(Stock Code: 1268.HK)
2024 Interim Results Presentation
August 2024
Agenda
简单 · | 直接 · | 数据化 |
SIMPLE | DIRECT | DATA DRIVEN |
- 2024 Interim Results Overview
- Financial Review and Analysis
- Outlook
简单 · | 直接 · | 数据化 |
SIMPLE | DIRECT | DATA DRIVEN |
2024 Interim Results Overview
Summary
Macroeconomic Challenges Intensified
Reduced Profit due to New Car GP and Non-operating Items
Focused on Balance Sheet Liquidity
Healthy Operating Cash Flow, After-sales GP, Cost Control & Absorption Ratio
Liquidity & Fast Inventory Turn Keys to Survive
简单 · | 直接 · | 数据化 |
SIMPLE | DIRECT | DATA DRIVEN |
4
Revenue and Profit
简单 · | 直接 · | 数据化 |
SIMPLE | DIRECT | DATA DRIVEN |
1H2023 | 1H2024 | RMB mn | ||||||||||||
Total Revenue | New Car Sales | After-sales and Mortgage | Total Gross Profit | New Car Sales | After-sales and Mortgage | |||||||||
Facilitation Services | Facilitation Services | |||||||||||||
14,089 |
10,656 |
1,247 | ||
12,126 | 1,001 | |
983 | ||
8,569 | 806 | |
1,962 | 2,086 | |
18 | ||
-440 |
Expenses | Adjusted Expenses1 | Net Profit | Adjusted Net Profit1 |
969 | 902 |
2023年上半年 | 2024年上半年 |
1 Excluding non-operating items
792 | 254 | |||
218 | ||||
619 | ||||
45 | ||||
2023年上半年 | 2024年上半年 | -23 | 2023年上半年 | 2024年上半年 |
5
Pressure on New Car Margin
简单 · | 直接 · | 数据化 |
SIMPLE | DIRECT | DATA DRIVEN |
1H2023 1H2024
Total Gross Profit and Gross Profit Margin | New Car Sales Gross Profit Margin | |
RMB mn
0.2% | 0.3% | |
7.1% | 7.6% |
1,001 | |
806 | |
2023上半年 | 2024上半年 |
-0.8%
-4.6% | ||
-5.1% | -5.2% | |
New Car Sales | Luxury Brands | Mid-to-High End Brands |
After-sales and Mortgage Facilitation Services Gross Profit Margin
59.8% | |
50.1% | |
2023年上半年 | 2024年上半年 |
6
Balance Sheet Still Healthy
简单 · | 直接 · | 数据化 |
SIMPLE | DIRECT | DATA DRIVEN |
Gearing Ratio (Including Convertible Bonds)1 | Cash2 | Net Operating Cash Flow |
13.8% |
5.6% |
FY2023 |
RMB mn
3,895 | 3,943 |
1H2024 |
RMB mn
584 | |
427 | |
1H2023 | 1H2024 |
Inventory Days | Accounts Receivable Days | Accounts Payable Days | ||
19 |
12 |
4 | |
3 | |
1H2023 | 1H2024 |
40 |
22 |
- Gearing Ratio = [loans and borrowings (current liabilities) + loans and borrowings (non-current liabilities) + convertible bonds - cash and cash equivalents - fixed deposits with more than three months to maturity when placed] / total equity
- Cash = cash and cash equivalents + fixed deposits with more than three months to maturity when placed + pledged bank deposits
7
Cost Control Effective
简单 · | 直接 · | 数据化 |
SIMPLE | DIRECT | DATA DRIVEN |
Adjusted Expenses1
1H2023 | 1H2024 | RMB mn | 5.6% | 5.8% | |
2.7% | 2.8% | 2.3% | |||||||||||
2.2% | |||||||||||||
0.7% | 0.8% | ||||||||||||
792 | 619 | ||||||||||||
382 | 295 | 314 | 243 | ||||||||||
96 | |||||||||||||
80 | |||||||||||||
Distribution Costs | Administrative Expenses | Finance Costs | Total Expenses | ||||||||||
Example: Total Expenses of a Brand2 | Example: Absorption Ratio of a Brand2 |
2.03
1.00 | 1.39 |
0.79
1.00
0.58
2022 | 2023 | 2024 | 2022 | 2023 | 2024 |
- Excluding non-operating items
- Expenses Annualized
8
After-sales and Absorption Ratio Healthy
简单 · | 直接 · | 数据化 |
SIMPLE | DIRECT | DATA DRIVEN |
1H2023 | 1H2024 | RMB mn | ||||||
After-sales and Mortgage Facilitation Services Revenue | After-sales and Mortgage Facilitation Services Gross Profit | |||||||
1,962 | 2,086 |
2023年上半年 | 2024年上半年 |
Absorption Ratio (including finance costs & non-operating items)1
1,247 | |
983 | |
2023年上半年 | 2024年上半年 |
Absorption Ratio (excluding finance costs, non-operating items)2
138.2% |
101.4% |
1 Absorption ratio (including2023年上半年finance cost) = After-sales and mortgage facilitation services2024gross年上半年profit / (distribution costs + administrative expenses + finance costs + provision for impairment losses on goodwill and intangible assets), including non- operating items
231.5% |
141.2% |
22023年上半年2024年上半年
Absorption ratio (excluding finance cost) = After-sales and mortgage facilitation services gross profit / (distribution costs + administrative expenses), excluding non-operating items
9
Macroeconomic Challenges Intensified
简单 · | 直接 · | 数据化 |
SIMPLE | DIRECT | DATA DRIVEN |
Foot Traffic | Decision Cycle | After-sales Frequency Index | |||||||
2023 | 2024 | ||||||||
1.11 | 1.09 | 1.12 | ||||
1.00 | 0.98 | 0.94 | ||||
0.82 | ||||||
Q1/23 | Q2 | Q3 | Q4 | Q1/24 | Q2 | Q3 Est. |
1.50 | 1.55 | ||||
1.33 | 1.33 | ||||
1.17 | |||||
1.00 | |||||
Q1/23 | Q2 | Q3 | Q4 | Q1/24 | Q2 |
1.00 | 1.00 | 0.97 | 1.00 | 0.98 | 1.00 | 0.97 | ||||||
0.93 | ||||||||||||
Porsche | BMW | Lexus | Total |
10