This is the second issue: can emotional support save Haima, which is doing nothing?
Haima automobile temporarily breathed a sigh of relief.
On May 15, Haima Automobile Co., Ltd. (*ST Haima, 000572) announced that its subsidiary recently received various government subsidies in the form of cash subsidies totaling1046777,700 yuan. It is estimated that this subsidy will increase the total profit in the second quarter of 2020 by 9,65438 yuan+080,259.46 yuan (unaudited).
This government subsidy came in time. Although the quantity is limited, it can also solve the urgent need.
Due to the negative audited net profit for two consecutive fiscal years (20 17 and 20 18), in April of 20 19, Shenzhen Stock Exchange implemented "delisting risk warning" for Haima Automobile stock trading, and the name of Haima Automobile stock was changed from "Haima Automobile" to "*ST Haima". If Haima 20 19 still doesn't work,
Fortunately, Haima Automobile made a profit in 20 19 by selling idle real estate and transferring the equity of its subsidiaries. According to its annual report, the net profit attributable to shareholders of listed companies in 20 19 was 85 million yuan, which was a great improvement compared with the losses of163.7 million yuan and 994 million yuan respectively in the previous two years.
Unfortunately, 2020 started badly, and the sudden epidemic made the already poor hippocampus worse. According to its financial report released on April 28th, in the first quarter of 2020, the operating income of Haima Automobile was only 442 million yuan, down 37.85% year-on-year, and the net profit attributable to shareholders of listed companies was-99 million yuan.
Selling a house to survive, selling equity and government subsidies, today's Haima car is tottering. Born in adversity and growing up in rough times, Haima once became a mainstream car company by virtue of joint venture, but it has been nearly 14 years since it broke up with Mazda. It seems that Haima has not completely walked out of the "joint venture sequela", its independent research and development strength is not strong, its products have the shadow of Mazda, and its marketing ability is weak ... Haima is gradually marginalized and even facing the crisis of delisting. Jing Zhu, the retired chairman, returned to "save the big picture" last year. What will hippocampus do in the future?
Rough joint venture experience: unqualified, affiliated with FAW, abandoned by Mazda.
The earliest predecessor of Haima Automobile was "Hainan Automobile Factory". 1988, Hainan Automobile Stamping Factory supported by the government bought the automobile factory jointly owned by American automobile and former Philippine President Marcos at a low price from the turbulent Philippines at that time, and moved to Haikou as a whole, renamed Hainan Automobile Factory, which opened the prelude to its first venture.
Although the Ford factory was acquired, there were no cars to build. At this time, Japan's economy is sluggish, and Mazda actively seeks overseas outlets. The two hit it off. 1992 established a joint venture company, Hainan Mazda. In just a few years, a number of models have been assembled and produced, such as HMC6470 station wagon, HMC6440 van and HMC6450 MPV.
However, at that time, Hainan Automobile Factory did not obtain the automobile production license issued by the state, and the cars produced could only pass through Hainan Province. Limited market and high product cost led to Hainan Automobile Factory barely maintaining its operation and was once on the verge of bankruptcy.
From 65438 to 0997, Zhu Jing became the director of Hainan Automobile Factory and started his second venture.
1998 Hainan automobile factory transferred 100% of state-owned assets to faw group in order to obtain production qualification. Although it has been successfully affiliated with FAW Group and has the production qualification, Hainan Automobile Factory has not been supported by FAW Group in terms of models and technology, and can only continue to produce the original old models.
However, with the rapid development of the domestic automobile market, HMC6470 station wagon and Mazda 323, two old models eliminated abroad, have obviously fallen behind the times. HNA, which is in crisis, once again seeks cooperation with Mazda. This time, Mazda chose the way of technical cooperation.
In May of 200 1 year, Mazda compact MPV Prima was officially listed in FAW Hainan. At that time, domestic MPV models were relatively scarce, and Prima, which gave consideration to comfort and certain handling, quickly occupied the domestic compact MPV market as soon as it was launched. By the end of 200 1, the production and sales volume of Prima has reached more than 1 10,000 units.
In July 2002, Hainan Mazda introduced the eighth generation Mazda 323, which was born in 1998, to China and named it Familia. Familia was a great success and was rated as the "new three" in the automobile market at that time (Excelle, Elantra and Familia). The hot sales of Prima and Familia made HNA Mazda a mainstream automobile manufacturer in China at that time.
