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Pang Qinghua, who has just resigned as chairman of the Pangda Group, is still waiting for the court's ruling on the application for bankruptcy and reorganization of Pangda Group.
In an interview with reporters, Pang Qinghua said that if debt risks can be properly resolved through bankruptcy and reorganization procedures, Dahua Group may re-enter the track of healthy development.
As the first domestic auto dealer group to land in the A-share market through an IPO, Da Dao’s plight today is not an isolated case.
When reviewing the financial report, the reporter found that under the "cold winter" of the auto market, the life of most domestic auto dealers was not easy.
According to the "2018 Car Dealer Survival Survey" report published by the China Automobile Dealers Association, the number of car dealers in my country has skyrocketed from 14,000 in 2008 to 29,000 in 2018.
Fierce market competition has made dealers in 2018 The gross profit of new cars plummeted from 5.
5% in 2017 to 0.
4%, and the proportion of loss-making dealers increased from 11.
4% in 2017 to 39.
3%.
"The decline in automobile dealership profits is caused by the superposition of multiple factors.
Among them, the changes in the macroeconomic environment and the public opinion on the decline in the growth rate of the automobile industry have caused consumers to buy cars and wait and see.
In addition, the'National Five' switch to the National Sixth ', it also caused the inventory of some dealers to rise suddenly, making it difficult to digest, and further increasing the pressure of survival.
" Su Hui, an expert in the field of automobile distribution, said in an interview with the reporter of "Daily Economic News".
Dealers entering the "cold winter" business dilemma of the huge group is not an isolated case among the current domestic auto dealer groups.
After consulting the financial reports of listed companies of auto dealers, the reporter found that Guanghui Auto (600297, SH), which ranked first in the "Top 100 Chinese Auto Dealer Groups 2019", had its 2018 net profit attributable to shareholders of listed companies down 16.
3% .
In the first quarter of this year, Guanghui Automobile achieved revenue of 37.
301 billion yuan, a year-on-year decrease of 5.
49%; net profit attributable to listed companies was 801 million yuan, a year-on-year decrease of 28.
36%.
Guanghui Automobile explained in this year's quarterly report that due to the decline in the overall market environment, sales and profitability fell year-on-year, and the company's vehicle revenue, costs and gross profit fell year-on-year.
Zhongsheng Holdings (00881, HK), second only to Guanghui Automobile, had a total operating income of 107.
736 billion yuan in 2018, but its gross profit on new car sales fell by 0.
9%.
In addition, Yongda Automobile (03669, HK) had a consolidated revenue of 13.
95 billion yuan in the first quarter of this year, a year-on-year increase of 9.
9%.
But the net profit attributable to shareholders was 346 million yuan, a year-on-year decrease of 11.
7%.
It can be seen that the profits of most auto dealer groups are shrinking at present, which is not unrelated to its traditional heavy asset development model.
In addition, my country’s auto market has experienced negative growth for the first time in 28 years.
The superimposed effect makes auto dealers feel chills.
.
Some insiders pointed out that for dealers, the traditional 4S store sales model has a large investment in building stores and low capital efficiency.
At the same time, market competition has become increasingly fierce, resulting in lower and lower bicycle profits.
When the overall sales volume of the automobile market continues to decline, the first to be affected will be the automobile dealers, and the automobile manufacturers can transfer risks to the dealers through the pressure library.
Once the products are unsalable, the dealers will be under great financial pressure.
However, Su Hui believes that the decline in the operating performance of auto dealers is closely related to the lack of consumer confidence.
"Today, competition in the automobile market is becoming increasingly fierce, and the development of e-commerce has caused a certain impact on the industry.
The future business model must be diversified, but the traditional 4S store business model will still be an important foundation.
If you change the existing The car dealers are all in chaos, and the market is also in chaos.
" Su Hui said.
Is high inventory the "source of all evil"? Shen Jinjun, president of the China Automobile Dealers Association, has previously stated publicly that high inventories are the "source of all evil" that has caused the decline in the operating performance of today's auto dealers.
Data show that in May 2019, my country's auto dealer inventory warning index was 54%, a decrease of 7% month-on-month and an increase of 0.
3% year-on-year.
The inventory warning index has exceeded the 50% warning line for 17 consecutive months.
