Securities code: Sinotruk Jinan Truck Co.Ltd(000951) securities abbreviation: Sinotruk Jinan Truck Co.Ltd(000951)
Sinotruk Jinan Truck Co.Ltd(000951)
Record of investor relations activities
No.: 20220402
Investor relations activities □ specific object research □ analyst meeting
Category □ media interview ■ performance briefing
□ press conference □ Roadshow
□ site visit
□ others (please specify other activities in words)
Name of participating units and names of investors participating in the company's 2021 annual performance presentation by teleconference
Time: 10:00-11:00, April 2, 2021
Place: company conference room
Receptionist of listed company: Mr. Liu Zhengtao, director and chairman of the company
Member name: Mr. Gao Xiang, chief financial officer
Mr. Zhang Feng, Secretary of the board of directors and relevant personnel
1、 The management of the company first briefly introduced the overall situation of the company in 2021
From the overall situation, 2021 is a year of special importance in the process of China's modernization. The situation outside China is complex and severe, especially the repeated covid-19 pneumonia epidemic has brought a huge impact on the society and economy. In this case, the government adopted a series of portfolio policies, especially focusing on the cross cyclical and counter cyclical adjustment of macro policies, which effectively responded to various risks and challenges.
Investor relations activities the stable growth of China's economy has provided strong basic support for the commercial vehicle industry, and the overall external economic environment of commercial vehicles has continued to improve. In the first half of the year, affected by policies and regulations such as the introduction and upgrading of the main contents of national six emission control and the continuous promotion of over limit control, the demand continued to grow, and the scale of heavy truck industry reached a historical peak of about 1045000 vehicles; In the second half of the year, the terminal demand of the heavy truck market was depressed due to the factors such as the early pre hanging of national five vehicles in the first half of the year, the rise of oil and gas prices, the double limit and double control policy and so on. According to the statistics of China Automobile Industry Association, the sales of heavy trucks in the whole year was about 1.395 million, a year-on-year decrease of 13.8%, showing a trend of high before low, and the heavy truck market still maintained a high demand.
Last year, with the unity and cooperation of all cadres and workers, we withstood the cyclical fluctuations of the industry and the tight global supply chain through exploration and innovation, overcoming difficulties and taking the initiative
Zhang, the high price of raw materials, the contraction of demand in the heavy truck market and the impact of supply have achieved many results. The main indicators are significantly better than the industry average, and the market share of heavy trucks has increased steadily. The company produced 152164 complete vehicles in the whole year, a year-on-year decrease of 15.52%; 202172 complete vehicles were sold, a year-on-year decrease of 1.91%. The company's profit distribution plan for 2021 has been disclosed through the annual report. The dividend payment rate of the company is significantly higher than the average level of a shares, and has been at more than 30% continuously.
In terms of financial status, the company achieved a sales revenue of 56.099 billion yuan in 2021, a year-on-year decrease of 6.40%; The total profit was 2.087 billion yuan, a year-on-year decrease of 34.56%. The net profit attributable to shareholders of the company was 1.038 billion yuan, a year-on-year decrease of 44.79%. The net operating cash flow was 2.063 billion yuan, a year-on-year decrease of 50.33%. The comprehensive gross profit margin was 7.38%, down 2.1 percentage points from the same period last year.
At present, the intensified competition caused by industry fluctuations, the increasingly tense global supply chain under the epidemic, and the high price of raw materials have had a great impact on our profits. But at the same time, from the perspective of the company itself, we are also continuously deepening reform, strictly controlling expenses, reducing costs and increasing efficiency. In 2021, the company strengthened capital operation, efficiently completed non-public offering and raised 5.013 billion yuan, laying a solid foundation for the rapid promotion of the company's investment projects; Through comprehensive budget management, the company has established an expense management mode of no budget and no expenditure, and penetrated the comprehensive budget into each business unit to make the budget come from and serve the business. At the same time, strengthen centralized control and do a good job in advance and in-process control. Based on daily accounting and weekly analysis, an effective feedback mechanism is formed to make the budget management closed-loop. With the help of SAP system, the cost of all links of procurement and production can be accurately controlled.
It can be seen from the company's financial report that the company has achieved remarkable results in cost control in recent years. During the period of the company, the expense rate has decreased from 5.25% in 2017 to 2.19% in 2021, and the single vehicle expense rate has decreased by 29%. On the other hand, in order to cultivate new competitiveness, the company has continuously enriched its product line and increased relevant R & D investment. Since 2018, the company has continuously increased its investment in R & D, with a year-on-year increase of 29% in 2021, accounting for 1.07% of the company's total revenue.
