YONGDA AUTO(03669)2024-03-26 04:09Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 742.95 billion, an increase of 1.1% compared to RMB 735.21 billion for the year ended December 31, 2022[2]. - The net profit for the year ended December 31, 2023, was RMB 5.86 billion, a decrease of 60.2% from RMB 14.71 billion for the year ended December 31, 2022[2]. - The net profit attributable to the owners of the company for the year ended December 31, 2023, was RMB 5.73 billion, down 59.4% from RMB 14.12 billion for the previous year[3]. - The cash generated from operating activities for the year ended December 31, 2023, was RMB 18.32 billion, a decrease of 56.7% from RMB 42.32 billion for the previous year[3]. - The total comprehensive income for the year was RMB 584,460 thousand, compared to RMB 1,470,042 thousand in 2022, indicating a decrease of 60.24%[20]. - Basic and diluted earnings per share for 2023 were RMB 0.29, down from RMB 0.72 in 2022, reflecting a decline of 59.72%[19]. Revenue Breakdown - New car dealership revenue for the year ended December 31, 2023, was RMB 564.39 billion, a decrease of 3.0% from RMB 581.92 billion for the previous year[2]. - After-sales service revenue for the year ended December 31, 2023, was RMB 105.43 billion, an increase of 4.4% compared to RMB 100.99 billion for the previous year[2]. - The revenue from new car sales amounted to RMB 48,220,668 thousand, a decrease from RMB 50,388,466 thousand in the previous year[31]. - Revenue from after-sales services was RMB 10,537,738 thousand, up from RMB 10,094,512 thousand, indicating an increase of about 4.38%[33]. - The revenue from used car dealership increased by 56.6% to RMB 5,277.1 million from RMB 3,370.0 million in 2022[61]. Sales Performance - The total number of used car transactions for the year 2023 was 1,841.3 million units, an increase of 14.9% year-on-year[4]. - The total number of new energy vehicles sold in 2023 reached 7.736 million units, a year-on-year increase of 36.2%, accounting for 35.7% of total passenger vehicle sales[4]. - In 2023, the new car sales volume reached 193,945 units, a year-on-year increase of 1.5%, with a 14.5% increase in the second half compared to the first half[7]. - The used car transaction volume was 93,012 units, a year-on-year increase of 15.1%, with dealership volume growing by 167.3% to 44,590 units[9]. - The sales volume of independent new energy brands reached 18,376 units, a year-on-year increase of 91.6%, with AITO, Xiaopeng, smart, and Zhiji accounting for approximately 66.1%[11]. Inventory and Asset Management - The inventory turnover days as of December 31, 2023, was 23.0 days, remaining stable compared to 22.1 days for the previous year[3]. - The average turnover days for used cars was reduced to 14.9 days, a decrease of 4.4 days year-on-year, indicating improved inventory management[9]. - The company reported a decrease in inventory to RMB 4,363,154 thousand from RMB 4,555,391 thousand, reflecting a reduction of 4.22%[21]. - Trade and other receivables decreased to RMB 7,202,559 thousand from RMB 8,017,640 thousand, a decline of 10.14%[21]. Operational Efficiency - The company is actively upgrading to a digital and omnichannel operation model for used cars, aiming to increase retail operations and profitability[9]. - The company focused on improving asset operation efficiency by closing unprofitable outlets and optimizing the network structure[15]. - The company emphasized cash flow management and core financial indicators to ensure stable operations[16]. - The company is implementing cost control measures to address pressure on new car gross margins, including optimizing organizational structure and reducing sales management expenses[88]. Future Outlook and Strategy - The company aims to stabilize and recover new car sales prices while optimizing brand structure and enhancing single-store efficiency in 2024[83]. - The company plans to strengthen its used car business and accelerate the development of the new energy vehicle industry, focusing on cost reduction and efficiency improvement[83]. - The company will enhance its luxury car business by improving turnover efficiency and maintaining stable gross margins amid market fluctuations[84]. - The company is committed to developing its used car business, leveraging its advantages in brand, sourcing, and after-sales service to ensure stable profitability[86]. - The company will focus on optimizing the layout of new energy vehicle service points and enhancing cooperation with leading new energy brands to meet the growing demand for after-sales services[87]. Shareholder Information - The company plans to distribute a final dividend of RMB 0.052 per share for the fiscal year 2023, totaling approximately RMB 100 million, pending shareholder approval[48]. - The final dividend is expected to be paid on or around June 28, 2024, to shareholders listed on June 18, 2024[98]. - The company repurchased a total of 24,581,500 shares at a total cost of approximately HKD 110,453,724.05 during the fiscal year ending December 31, 2023[93]. - The company has canceled a total of 24,581,500 shares repurchased during the reporting period[95]. Compliance and Governance - The audit and compliance committee confirmed that the annual financial performance for the year ended December 31, 2023, complies with relevant accounting standards[96]. - The company has no significant events to disclose after December 31, 2023[100]. - The annual report for the year ended December 31, 2023, will be sent to shareholders and published on the company's website[100].