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永达汽车(03669) - 2020 - 年度财报
2021-04-19 09:52
Financial Performance - In 2020, the company's total revenue reached RMB 69.633 billion, an increase of 9.1% compared to 2019, while gross profit was RMB 7.464 billion, up 7.3% year-on-year[10]. - The net profit attributable to the company's owners was RMB 1.733 billion, reflecting a growth of 10.5% from 2019, with earnings per share increasing by 6.3% to RMB 0.85[11]. - The overall revenue for the company in 2020 was RMB 69.633 billion, representing a growth of 9.1% compared to 2019[22]. - The net profit attributable to the company’s owners in 2020 was RMB 1.625 billion, an increase of 10.3% year-on-year[22]. - The company reported a significant improvement in inventory turnover days, reducing from 36.8 days in 2019 to 30.8 days in 2020[22]. - The company experienced a significant increase in sales volume and revenue in the second half of 2020, with passenger vehicle sales volume growing by 19.5% and revenue increasing by 21.8% compared to the same period in 2019[44]. - The operating profit for the year ended December 31, 2020, was RMB 2,924.6 million, an increase of 3.8% from RMB 2,818.9 million for the year ended December 31, 2019[54]. - The pre-tax profit for the year ended December 31, 2020, was RMB 2,294.8 million, an increase of 10.6% from RMB 2,075.8 million for the year ended December 31, 2019[56]. - The net profit attributable to the owners of the company for the year ended December 31, 2020, was RMB 1,625.0 million, an increase of 10.3% from RMB 1,473.0 million for the year ended December 31, 2019[60]. Sales and Market Performance - New car sales volume for 2020 was 204,596 units, representing a 3.7% increase year-on-year, with sales revenue from new cars amounting to RMB 58.229 billion, a 10.0% increase[12]. - In the second half of 2020, new car sales reached 122,622 units, a year-on-year growth of 19.5%, with revenue of RMB 34.648 billion, up 21.8%[12]. - The total sales volume of luxury cars in China reached 3.44 million units in 2020, with a year-on-year growth of 9.8%[18]. - The sales volume of new energy vehicles in 2020 increased by 10.9% to 1.367 million units, with pure electric vehicles accounting for 81.6%[19]. - The company facilitated the sale of 52,280 used cars, a 26.6% increase year-on-year, achieving a gross profit of RMB 174.96 million, up 27.3%[14]. - The company aims to enhance its focus on luxury car sales and services, targeting sustainable high growth as a long-term strategic goal[17]. - The company plans to strengthen its layout in the new energy vehicle industry through strategic partnerships with emerging independent brands[17]. - The company intends to transform its used car business model to enhance retail scale and profitability, aiming to increase the market influence of its used car brand[17]. After-Sales and Service Revenue - After-sales service revenue, including maintenance and extended products, was RMB 9.576 billion, a 7.6% increase from the previous year, with stable gross margins[14]. - The gross margin for after-sales services was 46.01%, remaining stable compared to 2019[25]. - The after-sales service revenue for the passenger vehicle sales and services segment for the year ended December 31, 2020, was RMB 9,576.4 million, up 7.6% from RMB 8,896.6 million for the year ended December 31, 2019[44]. Inventory and Operational Efficiency - The average turnover days for new cars decreased to 30.4 days, down 6.1 days year-on-year, with second-half turnover days at 25.0 days[24]. - The inventory turnover days for spare parts decreased to 37.1 days, down 6.1 days year-on-year[27]. - The average inventory turnover days improved to 30.8 days in 2020 from 36.8 days in 2019, indicating better inventory management[65]. - The company focused on improving operational efficiency, particularly in inventory turnover, leading to significant improvements in cash flow[36]. Strategic Initiatives and Future Plans - The company is focusing on digital transformation and innovative marketing channels to enhance operational efficiency and competitiveness[14]. - The company plans to focus on high-speed growth in its core automotive sales services, particularly in luxury brand agency business development[76]. - The company aims to enhance its luxury brand agency network through mergers and acquisitions during the industry consolidation period[76]. - The company will transition its used car business model from brokerage to dealership, leveraging existing 4S store networks and used car chain mall resources[76]. - The company is committed to accelerating digital transformation by utilizing internet technology and digital science to enhance customer experience and operational efficiency[76]. - The company aims to maintain