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Chery Automobile suffered growth worries: the overall market

时间:2017-10-23 00:58来源:未知 作者:Understanding China 点击:
Chiri this year, the formal establishment of the car, in the automotive industry compared to Mercedes-Benz and other frequently more than a hundred years old predecessors or an out-and-out teenager, and now it is experiencing growing troub


Chiri this year, the formal establishment of the car, in the automotive industry compared to Mercedes-Benz and other frequently more than a hundred years old predecessors or an out-and-out teenager, and now it is experiencing "growing trouble."
 
Ten years ago, in 2007, Chery single-month sales of more than 44,000, and the market was the first sales of SAIC GM comparable, but now its sales in its own brand has been later beyond the frequent The January-September this year, Chery car sales have fallen to China's auto sales charts No. 20, year on year growth rate continued to decline, sales just more than 300,000. At the same time, Geely, Great Wall, Chang'an and so have been close to the sprint million sales line. Later, such as Chuan Qi, SAIC and other sales have more than 350,000, which for the "Big Brother" Chery, the pressure is not that big.
 
In addition to the pressure on the market, Chery in the business also continue into the fog. In September this year, the first landing in Frankfurt, Germany, auto show, high-profile release of the new high-end product line EXEED Chery, in the international arena and show the success of the cheers and cheers have not passed, a wave of troubles to the matter. One is caught in the overall acquisition of the rumors, will its concept, Kay wing and new energy "spin-off retail", according to different circumstances were introduced to strategic investors or completely resell others.
 
The other is the sales company team big shuffle - the new sales company general manager Jia Yiquan to any month after the start to adjust the Chery sales system, eight departments 25 executives were adjusted, called the marketing system personnel change. In management, more than 10 years Chery sales company executives always easy, combat effectiveness is weakened. And so many years after the reform, leaving the outside is a do not understand Chery. Chery warriors broken wrist, continued for many years the return of a brand reform is not complete, leaving the Kay wing and Kai Rui two "tail"; and the idea of ​​breaking up after 3 years or failed to break the "applause" Dilemma, a serious loss of Chery overall profit performance;
 
But Chery's results are visible. Strategic transformation In recent years, Chery took the lead in the forward research and development, led the transformation of China's own car, its technology and product upgrades significantly, independent research and development engine performance indicators domestically, the joint Jaguar Land Rover, the concept of research and development of new technology platform Advanced level. Chery created by the creation of a high-end brand approach for Geely, Great Wall and other imitation, as China's new high-end pioneer. All this, it is hard to say that this is a tossing Chery, or a visionary Chery. At the same time, Chery is still high-profile to attack the European market, and the first to announce the sale of fuel vehicles in 2020 ... ...
 
To some extent, this represents the twelfth year of Chery's A and B faces. And Chery people concerned once again confused - Chery, this once the independent standard-bearer, its reform in what direction to move forward? Chery's future, how will it be? 20-year-old Chery, as a teenager, still in front of the fog.
 
The overall listing of the three stumbling block
 
"We also see the recent report on our equity, the current inconvenient response, a burst of company leaders will arrange an interview to answer the questions we are concerned about." In the face of rumors, Chery public relations responsible person carefully responded to the Economic Observer reporter. Recent rumors that some people want to buy the whole Chery, mysterious buyers, including Po and Guizhou Maotai (574.330, -8.27, -1.42%). Chery official quickly rumors that there is no "overall package for sale" plan, but also said: "Chery also combined with the new situation planning a series of big moves. Capital level cooperation, has been in operation for many years, the current interest A lot of small partners, but there is no definite news.
 
The latest rumors version of the Chery will be "split sell", the concept of the introduction of Po as the holding of large shareholders, Kay Wing sold to Wuliangye (62.510, -0.49, -0.78%), Chery new energy backdoor listing, and Chery Automobile shares Limited company level, will also introduce new strategic investors, the current Dong Mingzhu, Industrial Bank, Baidu and other claims loud individual and institutional investors, are in contact with Chery, the ultimate goal Is to optimize the ownership structure of Chery Automobile to achieve the overall market.
 
