Discussion and analysis of business situation
In the first half of 2020, major asset restructuring of listed companies will be completed, and commercial vehicle assets with strong profitability will be placed. During the reporting period, although the domestic economy declined to some extent due to the COVID-19 epidemic and the Sino-US trade friction, with the rapid and effective control of the COVID-19 epidemic and the implementation of a series of favorable policies to stimulate consumption, the demand for commercial vehicles has been strongly boosted. In addition, the total demand for medium and heavy trucks remained at a high level in the first half of the year, and the company's business indicators all increased to varying degrees due to the superposition of policies such as controlling the over-limit line, high-speed free, and national III elimination.
From June to June, 2020, the company sold 239,000 medium and heavy trucks, a year-on-year increase of 35.70%. Operating income was 69.09 billion yuan, a year-on-year increase of 65,438+06.08%; Operating profit was 2.937 billion yuan, a year-on-year increase of 38.63%; The total profit was 2.946 billion yuan, a year-on-year increase of 32.46%; The net profit attributable to shareholders of listed companies was 265.438+0.50 billion yuan, a year-on-year increase of 654.38+09.75%.
In the first half of 2020, faced with the severe test brought by the sudden epidemic, the company resolutely implemented the requirements and arrangements of the CPC Central Committee, the State Council and the group company on winning the epidemic prevention and control war, quickly established a joint prevention and control system, and took the lead in promoting the resumption of work and production. Qi Xin of all systems and employees worked together to overcome difficulties, adhere to the annual target, fight the epidemic, seize the market, seize the high yield, seek breakthroughs in adversity, seek development in difficulties, seize opportunities in crisis, and achieve the following main tasks:
1. Focus on strategic landing and development transformation, continue to absorb methods, transform abilities and strengthen thinking. The strategic leading ability continued to be consolidated and the layout of new formats continued to accelerate.
2. Adhere to the guidance of innovation, drive the liberation of product strength, R&D strength and marketing strength with strong innovation strength, accelerate the promotion, and lay a solid foundation for the pilot market.
(1) Create a new technological advantage of "four modernizations and one high". In terms of the whole vehicle, we will focus on the needs of market users, make precise efforts, and vigorously promote product development campaigns such as traction, piloting, and national six wins. In terms of final assembly, projects such as upgrading the final assembly of the whole machine and box bridge and national seven-control strategy have been completed, and the technical competitiveness of final assembly has been accelerated. Insight into new technology trends, establish strategic issues of "four modernizations and one high" such as fuel cells and intelligent navigation cabins, promote the implementation of white paper technology projects, and accelerate the seizure of technical commanding heights.
(2) Adhere to product leadership, strengthen product planning and package planning, and make product delivery more accurate and efficient.
(3) In the face of the impact of the epidemic, early deployment, innovative policies, and overall increase in sales and share.
3. Make efforts to create product advantages, accelerate the upgrading of manufacturing technology, enrich process control means, carry out project research, and continuously improve product quality.
(1) Guided by intelligence, the manufacturing technology is developing rapidly. Promote the planning and construction of new factories as a whole, and reach the planned nodes of key base construction projects on schedule.
(2) Carry out a total quality battle, solidly promote the four major projects of system construction, reliability, refinement and commodity strength, effectively integrate IATF 16949 quality requirements and IPD projects, comprehensively improve product reliability, process control capability and new product quality control, and continuously improve quality assurance capability.
(3) Focus on procurement transformation and accelerate the construction of "double first-class". The overall resources are "slimming", and the resource reduction rate exceeds 5%. Improve the construction of procurement system, further promote the construction of JEPS system, and improve the overall efficiency by 30%. Strengthen the supply of resources, in the face of the supply risks brought by the epidemic, comprehensively carry out inventory, epidemic prevention materials, imported parts resources and other investigations, implement classified and graded control, and effectively ensure the stable supply of epidemic prevention materials and spare parts resources. Expand the scope of procurement cost control, refine the price management module, carry out cost reduction projects, and continuously deepen procurement cost control.
(4) Go all out to resume work and production, and the market demand is strongly guaranteed. Scientifically plan and balance the production capacity and demand of the four major vehicle bases, establish and improve the vehicle order scheduling rules, and the production capacity will reach a new high. Strengthen the standardization construction of lean system and improve comprehensive production efficiency, and make labor-saving and labor-saving improvements in the manufacturing process to improve production efficiency. The responsibility system for safety, environmental protection and fire protection has been effectively implemented, and the investigation and management of hidden dangers has continued to deepen.
4. Focus on improving efficiency, strengthen management control, improve the capital operation mechanism, persist in increasing revenue and reducing expenditure, and steadily improve profitability and level.
