China Meidong Auto Holdings Ltd. · HKEX:1268
China Meidong Auto — H1 2021 Earnings Presentation
30 slides from China Meidong Auto's earnings presentation, Aug 31, 2021
Slide 1: 2021 Interim Results Presentation
(股份代号: 1268.HK) 2021 Interim Results Presentation August 2021
Slide 2: Content
简单 · 直接 · 数据化 Content SIMPLE DIRECT DATA DRIVEN 2021 Interim Results Highlight Financial Review and Analysis Outlook & Strategy
Slide 3: 2021 Interim Results Highlight
简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN 2021 Interim Results Highlight 简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN
Slide 4: Summary
简单 · 直接 · 数据化 Summary SIMPLE DIRECT DATA DRIVEN Continued the strong momentum in the second half of 2020 Maintained growth and enhanced margin Execute acquisitions consistent with stated strategy • Acquired 2 stores (1 Lexus + 1 BMW ) • Both recorded efficiency enhancement • Growing M&A pipeline Mai
Slide 5: Solid Results
简单 · 直接 · 数据化 Solid Results SIMPLE DIRECT DATA DRIVEN Total Revenue Net Profit RMB mn RMB mn 771 20,207 16,210 558 551 11,067 11,808 363 7,683 8,448 307 279 6,263 4,808 157 3,855 115 106 2014 2015 2016 2017 2018 2019 2020 1H2020 1H2021 2014 2015 2016 2017 2018 2019 2020 1H2020 1H2021 Net Profit Marg
Slide 6: Maintained High ROA and ROE
简单 · 直接 · 数据化 Maintained High ROA and ROE SIMPLE DIRECT DATA DRIVEN Inventory Turnover Days ROA 58.0 13.51%# 46.4 9.37% 9.41% 9.92% 8.71% 8.51%# 30.5 31.6 28.4 6.06% 5.44% 4.46% 17.0 12.0 9.0 8.0 2014 2015 2016 2017 2018 2019 2020 1H2020 1H2021 2014 2015 2016 2017 2018 2019 2020 1H2020 1H2021 # Annu
Slide 7: Continued Strong Momentum in 2H2020: 1H2021 vs 2H2020
Continued Strong Momentum in 2H2020 简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Maintained Growth and Enhanced Margin 1H2021 vs 2H2020 Net Profit Operating Cashflow RMB mn 953 551 463 822 2H2020 1H2021 2H2020 1H2021 Net Profit Margin Gross Profit Margin of Premium Brand Car Sales 7.0% 4.7% 6.3% 3.9% 2H2
Slide 8: Customer Return Ratio (CRR) Program Encouraging Initial Results
Customer Return Ratio (CRR) Program 简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Encouraging Initial Results Customer Active Index Services Reservation Ratio 1.87 1.91 1.86 1.94 1.83 1.83 1.74 1.72 1.57 1.61 1.43 1.36 1.30 1.25 1.13 1.14 1.00 1.00 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 A
Slide 9: Balanced Growth – New Store and M&A Expansion
Balanced Growth – New Store and M&A Expansion 简单 SIMPLE · 直接 DIRECT · 数据化 DATA DRIVEN No. of As at 31 Dec As at 30 Jun As at 30 stores 2020 2021 Aug 2021 As at 30 Aug 2021 Porsche 7 8 9 BMW/ Mini 26 27 27 Beijing (4) Hebei (4) Lexus 16 17 18 Shandong (1) Gansu (1) Jiangsu (2) Hubei (3) Anhui (6) Aud
Slide 10: Acquisitions Consistent with Stated Strategy
简单 · 直接 · 数据化 Acquisitions Consistent with Stated Strategy SIMPLE DIRECT DATA DRIVEN M&A Progress M&A Strategies Established a new specialized M&A Familiar mainstream premium brands team in late 2020 As at 30 Jun, completed acquisitions of one Lexus store in Nanjing and one BMW store in Guangan. Tar
Slide 11: Dividend
简单 · 直接 · 数据化 Dividend SIMPLE DIRECT DATA DRIVEN ✓ Dividend of RMB 0.1293 per share for 1H2021 Proposed interim dividend of RMB 0.1293 per share Total dividend since IPO of RMB 1.1956 per share, 47.1% of total net profit 11
Slide 12: Financial Review and Analysis
简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Financial Review and Analysis 简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN
Slide 13: 2021 Interim Results Overview
简单 · 直接 · 数据化 2021 Interim Results Overview SIMPLE DIRECT DATA DRIVEN RMB’000 1H2020 1H2021 Change Revenue 8,447,854 11,808,117 +39.8% Gross profit 819,139 1,273,616 +55.5% Other income 87,782 122,612 +39.7% Profit for the Period 307,190 551,037 +79.4% Profit attributable to equity shareholders of t
Slide 14: Revenue Analysis
简单 · 直接 · 数据化 Revenue Analysis SIMPLE DIRECT DATA DRIVEN Overall Revenue Revenue from New Car Sales RMB mn RMB mn 10,544 7,488 11,808 8,448 1H2020 1H2021 Revenue from After-sales Service RMB mn 1,264 960 1H2020 1H2021 1H2020 1H2021 14
Slide 15: Improving Revenue Mix
简单 · 直接 · 数据化 Improving Revenue Mix SIMPLE DIRECT DATA DRIVEN Premium Brand Focus Contribution of Premium Brands to New Car Sales Revenue Revenue Contribution of Premium Brands 84.0% 84.2% 87.3% 84.0% 84.2% 87.2% 81.3% 60.4% 70.2% 75.9% 81.2% 76.1% 20,000 44.0% 54.4% 70.0% 70.6% 16,967 60.4% 13,166
Slide 16: Revenue Analysis by Brands
简单 · 直接 · 数据化 Revenue Analysis by Brands SIMPLE DIRECT DATA DRIVEN As a % of total revenue in 1H2021 As a % of total revenue in 1H2020 BMW Porsche 41.0% BMW Porsche 18.3% Audi 35.3% 17.7% 1H2020 0.7% Toyota Audi Audi 1H 2021 Overall 12.6% 0.7% Porsche 0.6% Overall Toyota Porsche Audi Revenue Hyundai
Slide 17: Volume Analysis by Brands
简单 · 直接 · 数据化 Volume Analysis by Brands SIMPLE DIRECT DATA DRIVEN As a % of total volume in 1H2021 As a % of total volume in 1H2020 BMW 43.5% BMW 36.5% Porsche 2021 Porsche 1H2020 Hyundai 7.9% Hyundai Total number of 8.3% Total number of 2.2% 1.4% Audi cars sold: Audi cars sold: 0.8% 32,221 units 0.