A variety of rumors, the current view of the car on the arrangement is clear, from a number of levels of news, Po shares into the shares and become a controlling shareholder is iron nails, funds are in place, just waiting for the right time to announce. Chery Automobile An insider to the Economic Observer reporter confirmed that the Kay wing and Wuliangye scandal is true, but not Wuliangye full acquisition of Kay wing, but the two joint venture, after the Kay wing will transform the new energy vehicles. But also from the field of investment news that Wuliangye will invest Kay wing car, the amount of 1 billion injection, the two sides have signed a framework agreement, Wuliangye injection, the Kay wing will Yibin plant production of new energy vehicles.
 
For Chery new energy, the Chery insiders said that the short term will not be listed, but the need for new investors. "New energy is currently the best performance in the Chery Group, sales in short supply, they are not worried about the car all day to sell, but the battery and other parts can not keep up, and double points system, the new energy vehicle sales to Therefore, the current is to attract external investors and external cooperation, do a good job.As for the backdoor listing, the last back conch failure, the current in no hurry to sprint listing.
 
For Chery Automobile shares to introduce new strategic investors to promote the overall market rumors, the Chery insiders believe that the overall listing is not possible in the short term. "Chery has long been want to market, in recent years has been stripping non-performing assets from the development of recent years to see the introduction of strategic investors is also imperative, but in order to the overall market, must achieve three consecutive years of profit, this current Chery can not do so, so the short term can not be listed.
 
Cao Rong, chairman of the venture capital fund management (Beijing) Co., Ltd. also believes that the recent split sale, the introduction of investor initiatives that Chery's overall listing of hope is relatively slim. "Profitability is poor, difficult to achieve three years of profit, Chery to achieve the biggest obstacle to the overall market in recent years, Chery's financial indicators are not good-looking, high debt, weak profitability." Cao said.
 
Chery is really short of money?
 
Whether it is the overall sale, or spin off the sale of shares, the introduction of strategic investors rumors, all pointing to one: Chery is very short of money. So, Chery is really short of money, how much funding gap?
 
Data show that in 2016, Chery to achieve operating income of 32.964 billion yuan, the total profit of 206 million yuan. The agency released in 2016 rating report shows that in 2015 Chery's operating income of 28.055 billion yuan, total profit of 341 million yuan. Whether from the perspective of operating income or profit indicators, Chery's ability to make money is not high. At the same time, Chery also appeared in the income increase, the phenomenon of strange decline in profits.
 
The disclosure from the above-mentioned tracking report shows that, on the one hand, Chery's spending is large and there is a lot of money to spend. From the loss of large households to its new energy, finance, spare parts, new technologies, need to spend money. As of the end of 2016, Chery shares on the concept of car investment losses accumulated 3.518 billion yuan. As of the end of March 2017, the total amount of capital contributed by both shareholders of 10.425 billion yuan, of which Chery shares invested 5.213 billion yuan.
 
As of the end of 2016, the company's long-term equity investment of 16.226 billion yuan, an increase of 34.54% over the previous year, which added to the car attracted 2.46 billion yuan. As of the end of 2016, the company invested 5.851 billion yuan for the joint venture, including the investment of 3.542 billion yuan for the Chery Jaguar Land Rover, the investment of 2.013 billion yuan to the car; the investment of the joint venture was 10.355 billion yuan, including the investment of Chery Huizhen 2.861 billion yuan , Investment in Chery Technology 2.121 billion yuan, the new investment in Chery 1.274 billion yuan and the new Wanli Yang (12.300, 0.34, 2.84%) to invest 1.6 billion yuan.
 
