$200nodepositbonus200freespinsrealmoney|价格战阴霾不散 汽车经销商业绩大滑坡

　　经观汽车 文 | 王帅国

　　今年年初，发生在广东东莞的知名汽车经销商广东永奥“暴雷”事件，成为当前汽车经销商群体艰难生存状况的写照。汽车经销商，作为汽车流通领域重要的参与者，正在经受着来自汽车行业转型阵痛的考验，同时也在艰难寻找新的“活法”。

　　“2023年，我们关掉了6家店，少亏损了2500万元。”国内一家汽车经销商的负责人向经济观察报记者如此表示。关闭门店、收缩业务线，成了汽车经销商实现减亏的重要手段。

　　当前，国内汽车经销商的日子普遍过得不如意。根据中国汽车流通协会（下称“流通协会”）4月11日发布的《汽车经销商投资人调查报告》，在接受调研的27家经销商集团（含大型、中型、小型集团）中，近三成受访集团未能在2023年实现盈利（处于亏损或盈亏持平状态），近半数集团盈利下滑，仅有24%的集团实现了盈利增长。

　　近期，中升集团、永达汽车、广汇宝信、美东汽车、正通汽车、和谐汽车、新丰泰集团与百得利控股等8家上市汽车经销商集团发布了2023年业绩报告。各家集团的业绩报告同样揭示出汽车经销商惨淡经营的现状，“营收小幅增长，利润大幅下降”成为主要趋势。

　　综合上述几家汽车经销商集团的业绩报告，在2023年，新能源汽车业务成为提升企业利润的新“利器”。此外，售后市场、二手车销售、金融等衍生业务，也逐渐成了汽车经销商的营收和利润增长点。但由于此类新业务体量较小，还无法完全弥补汽车经销商在新车销售这一主营业务上的亏损。

　　利润普遍骤降

　　在上述8家上市汽车经销商集团中，有6家企业在2023年出现了利润同比下滑。其中，中升集团作为行业的“老大哥”，2023年实现净利润49$200nodepositbonus200freespinsrealmoney.91亿元，同比降低24$200nodepositbonus200freespinsrealmoney.70%，这已经是6家企业中降幅最小的$200nodepositbonus200freespinsrealmoney；2023年，永达汽车、美东汽车、新丰泰集团与百得利控股分别实现净利润5.86亿元、1.56亿元，0.12亿元、0.84亿元，利润同比降幅在60%—85%之间；正通汽车2023年的亏损扩大至8.2亿元，降幅达176.30%。

　　这是继2022年后，汽车经销行业又一次的利润集体“大滑坡”。这些经销商集团在谈及利润下滑的原因时，一致将“矛头”指向2023年新车市场的价格战。

　　美东汽车在财报中表示，2023年受宏观因素影响，国内消费力度较预期疲弱。由于终端需求不足以及汽车市场未能及时反应，行业出现一定的供需失衡状况，大多数经销商为了改善现金流及库存积压问题，纷纷采取以价换量的方式进行促销。这一举措严重压缩了汽车经销商的利润空间，加上供应端未能适时作出调整，汽车经销商在经营上及财务上也受到巨大压力。

　　来自市场的压力，使得不少汽车经销商的新车销售毛利润与毛利率出现下滑。2023年，中升集团新车销售业务毛利为10.58亿元，同比减少28.82亿元，下降73.1%；永达汽车新车经销毛利1.76亿元，同比减少12.63亿元，下降87.8%，新车经销毛利率为0.31%，同比下降2.16个百分点；美东汽车新乘用车销售业务毛利率为-0.6%，下降4.0个百分点。

　　此外，汽车经销商的新车销售业务不佳，与汽车主机厂针对经销商的“返利模式”不无关系。“在经销商的新车盈利当中，厂家返利占比越来越大，虽然有返利，但返利要自己垫付，全年垫付几千万，垫付周期最少三个月。”上述经销商负责人表示，为了拿厂家返利，经销商基本都在亏钱卖车。

　　卖新能源车更赚钱

　　“决定去年经销商盈利好坏的因素有两个方面。一是经营豪华品牌比较多，二是经营新能源品牌比较多，如果一个都不占，那想要盈利就很困难。”流通协会副秘书长郎学红对经济观察报记者表示。

　　在上述8家上市汽车经销商集团中，大多数集团都拥有豪华汽车品牌销售业务，因此，面对2023年的行业压力，仍有6家企业将利润维持在了盈亏线之上。再者，新能源汽车业务也成了经销商获取利润的关键，永达汽车是其中的代，其2023年实现盈利5.86亿元。

　　根据永达汽车的业绩报告，2023年，永达汽车所有品牌的新能源汽车销量达3.29万辆，同比增长33.8%，占整体销量的17.0%。售后方面，永达汽车独立新能源品牌售后业务快速提升，全年维修收入1.59亿元，同比增长255.3%；维修毛利率为41.7%，与燃油车持平。这一数据打破了外界对于新能源汽车售后市场利润较低的刻板印象。

　　永达汽车表示，新能源汽车由于智能化硬件集成度和维修技术门槛都较传统燃油车大幅度提高，售后管理周期内客户增长数远高于新车销售数，且客户留存率也比燃油车更高。

　　“我们2022年开始建设新能源网点，当年财务状况压力很大，但在2023年随着新能源车销量提升，加上关掉了多家亏损的传统品牌门店，盈利有了不小的改善。”有经销商投资人在流通协会的调研报告中表示。

