On March 31, Sinotruk Jinan Truck Co.Ltd(000951) (3808. HK) issued a performance announcement for 2021. The company achieved an operating revenue of 93.36 billion yuan and a total profit of 5.86 billion yuan in 2021. According to the announcement, under the market environment of overall decline in heavy truck sales and intensified competition among leading enterprises in 2021, the company's heavy truck products still grew against the trend, and the sales ranking jumped to the second place; At the same time, it has performed well in various sub sectors, showing strong growth potential and development toughness.
products and market structure further optimized
In 2021, the sales volume of heavy truck industry declined as a whole. According to the data of China Commercial Automobile Association, the sales volume decreased by 6.6% year-on-year in 2021. Among them, the market sales volume of heavy trucks was 1.395 million, a year-on-year decrease of 13.8%. In this situation, the company seizes the demand opportunity of economic recovery, accurately focuses on the use scenarios and needs of customers, and the sales volume of heavy trucks hit a new record. In 2021, the sales volume was about 281800, with a market share of more than 20%, ranking the first in the industry, and the sales volume jumped to the second in the industry. Among them, the company's high-end products continued to develop, and the compound growth rate of sales volume of shandeka brand from 2017 to 2021 was 65.8%; With the advantages of high reliability, intelligence and economy, AMT heavy truck ranks first in the industry in terms of sales volume and market share. The compound growth rate of sales volume between 2017 and 2021 reached 160.1%.
While the total amount increases, the company's product structure continues to improve and continuously improve its ability to resist risks and cycles. It is reported that in 2021, the company accelerated breakthroughs in multiple market segments. At present, it has achieved full coverage in 28 market segments and 81 application scenarios. Among them, the market share of trucks has doubled, with the growth rate ranking first in the industry. At the same time, the company's mixer continues to lead the innovation of the industry and introduces Zhilian pump products, with the sales volume and market share ranking first in the industry. The company's tractor products have made continuous breakthroughs in short distance, medium and short distance, long-distance composite transportation and other market segments, and the increase of market share has achieved the first in the industry.
Sinotruk Jinan Truck Co.Ltd(000951) said that during the reporting period, the company seized the demand opportunity of economic recovery, accurately focused on customer use scenarios and needs, and accelerated the breakthrough in the weak market of truck and high-end dump truck.
In terms of export business, the company exported 54100 heavy trucks in 2021, with a year-on-year increase of 75%, ranking first in China's heavy truck export for 17 consecutive years. The announcement shows that by the end of 2021, the company has developed about 300 distribution outlets, more than 520 service and accessories outlets in more than 110 countries, established 26 overseas cooperative KD production plants, and formed an international marketing network system basically covering developing countries, major emerging economies, BRICs countries and some mature markets.
new energy fully developed
In recent years, the new energy heavy truck policy has become a new outlet in the depressed market. In March 2022, the national development and Reform Commission announced the medium and long term plan for the development of hydrogen energy industry (20212035), which requires the layout of hydrogen fuel cell distributed cogeneration facilities according to local conditions, and promote the demonstration of comprehensive utilization of hydrogen energy in communities, parks, mining areas, ports and other areas. In addition, in March this year, the Ministry of industry and information technology issued the key points of automobile standardization in 2022, which proposed to "accelerate the construction and improvement of the charging and replacement standard system of electric vehicles, and promote the formulation of standards for pure electric vehicle on-board power replacement system, power replacement common platform and battery pack", so as to lay an important policy foundation for promoting the scale of power replacement industry.
Sinotruk Jinan Truck Co.Ltd(000951) has an early layout in the field of new energy heavy trucks and is in the forefront of the industry. The announcement shows that the company's new energy heavy trucks have been put into operation in batches in Shandong, Zhejiang and other places, and new energy products including hydrogen fuel heavy trucks have been put into operation in Tianjin Port Co.Ltd(600717) , Zhoushan port, Rizhao Port Co.Ltd(600017) , Qingdao Port International Co.Ltd(601298) and Qingdao Port International Co.Ltd(601298) . At present, the market share in the port field ranks first in the industry, helping to build a "Chinese model" of smart port.
In addition, Sinotruk Jinan Truck Co.Ltd(000951) 2021 independently developed the key core technologies such as electric drive bridge in the new energy power system, and the Yellow River brand hydrogen fuel snow wax vehicle, which appeared in the Winter Olympics, achieved "China's first, world-leading and completely domestic", and a number of technologies filled the gap in China.
continuous improvement of operation quality
In 2021, the heavy truck industry is facing cyclical downward pressure, with high market ownership, low freight rates, and continuous rise in oil and gas prices, weakening vehicle renewal and new demand. In addition, adverse factors such as repeated epidemics, rising prices of raw materials and shortage of chips have brought great challenges to the heavy truck industry. In the face of changes in the market environment, the company has comprehensively improved its operation efficiency, saving costs and increasing efficiency. Financial information shows that in 2021, the turnover rate of accounts receivable increased by 1.1 times, the expense rate decreased by 0.2 percentage points, and the level of financial management improved significantly.
In addition, the company insists on taking technology R & D as an important driving force, adheres to independent innovation and improves R & D investment. In 2021, the company invested 3.28 billion yuan in R & D, a year-on-year increase of 25.1%, and the company had 2636 R & D personnel, a year-on-year increase of 22.2%. The annual report shows that the company achieved a number of new breakthroughs in key technologies during the reporting period. In the field of complete vehicles, positive progress has been made in reducing fuel consumption, lightweight, shift optimization, new model development and so on; In the field of engines, we will continue to optimize the national six engine to make the products perform better in the market segments. At the same time, the company has launched the Yellow River heavy truck with world-class indicators such as power and economy, which is led by China, and the worry free shift system pioneered in the world. In addition, the company participated in the formulation and revision of more than 10 heavy truck industry standards, and completed more than 240 research and development of complete vehicles, key assemblies and parts.
Sinotruk Jinan Truck Co.Ltd(000951) said that the global economic recovery is expected to continue, and China's economy will continue to make progress while maintaining stability and transition to high-quality development. Advanced infrastructure investment and active fiscal policy are expected to stimulate the market opportunities of Engineering heavy trucks. The clearing of national three vehicles, national four traffic restrictions and strict environmental protection governance will bring replacement increment, and the demand scale of new energy heavy trucks will further increase. In addition, the release of 3060 dual carbon policy brings new opportunities and challenges. New energy and intelligent networked vehicles will become the landmark and leading products of a new round of scientific and technological revolution and industrial reform.
In 2022, Sinotruk Jinan Truck Co.Ltd(000951) will accelerate the adjustment of product structure and enhance product competitiveness; Accelerate the commercialization of a full range of new energy commercial vehicles and create new growth points; Accelerate the sales of national six products to ensure the rapid increase of market share; Accelerate the optimization of marketing network and continuously improve brand image; We will speed up efforts to grab export orders and promote the internationalization of products and brands.
