover different stages of the model life cycle, with a relatively complete distribution from new products to mature models.
and the much-watched Dongfeng Renault foreign investor withdrew, still retained the cooperation relationship with the company on the easyjet new energy vehicle project. The company stated that the top executives of the two parties have reached a consensus and established a normal communication channel. They will also promote cooperation with Nissan on the new generation of engines. In the future, they will also carry out innovative cooperation projects in the field of intelligent networked vehicles. Therefore, on the whole, Renault's withdrawal from Dongfeng Renault will not have a material adverse effect on Dongfeng Wuhan and the company's overall operating results.
As for Shenlong Automobile, Dongfeng Group responded that Shenlong Automobile put forward the "Yuan" plan in September last year to gradually realize revenue and cost reduction, and further launched the "Yuan + plan" in October this year, formulating corresponding brand strategies and marketing strategies to improve Operational efficiency.
At the end of April, Shenlong Automobile signed a long-term volume supply contract with PSA. It is expected to increase the output value by about 1 billion, which will fully release the existing capacity of Shenlong Automobile’s Xiangyang plant. In addition, PSA will also provide 50 million euros of financial support to Shenlong Auto in the fourth quarter of 2020 to further protect the cash flow level of Shenlong Auto.
, thanks to the positive blessings inside and outside theThe sales volume achieved a 27.86% increase from the previous month, which was better than the 18.97% increase in the sales volume of the Chinese passenger car market during the same period, and the overall operating performance was good. The company stated in the reply letter that at present, the unfavorable factors affecting the loss of Shenlong Auto are gradually eliminated. With the increase in shareholder support and the deepening of Shenlong Auto's active business adjustment, there is no major risk of long-term sustained losses for Shenlong Auto in the future.
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This article comes from the author of Autohome and does not represent the viewpoint of Autohome.
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