YONGDA AUTO(03669)2023-04-25 10:53Automotive Market Performance - In 2022, the total retail sales of passenger cars in China reached 20.543 million units, a year-on-year increase of 1.9%, with luxury car sales also increasing by 1.9% to 2.702 million units, and new energy vehicle sales soaring by 90.0% to 5.674 million units[6]. - In 2022, the total retail sales of passenger vehicles in China reached 20.543 million units, a year-on-year increase of 1.9%[18]. - The retail sales of luxury vehicles amounted to 2.702 million units in 2022, also reflecting a year-on-year growth of 1.9%[18]. - New energy vehicle sales surged by 90.0% year-on-year, reaching 5.674 million units, accounting for 27.6% of total passenger vehicle sales[19]. - The total number of vehicles in China reached 320 million by the end of 2022, with new energy vehicles comprising 13.1 million units, representing 4.1% of the total[20]. Financial Performance - The company's total revenue for 2022 was RMB 73.521 billion, a decrease of 7.2% year-on-year, while the gross profit fell by 12.8% to RMB 7.886 billion[7]. - Net profit for 2022 was RMB 1.486 billion, down 43.3% year-on-year, with profit attributable to shareholders decreasing by 42.5% to RMB 1.425 billion[7]. - The company's total revenue and gross profit for 2022 were RMB 73.521 billion and RMB 7.886 billion, respectively, reflecting declines of 7.2% and 12.8% year-on-year[21]. - Net profit for 2022 was RMB 1.486 billion, a decrease of 43.3% compared to the previous year[21]. - The gross profit for the twelve months ended December 31, 2022, was RMB 6,389.3 million, a decrease of 17.6% from RMB 7,752.7 million in 2021[42]. New Car Sales - New car sales in 2022 totaled 187,276 units, generating revenue of RMB 58.192 billion, with luxury brand sales accounting for 86.7% of total sales, an increase of 2.1 percentage points year-on-year[9]. - The new car sales volume in 2022 was 187,276 units, with sales revenue of RMB 58.192 billion, where luxury brand sales accounted for 86.7% of total revenue, up by 2.1 percentage points year-on-year[22]. - The new car sales gross margin was 2.47% in 2022, down by 1.02 percentage points from the previous year[23]. After-Sales and Used Car Business - After-sales service revenue, including maintenance and extended products, was RMB 10.099 billion, a decrease of 12.5% year-on-year, with a stable gross margin of 44.81%[9]. - The used car transaction volume reached 80,832 units, up 12.9% year-on-year, with dealership volume increasing by 50.6% to 16,684 units, generating revenue of RMB 3.370 billion, a 50.2% increase[9]. - The revenue from used car dealership increased by 50.2% to RMB 3,370.0 million, compared to RMB 2,243.0 million in the previous year[42]. New Energy Vehicle Initiatives - The company achieved a total of 24,603 new energy vehicle sales, a year-on-year increase of 54.5%, representing 12.9% of total sales, with independent new energy brand sales growing by 221.2% to 9,591 units[9]. - The sales volume of new energy vehicles reached 24,603 units, a growth of 54.5% year-on-year, accounting for 12.9% of total sales[31]. - The company obtained 28 new independent new energy vehicle store authorizations, bringing the total to 36[31]. Digital Transformation and Operational Efficiency - The company is committed to digital transformation, implementing a strategy that integrates front-end and back-end operations to enhance customer experience and operational efficiency[15]. - The company implemented a digital management system for used cars, enhancing operational efficiency and financial integration[30]. - A "shared platform" strategy is being developed to improve efficiency and reduce costs across various business units, including traditional fuel vehicles and new energy[16]. Talent and Team Development - The company is enhancing talent acquisition in new energy, used cars, and digital sectors to build a professional team aligned with future trends[17]. - The company emphasizes talent development in key growth areas such as new energy vehicles and used cars, aligning with future industry trends[38]. Sustainability and Corporate Social Responsibility - The company is focused on sustainable growth and responding to national low-carbon strategies, aiming to deliver robust performance to shareholders and investors[17]. - The company is actively participating in the national "low carbon" strategy and is committed to fulfilling ESG-related corporate social responsibilities[69]. - The company maintains a commitment to corporate social responsibility, focusing on the harmonious relationship between social, operational, and environmental factors[195]. Governance and Compliance - The company has a strong focus on corporate governance and risk management, with key executives holding relevant qualifications and certifications in finance and accounting[80][81]. - The company has confirmed compliance with the non-competition agreement with controlling shareholders, including 張德安先生 and Asset Link, as of December 31, 2022[115]. - The company has adopted and complied with the corporate governance code as per the listing rules throughout the reporting period[143]. Future Outlook and Strategic Plans - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[74]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of $30 million earmarked for potential deals[74]. - The company aims to enhance its digital transformation by implementing a "front-end + strong back-end" digital strategy to improve operational efficiency and user engagement[67].