healthy cash flow and stable asset-liability ratios while enhancing risk control and corporate social responsibility[76]. Leadership and Governance - The company has a strong leadership team with extensive experience in finance, management, and the automotive industry, enhancing its strategic direction and operational efficiency[79][80][81][82]. - The company is focused on expanding its automotive financial services and enhancing its market position through strategic management and operational improvements[81]. - The management team emphasizes the importance of financial management and strategic planning to navigate market challenges and opportunities[79][82]. - The company has a diverse board with members holding significant positions in various listed companies, enhancing its governance and strategic oversight[85]. - The board's composition reflects a strong blend of financial, academic, and operational expertise, positioning the company for strategic growth[85]. Risk Management - The company faces risks related to the financial performance of automobile manufacturers, which could impact dealership agreements and overall profitability[109]. - The company is at risk of brand reputation damage due to potential declines in service quality and unauthorized use of its intellectual property[110]. - Changes in government policies regarding automobile purchases and ownership may significantly impact the company's business operations[111]. - The company faces various market risks, including currency risk, interest rate risk, credit risk, and liquidity risk, as detailed in the financial statements note 46 of the annual report[114]. Shareholder Information - The company proposed a final dividend of RMB 0.288 per share for the year ended December 31, 2020, amounting to approximately RMB 568.8 million based on the total issued share capital of 1,974,838,413 shares[93]. - As of December 31, 2020, the company's distributable reserves totaled RMB 2,008.9 million, with RMB 568.8 million recommended for distribution as the final dividend[95]. - Major shareholders include Asset Link with 197,080,000 shares (9.980% ownership) and a family trust controlled by HSBC International Trustee Limited holding 399,409,500 shares (20.225% ownership)[128]. Compliance and Regulatory Matters - The company has maintained compliance with public float requirements as per the listing rules[98]. - The company has confirmed the independence of its independent non-executive directors as of December 31, 2020, ensuring compliance with listing rules[120]. - The company has complied with the disclosure requirements of the Listing Rules regarding related party transactions[139]. - The ongoing related party transactions have been reviewed by the auditors and confirmed to be in accordance with the company's pricing policy[141]. Employee Management and Training - The company has 16,177 employees as of December 31, 2020, with a compensation policy based on individual performance[146]. - The company provides training to employees to enhance their technical and product knowledge[146]. - The management team includes members with advanced degrees in business administration and law, ensuring a well-rounded leadership[89].
永达汽车(03669) - 2019 - 年度财报
2020-04-27 10:36
Financial Performance - In 2019, the company achieved a total revenue of RMB 63.801 billion and a gross profit of RMB 6.957 billion, representing a year-on-year growth of 13.3% and 12.6% respectively[12]. - The net profit attributable to the company was RMB 1.569 billion, reflecting an 18.4% increase from the previous year, and the profit attributable to shareholders was RMB 1.473 billion, up 17.5%[20]. - The company reported a significant increase in revenue, achieving a total of 33 million in 2019[71]. - Total revenue for 2019 reached RMB 62,707,380 thousand, an increase from RMB 55,318,486 thousand in 2018, representing a growth of approximately 13.3%[190]. - The operating profit for 2019 was RMB 2,818,850 thousand, compared to RMB 2,373,474 thousand in 2018, reflecting an increase of about 18.7%[190]. - Net profit for the year was RMB 1,569,054 thousand, up from RMB 1,325,036 thousand in 2018, indicating a growth of approximately 18.4%[190]. - The total comprehensive income for 2019 was RMB 1,570,385 thousand, compared to RMB 1,309,875 thousand in 2018, which is an increase of about 19.9%[192]. - The company reported a gross profit of RMB 5,863,919 thousand for 2019, up from RMB 5,206,683 thousand in 2018, representing a growth of approximately 12.6%[190]. Sales and Market Performance - The new car sales volume reached 197,382 units, an increase of 11.6% year-on-year, with luxury brand sales accounting for 128,628 units, up 15.5%[13]. - The revenue from new car sales reached RMB 52.935 billion, a growth of 13.3% compared to 