YONGDA AUTO(03669) 中金在线·2025-03-28 14:01Core Viewpoint - China Yongda Automobile Services Holdings Limited reported a decline in revenue and profit for the fiscal year ending December 31, 2024, amid a challenging automotive market, but maintained a strong focus on shareholder returns through dividends and share buybacks [1][12]. Financial Performance - The company recorded revenue of RMB 634.20 billion, a decrease of 14.6% from RMB 742.95 billion in the same period last year [1] - Gross profit was RMB 52.73 billion, down 21.2% year-on-year [1] - Net profit attributable to the company’s owners was RMB 2.01 billion, with basic earnings per share at RMB 0.11 [1] - The total dividend per share for the year was RMB 0.128, representing 120% of net profit attributable to owners [1] Operational Metrics - Inventory balance stood at RMB 41.50 billion, a decrease of 4.9% from the end of 2023, with inventory turnover days at 25.8 days [2] - Cash generated from operating activities was RMB 15.18 billion, and the net debt ratio was 10.2%, down 2.0 percentage points from the end of 2023 [2] New Car Sales - New car sales reached 171,236 units, generating revenue of RMB 494.55 billion [3] - The gross margin for new car sales in the second half of 2024 improved by 0.19 percentage points to 1.83% [3] - New car turnover days were maintained at a healthy level of 25.2 days [3] New Energy Vehicle (NEV) Business - The company sold 18,485 units of independent NEV brands, with a significant portion coming from direct sales [4] - The average selling price of new cars increased from RMB 24.3 million in 2023 to RMB 28.3 million in 2024 [4] - NEV sales and after-sales services experienced rapid growth, supported by strong demand for high-value models [4] After-Sales Services - After-sales revenue for independent NEV brands reached RMB 31.01 million, a year-on-year increase of 95.2% [5] - The average revenue per vehicle for after-sales services was RMB 3,114, up 27.1% year-on-year [5] - The number of after-sales customers for independent NEV brands grew by 134.3% to 57,400 [5] Used Car Business - The used car transaction volume was 74,969 units, a decline of 19.4% year-on-year [8] - The company maintained a healthy inventory turnover and a stable new-to-used car ratio of 43.8% [8] - The average revenue per used car sold was RMB 104,000, with a gross margin of 5.59% [8] Network Changes - The company optimized its network by closing 18 underperforming stores and opening 12 new outlets in 2024 [10] - The focus is on enhancing brand representation and operational efficiency through strategic adjustments [10] Future Outlook - The company aims for NEVs to account for 50% of total new car sales by 2026, while luxury vehicles are projected to represent 40% [11] - Plans include expanding into the battery recycling industry and developing smart robotics for future operations [11][12] - The company remains committed to shareholder returns and sustainable growth amid market challenges [12][13]