(1) The financial operation control capability has been continuously enhanced. Taking benefit growth as the core and profit target as the premise, rolling budget preparation is implemented to give full play to the role of budget control. Deepen management and benchmarking analysis, make reasonable evaluation, and gradually strengthen control. Carry out thematic analysis, implement cost audit, and strictly control expenses. We will comprehensively promote open source and reduce expenditure, increase the proportion of open source, and continuously raise costs. Strengthen revenue management, continuously improve quality and reduce cost, and enhance product competitiveness. For product upgrading projects, according to the income gate standard, the yield of new products has steadily increased. Strengthen the depth of cost control, establish a cost analysis model, and complete the formulation of nearly 10,000 target costs.
(2) Major asset restructuring tasks have been fully completed, and the operating mechanism has been continuously improved.
5. Focus on management transformation, promote management reform and four-energy reform, so as to continuously improve the operating efficiency of enterprises and greatly enhance their operating motivation.
(1) Highlight value orientation, optimize incentive mechanism and strengthen talent support. Overcome the impact of the epidemic and introduce talents through measures such as cloud recruitment to effectively meet the demand for talents; Optimize the promotion mechanism, recruit nearly 100 professionals such as chief, senior director and director, more than 300 people have achieved grade promotion, and the development motivation of employees has been steadily improved; Strengthen personnel capacity building, cultivate and train at different levels and categories; Carry out the performance management and application of all employees and give full play to the incentive function; Promote the reform of producers and operators, and effectively complete the tasks of salary data collation and development channel design.
(2) Accelerate the transformation and change, the culture of change is deeply rooted in the hearts of the people, and the benefits of enterprises are steadily improved. The second phase of the journey continues to advance. Sort out the core values of IPD reform, clarify the value map and task map in various fields, determine the key dependence of project promotion, and initially build the path to achieve the goal. Around the development of high-quality literature, three principles and ten requirements have been formulated, and targeted empowerment and guidance have been carried out. The completion rate of document development is over 90%.
6. Each system focused on the overall situation, Qi Xin made concerted efforts to overcome difficulties, and went all out to do a good job in the two major tasks of "epidemic prevention and control" and "resumption of work and production", which provided great support for the opening of the pilot market in the first half of the year.
(1) Qingdao Vehicle Division: The monthly production capacity of Qingdao factory reached a new high; Many provinces and regions of China's heavy-duty products have achieved leadership, and their share in three weak regions such as Guangdong and Hainan has increased significantly; Light vehicles strengthened product layout and made breakthroughs in weak areas, and continued to make new breakthroughs in business development.
(2) Engine Division: The internal distribution rate of Qingdao medium and heavy trucks (excluding gas and dump trucks) increased year-on-year; We strengthened product development and technological innovation, developed key products steadily, made effective breakthroughs in "bottleneck" technologies, and made steady progress in production and operation.
(3) Transmission Division: the output of axle box reached a record high, effectively supporting the demand of the whole vehicle; New product development projects are promoted in an orderly manner; Achieve procurement cost reduction, process cost improvement and other projects, and effectively improve business quality.
Risks faced by the company and its countermeasures
policy risk
Risk: With the increasingly stringent domestic environmental protection policies and escalating fuel and emission standards, the company may increase production and R&D investment to meet the requirements of policies and standards, thus affecting product costs.
Countermeasures: The company actively carries out policy research, makes reasonable plans for relevant activities that meet policies and standards, constantly improves environmental protection-related facilities, increases investment in research and development, and conducts in-depth research on energy conservation and emission reduction to ensure that product emissions meet standards and the company operates in compliance with laws and regulations; At the same time, continue to carry out cost reduction activities to ensure the profit level.
(2) Market risk
Risk: Due to the increasingly fierce competition in the commercial vehicle market, the market structure adjustment is accelerated, and the competition of foreign brands is accompanied by the cancellation of the restrictions on the ratio of foreign shares in commercial vehicles, which makes the company face more challenges.
Countermeasures: continuously improve product research and development capabilities, strengthen product management, and launch new models to the market in strict accordance with time nodes to cope with domestic market competition; According to the market structure, improve the ability of corresponding business segments and reduce the adverse effects of structural adjustment; On the premise of ensuring the stability of the domestic market, allocate resources to overseas markets and expand overseas business.
(C) raw material price fluctuation risk
Risk: The company is a commercial vehicle manufacturer, and the profit level is closely related to the prices of raw materials and precious metals. If the market prices of raw materials and precious metals change, the company may have the possibility of profit fluctuation.
Countermeasures: continuously pay attention to and analyze the raw material market, formulate corresponding measures, and control the purchase price; Pay attention to and analyze the price trend of precious metals, respond to price changes with special strategies when necessary, and adjust product prices according to the market; According to the characteristics of some models, the application technical scheme of precious metals is optimized to ensure the profit of the whole vehicle.
Editor in charge: Wei Yilin
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.