Guangzhou Auto Group: net profit of 59.234 billion yuan in 2019 down 39.30% from the same period last year

SMM4, March 1: on March 31, Guangzhou Auto Group released its 2019 annual report. During the reporting period, Guangzhou Auto Group realized revenue of 59.234 billion yuan, down 17.17% from the same period last year; the net profit attributed to shareholders of listed companies was 6.618 billion yuan, down 39.30% from the same period last year; the net cash flow generated by operating activities was-381 million yuan, an increase of 69.99% over the same period last year.

For the reasons for the decline in revenue and net profit, Guangzhou Automobile Group said that the domestic automobile industry production and sales continued to negative growth, the impact of domestic policy changes led to a decline in car sales.

Zeng Qinghong, chairman of the company, said in the annual report that under the grim situation of a continuous decline in the domestic automobile industry and an 8.23 per cent year-on-year drop in sales, the Group sold 2.0622 million vehicles for the whole year, down 3.99 per cent from the same period last year, which was superior to the industry level of about 4.24 per cent. Car sales ranked in the top five in the country, and the market share increased by about 0.35 per cent compared with the same period last year. Among them, Guangzhou Auto Honda and Guangzhou Auto Toyota sales rose 3.98% and 17.59% year-on-year, operating revenue reached record highs.

By the end of 2019, the total production capacity of Guangzhou Automobile Group was 2.613 million vehicles per year, covering a total of 2555 4S stores in the province. The company's sales expenses reached 4.553 billion yuan during the period, down 10.25 percent from the same period last year.

In terms of products, passenger cars generated revenue of 36.039 billion yuan in 2019, down 28.46 percent from the same period last year, with a gross profit margin of 3.02 percent, down 13.29 percent from the same period last year; car-related trade revenue of 21.325 billion yuan, an increase of 10.74 percent over the same period last year, and a gross profit margin of 4.82 percent, down 3.11 percent from the same period last year.

Production and sales situation, in 2019, Guangzhou Automobile Group produced 53700 cars and sold 58400 cars, an increase of 4.40 percent over the previous year, and inventory decreased by 73.07 percent over the previous year; SUVs produced 268200 vehicles and sold 267500 vehicles, with an increase of 3.55 percent over the previous year; and MPVs produced 57400 cars and sold 58800 vehicles, down 28.05 percent from the previous year.

GAC said that in addition to directly affecting the production and sales of local vehicle companies, the epidemic will also affect the supply of spare parts across the country in the short term, thereby restricting the production rhythm of the whole vehicle. At the same time, the epidemic also caused a significant decline in domestic car purchase demand and consumption power in the short term, and the hidden danger of capital chain fracture of small and medium-sized enterprises increased.

In 2020, GAC expects car production and sales to grow by about 3% year-on-year, and plans to launch 19 new and modified models to further improve the product structure.

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