2018, with luxury brand sales contributing RMB 43.769 billion, up 14.5%[21]. - The luxury brand new car sales revenue reached RMB 43.769 billion, a 14.5% increase, making up 82.7% of total new car sales revenue[13]. - The luxury car segment in China saw a sales growth of 9.7% in 2019, driven by consumer demand and an expanding product line[18]. - The total sales of new energy vehicles in China were 1.206 million units in 2019, with pure electric vehicles accounting for 80.6% of the total[18]. - NEV sales reached 9,023 units in 2019, representing a year-on-year growth of 33.7%, with the proportion of NEVs in total new car sales increasing from 3.8% in 2018 to 4.6% in 2019[30]. After-Sales Services - The revenue from after-sales services, including maintenance and extended products, grew to RMB 8.897 billion, a 13.5% increase compared to the previous year[13]. - The gross profit margin for after-sales services was 46.37%, slightly up from 46.20% in the previous year[13]. - The after-sales service business achieved revenue of RMB 8.897 billion in 2019, a year-on-year increase of 13.5%, with a growth of 15.6% when excluding parts wholesale sales[23]. - The accident vehicle business revenue increased by 14.5% year-on-year in 2019, with luxury brands accounting for 83.9% of after-sales maintenance business[23]. Financial Services - Financial services revenue amounted to RMB 1.617 billion, reflecting a 4.5% growth year-on-year, with self-operated financial business contributing RMB 511 million[14]. - Financial insurance business revenue was RMB 1.617 billion in 2019, a 4.5% increase year-on-year, while self-operated financial business revenue decreased by 6.0% to RMB 511 million[27]. Inventory and Management - The turnover days for new car inventory decreased by 6.6 days to 36.5 days, indicating improved inventory management efficiency[22]. - The average inventory turnover days decreased from 43.5 days in 2018 to 36.8 days in 2019[55]. - As of December 31, 2019, the company's inventory was RMB 5,626.8 million, a decrease of 3.5% from RMB 5,829.5 million as of December 31, 2018[54]. Strategic Initiatives - The company plans to focus on the luxury car brand sector and expand its network through both self-built and acquisition strategies[15]. - The company is actively exploring the establishment of NEV chain service outlets, focusing on after-sales services that integrate delivery, maintenance, and service functions[32]. - The company is pursuing industry consolidation opportunities through acquisitions to enhance its brand layout in key areas, ensuring acquisition prices remain within reasonable limits[32]. - The company aims to enhance digital transformation and improve inventory management to boost overall competitiveness[14]. Leadership and Governance - The company has a strong leadership team with extensive experience in the automotive industry, including the chairman Zhang De'an, who has over 20 years of experience in passenger car distribution[63]. - The leadership team is actively involved in strategic planning and decision-making processes to drive the company's growth and market expansion[63]. - The company emphasizes the importance of governance by appointing directors with proven track records in their respective fields[69]. - The board includes independent directors with significant academic and professional qualifications, which strengthens the company's decision-making capabilities[68]. Risk Management - The company faces risks related to fluctuations in automobile manufacturers' financial conditions, which may impact dealership agreements and overall profitability[92]. - The company has established a comprehensive risk management and internal control system to safeguard shareholder interests[136]. - Management regularly reviews the risk management and internal control systems to identify and address any deficiencies[168]. Corporate Social Responsibility - The company emphasizes environmental protection and energy conservation, integrating these principles into daily operations and promoting green office practices[86]. - The company has established strong partnerships with automobile manufacturers, focusing on win-win strategies and resource sharing[89]. Employee Management - The company had 13,474 employees as of December 31, 2019[120]. - Employee compensation includes salaries and allowances, with a performance-based policy regularly reviewed[120]. - The company provides training to enhance employees' technical and product knowledge[120]. Shareholder Communication - The company is committed to enhancing shareholder communication and ensuring the quality and effectiveness of data disclosure[91]. - The company emphasizes the importance of transparent communication with shareholders to facilitate informed investment decisions[172].
