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Pattern Reshaping: Overall Performance Decline Of New Energy Industry Chain Enterprises In The First Half Of The Year

2020/9/1 10:38:00 82

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In the first half of 2020, affected by the new crown pneumonia epidemic, China's new energy vehicle market showed a significant decline. Companies in the new energy vehicle industry chain are under pressure.

Recently, a number of companies related to the A-share new energy vehicle industry have published their 2020 semi annual reports. In the field of vehicle, although the net profit of BYD increased year-on-year, its auto business performance declined; BAIC new energy, which had been the champion of China's pure electric vehicle sales for seven times, had a net loss of 1.863 billion yuan. In the field of power battery, the net profit of Ningde times decreased by 7.86%, that of GuoXuan High Tech Co., Ltd. dropped by 89.72%, and Funeng technology lost 175 million yuan.

"Behind the performance losses of each enterprise is that the new energy vehicle industry has accelerated its internal structural adjustment under the double impact of the epidemic situation during the critical period of subsidy decline. Some problems in the process of development of some enterprises have been exposed more prominently, but at the same time, the competitiveness of leading enterprises has been further revealed. " On August 30, a new energy vehicle employee told the reporter of the 21st century economic report.

However, it is worth noting that from the market situation in June and July, the whole new energy vehicle market in China has recovered. The above-mentioned enterprises said in their financial reports that with the improvement of the new energy vehicle market in the second half of the year, the company's operating performance is expected to improve.

Traditional automobile enterprises: urgent to open middle and high end market

In the first half of 2020, affected by the global new crown pneumonia and other force majeure factors, the new energy vehicle market showed a significant decline. According to the data of China Automobile Industry Association, the domestic sales of new energy vehicles were 393000, a year-on-year decrease of 37.4%. Among them, the market of medium and low-end electric vehicles, as well as the market of taxis, online car hailing and other operational electric vehicles has declined significantly. However, the sales volume of Tesla, Weilai, ideality and other auto companies that mainly focus on the private car market are growing.

"The rental sector is a shortcut for traditional car companies to develop new energy. Many traditional car companies rely on the taxi network to achieve momentum Cui Dongshu, Secretary General of the all China Riding Association, said.

The local traditional automobile enterprises occupy the main market share in the operation vehicles. Before that, BYD and BAIC new energy, the two giants of China's new energy vehicles, have been more impacted. In the field of new energy vehicles, both companies failed to beat the market.

According to the production and sales data previously released by the two enterprises, in the first half of this year, the sales volume of BAIC new energy was only 14700, a year-on-year decrease of 77.44%; the sales volume of BYD's new energy vehicles was 60700, a year-on-year decrease of 58.34%. This has also seriously affected the company's performance.

On the evening of August 27, BAIC Blue Valley (600733) released its financial report for the first half of 2020. According to the semi annual report, in the first six months of this year, the operating revenue of BAIC Blue Valley reached 3.112 billion yuan, a year-on-year decrease of 68.94%. The net profit attributable to shareholders of listed companies was - 1.863 billion yuan, compared with 69 million yuan in the same period last year.

On BYD's side, although its sales of new energy vehicles also declined, its net profit increased due to the more complete industrial chain layout and driven by other businesses. According to the semi annual report of 2020 released by BYD on August 28, the operating revenue during the period was 60.503 billion yuan, down 2.7% year-on-year; the net profit attributable to shareholders of listed companies was 1.662 billion yuan, with a year-on-year increase of 14.29%.

In terms of trend, despite the decline of subsidies, China's new energy vehicle market is gradually entering the environment of switching from public operation vehicles to private vehicles, while the performance of local traditional automobile enterprises in the private market is not outstanding.

At the same time, with the upgrading of consumption and the aggravation of market competition, the medium and high-end new energy vehicle market has a huge potential. "The characteristics of the private pure electric market are relatively distinct, and the trend of high-end is extremely obvious." Cui Dongshu said.

