This newspaper (chinatimesnet.CN) reporter Liu Chuan and Chen Feng report from Beijing.
A few days ago, Yutong Bus (600066SH) released its 2023 performance forecast, and the company expects the net profit attributable to the parent company in 2023 to be about 1.4 billion yuan to 1.9 billion yuan, an increase of 85% to 150% year-on-year, and the non-net profit will be about 1.1 billion yuan to 1.5 billion yuan, an increase of 340% to 500% year-on-year.
Affected by this good news, the share price of Yutong Bus rose to the limit on January 8. The "China Times" reporter noted that as of the end of the third quarter of 2023, Invesco Great Wall New Energy Industry held 165560,000 shares, ranking the 9th largest shareholder of outstanding shares, with a value of more than 200 million yuan.
Non-net profit increased by 500%.
As for the reasons for the sharp increase in performance, Yutong Bus said in the announcement that the main reason for the expected increase in performance in this period is that the company will sell a total of 36,518 buses in 2023, a year-on-year increase of 2093%；Its sales volume was 10,165 units, a year-on-year increase of 7887%, domestic sales of 26,353 units, a year-on-year increase of 750%。As a result, the company's net profit attributable to shareholders of listed companies increased year-on-year.
From the perspective of overseas markets, benefiting from the recovery of overseas bus market demand and the growth of overseas demand for new energy buses, the company's export business continued to develop, and export sales achieved substantial growthAt the same time, the proportion of the company's export business increased, the sales structure improved, and the performance contribution increased.
Why can the company's exports grow significantly?A brokerage researcher pointed out to this reporter: "Yutong bus exports are currently through the channel construction stage, into the sales cash, Yutong as the industry leader directly enjoy the industry dividends, is expected to export the market share of 30% throughout the year." ”
Yutong bus staff told this reporter: "Since the beginning of 2023, Yutong's overseas market has been improving, and a series of large orders have been delivered in Uzbekistan, Kazakhstan, Saudi Arabia, Denmark and other markets, especially in airport shuttles, high-end new energy products and other market segments, showing the deep development potential of China's high-end manufacturing in the global market, and the overseas market demand has shown explosive growth." In 2023, the export sales of Yutong buses will be 10,165 units, a year-on-year increase of 7887%。”
The staff further said: "Yutong Bus has always been firm in the development strategy of electrification, high-end, intelligent networking, and internationalization, and with this as the core to carry out a global layout, while adhering to the Yutong model, that is, the company will conduct full research and planning before developing each market, and formulate sales and product strategies, service parts guarantee models and management methods to adapt to the market and customers according to different market environments and customer characteristics, and achieve a virtuous circle." ”
At the same time, the company issued an announcement on the provision for asset impairment, and it is expected to make an asset impairment provision of 45.3 billion yuan, according to accounting standards, the asset impairment will be included in recurring profit and loss, which will have a greater impact on the company's annual apparent performance.
In this regard, a brokerage analysis said: "If the impairment is added back, the company's net profit attributable to the parent in 2023 is expected to reach 2.1 billion yuan (calculated according to the median performance forecast), corresponding to a net profit attributable to the parent in the fourth quarter of 2023 of 10."500 million yuan, an increase of 67% and 81% year-on-year, and the operating profit in the fourth quarter exceeded expectations. ”
According to the data, on March 28, 2015, Yutong Bus held the tenth meeting of the eighth board of directors to deliberate and pass the "proposal on investment in financial leasing companies", and decided to jointly invest in the establishment of financial leasing companies with the company's own funds and other investors.
On March 23, 2016, with the approval of the former China Banking Regulatory Commission (now the State Administration of Financial Supervision and Administration), Jiuding Financial was formally established with a registered capital of 1 billion yuan and a capital contribution of 2900 million yuan, with a shareholding ratio of 29%.
Jiuding Financial is mainly engaged in financial leasing services, mainly in the sale and leaseback business, supplemented by direct leasing business, and is a licensed non-bank financial institution under the supervision of the former China Banking Regulatory Commission and its dispatched agencies.
On March 25, 2017, the company held the 25th meeting of the 8th board of directors to deliberate and pass the "Proposal on Capital Increase of Jiuding Financial Leasing Company", and the company contributed 2900 million yuan to participate in the capital increase, and the shareholding ratio remains unchanged before and after the capital increase.
According to the report issued by the appraisal agency, as of September 30, 2023, Jiuding Financial's long-term equity investment has an impairment provision of 45.3 billion yuan. The original value of the long-term equity investment in Jiuding Financial held by the company was 104.5 billion yuan, 59.2 billion yuan.
Invesco Great Wall has a heavy position of 200 million yuan
The reporter of "China Times" noticed that Jiuding Financial is another A-share listed company, Bank of Zhengzhou (002936SZ), with a 51% stake.
According to Bank of Zhengzhou's 2023 semi-annual report, as of the end of June 2023, the current value of the company's lease receivables was 3298.8 billion yuan. The total assets of JD Financial are RMB 3404.7 billion yuan, net assets of 36 yuan0 billion yuan, the total amount of financial lease is 329 yuan8.8 billion yuan.
It is worth noting that in the first half of 2023, Jiuding Financial is still profitable. According to Bank of Zhengzhou's 2023 semi-annual report, Jiuding Financial achieved an operating income of RMB 60 billion yuan, operating profit of 22.3 billion yuan, net profit of 17.3 billion yuan.
In this regard, the above-mentioned staff told this reporter: "Jiuding Financial is mainly engaged in financial leasing business, mainly in the sale and leaseback business, supplemented by direct leasing business, and the business mainly covers infrastructure construction, aviation logistics, new energy and environmental protection, high-end manufacturing and other fields. Mainly due to the complex and changeable external macro environment, the policy environment and business development status of the financial leasing industry have also undergone great changes, the financial leasing assets held by Jiuding Financial may have the risk of further impairment, and the long-term equity investment of Jiuding Financial held by the company may have signs of impairment. Based on the principle of prudence, the company hired an appraisal agency to evaluate the recoverable amount of 29% equity of Jiuding Financial held by the company, and carried out relevant impairment. ”
As of the end of the third quarter of 2023, Invesco Great Wall New Energy Industry** held 165560,000 shares, ranking the ninth largest shareholder of outstanding shares, with a market value of more than 200 million yuan.
The manager of Invesco Great Wall New Energy Industry is Yang Ruiwen, a top class with a management scale of more than 10 billion. According to the daily ** network, Yang Ruiwen's current assets under management have reached 3081.1 billion yuan, and the number of ** in management has reached 13.
For the new energy vehicle industry, Yang Ruiwen said in the third quarterly report: "For the new energy sector, we are more optimistic about the automotive electrification track. After a year and a half of sharp adjustment, industrial capital has also changed from blind overheating to instant freezing, and new energy vehicles are moving towards a healthier and healthier direction. Once the industrial restructuring is completed, the electric vehicle industry will still have several times the opportunity. ”
He further analyzed: "The future opportunities of new energy vehicles may come more from intelligence than electrification. The future opportunities will no longer be full beta, and the opportunities will be more concentrated in some of the best alphas, most likely from new technologies and new products, cost and product innovation continue to lead the company. ”
Editor-in-charge: Shuai Kecong Editor-in-chief: Xia Shencha.