At the same time, Japanese Mazda saw the huge potential of China automobile market, and gradually failed to meet the profits brought by technical cooperation, and successively chose FAW Group and Changan Automobile, which were more powerful. In 2006, Hainan Automobile Factory was separated from Mazda Automobile. In August, Familia II was officially listed. Instead of using Mazda logo, it appeared as its own brand "Haima", thus starting the journey of independent development.
Difficulties in independent development: design "takenism", low-end products and weak marketing.
In 2007, Haima Group acquired Zhengzhou Light Automobile Factory, established Haima (Zhengzhou) Automobile Co., Ltd., began to lay out the territory of the Central Plains, and started its third venture.
However, for Haima, which has always relied on Mazda technology, it is not easy to independently develop new models.
In fact, as early as 2003, Haima established Shanghai R&D Center with a registered capital of 200 million yuan and a total investment of 500 million yuan. In August, 2004, the first phase of Haima Industrial Park was completed, with eight parts manufacturing plants. In March 2006, Haima Automobile Engine Factory was put into use, becoming one of the few automobile manufacturing enterprises in China with engine production line, vehicle production line, technology research and development center and related parts supporting enterprises. After going north, the industrial layout of Haikou and Zhengzhou two production bases and Shanghai R&D center trinity was formed.
The hardware conditions are already available, and the cooperation experience with Mazda has accumulated a lot of valuable experience. Compared with the self-owned brand that started from scratch in the same period, Haima Automobile has a good hand, but perhaps it is the brand that is too good, and Haima Automobile has long neglected "technology".
If it is understandable that the second generation Familia in 2006 is a transitional product from joint venture to independence, but it is only a small change based on the original Familia of HNA Mazda, then over the years, the models launched by Haima Automobile still carry the shadow of Mazda, which will inevitably taste a bit "not enterprising".
In March 2007, Haima Automobile launched Familia Heart Edition (later renamed Haifuxing) and new Prima. There is no obvious difference between the appearance of the two cars and the previous models with Mazda logo, mainly because of the new engine.
In April 2007, Haima released the self-developed compact car Haima 3 at the Beijing Auto Show. Its appearance was jointly designed and developed by Haima Shanghai R&D Center and Italian IDEA Automobile Design Company, which can be regarded as the first truly independent research and development model of Haima. However, no matter from the overall appearance or naming method, Haima 3 is quite similar to Mazda 3 in the same period, which has been questioned by many people.
From June, 5438 to February, 2009, Cupid Haima went on the market and was positioned as a small car, but its appearance was exactly the same as that of mazda 2, and even its engine displacement was the same as that of mazda 2.
Even the hippocampus M6 listed on 20 13, its front face is very similar to that of Yi Rui, mazda 6.
Of course, hippocampus is not a product without independent design. For example, the first SUV model Haima Knight introduced by 20 10, the compact car Haima M3 introduced by 20 13, and the compact SUV Haima 8S introduced by 20 19 are all out of the shadow of other brands.
Due to the limitation of the times, many independent brands will learn from the design experience of overseas mature models in the early days, and the tolerance of Chinese people is also relatively high. In the era of rapid development of China automobile market, especially car market, Haima can still rank among the second-tier independent brands, although it sometimes imitates and innovates.
But times are different. Competitors are developing, consumers are growing, and hippocampus is still standing still, which is a step backwards. In recent years, the sales of hippocampus have been declining year after year. Mainly because there are no products that can be obtained, the design has been "brought" again and again. The product is too low-end and lacks explosions.
Judging from the models currently on sale in Haima, except for new energy models such as E3/ Prima EV, most models of Haima are below 6,543,800 yuan. The low-end market has always been the main battlefield of independent brands, and the competition is the fiercest. It is difficult for Haima's products to stand out in this market without advantages.
There are many types of Haima cars, but many of them are not exquisite, and there are few models with outstanding strength and lack of explosions. The sales volume of Haima 8S 20 19, which has the highest sales volume, is only 630 1, ranking 170 in the SUV market, and the annual sales volume of most models is even less than 1000.