Slide 18: Gross Profit and Gross Margin Analysis
简单 · 直接 · 数据化 Gross Profit and Gross Margin Analysis SIMPLE DIRECT DATA DRIVEN Overall Gross Profit and Gross Margin Gross Profit Margin Analysis 0.1 RMB mn 1H2020 1H2021 Change 10.8% 2,500 0.1 2,000 9.7% 0.1 New car sales 4.9% 6.6% +1.7p.p 0.1 1,500 1,274 5.1% 7.0% +1.9p.p 0.1 ➢ Premium brands 819
Slide 19: Other Income Analysis
简单 · 直接 · 数据化 Other Income Analysis SIMPLE DIRECT DATA DRIVEN RMB’000 1H2020 1H2021 Commission 61,049 62,537 Interest income on financial assets measured at amortized cost 8,814 9,624 Management service income 4,649 5,799 Net gain on disposal of property, plant and equipment 8,844 16,638 Net foreign
Slide 20: Net Profit and Net Margin Analysis
简单 · 直接 · 数据化 Net Profit and Net Margin Analysis SIMPLE DIRECT DATA DRIVEN Net Profit and Net Profit Margin Major Expenses RMB mn (% of revenue) 1H2020 1H2021 Change 4.7% 800 0.1 Distribution costs 2.8% 2.9% +0.1p.p. 0.0 700 0.0 600 3.6% 551 0.0 500 Administrative 2.6% 2.4% -0.2p.p. 0.0 expenses 400
Slide 21: Balance Sheet Summary
简单 · 直接 · 数据化 Balance Sheet Summary SIMPLE DIRECT DATA DRIVEN RMB’000 As at 31 Dec 2020 As at 30 Jun 2021 Total assets 7,770,349 8,159,002 Cash and cash equivalents 2,538,030 2,787,111 Pledged bank deposits 558,572 529,442 Total liabilities 4,425,774 4,549,923 Interest-bearing bank loan and corporat
Slide 22: Cash Flow Statement Summary
简单 · 直接 · 数据化 Cash Flow Statement Summary SIMPLE DIRECT DATA DRIVEN For the 6 months ended 30 June RMB’000 2020 2021 Cash generated from operations 623,567 953,324 Net cash generated from operating activities 510,088 761,454 Net cash used in investing activities (49,248) (317,760) Net cash (used in)
Slide 23: Outlook & Strategy
简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Outlook & Strategy 简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN
Slide 24: Outlook and Strategy
简单 · 直接 · 数据化 Outlook and Strategy SIMPLE DIRECT DATA DRIVEN Drive operational and organizational efficiency Execute new stores and acquisitions development plan consistent with stated strategy Maintain healthy balance sheet and cashflow with fast inventory turn Continue to enhance our ability to de
Slide 25: Appendix
简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Appendix 简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN
Slide 26: Guangzhou Porsche New Store
简单 · 直接 · 数据化 Guangzhou Porsche New Store SIMPLE DIRECT DATA DRIVEN 26
Slide 27: Guangzhou Porsche New Store
简单 · 直接 · 数据化 Guangzhou Porsche New Store SIMPLE DIRECT DATA DRIVEN 27
Slide 28: Shareholding Structure
简单 · 直接 · 数据化 Shareholding Structure SIMPLE DIRECT DATA DRIVEN Apex Holdings* 100% Apex Sail Others 56.44% 43.56% CHINA MEIDONG AUTO HOLDINGS LIMITED 中国美东汽车控股有限公司 (1268.HK) *Apex Holdings is a trust asset of the Ye Family Trust, a revocable discretionary family trust which was established by Mr. Ye
Slide 29: Disclaimer
简单 · 直接 · 数据化 Disclaimer SIMPLE DIRECT DATA DRIVEN This presentation has been prepared by, and is subject to the copyright of, China MeiDong Auto Holdings Limited (“MeiDong Auto” or the “Company”) . No part of this presentation may be reproduced, transmitted, stored in a retrieval system or translat
Slide 30: Investor Enquiries
简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN Investor Enquiries Email: ir@meidongauto.com winny@meidongauto.com betha@meidongauto.com ir@dlkadvisory.com Thank You 简单 · 直接 · 数据化 SIMPLE DIRECT DATA DRIVEN
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