Net profit declines and market share increases. Yutong Bus sent 2.2 billion cash dividends in 219.

economic observation network? Reporter? Gao Feichang? On March 3, Yutong Bus announced its annual performance report for 219. The report shows that Yutong Bus achieved an operating income of 3.479 billion yuan in 219, down 3.99% year-on-year; The net profit attributable to shareholders of listed companies was 1.94 billion yuan, a year-on-year decrease of 15.7%. At the same time, Yutong Bus announced the profit distribution plan for 219. It is planned to distribute 2.214 billion yuan in cash for every 1 shares of 1 yuan, accounting for 114.11% of the net profit attributable to shareholders of listed companies. Previously, in 218 and 217, Yutong Bus paid a dividend of 1.17 billion yuan in cash for every 1 shares in 5 yuan.

Regarding the reasons for the decline in net profit, Yutong Bus explained in the report: "In 219, due to the further reduction of the national new energy subsidy standard, the profitability of the company's new energy buses declined, but it was still better than the overall level of the industry." ? Yutong Bus said, 219? What is the annual income plan? 32 billion yuan, but due to the subsidy policy for new energy vehicles and the sharp decline in the overall demand of the industry, the company failed to achieve the income plan formulated at the beginning of the year.

However, the net operating cash flow of Yutong Bus reached 5.34 billion in 219, a sharp increase of 17.16% year-on-year. According to the analysis of Industrial Securities, Yutong Bus's operating cash flow greatly exceeds its net profit returned to its mother, which is the reason for its high dividend: "The main reason is that in 219, more state subsidies arrived. At present, the company's accounts receivable are 13.86 billion, including 7.21 billion state subsidies. Subsequently, with the state subsidies in place, the company's cash flow is in good condition, and it is expected that the company will continue to maintain high dividends in the future."

regarding the development of the bus industry in 219, Yutong Bus believes that the bus industry belongs to a weak cycle industry, and the total amount of the industry depends on the total number of residents' trips and the travel structure, and is also influenced by national policies to some extent. During the reporting period, due to the early consumption of new energy products, high-speed rail and private cars, the total demand for large and medium-sized buses in domestic industries decreased by 15.2% year-on-year.

According to the reporter of Economic Observer Network, the superimposed influence of a number of industry policy changes in 219 has brought pressure to bus companies. These policies include the adjustment of new energy subsidy policy, the promulgation and implementation of the national six standards, the implementation of three-stage vehicle fuel consumption restrictions, and the improvement of the requirements for safety protection and isolation facilities in urban bus, road bus and tourist bus driving areas, and so on. For example, in terms of new energy subsidy policy, on March 26, 219, the Notice on Further Improving the Financial Subsidy Policy for the Promotion and Application of New Energy Vehicles issued by the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Science and Technology and the National Development and Reform Commission not only raised the technical threshold, but also significantly reduced the new energy subsidy standard in 219.

according to the statistics of China bus statistics information network, will the bus industry achieve sales of 7 meters and above in 219? 134,3 vehicles, compared with? 218? Annual decline? 11.31%。 At the same time, in 219, the market share of the top five large and medium-sized buses in the industry was 74.6%, an increase of 2.6 percentage points over 218, and the industry concentration was further improved.

As far as Yutong Bus is concerned, its sales volume in 219 was 58,6, a year-on-year decrease of 3.58%. Among them, the cumulative sales volume of large buses is about 23,9; The cumulative sales volume of medium-sized buses is about 25,9; The cumulative sales volume of light buses is 8862. Although the sales volume has declined year-on-year, Yutong Bus? 219? In, the total sales volume of large and medium-sized buses still reached 49,8, ranking first in the industry. "The company's products mainly cover the large and medium-sized bus market. Thanks to the development of the national economy and the improvement of people's living standards, the competitiveness of the company's products can be fully reflected, and the domestic market share? 37.1%, an increase of 2.6 percentage points. " Yutong Bus said.

In terms of new energy vehicles, Yutong Bus sold 21,1 pure electric vehicles in 219, earning 13.225 billion yuan, and received 2.17 billion yuan in new energy subsidies, accounting for 16.37%. Plug-in models sold 745 vehicles, with a revenue of 466 million yuan and a subsidy of 28 million yuan, accounting for 6.13%; Fuel cell vehicles sold 232 vehicles, with a revenue of 692 million yuan and a subsidy of 93 million yuan, accounting for 15.89%.

