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The latest financial report of SAIC is announced!

2024-05-30 Update From: AutoBeta NAV: AutoBeta > News >


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On April 29th, SAIC released its first quarterly report of 2024. According to the report, SAIC's total operating income in the first quarter was 143.07 billion yuan, down 1.95 percent from the same period last year; the net profit belonging to shareholders of listed companies was 2.71 billion yuan, down 2.48 percent from the same period last year; and the net profit belonging to shareholders of listed companies after deducting non-recurring gains and losses was 212 million yuan, down 1.97 percent from the same period last year.

To put it simply, SAIC's operating income, net profit and deducted non-net profit all declined to varying degrees in the first quarter of 2024. As for the change in performance, SAIC said in the announcement that the net cash flow generated by operating activities was mainly due to the appropriate adjustment of the loan scale of SAIC Finance Co., Ltd., a subsidiary of the company, according to business demands. optimize the deposit structure.

SAIC is the largest automobile group in China, the main vehicle companies include Zhiji Automobile, SAIC passenger car Branch, Feifan Automobile, SAIC Volkswagen, SAIC General Motors, SAIC General Motors Wuling, SAIC Chase, Nanjing Iveco, SAIC Light truck, Shanghai Shenwo and so on. Data show that in the first quarter of 2024, SAIC terminal delivery volume was 1.132 million, an increase of 9.3% over the same period last year; sales of new energy vehicles in the domestic market reached 168000, up 117.5% from the same period last year; and terminal delivery volume in overseas markets reached 269000, an increase of 21.3% over the same period last year.

According to KuaiBao, the production and marketing released by SAIC, SAIC's total vehicle sales in the first quarter of 2024 were 834153 vehicles, down 6.40% from the same period last year. It is worth mentioning that SAIC vehicle sales have declined for five consecutive years since 2019, and the decline in sales is bound to lead to a decline in its net profit.

SAIC-Volkswagen, SAIC-GM and SAIC passenger cars showed mixed feelings. In terms of brand segmentation, among the joint venture brands, SAIC-Volkswagen sold 248059 vehicles, up 9.60 per cent from a year earlier, while SAIC GM sold 111500 vehicles, down 40.04 per cent from a year earlier, and SAIC GM Wuling sold 224009 vehicles, up 16.37 per cent from a year earlier. Among independent brands, SAIC passenger car sales were 196455, down 17.27 per cent from a year earlier, while SAIC Chase was 48243, down 7.02 per cent from a year earlier. In addition, SAIC Zhiji sold 10001 vehicles, an increase of 165.63% over the same period last year.

According to Automotive Industry concern, SAIC-Volkswagen, SAIC-GM and SAIC-GM Wuling account for 69.96% of the group's total sales, while SAIC passenger cars and SAIC Chase account for only 29.33%. In other words, the joint venture brand is still SAIC's main source of sales, but according to the data, SAIC GM has fallen by more than double digits, and its performance will also directly affect the group's performance. It is worth mentioning that in the first quarter of this year, sales of self-branded passenger cars and SAIC Chase both declined.

For the current SAIC Group, even if it has the largest car manufacturer in China, it cannot rest easy, especially in the highly competitive 2024, with the rise of its own brands, the market share of joint venture brands continues to be carved. more importantly, new energy vehicles have gradually become mainstream models in the auto market.

At present, the best-selling new energy brands of SAIC are Wuling Hongguang MINI EV and Wuling colorful fruit. Retail data show that from January to March this year, Wuling Hongguang MINI EV sold 44215 vehicles and Wuling colorful fruit 31152. It should be noted that small cars and subcompact cars are usually meagre or even unprofitable, and even Wuling Hongguang MINI EV and Wuling colorful fruit can hardly support the important task of "profit". Of course, for car companies, the launch of small and mini electric cars is more to boost sales than profit.

In addition, Zhiji and Feifan, the two major new energy brands of SAIC, have not yet gained a foothold in the middle and high-end new energy market. Take Zhiji car as an example, Zhiji car models currently on sale include Zhiji L7, Zhiji LS7, Zhiji LS6 and Zhiji L6, of which Zhiji L6 is a brand new model, which was put on pre-sale on April 8th. As a subsidiary of SAIC, Zhiji's starting point is not low, but it has been lukewarm in the auto market. Retail data show that the cumulative sales of Zhiji cars from January to March are 10001, of which Zhiji LS6 is 8733, Zhiji LS7 and Zhiji L7 are 951 and 317 respectively, which is a far cry from the mainstream car companies.

Under the background of increasingly fierce competition in the new energy vehicle market, the importance of independent brands to SAIC is self-evident. According to the plan, SAIC's own brands will account for 60% of sales by 2025. However, in the face of the current "reshuffle" of the global automobile industry, there is not much time left for SAIC to break through.

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