永达汽车(03669) - 2019 - 中期财报
2019-09-19 08:34
Financial Performance - In the first half of 2019, the company achieved a total revenue of RMB 29.633 billion, representing a 16.8% increase year-on-year, and a gross profit of RMB 3.299 billion, up 8.6% from the previous year[24]. - The net profit attributable to the company's owners for the first half of 2019 was RMB 734 million, reflecting a 1.5% increase compared to the same period in 2018[24]. - The company's net profit for the six months ended June 30, 2019, was RMB 782.3 million, an increase of 1.6% from RMB 770.2 million in the same period of 2018[58]. - The profit attributable to owners of the company for the six months ended June 30, 2019, was RMB 734.1 million, a 1.5% increase from RMB 723.4 million in the same period of 2018[59]. - The operating profit for the six months ended June 30, 2019, was RMB 1,405.5 million, an increase of 8.1% from RMB 1,300.5 million in the same period of 2018[54]. - The profit before tax for the six months ended June 30, 2019, was RMB 1,056.4 million, an increase of 4.3% from RMB 1,012.5 million in the same period of 2018[56]. Sales Performance - New car sales volume increased by 17.9% year-on-year to 94,763 units, with luxury brand sales growing by 24.2% to 60,981 units[25]. - Revenue from new car sales reached RMB 24.482 billion, a 17.3% increase from the previous year, with luxury brand sales contributing RMB 20.169 billion, up 19.3%[25]. - The sales volume of luxury passenger cars in China reached 1.53 million units in the first half of 2019, with a year-on-year growth of 15.6%[28]. - The sales volume of new energy vehicles in China increased by 49.6% year-on-year, reaching 617,000 units, with pure electric vehicles accounting for 79.0%[29]. - The sales volume of luxury and ultra-luxury passenger cars reached 60,981 units, a growth of 24.2% from 49,082 units in the same period last year[48]. After-Sales and Service Revenue - After-sales service revenue, including maintenance and extended products, grew to RMB 4.244 billion, a 14.7% increase year-on-year[25]. - After-sales service revenue reached RMB 4.244 billion, a 14.7% increase year-on-year, with a stable gross margin of 46.09%[34]. - The service income from insurance and financial products was RMB 526,811,000, up from RMB 451,054,000 in the previous year, representing a growth of 16.7%[142]. Inventory and Cash Flow Management - The inventory as of June 30, 2019, was RMB 4,757.1 million, down 18.4% from RMB 5,829.5 million as of December 31, 2018[61]. - The average inventory turnover days decreased to 36.7 days for the six months ended June 30, 2019, compared to 54.2 days for the same period in 2018[61]. - The net cash generated from operating activities was RMB 2,977.0 million, a significant increase from RMB 461.3 million for the same period in 2018, representing a growth of 546.4%[61]. Financial Position and Liabilities - The total borrowings and bonds outstanding as of June 30, 2019, were RMB 12,650.3 million, a decrease of 5.5% from RMB 13,389.0 million as of December 31, 2018[64]. - The net debt-to-equity ratio as of June 30, 2019, was 101.0%, down from 119.0% as of December 31, 2018[65]. - The company has no significant contingent liabilities as of June 30, 2019[66]. Strategic Initiatives and Market Outlook - The company anticipates strong growth in luxury vehicle sales driven by national policies promoting automotive consumption upgrades[26]. - The company aims to maintain nearly 10% growth in luxury car sales for the second half of 2019, supported by favorable policies and market conditions[28]. - The company plans to enhance its second-hand car retail capabilities and strengthen partnerships with manufacturers and financial leasing companies[27]. - The company is committed to digital transformation and the construction of a smart retail system, enhancing asset operation quality and efficiency to ensure sustainable development[68]. Shareholder Information and Corporate Governance - As of June 30, 2019, Zhang De'an holds 393,909,500 shares, representing 21.414% of the company's equity[70]. - Major shareholders include 柏麗萬得 with 393,909,500 shares (21.414%) and 滙豐國際信託有限公司 with 393,914,500 shares (21.415%)[74]. - The company has adopted and complied with the Corporate Governance Code during the reporting period[87]. - The board did not recommend the distribution of an interim dividend for the six months ended June 30, 2019, consistent with the previous year[90].