From the perspective of operation, first, the company has further expanded its sales market and achieved good results in market segments. According to the data of China's heavy truck insurance, the market share of the company's trucks doubled from 3.25% to 6.68% during the reporting period, with the growth rate ranking first in the industry, and achieved a comprehensive layout in key segments such as express delivery and cold chain. The introduction of Zhilian pump products into the mixer truck continues to lead the product innovation of the industry, with the sales volume and market share ranking first in the industry. Tractors have made continuous breakthroughs in short distance, medium and short distance, long-distance composite transportation and other market segments. The market share of special vehicles has increased steadily. According to the insurance data, the company's market share in China reached 11.41% in 2021, an increase of 0.33 percentage points over 2020. In terms of export, the company seizes the demand opportunity of global economic recovery. Relying on the perfect overseas layout of heavy truck international company and its rich product portfolio, the product export has maintained the forefront of China's heavy truck industry for 17 consecutive years. In 2021, 46000 vehicles were exported, with a year-on-year increase of 63.5%. Second, the transformation and upgrading process of the company's products was accelerated. Relying on the strong R & D capability of SINOTRUK group, the company has closely focused on the market demand, continuously increased R & D investment in recent years, accelerated technological upgrading and product structure adjustment, and continuously enhanced the product strength to make the "long board longer"; At the same time, define product allocation for different market segments
Continuously optimize the application scenarios of vehicle models, launch the classic Atlas of vehicle models, and promote the market share of the company's products.
At the same time, we are also promoting the continuous optimization and upgrading of product types and structures in terms of energy conservation and new energy, intelligent driving, Internet of vehicles and so on. Batch promotion of a new generation of high-end Yellow River heavy trucks; Hydrogen fuel cell heavy truck multi scenario demonstration application and batch delivery of driverless electric truck continue to be in the forefront of the industry Sinotruk Jinan Truck Co.Ltd(000951) Yellow River's own brand snow wax car serves the Winter Olympic Games, "China's first, world-class and completely domestic", filling the gap in China. With the advantages of high reliability, intelligence and economy, AMT products have an annual sales volume of 16000 vehicles. Third, the layout of the new energy sector has been improved. At present, the core layout research and vehicle integrated development of the three technical routes of pure electric, hybrid and hydrogen fuel cell have been completed, and the key core assemblies (electric drive bridge, hybrid system, etc.) have been modularized, autonomous and differentiated. The new energy products customized and developed in many actual scenarios have accumulated sufficient market verification data, and a number of new energy vehicle announcements have been issued. Fourth, take multiple measures to promote the continuous improvement of quality management level. In accordance with the quality management concept of "horizontal to edge and vertical to the end", the company has accelerated the promotion of product quality and quality management level towards world-class. Carry out in-depth product quality improvement, build a PPM quality index system towards "zero defects", upgrade the quality standards in line with the international advanced level, and improve the quality management level; Strengthen responsibility traceability, complete the construction of "integrity system" quality control information platform, and implement reverse traceability mechanism; Establish an exposure platform for major quality problems and strengthen problem management and responsibility implementation; Carry out the improvement of assembly and adjustment consistency to realize the zero defect of key problems; Focusing on the after-sales feedback problems and the projects listed as the leader, a number of special quality improvements have been implemented to continuously improve the quality of the whole vehicle. Fifth, continuously optimize the service network and build a modern marketing service system. The company has continuously optimized the service network from the aspects of parts supply channels, service efficiency improvement, service policy improvement and so on, and built a modern marketing service system with reasonable distribution and efficient operation covering the whole country. Through continuous network optimization, more efficient decision-making mechanism and more flexible and accurate business policy support, the Chinese marketing team has performed well in many key regions and market segments; In addition, by optimizing the service network layout, deepening the reform of accessories, optimizing the information process, shortening the service radius, and realizing the transformation and upgrading of "family" services; Make use of information platforms such as "smart heavy truck" and "frontline communication" to deeply analyze customer needs and improve value creation in the whole life cycle and competitiveness in the stock renewal market. 2、 Q & a session 1. How does the company's management view the development of the heavy truck industry in 2022?