Jing Zhu, chairman of Haima Automobile, put forward five reasons when analyzing the reasons for Haima Automobile's loss. One of them is the failure of product input: "If the product project manager is the responsibility of the team leader, he will often find a company commander to take charge of it, and usually accept the management of the battalion commander. Most of these product project managers have no sense of innovation, pressure and ability, and at least ten projects have failed. "
In terms of products, Haima has no advantage, and it is even weaker in marketing. Perhaps because of the system and funds, Haima has not had a strong presence in marketing for many years, and even if there are good products, they have not been well spread.
Develop sideline business: pay attention to "money-making cows" in finance and real estate.
Haima seems to have a good hand, but it plays badly. So what has the hippocampus been doing all these years? Engage in sideline business.
As early as entering the Central Plains in 2007, Haima Group began to lay out financial control and land acquisition industries. On the official website of Haima Group, financial control, land acquisition and automobiles are on an equal footing, and the total assets of the three sectors are all over 654.38 billion yuan, which can be described as evenly matched.
In the financial field, Haima Group owns Haitian Financial Holdings Co., Ltd., which was established in April 2065438+2005, with total assets exceeding10 billion yuan. Financial institutions holding shares include Haima Finance Co., Ltd., Hainan Haitian Microfinance Co., Ltd., Shenzhen Haima First Fund Management Co., Ltd., Hainan Bank Co., Ltd. and Haibao Life Insurance Co., Ltd.
Among them, Haima Finance Co., Ltd. was established in 2008 and is the first financial company in Hainan. Haitian Small Loan 20 14 opened, and it is the largest small loan company in Hainan. Haima is the second largest shareholder of Hainan Bank established on 20 15. Haibao Life Insurance, which opened on October 20 18, is the first local corporate life insurance company in Hainan.
Compared with the automobile business with revenue of tens of billions, although the financial business has low revenue, its gross profit margin is considerable. From the financial report of Haima Automobile 20 1 1-20 15, it can be seen that the gross profit margin of its financial industry is above 50% every year, while that of automobile manufacturing is only about 10%.
After 20 16, the financial report of Haima Automobile no longer separately announced the financial status of its financial industry, but mentioned the revenue status of its subsidiary Haima Finance in the item of "Analysis of major holding companies". The operating income of Haima Finance in 20 19 was1570,000 yuan, and the net profit was 89.829 million yuan, compared with the net profit of 1858. The net profit of Haima Finance 20 16-20 18 also reached1380,000 yuan,1520,000 yuan and1270,000 yuan respectively. The net profit of only one financial subsidiary far exceeds the profit of the automobile sector.
In the real estate sector, Haima Group owns Qingfeng Real Estate with total assets exceeding 1000 billion yuan. Its industries are located in Zhengzhou, Wuhan, Haikou, Kaifeng and other places, and it owns several subsidiaries such as Zhengzhou Real Estate, Kaifeng Real Estate, Wuhan Real Estate and Hainan Real Estate.
Although Haima's financial report does not involve real estate business, everyone should feel the soaring housing prices and huge profits in real estate in recent years. According to the data released by the National Bureau of Statistics, the average selling price of residential commercial housing in China rose from 3645. 18 yuan/m2 in 2007 to 8544.438+05438+0 yuan/m2 in 20 18. This is only the national average.
In August of 20 14, Haima and Jianye jointly won 95.5 mu of residential land in Zhengzhou Longhu CBD, with a total price of14.4 million yuan, which set a new sales record in this area. In 20 16, 428 sets were sold, with a total sales amount of 2.94 billion yuan. In 20 17, Qingfeng real estate once again photographed the golden section of Zhengzhou beilong lake 15 for 2.085 billion yuan. Official website of Haima Group shows that in the past 30 years, Haima has produced more than 2 million vehicles, granted loans of more than 50 billion yuan and built a construction area of more than 2 million square meters.
In addition to building houses with land, Haima Automobile also owns a large number of investment real estate. Its financial report shows that at the end of 20 19, the investment real estate amount of Haima Automobile was 84.39 million yuan, and it exceeded 250 million yuan in 20 17 and 20 18 years.
Mr. Cui Dongshu, Secretary-General of the Association, believes that the local government gave some preferential land policies to car companies in order to develop the local automobile industry a few years ago, and it is understandable for Haima to develop real estate as a supplement to the main automobile industry.
