Core Viewpoint - H harmonious Automotive reported significant revenue growth and profit increase for the year ending December 31, 2021, driven by strong sales in luxury vehicles and strategic adjustments in operations [1][2]. Financial Performance - Total revenue reached 17.981 billion RMB, a year-on-year increase of 21.9% [2]. - Main business net profit was 757 million RMB, showing a substantial growth of 49.6% year-on-year [1]. - Proposed final dividend of 0.21 HKD per share, up 165.8% from the previous year, with a dividend payout ratio of 40% of the annual net profit attributable to shareholders [1]. Revenue Breakdown - Automotive sales generated 15.61 billion RMB, a 21% increase, accounting for 86.8% of total revenue [2]. - After-sales service revenue was 2.326 billion RMB, up 27.95%, representing 12.9% of total revenue [2]. Profitability and Efficiency - Overall gross margin was 9.7%, an increase of 0.9 percentage points from 2020 [2]. - Gross margin for automotive sales was 4.3%, up 0.8 percentage points, while after-sales service gross margin remained stable at 44.8% [2]. - Average inventory turnover decreased to 25 days, down 7 days from 2020, due to tightened supply from chip shortages [2]. Sales Performance - New car sales reached 407,900 units, a year-on-year increase of 11.5%, outperforming the national luxury car market growth of 4.88% [4]. - Key brands like BMW saw an 11.4% increase in sales, significantly exceeding the national growth rate of 2.5% [4]. - Sales of ultra-luxury brands such as Ferrari and Rolls-Royce experienced substantial growth, with increases of 94.3% and 36.7% respectively [4]. Strategic Initiatives - The company is focusing on enhancing its luxury car business and exploring electric vehicle opportunities [5][6]. - Plans to optimize brand portfolio and improve operational efficiency to boost cash flow and inventory management [6]. - The company is considering potential acquisition strategies to strengthen market share [6]. - Continued investment in "Dangdang New Energy" to support electric vehicle services and sales [4][6].
【业绩速递】和谐汽车(3836.HK)：2021年业绩表现强劲，年度股息同增166%