In this regard, the China Automobile Dealers Association put forward the main problems in the current industry: First, the production method, that is, the method of production and sales has caused the dealer’s inventory to be high; the second is the serious upside down of the wholesale and zero price difference, and the dealer just sells a car.
Lose one, the more you sell, the more you lose; the third is that there are too many outlets and too dense, causing the same brand to go shopping. The China Automobile Dealers Association appealed to automobile manufacturers that my country’s economy has shifted from rapid development to a high-quality development stage and that production methods should be changed, from the basis of production-based sales to sales-based production.
Specifically, it is necessary to reach a consensus on a reasonable inventory, and to have an argument for the excess inventory.
"If we narrowly understand'production based on sales', it means that vehicles are produced in strict accordance with the number of orders, but from the current actual situation, this is difficult to achieve.
" Yan Jinghui, an automotive industry analyst, is accepting the "Daily Economic News" During the interview, the reporter believes that "the connotation of'determining production based on sales' should be to increase dealers’ participation and opinions, so that dealers’ existing orders and market expectations become an important basis for automakers’ production.
At the same time, gradually Increase the voice of auto dealers.
” But under the "cold winter" of the auto market, not all dealer groups face severe challenges.
It is understood that Zhongsheng Holdings (00881, HK), which is second only to Guanghui Automobile, has a total operating income of 107.
736 billion yuan in 2018.
Although the gross profit of new car sales has dropped by 0.
9%, the group has a net attributable to the parent company in 2018.
Profit was RMB 3.
637 billion, an increase of 8.
5% over 2017.
The growth of Zhongsheng Holdings against the trend is closely related to its strategic layout.
The reporter learned that Zhongsheng Holdings mainly operates luxury brands and mid-to-high-end cars in China.
Its new car sales in 2018 increased by 20.
7% year-on-year.
Among them, Mercedes-Benz achieved sales of 29.
7%, ranking No.
One.
The current luxury car market is the only market that maintains positive growth among the three major domestic passenger car market segments, and dealers who sell high-end and luxury brands have a strong ability to withstand the cold in the cold winter of the auto market.
It can be seen that in addition to inventory and external consumption environment, the dealer group's own strategic layout also has a profound impact on its future development.
In an interview with reporters, Pang Qinghua said that if debt risks can be properly resolved through bankruptcy and reorganization procedures, Dahua Group may re-enter the track of healthy development.
As the first domestic auto dealer group to land in the A-share market through an IPO, Da Dao’s plight today is not an isolated case.
When reviewing the financial report, the reporter found that under the "cold winter" of the auto market, the life of most domestic auto dealers was not easy.
According to the "2018 Car Dealer Survival Survey" report published by the China Automobile Dealers Association, the number of car dealers in my country has skyrocketed from 14,000 in 2008 to 29,000 in 2018.
Fierce market competition has made dealers in 2018 The gross profit of new cars plummeted from 5.
5% in 2017 to 0.
4%, and the proportion of loss-making dealers increased from 11.
4% in 2017 to 39.
3%.
"The decline in automobile dealership profits is caused by the superposition of multiple factors.
Among them, the changes in the macroeconomic environment and the public opinion on the decline in the growth rate of the automobile industry have caused consumers to buy cars and wait and see.
In addition, the'National Five' switch to the National Sixth ', it also caused the inventory of some dealers to rise suddenly, making it difficult to digest, and further increasing the pressure of survival.
" Su Hui, an expert in the field of automobile distribution, said in an interview with the reporter of "Daily Economic News".
Dealers entering the "cold winter" business dilemma of the huge group is not an isolated case among the current domestic auto dealer groups.
After consulting the financial reports of listed companies of auto dealers, the reporter found that Guanghui Auto (600297, SH), which ranked first in the "Top 100 Chinese Auto Dealer Groups 2019", had its 2018 net profit attributable to shareholders of listed companies down 16.
3% .
In the first quarter of this year, Guanghui Automobile achieved revenue of 37.
301 billion yuan, a year-on-year decrease of 5.
49%; net profit attributable to listed companies was 801 million yuan, a year-on-year decrease of 28.
36%.
Guanghui Automobile explained in this year's quarterly report that due to the decline in the overall market environment, sales and profitability fell year-on-year, and the company's vehicle revenue, costs and gross profit fell year-on-year.
