Transcripts of 23 auto companies' mid-year report: R&D expenses average 732 million, 4 revenue and net profit growth

In the first half of the year, due to the impact of the epidemic and the market downturn, both the production and sales of the auto industry fell, and the industry's profits fell significantly. According to data released by the National Bureau of Statistics, in the first half of the year, in terms of total industry profits, the automobile manufacturing industry fell by 20.7%.

The battery network (micro number: mybattery) has calculated the performance of the listed automobile companies in the first half of the year and found that in the first half of this year, the total revenue of the 23 auto companies included in the statistics was about 631.75 billion yuan, and the average revenue was about 27.467 billion yuan. There are 10 companies with over 10 billion yuan, including SAIC, FAW Jiefang, BYD, Great Wall Motor, Changan Automobile, Foton Motor, China National Heavy Duty Truck, GAC, JAC, Jiangling Motors, etc.; the total net profit is about 13.14 billion yuan, the average net profit About 571 million yuan, of which 10 companies such as SAIC, Changan Automobile, Guangzhou Automobile Group, FAW Jiefang, BYD, Great Wall Motor, China National Heavy Duty Truck, Dongfeng Motor, Jiangling Motors, Foton Motor, etc., over 100 million yuan, and 10 other auto companies There is a loss. In the first half of 2019, the net profit of 23 auto companies totaled about 21.658 billion yuan, with an average net profit of about 942 million yuan.

In addition, in the first half of this year, for the 23 auto companies included in the statistics, only 5 companies including China National Heavy Duty Truck, FAW Jiefang, Changan Automobile, Foton Motor and Jiangling Motors achieved year-on-year growth in operating income; 8 companies including Changan Automobile, Suguang, FAW Jiefang, Dongfeng Motor, BYD, Sinotruk, ST Haima, etc.; only 4 companies including Jiangling Motors, Changan Automobile, FAW Jiefang, and Sinotruk saw both growth in operating income and net profit; The average sales gross profit margin was only about 10%. Among them, the average sales gross profit margin in the first quarter was even lower, about 8.54%.

Battery.com also noticed that in terms of R&D expenses, 23 auto companies totaled 16.842 billion yuan in the first half of the year, with an average of 732 million yuan per auto company. There were 17 auto companies with R&D expenses higher than net profit (about 74%). ). Among them, SAIC Group invested the most in research and development expenses, reaching 5.84 billion yuan.

According to Wind data, as of August 30, 3,441 companies disclosed their R&D expenditures in the first half of the year, with a total investment of 334.074 billion yuan, and an average of 97.086 million yuan per company. Among the 23 auto companies, 16 (approximately 70%) have R&D expenses exceeding 97 million yuan.

In addition to the high investment in research and development costs, auto companies also invest a lot in investment expansion, especially in new energy vehicle projects, which are typically long-term and high-input. Prior to this, according to the announcements and public reports of listed companies, Battery.com collected statistics on investment and expansion projects in the battery new energy industry chain in the first half of this year. Among the 55 projects included in the statistics, 53 announced investment amounts, with a total investment of more than 171.917 billion yuan. Among them, there are 13 investment projects in the fields of new energy vehicles, parts, and charging piles, with a total of 31.578 billion yuan.

In addition, in the first half of the year, in order to reduce the impact of the new crown pneumonia epidemic and promote automobile consumption, the national and local governments issued a series of favorable policies, such as the extension of the new energy vehicle purchase subsidy and the exemption of purchase tax, the revision of the double points policy, and the revised new energy Automobile access policies, vigorously promoting the construction of charging infrastructure, issuing automobile consumption coupons or subsidies, and increasing the number of index plates in cities with restricted purchases, promote the recovery of the automobile industry, especially the new energy automobile market.

With the sharp improvement of the epidemic situation and the implementation of favorable policies, the auto industry has shown signs of recovery. According to data from the China Automobile Association, China's auto sales in July continued the recovery momentum since the second quarter, increasing by 16.4% year-on-year to 2.112 million vehicles. Among them, commercial vehicle sales continued to rise, with an increase of 59.4% year-on-year; sales of new energy vehicles rose 19.3% year-on-year, achieving positive growth for the first time since the beginning of the year.

Today, the production and sales data of auto companies in August is coming out soon. The \"golden nine silver ten\" of my country's auto market has begun. In the second half of the year, can auto companies reverse the general decline in performance in the first half of the year? The industry generally expects to be positive. Of the 23 auto companies we have counted, 11 have released forecast data for this year's operating income growth rate, and 9 of them are forecasting positive growth.