In 2021, the sales volume of the heavy truck industry was about 1.395 million, a year-on-year decrease of 13.8%, which was significantly better than the market expectation at the beginning of the year. main cause:
The increase of macroeconomic aggregate has led to the growth of logistics demand. The turnover of highway freight transportation has increased by 14.8% year-on-year and has been growing for more than 20 consecutive years; In the first half of the year, driven by factors such as the upgrading of national six emission, the control of exceeding the limit and the start of infrastructure projects, the demand increased explosively; In the second half of the year, affected by factors such as early consumption, colder real estate industry and gradual weakening of double limit and double control policy dividends, demand decreased. In 2022, we expect the annual sales volume of the heavy truck industry to be about 1 million, mainly due to several factors: first, from the perspective of macro policy, the Chinese government proposes to increase GDP by about 5.5% in 2022 and add local governments
The special bond is 3.65 trillion yuan. The advanced infrastructure investment and active fiscal policy are expected to stimulate the demand of China's commercial vehicle market and provide strong basic support for the commercial vehicle industry. With the steady growth of total highway freight volume and infrastructure investment, the overall external economic environment of commercial vehicles tends to be better, and the whole heavy truck sales center will continue to move upward.
From the perspective of the industry itself, first, the pressure of environmental protection continues to increase. Under the condition that the third country vehicles are basically eliminated, some provinces accelerate the traffic restriction and elimination of the fourth country vehicles, which will drive the growth of some new demand; Second, the overload control policy continues to increase, and promote the renewal demand of lightweight products in the subdivided markets such as mixer truck and muck truck, so as to form an increment; Third, the state has proposed the goal of "carbon peaking and carbon neutralization", promoted the creation of a green and low-carbon comprehensive transportation system, adjusted and optimized the transportation structure, and the demand scale of new energy heavy trucks will further increase. Of course, there are also some uncertain factors. The rising prices of raw materials, repeated epidemics and chip shortage have a continuous impact on the industry.
From the current data, affected by the epidemic, the sales volume of the heavy truck industry from January to February is about 155000. At present, the operating rate of the industry is gradually picking up, the operating rate of logistics vehicles is about 70%, and the operating rate of engineering vehicles is about 64%. The market is gradually improving. Question 2. How does the company's market share in 2021 continue to increase in recent years? What measures will be taken in the future?
A: in recent years, the company has made major breakthroughs in each market segment by continuously increasing R & D investment, focusing on the improvement of product core competitiveness, continuously cultivating market segments and accurately implementing marketing strategies. In terms of the market share of truck Co., Ltd., it has increased from about 11.7% in 2019 to more than 14.5% in 2021.
In 2022, the company will continue to take products as the core, continuously improve the brand, channel and marketing ability, continuously improve the share of each market segment, and move forward to the first in the industry. Specifically: first, in terms of products. We will continue to increase investment in research and development, and continuously improve the fuel consumption, power performance and self weight of products. Increase the promotion and introduction of Yellow River series, HOWO T series, s-amt series, new energy products and other products, interact with sinotruk Hong Kong to form a positioning combination covering high, medium and low products, implement multi brand linkage and coordination, create popular products and form new increments. Second, market segments. Focus on key regions and subdivided industries to achieve precision marketing, especially breakthroughs in key market segments such as long-distance expressway, lvtong, cold chain, urban construction waste and sanitation. Speed up the production of new energy products. Third, marketing network. Continue to carry out the "survival of the fittest" of the marketing network, increase the management empowerment of the distribution network, and improve the standardized operation ability, customer development ability and anti risk ability of dealers. The marketing team has transformed from simple marketing driven to product driven and customer value driven, comprehensively upgraded the service parts system around the whole life cycle of TCO, quickly responded to market competition, and created "one-stop" experiential services. Question 3. What are the reasons for the decline of the company's profits? What is the current inventory level of the company? A: in 2021, the net profit attributable to the company's shareholders was 1.038 billion yuan, a year-on-year decrease of 44.79%, mainly due to the following aspects: first, the price of raw materials rose sharply. Among them, the prices of steel, steel sector and non-ferrous metals such as copper increased significantly, and the material cost of a single vehicle increased by about 7000 yuan. This is a major factor causing the decline in profits; Second, product structure adjustment and optimization. Company truck load,
As a new product entering the market, it has strengthened market promotion; Third, R & D expenses increased by 29% year-on-year. Fourth, due to the upgrading of emissions in the middle of the year, the company adopted certain promotion policies to digest inventory. Subsequently, the company will continue to steadily improve the company's gross profit margin through cost control measures such as efficient R & D, process cost reduction and procurement cost reduction.
In terms of inventory, the company's heavy truck inventory at the end of 2021 decreased by 52.71% compared with the beginning of the year. Inventory management is in a good historical stage
