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In July, JAC sales reached 26,000 vehicles, an increase of up to 105%. However, the latest announcement shows that the company is temporarily in a situation of increasing production and not increasing income. On August 18, Jianghuai Media reported that the company achieved operating income of 9.324 billion yuan in the first half of the year, a year-on-year increase of 1.89%. Since the company's new products have not yet yielded economies of scale, its operating profit for the first half of the year was RMB 90,895,500, a year-on-year decrease of 52.73%.
In this regard, the analyst did not reduce the rating of JAC, with the gradual improvement of the JAC sedan project, the investment in the traditional strong MPV, as well as the heavy truck joint venture project and the merger with Chery and other major projects conjecture. Analysts generally include it in the overweight rating.
Industrial Securities Company analysis said that JAC's situation in the second quarter was significantly better than in the first quarter. JAC's first-quarter net profit was -73,066,600 yuan. The first-quarter gross margin was only 10.80% in the first quarter. The second-quarter single-quarter gross margin has risen to 16.29%. Among various businesses, the Industrial Securities report concluded that the sedan business is a bright spot, and Jianghuai Automobile sold 28,322 cars in the first half of the year, an increase of 309.34% year-on-year.
According to Dai Maofang, deputy general manager of Jianghuai Automobile and general manager of passenger car company, in the first half of this year, JAC's passenger vehicles achieved sales of 55,000 vehicles, an increase of 66.4% year-on-year, and sold over 10,000 vehicles for four consecutive months. In the first half of the year, Tongyue has achieved initial success with monthly sales of 5,000 units. In the second half of the year, with the launch of two new models of Heyue and BMPV, the economies of scale of the sedan project will gradually manifest itself. The increase in gross profit margin.
"The commissioned Austrian AVL company to develop a 1.5LVVT engine has been established," the company insiders said, "after the successful development of 1.5L, will also develop a 1.8L engine, to lay the foundation for JAC to develop a full range of cars."
“Passenger cars are an important development strategy.†Dai Maofang revealed that Jianghuai’s “Taxi Strategy†has been determined. This year will improve the six passenger car platforms for MPV, SRV and C, B, A and A0 cars, and will also focus on building four major engine platforms. In the future, JAC will have 3-4 new varieties of passenger cars on the market each year. And to form "mutually overlapping and complementary advantages" between all platforms.
In the first half of the year, the company’s MPV and light trucks, which are the major sources of profit, grew relatively smoothly, with 21,581 units of Ruifeng MPVs sold, an increase of 6.73% year-on-year, and 77,575 light trucks, an increase of 6.45% year-on-year. JAC plans to implement a light passenger van project, also known as a large MPV. The total investment of the project will reach 592 million yuan, and it is awaiting national examination and approval. It is understood that after the project is put into operation, it can realize an annual sales income of 3.58 billion yuan, a total annual profit of 450 million yuan, and an investment recovery period of 5.49 years. Zuo Tao, an analyst at Guosen Securities Automotive, believes that JAC Refine is itself a product of about 10 years ago. "It should be replaced sooner." Jiang Min, director of the Jianghuai Automobile Co., Ltd., said that the above-mentioned new products to be launched are aimed not only at the domestic market but also at great demand from abroad.
For the market outlook, analysts generally believe that the restructuring with Chery is also the key to JAC's direction, but the specific approach depends on the restructuring; and JAC heavy trucks, there are news that the world’s largest construction machinery production Caterpillar and the North American commercial vehicle and engine production giant Navistar will jointly launch a joint venture in the Chinese market and establish a 50:50 joint venture with JAC to enter the heavy truck market. Once the joint venture is successful, the alliance will become the third commercial vehicle giant in China after Daimler-Benz and Germany MAN. However, this matter has not yet been confirmed.