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In 2003, the sales margin of China's auto vehicle industry was 9.11%. In 2004, the sales margin of the vehicle industry fell sharply to 6.85%. In 2005, the profit rate of China's auto vehicle industry once again fell sharply to 4%, which was lower than the average of 4.46% for the entire manufacturing industry. In this situation, some people inside and outside the industry believe that the Chinese auto industry has entered the era of low profit. However, it is understood that the decline in profits has not continued. In the past 2006, the profits of China's auto manufacturing industry rose. At present, what kind of level is China's automobile industry profit?
The "China's Top Ten Profitable Industries" issued by an organization was released a few days ago, and the auto manufacturing industry has once again been "losed".
Since 2004, the car quietly retreated from the list of "China's Top Ten Profitable Industries," and has not yet "listed." Subsequently, industry insiders predicted that "the era of huge profits in China's auto industry has ended." Some people even suggested that China's auto industry has entered the era of meager profits. In just a few years, did auto profit fall to such a level?
Overall profitability is relatively high
The method of calculating the profit rate of a company is usually the return on total assets, the return on net assets, and the profit rate on sales, which are net profits divided by total assets, net assets, and sales revenue.
It is reported that in terms of net asset profit margins, China's auto industry averaged 11.06% in 2005, a slight decrease from 15.16% in 2004. Among them, the vehicle manufacturing industry was 10.86%, the modified car manufacturing industry was 8.23%, the auto body and the trailer were 18.67%, the auto parts and Accessories were 11.52%, and the auto repair was 7.85%.
“Although the decline has occurred, the overall profitability of China’s auto manufacturing industry is still relatively high compared to that of developed countries’ automotive industry. This is also the main reason why foreign auto investors including Japan and South Korea continue to be optimistic about the Chinese market.†Cao Jianhai, director of the Investment and Market Research Office of the Institute of Industrial Economics at the Chinese Academy of Social Sciences, said.
After experiencing a low profit in 2005, auto companies have made pains to reduce costs in order to increase profitability. With the fall of energy prices such as raw materials and electricity, in 2006, the overall profits of China's auto manufacturing industry increased significantly. According to statistics, from January to October 2006, the total profit of the automotive manufacturing industry was 59.3 billion yuan, an increase of 46% year-on-year.
In this situation, some leading enterprises also obtained higher profit margins in 2006. According to industry insiders, the return on equity of large auto companies such as SAIC, Dongfeng and Changan are all close to 10%. The annual report of the automobile listed company showed that the return on net assets of FAW Xiali was as high as 9.42% in the first three quarters of the year, and the return on net assets of the passenger trains of Yutong as the bus representative was 11.18% in the first three quarters.
In response, Kim Yong-hung, a researcher in the machinery industry at Soochow Securities Research Institute, said: "Although it has fallen a few years ago, the profitability of many large auto companies is still quite good. The auto industry generally does not enter the era of meager profits."
Severe polarization
It is understood that in 2005 China's entire vehicle industry profit of about 21.2 billion yuan, the car manufacturers contributed most of them, only Shanghai GM, Shanghai Volkswagen, FAW - Volkswagen, Guangzhou Honda and Dongfeng Nissan's five joint venture profits It will cost more than 12 billion yuan. In addition, commercial vehicle manufacturers such as FAW, Dongfeng, China National Heavy Duty Truck, Shaanxi Heavy Duty Truck and Jiangling have achieved profits of more than 6 billion yuan. The MPV and SUV manufacturers such as Jianghuai Automobile, Great Wall Motors, Dongfeng Honda and Zhengzhou Nissan received profits of more than 1.6 billion yuan. SAIC-GM-Wuling, Changan Automobile and Changhe Automotive contributed nearly RMB 600 million in profit.
Despite the increasing sales of local car companies, local car companies are still far inferior to joint ventures in terms of profits. Relevant data show that in 2005 Chery Automobile sold a total of more than 180,000 vehicles, but its profit dropped from 188 million yuan in 2004 to 95 million yuan, and the bicycle profit was only around 500 yuan. In contrast, Guangzhou Honda is the most profitable manufacturer of bicycles among the major car manufacturers. The profit of each car is almost 20,000 yuan.
“At present, China’s auto companies still have considerable gaps in their profits. Take passenger cars as an example, the profits of mid-to-high-class cars are significantly higher than those of economy cars and mini-cars; the profits of joint venture brands are generally higher than those of self-owned brands. So now It is still too early to conclude that the era of meager profits has arrived,†an industry source told reporters.
Towards meager profits is a trend
Jin Yonghong believes that the outcome of any industry competition should ultimately be to make the entire industry move towards a meager profit, and the automotive industry is no exception. He pointed out that in terms of raw materials, steel and petrochemical prices have risen too fast and it is expected that they will not be able to fall significantly in the future. In terms of market structure, with the over-expansion of the domestic auto market in recent years and increasingly fierce competition, it will become increasingly difficult for auto companies to achieve profitability goals. In addition, as consumers' buying behavior becomes more rational, the profit margin of medium-to-high-end cars will gradually shrink.
“The average profit rate of the foreign auto industry is about 5%. The profitability of China’s autos will gradually be in line with international standards. However, at present, the meager era of the Chinese auto industry has not yet arrived,†he said.