　　在不少汽车经销商投资人看来，在当前的市场环境下要开新店，就要参考行业中的几个趋势$200nodepositbonus200freespinsrealmoney：一是开设新能源店；二是开设县域燃油车综合店（销售多个品牌产品）；三是提高合资品牌区域集中度。

There are also enterprises that are not optimistic about the new energy market. Zhongsheng Group believes that although the global automotive industry will be electrified in the long run, there are obvious bottlenecks in the current BEV (pure electric vehicle) technology and infrastructure, resulting in deep anxiety among users about mileage, safety issues and the overall cost of using cars, as well as the high production costs of the mainframe plant and unsustainable profitability. As a result, Zhongsheng Group has not stepped up its layout in the new energy market.

Open up new business

Among the above eight listed car dealer groups, Guanghui Baoxin and Harmony Automobile groups still achieved year-on-year increase in net profit in 2023. Among them, Guanghui Baoxin achieved a net profit of 114 million yuan in 2023, an increase of 116.30% over the same period last year, from loss to profit; Harmony Automobile realized a net profit of-242 million yuan, an increase of 85.10% over the same period last year, and the loss narrowed.

It is worth mentioning that of all the car dealer groups listed in Hong Kong, Guanghui Baoxin's gross profit margin also increased the most significantly, with its comprehensive gross margin rising 179% in 2023 compared with the same period in 2022, and rising from 1.5% in 2022 to 4.1% in 2023.

Zhang Xudong, partner of Roland Berger Greater China, said: "the improvement of the quality of new car sales and the expansion of auto finance business are the main factors for Guanghui Baoxin to improve its profitability." Specifically, in 2023, Guanghui Baoxin formed a group store advantage by optimizing the distribution quality of the distribution outlets of the investment brand and strengthening the business coordination and resource integration among the authorized stores of the same brand. as a result, the group's new car gross profit margin increased from-3.1% to-0.4%. In addition, Guanghui Baoxin has achieved auto financial revenue of more than 92% by expanding diversified auto financial cooperation models and innovating financial products and services with partners.

The situation of Harmony Automobile is different. The main reason for the significant improvement in net profit in 2023 is that it is less affected by the investment loss in 2022. In 2022, Harmony Automobile made a full provision of 1.217 billion of the profit and loss of FMC (Baiteng Automobile) equity investment in 2022, resulting in a substantial loss in that year. In 2023, the actual operating situation of Harmony Automobile has not improved. The gross profit of its main business operation is about 964 million yuan, down 10.7% from the same period last year. The gross profit margin of the main business comprehensive operation dropped from 6.6% in 2022 to 5.8%.

From the perspective of the automobile distribution industry as a whole, new car sales, which has been the core business of automobile distribution for a long time, suffered a huge impact in 2023 due to price war and other reasons, which is the main background of the decline in profitability of car dealers. In order to improve their living conditions, car dealer groups have to look for profit growth space from the aftermarket, second-hand car market and financial derivatives business.

Zhang Xudong said: "the business adjustment trends of domestic automobile dealer groups in 2023 mainly include: optimizing the brand layout of fuel car racing tracks, accelerating the layout of new energy racing tracks, and business innovation in the after-market area. Improve the operation quality of after-sales business, and strengthen the customer lifecycle operation capacity."

Second-hand cars are a hot field. Take Zhongsheng Group as an example. In 2023, Zhongsheng Group's used car sales revenue was 13.985 billion yuan, an increase of 42.3 percent over the same period last year; boutique and after-sales income was 25.09 billion yuan, up 2.0 percent over the same period last year, the output value of after-sales service increased by 16 percent, and after-sales service gross profit increased by 24 percent.

According to the performance report of Zhongsheng Group, Zhongsheng Group has adjusted its used car business strategy since the beginning of 2023, and the monthly trading volume has continued to grow from 7,000 units in January to 20,000 units in December. The total trading volume of used cars rose 17 per cent year-on-year to about 164000 vehicles, and the corresponding comprehensive profit rose 55 per cent year-on-year to about 1.2 billion yuan, accounting for 6.9 per cent of the year's comprehensive profit, a record high.

However, according to the survey report of the Circulation Association on the investors of car dealers, the used car business of car dealers in 2023 is still under great pressure. First of all, the volatility of new car prices has depressed the price of used cars, slowing down the pace of dealers shifting used cars from wholesale sales to retail; second, some of the more successful groups in the used car retail business face car supply bottlenecks in their 4S stores, and there is an upper limit on the scale of the business.

On April 10, the Circulation Association released the results of the survey of "Automobile Dealer inventory" in March 2024: the comprehensive inventory coefficient of automobile dealers in March was 1.56, down 10.3% from the previous month and 12.4% from the same period last year, and the inventory level was above the warning line. Dealer inventory pressure decreased. The signal suggests that car dealers may face a more favourable situation in 2024 than ever before.

Zhang Xudong believes that for automobile dealers, there are also many growth points worth exploring in terms of enterprise management and organizational efficiency, including deepening the digital capacity of stores, building regional capacity centers, expanding the ecological business operated by local users, improving the ability of network operation and management, trying overseas business, and so on.

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