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In the face of the huge impact of the US financial crisis, experts from all walks of life expressed that companies should work hard to improve their ability to keep out the cold in order to cope with the possible market recession. However, there are few experts who propose targeted solutions for companies that need to embark on physical strengthening. With the help of the third-quarter report of listed companies, this reporter analyzed the financial status of China's 12 listed commercial vehicle companies and found four common problems in these companies, hoping to help the industry.
Question one: The net profit of base ambassadors has decreased year-on-year
At this stage, there are 12 commercial vehicle companies listed on the Shanghai and Shenzhen stock exchanges. They are Anke Bus, Jinlong Automobile, Yutong Bus, Zhongtong Bus, Yaxing Bus, and the main production and sales trucks. Futian Automobile, Jianghuai Automobile, Xingma Automobile, China National Heavy Duty Truck, Dongfeng Motor, Jiangling Motors, and Shuguang Co., Ltd. are mainly engaged in the commercial vehicle business, involving parts and components and passenger car business.
As the highest quality asset of domestic commercial vehicle companies, the total revenue from the main operations of these 12 companies from January to September this year increased by 19.63% to 97.553 billion yuan, but the total net profit only increased by 7.6% year-on-year. Not only that, but also the net profit of 7 companies declined year-on-year.
Most companies attributed the decline in earnings to rising raw material prices. However, through further analysis, it can be seen that the main reason for the emergence of this situation among some companies is that they “made more money†last year—a number of companies adopted new shares in 2007. A lot of non-recurring gains have been made, and when the stock market was sluggish this year, the net profit of these companies naturally declined.
For example, the income of Ankai bus investment in stocks this year decreased by 2.21 million yuan year-on-year, and the investment income of Zhongtong bus also decreased by more than 1.1 million yuan over the same period of last year. However, the two companies did not conduct stock trading this year and did not bring themselves losses. In contrast, Dongfeng Motor held 10 listed stocks such as China Shenhua and Qingdao Haier at the end of September, with a market value of 24.4069 million yuan and a floating deficit of 11.9252 million yuan.
Problem 2: Push sales increase costs
Although the commercial vehicle market was in a downturn since July’s surprise purchase of the country’s II vehicles in the first half of the year, overall, sales of commercial vehicles in the first 10 months of this year were still significantly higher than the same period last year. The data show that from January to October this year, passenger car production and sales were 21.11 million and 21.4 million, respectively, an increase of 9.03% and 10.15%; truck production and sales were 1,432,400 and 1,427,700, an increase of 13.42% and 12.95%.
Behind the double-digit growth in sales is the “push-driven†sales strategy implemented by various companies, mainly through the organization of national or regional tour sales, and promotion to stimulate consumption. This push sales approach has swallowed many companies' profits.
For example, Yaxing Bus has increased its marketing and marketing efforts this year and has achieved remarkable results. The average selling price of the company's vehicles in the first half of the year was 21.16 million yuan, an increase of 40,900 yuan over the same period of last year; the operating income in the first nine months increased by 74.77% year-on-year. However, at the same time, the sales expenses of Yaxing Bus also surged to RMB28,660,300 from RMB13.7719 million in the same period of last year, a year-on-year increase of 108.11%. In response, the company’s explanation was “mainly due to the normal increase in sales revenue caused by the increase in operating income. In the reporting period, the company organized national and regional exhibitions for the expansion of the market and participated in the holdings in Shanghai and Suzhou. Car exhibition."
The increase in sales also contributed to the increase in financial expenses. The financial expenses of Zhongtong Bus in the third quarter of this year increased by 56% from the same period of last year to RMB 6,264,700. The main reason for this situation was the relatively concentrated orders in the third quarter, and companies had to increase their short-term financing to greatly increase interest expenses.
For manufacturing companies, the increase in sales expenses and financial costs brought about by the increase in sales volume is not necessarily a bad thing. In spite of a 0.48% year-on-year decrease in sales expenses, Xingma Automobile's sales in the third quarter was based on the sales decline in the third quarter.