On the other hand, due to increased market competition, 2016 Chery shares of the auto business gross margin fell 1.58 percentage points to 10.43%. Spend more, earn less, resulting in Chery Automobile in recent years, the debt rising. Since 2013, Chery's assets and liabilities are more than 70%. In 2013, Chery's corporate liabilities were more than $ 30 billion, and the 2016 tracking report showed that as of the end of March 2017, Chery's total liabilities totaled $ 59,344 million, the company's asset-liability ratio was 74.82%, and the overall debt ratio was relatively high Of the automotive industry, at a higher level of debt ratio.
 
The above-mentioned rating report shows that the size of Chery shares increased rapidly, and the short-term debt, the debt burden; the company's main business profit is weak, profits on investment income and government subsidies rely on a high degree of business activities can not cover the investment gap , External financing needs. "Chery set up 20 years, almost no lack of money when, even if the book profit, and often rely on government subsidies, net of government subsidies, book or negative." A former Chery employees have been on the economic observation Reporter said.
 
The reason why, in this staff, there are three main reasons, one is not listed, the lack of adequate financing channels and platform; Second, R & D investment; Third, the strategic adjustment is not complete, is still multi-brand development, the main Industry profit is not strong.
 
Puzzling development strategy
 
As a pioneer of China's own car, Chery in the past 20 years for a long time is considered the Chinese auto industry's standard-bearer. Even in the case of today's sluggish sales, Chery's attitude and the car research and development has always been the same, still get the consumer praise. Chery's emphasis on research and development and high input, it is recognized in the industry. The annual investment in the production of 5% -10%, the establishment of positive research and development system, especially in 2013 years of strategic transformation In recent years, Chery to achieve the technical products from 1.0 to 2.0 era of the upgrade, a few days ago the Frankfurt Motor Show released a new high-end brands, Open the Chery to 3.0 era change.
 
At the beginning of this year, Chery launched the M1X platform, which is Chery follow the V-shaped positive development process, integration Jaguar Land Rover, the concept of technology, by the international development team to build a new technology platform. Chery is the third generation of research and development engine, its power and thermal efficiency has basically caught up with the level of luxury brands, and Chery's engine will also be carried to the Land Rover Aurora models. In the new energy, automatic driving and other new technologies, Chery in the strategic transformation of the 2.0 era has also been a great breakthrough.
 
Small displacement engine, mixed, plug-in and pure electric technology routes have technical reserves, all in 2020 to achieve electrification; is expected to 2017 to 2018 will be a high degree of automatic driving, to achieve full automatic driving after 2020. These are considered to be Chery master car repair "core technology" strong proof. But in the technology to obtain a certain praise at the same time, Chery in recent years in the market has been tepid, a few years only out of Aurui 5 a hot product, its marketing constantly adjusted to become the automotive industry A "mystery".
 
 
"Made a good car, but not the right car." Guan made the CEO of the car Liu Liang has so summed up the concept of the car is not called the reason. This sentence is also applicable to the Chery brand. "The car is not a big problem, product quality, engine performance parameters even better than competing products, is the appearance and interior design, configuration and other aspects of the market is close enough, did not seize the taste of consumers nowadays." Chery Automobile senior dealer said. In the dealer's view, Chery Automobile tepid is the root cause, "product and pricing distinction is not clear enough, with the brand's internal friction of the old problems have not been resolved, every new car up, the first to suppress their own brothers."
 
Chery main brand sluggish, several other brand development are not ideal. 2012, Chery to abandon the multi-brand contraction front, still retains the two tails, one is the micro-car brand Kai Rui, one is the main young people Internet car Kay wing. But over the past few years, the development of two brands is not ideal. Coupled with the brand on behalf of the breakthrough point of view has been a loss, to the outside world is the impression that Chery front is very long, is still the status of multi-brand.
 
From a series of recent actions, Chery is indeed brewing a series of capital moves and brand adjustment, but from the direction of adjustment, Chery is not going to give up the Kay wing, the concept of such brands, still continue to multi-brand road. "To tell the truth, for Chery are now some do not understand, a few years ago is still very clear, to shrink the front, turned to a brand, technological upgrading breakthrough, and now we are some confused, do not know what direction in the end to go. Industry analysts said.
(责任编辑:Understanding China)

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