Analysis of Net Profit of Bus Companies Listed in China in the First Half of 2012

Due to the drag from the weakening of the macro economy, the performance of the passenger car market in China in the first half of this year was not satisfactory. Under such circumstances, what are the revenue and net profit conditions of our listed bus companies? This is briefly analyzed below.

Bus company listed companies’ net profit declined by 6.3%

According to the data compiled by Gasgoo.com, in the first half of this year, the operating income of China’s six listed bus companies totaled 22.827 billion yuan, representing a growth of 7.4%, but the total net profit fell by 6.3% to 681 million yuan. The average net rate also followed. Declined - from 3.4% in the same period last year to 3.0%.

In the first half of this year, the six companies ranked by order of revenue in terms of operating income were Jinlong Motors, Yutong Bus, Shuguang Automobile, Ankai Bus, Zhongtong Bus and Yaxing Bus; ranking by net profit was Yutong Bus and Jinlong Automobile. Zhongtong Bus, Ankai Bus, Shuguang Automobile and Yaxing Bus.

Revenue: Yutong bus revenue approached Jinlong Automobiles Jinlong Automobile and Yutong Bus revenues were still ahead of other bus companies with absolute advantages. The revenue gap between the two companies was greatly reduced: In the same period of last year, Jinlong Automobile's revenue was 84.48. Billion yuan, which is about 2 billion yuan more than Yutong Bus's 6.529 billion yuan. In the first half of this year, Yutong bus revenue grew by 27.1% to 8.296 billion yuan, which is only 8.47 billion yuan less than Jinlong Automobile (only 0.5% higher than the same period of last year). About 200 million yuan. Other companies had revenues of less than 4 billion yuan in the first half of this year and the same period last year.

Net Profit: Only Yutong and Zhongtong Growth




Yutong Bus's operating income grew rapidly. The main reason for its financial report was due to the increase in sales of its products. After a deeper study of the reasons, it can be found that it mainly benefits from school buses and exports, and this is also the main reason for its rapid growth in net profit in the first half of this year (34.3% year-on-year increase to 590 million yuan).

In addition, Zhongtong Bus also benefited from school buses and exports. Both revenue and net profit grew rapidly in the first half of this year. Its operating income increased 16% year-on-year to 1.285 billion yuan, and net profit rose 11.6% to 26.28 million yuan.

The other four bus companies listed in the first half of this year saw their net profit decline. Among them, although the revenue of Yaxing Bus achieved the highest increase of 67.1%, due to the substantial increase in its accounts receivable, a significant increase in provision for bad debts directly led to a negative net profit. Dawning Auto's net profit has a 95.4% decline, only 50.317 billion yuan. Its financial report shows that the main reason is that the decline in operating income led to a decrease in gross profit and Dalian Huanghai Company is currently in the preparatory period resulting in an increase in administrative expenses and an increase in financial costs. .

The net profit of Ankai Bus and Jinlong Automobile in the first half of this year fell 49.4% and 47.3% respectively to RMB 156 million and RMB 595 million.

Net profit rate: Yutong bus has the highest net profit and the only improvement




From the perspective of net profit, in the first half of this year, the net profit of Yutong Bus was not only the highest among the six bus companies listed, but also increased from the same period of last year, from 6.7% in the first half of last year to 7.1% in the first half of this year. It is also the only company whose net profit rate is higher than the average level of bus companies listed (3%). The net interest rates of other companies are all below average, among which the net rates of Zhongtong Bus and Ankai Bus are 2% and 1.1%, respectively; Jinlong Automobile and Shuguang Automobile are only 0.7% and 0.2% respectively.

In summary, the overall performance of China's bus companies is not satisfactory, but among them, Yutong Bus and Zhongtong Bus have performed well due to benefit from school buses and exports. In the second half of this year, the Chinese economy will continue to see a “high fever and never fail” background. How will the bus industry change? Let's pay attention!

Note:

The "net profit" in the chart of this article refers to "net profit attributable to shareholders of a listed company", "net profit attributable to owners of parent company", "net profit attributable to shareholders of parent company" or "attributable to ordinary shares of the company Shareholders' net profit."