After the first quarter of 2022, are the listed commercial vehicle companies doing well?

Affected by factors such as excessive market demand, declining subsidy policies, and the new crown epidemic, various commercial vehicle companies and industry organizations are not so optimistic about the overall market forecast for the first quarter of 2022.

Now that the first quarter has ended, how are the car companies doing? Recently, various listed car companies have released their first-quarter reports for 2022 before the arrival of May, and many companies even "pinch points" to announce their first-quarter results on the last day of April. The editor of the first commercial vehicle network has sorted out 19 listed companies that are closely related to the commercial vehicle industry. Let's take a look at what the editor found.

Only 60% of 19 companies are profitable! The revenue of Weichai/CIMC/Jiefang/Futian exceeds 10 billion

The 19 companies that the editor reviewed the performance of the first quarter are FAW Jiefang, Weichai Power, Foton Motor, SAIC Group, Sinotruk Jinan Truck Co., Ltd., Jianghuai Automobile, Yutong Bus, Dongfeng Motor Co., Ltd., Jiangling Motors, Han Ma Technology, King Long Motors, Zhongtong Bus, BYD, Ankai Bus, CIMC Group, Power Technology (formerly Shangchai), Quanchai Power, Yunnei Power, Yaxing Bus.

The editor found that in the first quarter of 2022, there are 6 companies with operating income growth, namely BYD, CIMC, Quanchai Power, Zhongtong Bus, King Long Motor and Yaxing Bus, accounting for about 1/3; There are 12 companies whose parent net profit is profitable, namely SAIC, Jiefang, Weichai, Sinotruk, Foton, CIMC, Dongfeng, Jiangling, Jinlong, Quanchai, Power Technology, and BYD, accounting for about 63%; Compared with the first quarter of last year, there were 5 companies that turned from profit to loss, namely Jianghuai, Yutong, Hanma Technology, Yunnei Power and Yaxing, accounting for 26%; there were 3 companies with profitable net profit and growth, They are BYD, CIMC and Jinlong respectively; compared with the first quarter of last year, there are two companies whose net profit continued to lose money, namely ZTO and Ankai, of which ZTO’s loss limit has been greatly reduced.

In the first quarter, there were 6 companies with operating income exceeding 10 billion yuan, namely SAIC, BYD, Weichai, CIMC, Jiefang and Foton. Among them, SAIC has the highest operating income, with a revenue of 182.472 billion yuan, a year-on-year decrease of 3.5%, a net profit of 5.516 billion yuan, a year-on-year decrease of 19.44%; BYD ranked second, with a revenue of 66.825 billion yuan, a year-on-year increase of 63%, and a net profit of 808 million yuan An increase of 241%; Weichai No. 3, with a revenue of 41.104 billion yuan, a year-on-year decrease of 37%, and a net profit of 1.051 billion yuan, a decrease of 69%; CIMC ranked fourth, with a revenue of 35.559 billion yuan, a year-on-year increase of 23%, and a net profit of 1.706 billion yuan. 13%; Jiefang ranked fifth, with a revenue of 15.156 billion yuan and a net profit of 452 million yuan; Futian ranked sixth, with a revenue of 12.387 billion yuan, down 22% year-on-year, and a net profit of 135 million yuan down 63%.

Multiple adverse effects bring pressure, and new energy business is a plus factor

Judging from the first quarter reports of various companies, the manufacturing industry is facing huge challenges, and everyone's life is not easy. From the perspective of the internal and external environment of the industry, there are many unfavorable factors, such as multiple outbreaks of domestic epidemics, poor logistics, tight supply chains, increasing downward pressure on the economy, and geopolitical conflicts, etc., all companies are facing considerable pressure on their operations and profits. Of the 19 listed companies closely related to the commercial vehicle industry, only 3 companies achieved positive year-on-year growth in net profit.
Among them, BYD, whose revenue and net profit rose sharply year-on-year, also faced the adverse effects of economic downturn and the spread of the epidemic in the first quarter. However, due to the overall rapid growth of the new energy vehicle industry, BYD's new energy vehicle sales hit a record high It has reached a record high, its market share has continued to rise, and it has achieved rapid year-on-year growth, which has led to a substantial improvement in profitability and, to a certain extent, hedged against the profit pressure caused by rising upstream raw material prices.

As a leading container manufacturer, CIMC Group also achieved positive growth in revenue and net profit in the first quarter, and achieved the best start to the year. Although affected by the epidemic, container sales have declined, but overseas semi-trailer, hydrogen energy business and offshore engineering business have grown rapidly, of which CIMC's hydrogen energy business revenue has increased by as much as 80.5% year-on-year.

It can be seen that whether it is BYD or CIMC, the outstanding performance of the new energy business is an important reason for the profit in the first quarter.
Most of the companies whose net profit has declined are due to two reasons: one is the decline in sales and revenue due to the impact of the epidemic, chip shortages and shrinking demand from end consumers; the other is the price of raw materials such as chips and batteries The increase leads to higher costs and a decrease in the gross profit of the main business.
Perhaps, the difficulty of the first quarter is to be expected, but at the moment when you see the "transcript", no one will believe it if you don't worry. However, no one will admit defeat. Under the predicament, it will test the unity within the enterprise, the unity between the government and the enterprise, the hand in hand within the industry and the diversified development of the product structure.
The editor noticed that various companies have continued to make big moves and are more determined to face the future: BAIC participated in the fixed increase of Foton Motors with 3 billion yuan, and is optimistic about the future prospects of commercial vehicles; Hanma Technology increased its subsidiary with nearly 400 million yuan, effectively integrating internal and external resources of the company ; Jiefang made efforts to achieve a win-win situation in the ecology, and finally overcame the difficulties of the Changchun epidemic and made all-out efforts in the first half of the year; Yutong Group, the holding company of Yutong Bus, plans to increase its holdings in Yutong Bus by 100 million to 200 million yuan.

With the gradual return to normal of production, operation and logistics under the epidemic, and the effective control of the domestic epidemic, the commercial vehicle industry will resume its vitality. Missed the "gold three silver four" market conditions, now look at May and June. In the second quarter of this year, what kind of answers will the listed car companies hand over?