永达汽车(03669) - 2018 - 年度财报
2019-04-29 08:39
Sales Performance - In 2018, the total new car sales increased by 3.1% to 176,919 units, with new car sales revenue reaching RMB 46.739 billion, a growth of 7.5% compared to 2017[11]. - Luxury brand new car sales rose by 11.4% to 111,323 units, with sales revenue increasing by 11.3% to RMB 38.234 billion[11]. - In 2018, China's luxury passenger car sales reached 2.815 million units, a year-on-year increase of 9.4%[13]. - The overall passenger car market in China saw a decline of 4.1% in sales, totaling 23.71 million units in 2018[13]. - The market share of luxury passenger cars increased to 11.9%, up by 1.5 percentage points year-on-year[13]. - The sales volume of luxury and ultra-luxury brand passenger cars in 2018 was 111,323 units, representing an 11.4% increase from 99,956 units in 2017[37]. Financial Performance - The company's total revenue, including financial and insurance agency services, was RMB 56.293 billion, representing a 9.2% increase year-on-year[10]. - The gross profit for 2018 was RMB 6.181 billion, up 5.0% from the previous year[10]. - The operating profit for 2018 was RMB 2.373 billion, a decrease of 3.6% compared to 2017 due to a decline in new car gross margins[10]. - The company's total revenue for 2018 was RMB 56.293 billion, a 9.2% increase from 2017, while gross profit was RMB 6.181 billion, up by 5.0%[17]. - The pre-tax profit for 2018 was RMB 1,752.6 million, down 12.7% from RMB 2,007.5 million in 2017[46]. - The net profit attributable to the owners of the company in 2018 was RMB 1,253.1 million, a decline of 17.0% from RMB 1,509.9 million in 2017[47]. After-Sales and Service Revenue - After-sales service revenue reached RMB 7.835 billion, a growth of 17.2% year-on-year, with a gross margin of 46.20%[11]. - After-sales service revenue, including maintenance and extended products, grew by 17.2% year-on-year to RMB 7.835 billion, with a gross margin of 46.20%[20]. - The company focused on enhancing the penetration rate of extended services such as automotive finance and insurance to boost overall profitability[19]. Market Strategy and Future Plans - The company plans to focus on the luxury and ultra-luxury car market, as well as the development of new energy vehicles[12]. - The strategy includes a combination of self-built and acquisition paths to enhance the national network layout[12]. - The company aims to develop a professional automotive financial platform by introducing strategic investment institutions[12]. - The company anticipates continued growth in luxury vehicle sales in 2019, with an expected increase of nearly 10%[14]. - The company is actively developing new energy vehicle mobility services to adapt to changing transportation trends[30]. Inventory and Operational Efficiency - The company strengthened inventory management to optimize capital usage and improve operational efficiency, contributing to the growth in new car sales[19]. - The gross margin for after-sales services improved by 0.10 percentage points compared to 2017, indicating effective cost control measures[20]. - The company is focusing on optimizing operational efficiency through cost management and digital transformation initiatives[35]. Financial Services and Insurance - The automotive financial and insurance business generated revenue of RMB 1.548 billion, up 27.4% from the previous year[11]. - The gross profit from the financial insurance business was RMB 1.351 billion, an increase of 23.4% compared to the previous year, contributing 21.9% to the company's overall gross profit[25]. - The penetration rate of automotive sales finance reached 53.5%, up 2.5 percentage points from 51.0% in the previous year[25]. Corporate Governance and Shareholder Engagement - The company emphasizes the importance of effective communication with shareholders and strives to ensure the quality and effectiveness of data disclosure[92]. - The board of directors includes five executive directors and three independent non-executive directors, with a third of the directors subject to retirement at the annual general meeting[99]. - The company has established a risk management and internal control system, which is regularly reviewed[144]. Employee and Management Policies - The company has 10,937 employees as of December 31, 2018[126]. - The company's remuneration policy for employees is based on individual performance and is reviewed regularly[126]. - The management provides sufficient explanations and information to the board for informed assessments of the company's financial data and status[168]. Environmental and Sustainability Initiatives - The company emphasizes environmental protection and energy conservation, actively participating in the development of new energy vehicles[87]. - The management team emphasized the importance of sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[68]. Risk Management - The company faces risks related to fluctuations in the financial status and operational performance of automobile manufacturers, which could impact dealership agreements and profitability[93]. - The company is exposed to various market risks, including currency, interest rate, credit, and liquidity risks[96]. Acquisitions and Market Expansion - The company completed the acquisition of 2 Lynk & Co 4S stores and 6 Japanese brand 4S stores in Jiangyin, Jiangsu, as part of its ongoing consolidation strategy[32]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of $100 million for potential deals[65].