SMM: a few days ago, Dongfeng Motor Co., Ltd. released its 2020 semi-annual report. According to the report, Dongfeng Motor's operating income in the first half of the year was 6.46 billion yuan, down 4.45 percent from the same period last year. The net profit attributed to shareholders of listed companies was 290 million yuan, an increase of 19.42 percent over the same period last year, and the net cash flow generated by operating activities was 325 million yuan.
Source of chart: screenshot of Dongfeng Motor semi-annual report
Judging from the main financial indicators of Dongfeng Motor in the first half of the year, the growth of net profit and the abundance of cash flow proved that its market performance outperformed the market in the first half of the year. Data show that from January to June this year, Dongfeng accumulated sales of 81600 vehicles, an increase of 2 per cent over the same period last year.
Source of chart: screenshot of Dongfeng Motor semi-annual report
Dongfeng Automobile Co., Ltd. is the light commercial vehicle business of Dongfeng Automobile Group Co., Ltd., which is mainly engaged in the design, manufacture and sales of a full range of light commercial vehicles and powertrain. The business unit involves light trucks, engineering vehicles, buses, new energy and engines, and factories are located in Xiangyang, Wuhan and Shiyan.
In the first quarter of this year, the domestic automobile industry was hit hard by the epidemic, but in the second quarter, with the epidemic under effective control, work resumed and production resumed one after another, and automobile production and sales rebounded sharply, especially in the commercial vehicle sector. According to the China Automobile Association, national vehicle sales in the first half of the year were 10.2568 million, down 16.91 per cent from a year earlier, of which 1.1459 million light commercial vehicles were sold in the first half, up 3.35 per cent from a year earlier.
The recovery of commercial vehicles and the overall car market in the second quarter has provided Dongfeng Motor with benefits. Dongfeng Motor said in its financial report that since the beginning of this year, in order to further prevent operational risks and combat the impact of the epidemic, the company has taken the initiative to adjust its product structure. In the first half of the year, light truck sales were 73100, up 10.89 percent from the same period last year, twice the industry average; bus sales were 3000, the same as the industry; and bus chassis sales were 5300, keeping the first place in the market share. At the same time, its passenger car sales also achieved strategic adjustment.
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