It is understood that Yutong Bus has made great strides in overseas markets while laying out the domestic market, and its bus business is divided into domestic sales and overseas sales. Among them, the domestic sales revenue was 24.137 billion yuan, a year-on-year decrease of 5.2%, and the gross profit margin decreased by 1.64%; Overseas sales were 4.195 billion yuan, up 3.47% year-on-year, and gross profit margin increased 3.72 percentage points year-on-year. Comparatively speaking, Yutong bus's overseas sales growth is better than domestic sales performance.

according to the data, Yutong bus's overseas sales and service network has achieved a global network layout, and passed the? 7? More than 1 subsidiaries, offices, distribution partners and other multi-channel models cover six regions of Europe, CIS, America, Africa, Asia-Pacific and Middle East, and have been adopted in more than ten countries and regions such as Ethiopia, Malaysia, Myanmar, Pakistan and Kazakhstan? KD? Assembly mode for localization cooperation. At present, Yutong bus has exported more than all kinds of buses. 7,.

"On the export side, driven by environmental protection policies and requirements, the demand for overseas new energy buses is expected to show a rapid growth trend. With leading product technology and mature marketing experience, China new energy buses will highlight their advantages in the global market competition." Yutong Bus said.

on the other hand, in China, the medium and large bus market is actually saturated. According to the data of China Bus Statistics Information Network, in 219? Overall decline of domestic large and medium-sized bus market in? 11.31%, of which the passenger car market declined? 2.63%, the bus market declined? 16.93%, the school bus market declined? 14.78%, other vehicle market growth? 6.43%。 It can be seen that except for "other models", almost all categories are in a state of decline.

in terms of new energy vehicles, the demand for public transportation has been changed to new energy, which is affected by? 215-217? Impact of early consumption of new energy buses in 218-219? There was a continuous decline in bus demand in. However, Yutong Bus believes that from the development trend, new energy is irreversible. With the decrease of power battery cost and the increase of cruising range, new energy buses gradually enter the field of road buses, which are mainly used for short-distance passenger transport and ferry service in scenic spots in the short term.

As a leader in the bus industry, Yutong Bus currently has the most complete product pedigree in the new energy industry, covering 6-18 years. Michun electric bus, 8 ~ 18? M hybrid bus, 8 ~ 12m fuel cell bus. In addition, like many companies in the industry, Yutong Bus is transforming from a "manufacturing+selling product" enterprise to a "manufacturing service+solution". To this end, Yutong Bus has always attached importance to R&D investment. During the reporting period, Yutong Bus incurred R&D expenditure? 17.74? Billion yuan, accounting for the proportion of operating income? 5.82%, which is at a high level in the same industry. Yutong Bus 219? The annual R&D expenditure is mainly invested in new product development and advanced technology research, and the product is mainly T7? Series models, high-end tourism, high-end public transport, CL6/CL7? And other high-end products.

With regard to the new opportunities in the domestic market in the future, Yutong Bus believes that the market demand for various professional modified vehicles (such as airport car ferry, health care vehicles, communication command vehicles, recreational vehicles, etc.) based on buses will increase steadily, among which recreational vehicles and other vehicles will maintain a relatively fast growth trend. With the improvement of infrastructure and supporting management regulations of national tourist camps, there is still room for growth of RV in the future. In addition, under the influence of the COVID-19 epidemic, it is estimated that? 22? In, will the medical rescue market appear? "fill-in" growth. It is worth mentioning that Yutong Bus has donated 1 negative pressure ambulances to the front line of anti-epidemic this year.

Yutong Bus said that considering the impact of the epidemic and the development of the industry, 22? What is the annual revenue plan of the company? 299.17? 1 million yuan, the cost plan is? 226.31? 1 million yuan, the cost plan is? 57.79? 1 million yuan. It is understood that Yutong bus has basically resumed work and production, but it still remains cautious about the impact of the COVID-19 epidemic: "In the domestic market, the demand for personnel travel and public transportation has been suppressed in the short term, and the impact on the tourist bus market is particularly obvious; In overseas markets, the epidemic has spread rapidly around the world, and the uncertainty has risen sharply. In order to control the spread of the epidemic, countries may strictly restrict the flow of people and transportation. Affected by the epidemic, the demand side will be affected to some extent, the market recovery will take time, and orders may be delayed or reduced. "

This article comes from the author of Chejia, car home, and does not represent car home's standpoint.