The closing price of Huayang in 2021 is expected to be 837.9 billion yuan, with a year-on-year decrease of about 4.62% in 2021; The net profit attributable to the shareholders of the listed company is expected to be about 24.64 million yuan, a year-on-year decrease of 53.4%.
For one of the reasons for the decline in performance, Huayang variable speed explained: "since July 1, 2021, the national six emission standards for heavy diesel vehicles have been fully implemented nationwide, and the sales of new vehicles have decreased significantly. It is difficult for the company to obtain a large number of orders, resulting in a decline in revenue."
The reporter of the daily economic news noted that the gross profit margin of Huayang variable speed decreased significantly in 2021. The gross profit margin of Huayang transmission in the first three quarters of 2021 was about 20%, and that in the same period of 2020 was 26.62%.
higher and higher requirements for energy conservation and environmental protection
According to the prospectus of Huayang transmission, Huayang transmission is mainly engaged in the R & D, production and sales of transmission parts of commercial vehicles. Specific products include transmission control mechanism, transmission case and other products, and its downstream customers mainly include Weichai holding group, Dongfeng Automobile Co.Ltd(600006) group, fast group and other companies.
In April 2021, the Ministry of ecological environment, the Ministry of industry and information technology and the General Administration of Customs jointly issued the announcement on matters related to the implementation of national six emission standards for heavy diesel vehicles, It is clearly required: "from July 1, 2021, the national six emission standards for heavy diesel vehicles will be fully implemented nationwide, the production and sales of heavy diesel vehicles that do not meet the national six emission standards are prohibited, and imported heavy diesel vehicles shall meet the national six emission standards."
For the decline in performance, Huayang transmission believes that the above requirements are one of the reasons.
The reporter of the daily economic news noted that in May 2021, when the third round of examination and inquiry was listed on the selection layer of Huayang transmission, he was asked: "whether the performance growth of the issuer is sustainable, the specific impact of the rapid development of new energy vehicles on the production and operation of the issuer, and whether the market space of the issuer's main business is limited."
At that time, Huayang transmission was full of confidence in future performance growth. Huayang transmission replied: "the state has higher requirements for automobile energy conservation and environmental protection, which provides a better development opportunity for the company's lightweight products."
\u3000\u3000 "In recent years, the national requirements for automobile energy conservation and environmental protection have become higher and higher. With the impact of many factors, such as overload control, the implementation of national six emission standards of exhaust gas, the elimination of national three vehicles, axle based charging, etc., in the medium and long term, the scrapping and renewal of old vehicles, the continuous upgrading of product technology, the improvement of the demand for carrying capacity of standardized models and other factors have brought development opportunities and challenges to the automobile industry. ”Huayang variable speed said in response to the above inquiry.
product strategy is hard to match the industry downturn
According to the 2021 semi annual report of Huayang transmission, it also achieved a year-on-year increase of 18.18% in operating revenue in the first half of 2021. In this regard, Huayang transmission explained in the 2021 semi annual report that it was mainly due to the increase in the sales volume of the company's lightweight products, in which the orders of the company's gearbox shell products increased significantly, resulting in an increase of 41.93% in its revenue over the same period last year.
According to Huayang variable speed, "lightweight" is a product strategy to meet the increasing requirements of the whole industry for energy conservation and environmental protection.
In response to inquiries in 2021, Huayang transmission said: "the proportion of light-weight transmission of commercial vehicles is increasing, and the market share of light-weight products in the stock market will gradually increase. At present, the market light-weight transmission accounts for about 50% in the field of commercial vehicles. With the continuous improvement of national requirements for vehicle energy conservation and environmental protection, the proportion of light-weight transmission products in the field of commercial vehicles will further increase in the future."
However, in the third quarterly report of 2021, the performance of Huayang transmission sounded the alarm. In the first three quarters of 2021, the operating revenue of Huayang variable speed decreased by 6.89% year-on-year; The net profit attributable to the shareholders of the listed company decreased by 34.06% year-on-year.
Huayang variable speed explained in the third quarterly report of 2021 that due to the influence of multiple factors such as environmental protection and production restriction, insufficient supply of goods, more vehicles and less goods, depressed freight rates and insufficient commencement of infrastructure projects, the terminal orders and demand of the heavy truck industry in the first half of 2021 were less than expected, and a large number of new vehicles of the "national five year plan" heavy trucks produced by heavy truck manufacturers in the first half of 2021 were hoarded at dealers, As a result, the industrial inventory reached more than 300000 vehicles. Huayang variable speed said that before the implementation of the national six year plan on July 1, heavy truck enterprises and dealers need to invoice these new cars in advance to facilitate registration after July 1. That is, in the third quarter of 2021, the whole industry focused on "digesting" the "national five year plan" vehicles that have been invoiced in advance, and the new car sales fell sharply compared with the same period in 2020. Therefore, in the third quarter of 2021, the sales volume of heavy truck industry decreased by more than 50% year-on-year.
In the third quarterly report of 2021, Huayang transmission did not mention the sales status of its lightweight products. Obviously, after the third quarter of 2021, Huayang variable speed's "lightweight product strategy" failed to respond well to the downward trend of the industry.
In addition, the gross profit margin of Huayang variable speed in 2021 also declined to a large extent compared with that in 2020. "Affected by the rising price of raw materials and other factors, the cost of direct materials required by the company to produce products has increased." Huayang variable speed explained.