The cross-border operation of Haima Automobile in recent years, on the one hand, increased the difficulty of the group's management and operation, and to some extent distracted R&D's investment and marketing energy in the automobile sector, on the other hand, played a role of "blood transfusion". After going north to Zhengzhou in 2007, Zhu Jing's layout plan for the diversified development of Haima Group undoubtedly stepped on the node of market development. In the past decade, the development speed and profit level of financial industry and real estate industry far exceeded that of manufacturing industry. Haima Group can grow and develop, and finance and real estate have contributed greatly, which can be described as "profitable cows". In the case of a sharp decline in automobile sales and losses for two consecutive years, Haima Automobile is facing a delisting crisis, and its sideline advantage is more obvious.
Active self-help: selling houses to survive, focusing on the main business and developing new energy sources.
20 19 in April, after the stock name of Haima Automobile was changed from "Haima Automobile" to "*ST Haima", Haima Automobile quickly announced the sale of its 40 1 suite, plus a research and development center. In 20 19, 342 sets of idle properties were finally disposed of, excluding the income from value-added tax disposal 1.6 1.00 billion yuan. After deducting the disposal cost, the disposal income of idle real estate is10.35 billion yuan. 0/00% equity of Shanghai Haima Automobile R&D Co., Ltd./KLOC-0 was transferred to Ruizhishang Industry, and the final transaction confirmed that the capital reserve was110000000 yuan, and the investment income was 543 million yuan.
In addition, all the equity of Henan Haima Property Service Co., Ltd. was transferred to Qingfeng Real Estate Co., Ltd. (a wholly-owned subsidiary of the controlling shareholder), and the final transaction confirmed that the capital was 2.02 million yuan and the investment income was 65.438+0.23 billion yuan.
By disposing of idle assets and selling the equity of subsidiaries, Haima Automobile finally turned a profit on 20 19. Although it failed to "take off its hat", Haima Automobile is determined to focus on its main business and revitalize the automobile sector.
From 2065438 to 2009, Zhu Jing, who had already retired, returned to Haima to take charge of the overall situation and put forward various reform measures aimed at "focusing", "slimming" and "reducing the burden" in the future development: establishing a flat system and efficiency mechanism; Focus on production and marketing bases and product lines, and eliminate uncompetitive products; Carry out new marketing, change the automobile sales model through "e-commerce is the soul, online and offline", transform from B2B to B2C, and shape "the first automobile brand of Internet direct selling". In fact, Haima's "Internet Direct Selling" has achieved initial results. In 20 19, the "Double Eleven" won the first place in the trading list of JD.COM platform automobile merchants and the first place in the trading list of JD.COM platform automobile commodities.
In addition to "life-saving", hippocampus also pins its future on new energy sources. As the only automobile enterprise in Hainan Province with the qualification of producing new energy vehicles, the plan of building an "international new energy island" in Hainan Province undoubtedly gives Haima the advantage of being in harmony with people at the right time. According to the plan, Hainan Province will use new energy vehicles all over the island by 2030. Moreover, Hainan Province has been endowed with four strategic orientations, among which the international tourism consumption center ranks. Therefore, both the private car market and the public travel market provide a broad market space for Haima.
At present, Haima has invested more than10 billion yuan in new energy research and development, and made major breakthroughs in three major fields: pure electric vehicles, plug-in hybrid vehicles and hydrogen fuel cell vehicles.
On 20 19, Jing Zhu put forward four suggestions, one of which is: support the implementation of pure electric vehicles, especially hydrogen fuel vehicles, and fully liberalize Hainan's low-altitude flight. The other two, "Support private enterprises to set up international trade headquarters in Hainan" and "Fully liberalize foreign capital to run universities in Hainan", will also help to increase the stock of automobile consumers in Hainan.
Conclusion:
From the initial assembly and production of cars with Mazda to technical cooperation, the experience of joint venture has had a far-reaching impact on Haima Automobile. After parting ways with Mazda for many years, Haima has not completely got out of the "joint venture sequela". From glory to loneliness, from actively developing sideline to focusing on the main business and regaining the initial heart, Haima Automobile still faces many difficulties in the future. Can the veteran return lead the hippocampus to regain its glory? Time will tell us the answer.