In the first half of the year, Tesla, which accounted for 40% of the market share of pure electric vehicles in mega cities, was Tesla. At the same time, Weilai, Xiaopeng and other new forces of car making are also in the forefront.

Therefore, from the low-end market to the high-end market, has also become an important strategy of traditional automobile enterprises. Before that, BYD has launched a high-end flagship model, BYD Han. The price of Han EV is slightly lower than that of Tesla Model 3, which has achieved good market appeal in the past two months. BAIC new energy is also accelerating its entry into the medium and high-end market. Arcfox α T, as the first high-end model of BAIC new energy's "product upgrading and brand upgrading" strategy, will be launched this year. This is the only high-end brand of BAIC's independent plate in the future, and BAIC group attaches great importance to it.

However, in terms of marketing and brand building, the new forces of Chinese car making have formed their own characteristics and advantages. However, many consumers still have a certain inertia thinking about the brand image of local traditional automobile enterprises, which makes it more difficult for them to open the situation of medium and high-end market.

Power battery: head effect becoming more prominent

With the decline of the new energy vehicle market, the load volume of power battery has also declined significantly, which directly leads to the decline of performance of power battery enterprises. According to the data of CAAC, from January to June, China's power battery output was 23.5gwh, a year-on-year decrease of 45.8%; the cumulative sales volume reached 21.3gwh, a year-on-year decrease of 41.7%; and the power battery loading volume was 17.5gwh, a year-on-year decrease of 41.8%.

In the first half of the year, new changes have taken place in the market structure of China's power battery industry, and the head effect of the industry is more obvious.

Ningde era is the largest one, accounting for half of the country. The power battery loading volume is 8.44gwh, and the market share is still as high as 48.31%. BYD's battery external supply channel has not been fully opened. Under the influence of BYD's new energy vehicle sales decline, the gap between BYD and Ningde era has widened. LG Chemical has rapidly expanded its market share in China because of domestic Tesla Model 3. Under the impact of the market share of Japanese and Korean batteries in China, the market space of the second and third echelon enterprises is further compressed.

On the evening of August 26, Ningde times (300750) released the financial report for the first half of 2020, which showed that in the first half of this year, Ningde times realized 18.830 billion yuan of operating revenue, a year-on-year decrease of 7.08%, and a net profit of 1.937 billion yuan, a year-on-year decrease of 7.86%. Although the operating indicators such as revenue, net profit and gross profit rate have declined slightly, the performance of Ningde era is still very good in the whole industry.

In the first half of the year, GuoXuan high tech (002074) and Funeng Technology (688567) received considerable attention due to the shares of Volkswagen Group and Daimler respectively. However, as the electric strategy of Volkswagen and Mercedes Benz in China has not been implemented on a large scale, the two companies have not benefited directly from this. The main customers of the two companies are local traditional car companies. Therefore, in the first half of the year, the performance of GuoXuan high tech and Funeng technology has declined significantly.

GuoXuan high tech achieved a revenue of 2.422 billion yuan, a year-on-year decrease of 32.85%, and a net profit of 36.1376 million yuan, a year-on-year decline of 89.72%. The operating income of Funeng technology was only 285 million yuan, a year-on-year decrease of 71.83%, and a net loss of 175 million yuan, a year-on-year decrease of 424.07%. The loss in half a year is more than the net profit accumulated since 2016.

"Ningde era has absorbed most of the high-quality customer resources, and the impact is very small when the new energy automobile industry is in a bad situation. However, for a large number of battery enterprises in the second and third echelons, the main customer resources are local enterprises, and they are highly dependent on one or two customers, so their anti risk ability is not so strong. " The top management of a power battery enterprise told the reporter of the 21st century economic report.

At the same time, the power battery technology and cost control still need further breakthrough. Ningde times has more sufficient funds to develop new products and new technologies. In the period of rapid development of power battery, it has more chips to attract automobile enterprises. In addition, Japan and South Korea battery enterprises enter the Chinese power battery market in a large scale, which will intensify the competition in the whole market, and accelerate the process of survival of the fittest in the industry.

 

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