YONGDA AUTO(03669)2023-03-24 04:09Financial Performance - The total revenue for the year ended December 31, 2022, was RMB 73.52 billion, a decrease of 7.2% compared to RMB 79.21 billion for the year ended December 31, 2021[2]. - The gross profit for the year ended December 31, 2022, was RMB 7.89 billion, down 12.8% from RMB 9.04 billion for the previous year[2]. - The net profit for the year ended December 31, 2022, was RMB 1.49 billion, a significant drop of 43.3% from RMB 2.62 billion in the previous year[3]. - The basic earnings per share for the year ended December 31, 2022, was RMB 0.72, compared to RMB 1.26 for the previous year[3]. - The total comprehensive income for 2022 was RMB 1,484,323 thousand, compared to RMB 2,614,541 thousand in 2021, reflecting a significant decrease[22]. - The total revenue for the year ended December 31, 2022, was RMB 72,023,888 thousand, a decrease of 7.4% from RMB 77,916,554 thousand in 2021[19]. - The operating profit for 2022 was RMB 2,303,862 thousand, down 39.4% from RMB 3,808,961 thousand in 2021[19]. - The net profit from continuing operations for 2022 was RMB 1,485,577 thousand, a decline of 41.4% compared to RMB 2,537,735 thousand in 2021[19]. Revenue Breakdown - New car revenue for the year ended December 31, 2022, was RMB 58.19 billion, a decline of 8.8% from RMB 63.78 billion in the previous year[2]. - After-sales service revenue for the year ended December 31, 2022, was RMB 10.10 billion, a decrease of 12.5% from RMB 11.54 billion for the previous year[3]. - New car sales reached 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[8]. - The revenue from passenger car sales and services for 2022 was RMB 71,660,723,000, down from RMB 77,567,434,000 in 2021, indicating a decrease of about 7.3%[37]. - The revenue from used car sales for the twelve months ended December 31, 2022, was RMB 3,370.0 million, an increase of 50.2% from RMB 2,243.0 million in 2021[58]. Operational Metrics - The number of used car transactions increased by 12.9% to 80,832 units for the year ended December 31, 2022, compared to 71,605 units in the previous year[3]. - The inventory turnover days improved to 22.1 days, a reduction of 1.0 day compared to 2021, indicating better inventory management[7]. - The gross margin for new car sales was 2.47%, down 1.02 percentage points from the previous year, while the luxury brand new car sales gross margin was 2.73%, a decrease of 1.36 percentage points[8]. - The gross profit from used car dealerships was RMB 294 million, reflecting a year-on-year increase of 42.1%, with an average revenue per unit of RMB 202,000 and a gross margin of 8.72%[11]. - The company registered over 1 million users on its service platform app by the end of 2022, enhancing user engagement and service experience[9]. Market Trends - The overall retail sales of passenger cars in China for 2022 reached 20.54 million units, a year-on-year increase of 1.9%[4]. - The sales volume of new energy vehicles in 2022 grew by 90.0% to 5.67 million units, accounting for 27.6% of total passenger car sales[5]. - The company plans to expand its market presence in the independent new energy vehicle segment, which includes brands like BYD and AITO[28]. - The company is focusing on enhancing its after-sales service offerings to improve customer retention and revenue growth[28]. Financial Position - The net debt ratio as of December 31, 2022, was 10.5%, down from 18.3% as of December 31, 2021, a decrease of 7.8 percentage points[3]. - The company’s total liabilities decreased from RMB 9,126,717 thousand in 2021 to RMB 8,017,640 thousand in 2022, a decrease of approximately 12.16%[47]. - The company’s cash and cash equivalents as of December 31, 2022, were RMB 1,191,716 thousand, slightly down from RMB 1,202,793 thousand in 2021[50]. - The company reported a net current asset position of RMB 2,830,186 thousand, down from RMB 3,289,814 thousand, a decrease of 13.9%[24]. Strategic Initiatives - The company is actively pursuing digital transformation centered on user experience, aiming to transition from traditional dealerships to digital retail service providers[18]. - The company launched the Yongda Automotive Service Platform in 2022, improving operational efficiency and user experience during the pandemic[17]. - The company is implementing a digital transformation strategy to enhance operational efficiency and customer engagement, focusing on a "front-end + strong back-end" digital approach[85]. - The company aims to strengthen its leading position in luxury car brands BMW and Porsche while optimizing its traditional gasoline vehicle business to enhance profitability[82]. Shareholder Information - The proposed final dividend for the year ended December 31, 2022, is RMB 0.292 per share, totaling approximately RMB 570 million, pending shareholder approval[42]. - The final dividend proposed for the year ended December 31, 2022, is RMB 0.292 per share, amounting to an estimated total of RMB 570 million[94]. - The company aims to enhance shareholder value through share repurchases to increase net asset value per share and earnings per share[91].