中國永達汽車服務控股有限公司
China Yongda Automobiles Services Holdings Limited
(Stock code:03669。HK)
Announces2018Annual Results
ReinforcesBusinessDevelopmentCapturesIndustryOpportunities
Financial Highlights | For theYearended 31December(RMB million) | ||
2018 | 2017 | Growth | |
Consolidated Revenue* | 56,293 | 51,559 | +9。2% |
Consolidated Gross Profit* | 6,181 | 5,885 | +5。0% |
Operating Profit | 2,373 | 2,461 | -3。6% |
Net Profit | 1,325 | 1,602 | -17。3% |
Net Profit Attributable to the Owners of the Company | 1,253 | 1,510 | -17。0% |
Earnings per share (RMB) (basic) | 0。68 | 0。91 | -0。23 |
*Including revenue from finance and insuranceagencyservices
(Hong Kong, 26 March2019) China Yongda Automobiles Services Holdings Limited ('Yongda Auto' or the 'Company' and,together with its subsidiaries,the 'Group',stock code: 03669。HK),a leading passenger vehicle retailer and comprehensive service provider in China,announced its annual results for the year ended 31 December 2018 (the 'Year')。
Yongda Auto achieved a steady growth during the Year,the comprehensiverevenue and comprehensive gross profit (taking into account the revenue from finance and insurance agency services),were amounted to RMB56,293 million and RMB6,181 million respectively,representing increasesof 9。2% and 5。0% as compared to last year。 The operating profit was RMB2,373 million,adecrease of3。6%as compared to last year。The basic earnings per share wasRMB0。68。 The Board proposed to declare a final dividend of RMB0。225 per share。
In 2018,the market demand in the automobile consumption sector is affected by many internal and external factors such as macroeconomic impact and adjustments on tariff on imported vehicles。 Despite being under a relative complicated market condition,revenue and gross profit of the Group still realized a steady growth。 The Group considers that the industry policy to promote the upgrading of vehicle consumption in China is favorable for the long run。 The Group also has been optimistic about the luxury and ultra-luxury brand passenger vehicles market in China。Meanwhile,driven by technology development and environmental protection policies,new energy vehicles will continue to grow strongly in the future。With the introduction of policies on various types of automobile consumption in China,the continuous deepening of the tax reduction policy,and better clarity on the results of the Sino-US trade negotiations,it is expected that in China,the sales volume of passenger vehicles, especially the sales of luxury vehicles will maintain an increase in 2019。 The Group adheres to a customer-oriented strategy,focusing on team training,brand building and refined management to continuously improve its operational efficiency。
Business Overview
Revenue and gross profit of the Group in 2018 increased steadily,it was mainly benefited from the growth of sales of luxury and ultra-luxury brand passenger vehicles and after-sales services。The Group adjusted operation strategies timely according to the market situation and continuously optimized management to improve quality and efficiency。With industry experience of over 20 years,a solid team foundation and customer-driven operational strategy of the Group,to seek enhancement and breakthrough in reform and innovation。
SteadyGrowth in New Vehicle Sales
Sales volume of new vehicles of luxury brands of the Group increased by 11。4% over the same period in 2017 to 111,323 vehicles in 2018。 Among them,sales of Porsche brand increased by 43。1% year-on-year,and sales of BMW brand increased by 20。6% year-on-year,overall sales volume of new vehicles of the Group increased by 3。1% from 2017 to 176,919 units。Sales revenue of new vehicles of luxury brands of the Group increased by 11。3% from the same period in 2017 to RMB38,234 million。The proportion of sales revenue of new vehicles of luxury brands in the overall sales revenue of new vehicles has increased to 81。8%。Overall new vehicle sales revenue of the Group in 2018 reached RMB46,739 million,representing an increase of 7。5% over the same period in 2017。The Group proactively optimizes the internal management of new vehicle sales,it further enhanced the assessment and management model centering around the comprehensive gross profit of sales,comprehensively carried out benchmarking management of key KPIs of operating outlets and enhanced their profitability。In response to the changes in the new vehicles market,the Group has strengthened the management of new car inventories and improved the efficiency of its working capital。In terms of innovation in new vehicles sales model,the Group launched a new experience sales model of 'smart retail',which enhanced the customer service experience in the car purchase process。Meanwhile,the Group continued to reinforce its advantages in television sales channels,further enhanced its brand influence and awareness。
Rapid and Healthy Growth in After-sales Services
Leveraging on the improvement in maintaining customer solicitation,repair and maintenance services,and the extended services business,in 2018,the Group's after-sales services business (including repair and maintenance services and automobile extended products and services) achieved rapid growth,revenue reached RMB7,835 million,representing an increase of 17。2% compared to the same period in 2017。In 2018,the gross profit margin of the Group's after-sales services was 46。20%,representing an increase of 0。10 percentage point as compared with the same period in 2017。
High-speed Growth ofthePre-Owned Vehicle Business
In 2018,the sales volume of pre-owned vehicles which the Group acted as an agent was 42,280 units, representing an increase of 20。2% as compared to 35,183 units in the same period in 2017。 The Group continued to accelerate the building of its business model of 'new retail sales' for pre-owned vehicles and saw preliminary results of a brand-new business landscape of 'pre-owned vehicles + Internet + chain outlets + finance'。Currently, the Group hasbuilt a network with 136 pre-owned vehicle retail outlets across China,including 113 business outlets officially certified by original equipment manufacturer (OEM) brands and 23 'Yongda Pre-owned Vehicle' chain outlets。The Group was awarded the second place among the Top 100 pre-owned vehicle dealers in the industry by the China Automobile Dealers Association in October 2018。
Strong and Upward Growth Momentum of Automobile Finance
The automobile finance and insurance business of the Group maintained a growth trend。In 2018, the revenue of full-caliber finance and insurance business of the Group amounted to RMB1,548 million,representing an increase of 27。4% over the same period last year。 The gross profit of finance and insurance business amounted to RMB1,351 million,representing a 23。4% increase as compared to the same period of last year, and its contribution to the gross profit of the Group also rose from 18。6% last year to 21。9%。The revenue of proprietary finance business of the Group was RMB543 million,representing a 64。0% increase from RMB331 million for the same period last year。Finance and insurance agency business achieved a revenue of RMB1,004 million,representing a 13。7% increase compared to the same period last year,among which,the agency revenue derived from its finance business amounted to RMB616 million,representing a 15。6% increase as compared to the same period in 2017,and the agency revenue derived from its insurance business amounted to RMB388 million,representing an increase of 10。7% as compared to the same period in 2017。In 2018,the Group actively promoted finance restructuring。 Meanwhile, the Group is in discussion with potential investors, and intended to potentially reduce the shareholding ratio of the Company in finance platform through its capital increase。
Sustainable Growth in Automobile Rental
In 2018, the Group'sautomobile rental services recorded a revenue of RMB408 million,representing an increase of 7。5% compared to the same period last year。 The Group maintained its current advantages,with an increasing number of long-term rental contract customers from the world's top 500 and large state-owned enterprises and private enterprises in finance,manufacturing,public services, media entertainment and high-tech sectors,
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China Yongda Automobiles Services Holdings Ltd. published this content on 26 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 26 March 2019 12:59:01 UTC