Car prices in the first three quarters have become like this: the days of pulling goods are hard to attract people.

With the end of October, 22 vehicle manufacturing and listed companies in the A-share market have issued their third quarterly reports.

The data tells us that passenger cars, trucks, and passenger car manufacturers have different performances in the first three quarters of this year, and the days can be described as sweet and bitter.

Passenger Cars: Subsidy Bags, Decreasing Narrowing

Bus travel has been a popular option for the Chinese people. However, with the rapid improvement of the railway, especially the high-speed rail network, and the impact of online travel, the Chinese bus market is shrinking.

In the first three quarters of this year, from the perspective of operating income, the three leading passenger car industries – Zhongtong Bus (12.500, 0.17, 1.38%), Yutong Bus (24.730, -0.71, -2.79%) and Jinlong Automobile (16.310, 0.21, The decrease in 1.30%) operating income has narrowed compared to the first half.

In the first three quarters of the year, Zhongtong Bus's operating income was 4.505 billion yuan, a decrease of 22.68% year-on-year, but the decline was narrowed by approximately 20 percentage points from the first half of the year; cumulative sales reached 12,938 units, an increase of 10.59% year-on-year.

Jinlong Motor's operating income for the first three quarters was 10.274 billion yuan, a year-on-year decrease of 35.39%, but the decline was narrower by approximately 13 percentage points than in the first half of the year; net profit was 509 million yuan, compared with -3.7 billion yuan in the same period of last year, achieving a turnaround. .

Yutong Bus's operating income for the first three quarters was 18.895 billion yuan, a year-on-year decrease of 12.30%, but the decrease was approximately 17.5 percentage points lower than the first half of the year.

Ankai bus (9.310, -0.14, -1.48%) attracted attention due to the creation of nine daily limit within one month. In the first three quarters, its operating income maintained an upward trend. However, it is noteworthy that it belongs to the shareholders of listed companies. The net profit was -83.2 million yuan, a year-on-year decrease of 425.07%.

These data reflect more or less that for car companies whose sales and profits from Ankai and Zhongtong are mostly from new energy buses, their performance is closely related to the new energy market situation and the national new energy vehicle subsidy policy.

For instance, Jinlong Motor Company explained that the increase in net profit of the company was mainly due to the resumption of new energy subsidies by Suzhou Jinlong in this period, which confirmed the central government's financial subsidies.

Since 2017, affected by the adjustment and retreat of the national new energy vehicle subsidy policy, the new energy passenger car market has been chilled, and the sales of passenger car manufacturers that have focused on the new energy concept have generally declined.

In the second half of the year, according to industry insiders, with the introduction of local subsidy policies for new energy vehicles in various regions, the demand for tendering and procurement of new energy bus passenger vehicles will start one after another and the market will pick up.

According to the statistics of the China Association of Automobile Manufacturers, the sales of passenger cars continued to improve in the first three quarters, and both the sales volume and the year-on-year growth were both on a sequential basis. September sales of 46,100 units, an increase of 11.91%, an increase of 8.59%; sales in the first 9 months of 325,100, a decrease of 8.92% year on year, a decrease of 2.30 percentage points from the previous eight months.

Trucks: Overloading "Battering", Demand Increases

As the only listed company specializing in the production of trucks, China National Heavy Duty Truck (16.810, 0.06, 0.36%) has a very profitable and sales performance in this period.

In the first three quarters, China's heavy truck business revenue was 28.264 billion yuan, an increase of 99%; net profit was 933 million yuan, an increase of 213%, the net interest rate also increased by 1.21 percentage points year-on-year; sales of heavy trucks were 101,561, an increase from the same period last year 86%, continuing the situation in short supply.

In fact, not only did China National Heavy Duty Truck Group's sales increase, but truck sales of FAW, Dongfeng and Shaanxi Automobile also increased significantly.

The data shows that in September 2017, the heavy truck market sold 100,000 vehicles, a substantial increase of 89% from the 52,900 vehicles sold in the same period last year. At this point, the monthly sales volume of the heavy truck market has exceeded 90,000 for seven consecutive months, and has also maintained an increase of over 80% for three consecutive months.

In this regard, an analyst told the "International Finance" reporter, this is because in September last year, the state introduced the most stringent overload recognition standards, heavy penalties for units and individuals in violation of the provisions, making it possible to meet the same freight On the basis of quantity, the cargo carrier can only increase vehicles to meet the requirements; on the other hand, this year the state has vigorously promoted infrastructure construction, and the demand for heavy trucks and light trucks nationwide has increased significantly.

Passenger car: overall decline, FAW losses

The passenger car market is another sight.

In the first three quarters, of the 12 listed major passenger car companies, the operating income of the five car companies dropped year-on-year, and the net profit of the eight car companies fell year-on-year, with only four listed car companies achieving overall growth, including SAIC (30.730). , -0.76, -2.41%), Guangzhou Automobile Group (27.760, -0.02, -0.07%), FAW Car (12.010, -0.04, -0.33%), Xiaokang (22.910, -0.14, -0.61%).

The above analysts indicated that SAIC and GAC have performed well because their joint venture brands and their own brands have performed well, and FAW Car has turned losses into profits by relying on joint ventures.

It is worth noting that FAW Xiali (5.780, 0.00, 0.00%) and FAW Car “different”.

FAW Xiali's operating income was 997 million yuan, a year-on-year decrease of 32.28%, and the net profit attributable to shareholders of listed companies was a loss of 1.123 billion yuan, an increase of 36.14 percent over the same period last year. The three quarterly report said that both the revenue and net profit fell due to the decrease in car sales, the decrease in government subsidies, and the decrease in investment income due to holding less equity in FAW Toyota.

FAW Xiali’s “brother” FAW Car was successful in achieving profitability in the first half of this year. In the third quarter, its performance continued to improve. In the first three quarters, operating income was RMB 19,827 million, an increase of 32% year-on-year, attributable to shareholders of listed companies. The net profit was 291 million yuan, a significant increase of 140.69% year-on-year.

With the double-integration policy officially launched at the end of September, the concept of “new energy” has become a hot spot in the capital market.

BYD (64.200, 1.20, 1.90%), one of the representatives of new energy passenger vehicles, sold 11,709 new energy vehicles in September, an increase of 15.7% from the same period of last year. The cumulative sales volume in the first three quarters reached 70,393 units, exceeding the second place in the industry. Doubled. Many agencies believe that BYD's advantage in the new energy automotive market will enable BYD to achieve growth in the future.

According to data released by the China Association of Automobile Manufacturers, sales of new energy passenger vehicles in September were 61,000 units, an increase of 96.9% year-on-year; sales in the first three quarters were 325,000 units, an increase of 53.5% year-on-year; sales of pure electric passenger cars in September were 48,000 vehicles, an increase of up to 103.3%.

Hou Yanyu, head of UBS Asia’s automotive industry, said that industrial development needs a certain amount of accumulation, and scale advantages can bring cost advantages. China is very competitive in electric vehicles, and sales have now accounted for at least 50% of global sales.