Question 3: Insufficient working capital affects business operations
Due to the tightening of monetary policy at the beginning of this year, many commercial vehicle listed companies have experienced insufficient liquidity during the course of this year's business operation, which has caused great inconvenience to the company's business operations.
Data shows that in the first 9 months of this year, the net cash flow from 9 fund-raising activities of these 12 companies was negative, with the exception of Foton Motor, Jianghuai Automobile and Zhongtong Bus. The cash flow generated by the so-called financing activities includes revenue and expenditure. The former refers to funds raised by enterprises through absorption of investments, loans, and issuance of bonds, and the latter mainly refers to funds paid by enterprises for activities such as debt repayment and dividend distribution. Among them, China National Heavy Duty Truck ranked first in the net outflow of 296 million yuan. Compared with the net inflow of 740 million yuan in the same period of last year, this alone, the company's liquidity this year decreased by 1.036 billion yuan. In addition, Ankai Bus, Jinlong Automobile and other companies are also facing tremendous financial pressure.
In order to cope with the lack of liquidity, enterprises have to adopt methods such as delaying payment of goods and issuing bills for payment. Among them, China National Heavy Duty Truck Co., Ltd. adopts a method of paying bills based on acceptance bills, postponing the payment date of all accounts payable by 3 months, thereby alleviating the impact of insufficient liquidity.
By the end of September this year, Xingma Auto’s accounts payable amount exceeded RMB 400 million, an increase of 52.95% from the beginning of the year. At the same time, the company’s bills payable also increased by 73.52% compared to the beginning of the year to RMB 439 million. The company said that this is to ease the lack of liquidity and have to take measures.
Similar to the situation of Xingma Automobile, with the exception of Yutong Bus and Shuguang Stock, the accounts payable of the other eight companies have increased to a certain extent compared with the beginning of the year.
Question 4: Generally weak corporate liquidity
How to operate better under tight capital chains has become a touchstone for testing the operating capabilities of senior managers in various companies. Statistics show that each company's asset turnover rate reached a high level. With the exception of Jiangling Motors, the liquidity of the remaining 11 companies (ie, liquidity) was not satisfactory.
The total asset turnover rate is a measure of the company's asset turnover rate and asset profitability. Among commercial vehicle listed companies, Foton Motor ranked first in terms of turnover rate of 2.32 times per year (total assets of 10.968 billion yuan), followed by JAC's 1.37 times per year (total assets of 8.938 billion yuan). Yutong Bus ranked third in terms of 1.29 times per year (total assets of RMB 4.583 billion). In addition, the turnover rates of Jinlong Automobile, Sinotruk and Jiangling Motors are all greater than one time per year. Even with the slowest turnover of Yaxing, assets can be turned around once in 18 months. This shows that these commercial vehicle companies have high utilization rates of their own assets.
Compared with this data, the performance of another data--monetary performance is not satisfactory.
The enterprise's liquidity is measured by the ratio of current ratio and quick ratio. The former is the ratio of current assets to current liabilities, and the base value is 2; the latter is the ratio of fast-moving assets (that is, the portion of liquid assets that can be realized immediately) to current liabilities, and the benchmark value is 1.
Of the 12 commercial vehicle companies, only the Jiangling Motors company’s current ratio and speed ratio exceeded the ideal value (the former is greater than 1.5, and the latter is greater than 0.75), indicating that the liquidity of the company is good. The capital flows of Ankai Bus, Dongfeng Motor, Jinlong Auto, Shuguang Stock and China National Heavy Duty Truck Group are generally liquid, and the rest of the companies have poor liquidity.
Corresponding to this is the slightly higher debt-to-equity ratio of various commercial vehicle listed companies. The data shows that the average debt-to-liability ratio of these 12 companies is 64.29%, and only three companies are below average. Among them, the asset-liability ratio of Sinotruk is 77.16%, which is worthy of attracting the attention of operators.