Zhongsheng Holdings (00881, HK), second only to Guanghui Automobile, had a total operating income of 107.
736 billion yuan in 2018, but its gross profit on new car sales fell by 0.
9%.
In addition, Yongda Automobile (03669, HK) had a consolidated revenue of 13.
95 billion yuan in the first quarter of this year, a year-on-year increase of 9.
9%.
But the net profit attributable to shareholders was 346 million yuan, a year-on-year decrease of 11.
7%.
It can be seen that the profits of most auto dealer groups are shrinking at present, which is not unrelated to its traditional heavy asset development model.
In addition, my country’s auto market has experienced negative growth for the first time in 28 years.
The superimposed effect makes auto dealers feel chills.
.
Some insiders pointed out that for dealers, the traditional 4S store sales model has a large investment in building stores and low capital efficiency.
At the same time, market competition has become increasingly fierce, resulting in lower and lower bicycle profits.
When the overall sales volume of the automobile market continues to decline, the first to be affected will be the automobile dealers, and the automobile manufacturers can transfer risks to the dealers through the pressure library.
Once the products are unsalable, the dealers will be under great financial pressure.
However, Su Hui believes that the decline in the operating performance of auto dealers is closely related to the lack of consumer confidence.
"Today, competition in the automobile market is becoming increasingly fierce, and the development of e-commerce has caused a certain impact on the industry.
The future business model must be diversified, but the traditional 4S store business model will still be an important foundation.
If you change the existing The car dealers are all in chaos, and the market is also in chaos.
" Su Hui said.
Is high inventory the "source of all evil"? Shen Jinjun, president of the China Automobile Dealers Association, has previously stated publicly that high inventories are the "source of all evil" that has caused the decline in the operating performance of today's auto dealers.
Data show that in May 2019, my country's auto dealer inventory warning index was 54%, a decrease of 7% month-on-month and an increase of 0.
3% year-on-year.
The inventory warning index has exceeded the 50% warning line for 17 consecutive months.
In this regard, the China Automobile Dealers Association put forward the main problems in the current industry: First, the production method, that is, the method of production and sales has caused the dealer’s inventory to be high; the second is the serious upside down of the wholesale and zero price difference, and the dealer just sells a car.
Lose one, the more you sell, the more you lose; the third is that there are too many outlets and too dense, causing the same brand to go shopping. The China Automobile Dealers Association appealed to automobile manufacturers that my country’s economy has shifted from rapid development to a high-quality development stage and that production methods should be changed, from the basis of production-based sales to sales-based production.
Specifically, it is necessary to reach a consensus on a reasonable inventory, and to have an argument for the excess inventory.
"If we narrowly understand'production based on sales', it means that vehicles are produced in strict accordance with the number of orders, but from the current actual situation, this is difficult to achieve.
" Yan Jinghui, an automotive industry analyst, is accepting the "Daily Economic News" During the interview, the reporter believes that "the connotation of'determining production based on sales' should be to increase dealers’ participation and opinions, so that dealers’ existing orders and market expectations become an important basis for automakers’ production.
At the same time, gradually Increase the voice of auto dealers.
” But under the "cold winter" of the auto market, not all dealer groups face severe challenges.
It is understood that Zhongsheng Holdings (00881, HK), which is second only to Guanghui Automobile, has a total operating income of 107.
736 billion yuan in 2018.
Although the gross profit of new car sales has dropped by 0.
9%, the group has a net attributable to the parent company in 2018.
Profit was RMB 3.
637 billion, an increase of 8.
5% over 2017.
The growth of Zhongsheng Holdings against the trend is closely related to its strategic layout.
The reporter learned that Zhongsheng Holdings mainly operates luxury brands and mid-to-high-end cars in China.
Its new car sales in 2018 increased by 20.
7% year-on-year.
Among them, Mercedes-Benz achieved sales of 29.
7%, ranking No.
One.
The current luxury car market is the only market that maintains positive growth among the three major domestic passenger car market segments, and dealers who sell high-end and luxury brands have a strong ability to withstand the cold in the cold winter of the auto market.
It can be seen that in addition to inventory and external consumption environment, the dealer group's own strategic layout also has a profound impact on its future development.
