SAIC still cautiously controls inventory in the second half of the year

67% of annual sales plan completed in half a year

Originally, "Responding to the market downturn" as the main task of this year and setting a prudent sales target in 2009, SAIC sighed with relief. Shanghai Auto Group told reporters on the 23rd that from January to June, SAIC Motor sold 1,225,568 vehicles, an increase of 29.3% over the same period of last year, which was higher than the average level of the domestic market; all major economic indicators have achieved a "double over half", in order to complete the The economic work goals and tasks laid the foundation for the year. With SAIC Motor’s strategy of “preserving profitability, adjusting pace, and seeking long-term growth,” the original sales plan in 2009 only sold 1.8 million vehicles for the full year, and completed 67% of this target in the first half of the year.

Chen Hong, president of SAIC, said that in the second half of the year, it will “ensure that the full range of annual economic goals and tasks will be fulfilled.” In addition to its dedication to rapid market response and safety and quality, it is particularly focused on inventory and cost, and the inventory of its subsidiaries should continue to be strictly controlled. Further optimize the inventory structure, as always, control the structure costs and reduce costs.

Sales of independent brands quadrupled

According to the latest data disclosed by the China Association of Automobile Manufacturers on the 22nd, SAIC ranked first among the top ten auto makers in the first half of the year. Ten companies sold a total of 5 million vehicles, accounting for 84% of the country's total vehicle sales, and SAIC also occupied one-fifth of them.

According to the latest statistics released by SAIC personnel to reporters, SAIC Motor sold 675,127 vehicles in the first half of the year, an increase of 22.4% year-on-year; commercial vehicles sold 550,441 vehicles, an increase of 38.9% year-on-year, and domestic sales ranked first in the top five. In the “Three Funds”, Shanghai Volkswagen sold a total of 3,1411 vehicles, an increase of 15.4% year-on-year, ranking first in the domestic passenger car market, and winning double-digit championships in monthly sales in June and sales in the first half of the year. Shanghai General Motors sold 288,854 vehicles, a year-on-year increase of 16.1%, setting a record high, including sales of 60,356 vehicles in June, an increase of 59.2% year-on-year. SAIC-GM-Wuling sold 492,985 mini-commercial vehicles, a year-on-year increase of 48.6%, a record high.

The person emphasized that the self-owned brand segment SAIC Motor Co., Ltd. has placed high hopes on and deemed to be the main profit growth point in the future has also won. SAIC Motor Co., which operates the block, said that in the first half of the year it sold 40,197 Roewe and MG cars, a year-on-year increase of 274.4%. In particular, the monthly sales of Roewe 550 sedans reached a new record of 6,000, and it stayed ahead of its own brand in the high-end market. Advantage.

Destocking acceleration

In 2008, the contradiction between the sales target and the actual sales volume as well as the high diving price of steel prices all brought a huge “stock digestion” trouble to SAIC. However, on the 23rd, the company’s sources told the China Securities Journal that the number of terminal sales of SAIC has grown faster than the number of wholesalers for several months, while the latter has exceeded the growth rate of production, and the inventory of manufacturers and distributors has declined as a whole. However, according to the arrangements of SAIC's top management, the company's focus in the second half of the year is still on the careful control of inventory, and will not blindly release capacity.

Guojun Securities analyst Li Jun said that on-the-spot investigation of SAIC and other car companies found that the impulse of manufacturers to expand investment is not big. This is an important difference from previous years when the industry is booming, and current manufacturers’ expectations of continued hot selling are still uncertain. Therefore, despite the tight production capacity, the impulse of manufacturers to invest in new production capacity is very low.

Ssangyong’s negative impact on weakness

As the earliest and most active automobile enterprise engaged in mergers and acquisitions at home and abroad, the impact of SAIC and Ssangyong on SAIC's future has attracted investors’ attention. SAIC has no further disclosure of this. However, Hualiang Securities researcher Chen Liang believes that the negative impact of Nanjing Automobile and Ssangyong has narrowed. SAIC's current integration with Nanjing Auto is still in progress, and it will take several years for the integration to produce benefits. It is expected that the losses of Nanjing Auto in 2009 and 2010 will stabilize at around RMB 600 million. As for Ssangyong, which entered the recovery process, although Ssangyong Motor combined and reported its net profit attributable to shareholders of the parent company in 2008, it contributed a loss of 2.281 billion yuan.

However, with the continuous increase in the accrual and gradual digestion, after the second quarter of 2009, Ssangyong's cumulative loss is the highest 928 million yuan. In the future, SAIC Motor will be able to compete in the market with a more light-hearted attitude.

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