2017 年中期业绩 2017 Interim Results * 仅供参考 * For identification purpose only 2017 年 8 月 Aug 2017 1
声明 Disclaimer 本介绍片由长城汽车股份有限公司 ( 公司 ) 编制, 只作企业通讯和一般参考之用 公司无意在任何司法管辖区使用本介绍片作为出售和招揽他人购买公司任何证券的要约, 或用作投资公司证券的决定基础 未经咨询专业意见的情况下, 不得使用或依赖此等全部资料 本介绍纯属简报性质, 并非完整地描述公司 公司业务 目前或过去的经营业绩或业务未来前景 公司不会为本介绍片发出任何明文或隐含的保证或声明 公司特此强调, 不会对任何人使用或依赖本介绍片的任何资料 ( 财务或其它资料 ) 承担任何责任 This presentation is prepared by Great Wall Motor Company Limited (the Company ) and is solely for the purpose of corporate communication and general reference only. The presentation is not intended as an offer to sell, or to solicit an offer to buy or form any basis of investment decision for any class of securities of the Company in any jurisdiction. All such information should not be used or relied on without professional advice. The presentation is a brief summary in nature and do not purport to be a complete description of the Company, its business, its current or historical operating results or its future prospects. This presentation is provided without any warranty or representation of any kind, either expressed or implied. The Company specifically disclaims all responsibilities in respect of any use or reliance of any information, whether financial or otherwise, contained in this presentation. 2 2
3 业绩摘要 Results Highlights 销量保持稳定 Steady growth in sales volume 整车销售 45.8 万辆, 同比增长 0.7% Total sale vol. reached 458,000 units, up by 0.7% YoY 经营业绩平稳 Satisfactory operating results 营业总收入 412.6 亿元, 同比下降 1.0% Total operating revenue amounted to 41.26bn, down by 1.0%YoY SUV 继续领跑 Remained SUV market leader SUV 销量遥遥领先, 哈弗 H6 累计 51 个月单品销量第一 Far ahead of others in terms of SUV sales vol. Haval H6 remained as the best-selling SUV for 51 months 推出新品牌与新车型 Launch New Brand and New Model 2017 年 4 月推出 WEY VV7, 订单火爆, 供不应求 WEY VV7 was well received by the market, short of supply since its debut in April 2017
4 第一部分 Section 1 行业运行情况 Auto Industry Overview
行业运行情况 Auto Industry Overview 中国汽车市场为全球最大市场 The PRC has become the world s largest automobile market. 单位 : 百万台 Mn units 16 2016 年及 2017 年上半年全球销量前五国家 Top 5 countries in terms of global auto sales in the 1H of 2016 and 2017 40 行业销量保持稳定增长 Auto industry sales volume will sustain steady growth 2016-2020E CAGR 3.3% 14 12 10 8 6 35 30 25 20 15 14.5 2011-2016 CAGR 13.8% 15.5 17.9 19.7 21.1 24.4 25.4 26.3 27.1 27.7 4 10 2 0 中国美国日本德国印度 5 0 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E 2016-1H 2017-1H 中国汽车市场为全球最大市场,2017 年上半年销量超 1300 万辆 The PRC has become the world s largest automobile market, with sales volume exceeding 13 million units in 2017 1H. 中国乘用车销量保持稳定增长 The sales volume of PV will maintain steady growth 数据来源 : 中国汽车工业协会 国家信息中心 / Source: / Source: CAAM CAAM, SIC 5 5
行业运行情况 Auto Industry Overview 汽车市场销量前十 Top 10 auto makers in terms of sales volume 单位 : 百万台 Mn units 4 3 2 1 24.6% 汽车行业销量前十 Top 10 auto makers in terms of sales volume 14.3% 12.4% 11.1% 8.7% 销量 Sales volume 7.5% 4.3% 3.6% 市占率 Market share 2.8% 2.4% 30% 25% 20% 15% 10% 5% 单位 : 千台 000 units 1,200 8.7% 8.1% 8.1% 1,000 800 600 400 200 上5.6% 5.0% 4.3% 3.8% 3.6% 2.9% 2.2% 10% 8% 6% 4% 2% 0 0% 6 汽大乘用车销量前十企业 Top 10 auto makers in terms of sales volume of PV 众一汽大众通用五菱长安吉利东风汽销量 Sales volume 市占率 Market share 0 上汽东风一汽长安北汽广汽吉利长城华晨奇瑞 SAIC DFG FAW CCAG BAIC GAC Geely GWM Brilliance Chery 0% SH VW FAWVW SGMW CCAG Geely DFG 车福特长Ford 城一GWM 汽丰FAW- TOYOTA 田东公司销量 46 万辆, 市场份额 3.6% The Company s sales volume reached 460,000 units, with a market share of 3.6%. 公司乘用车销量接近 40 万辆, 市场份额 3.6% The Company s PV sales volume reached close to 400,000 units, with a market share of 3.6%. 数据来源 : 中国汽车工业协会 / Source: / Source: CAAM CAAM 风本田DF HONDA 6
100% 80% 60% 40% 20% 0% 行业运行情况 Auto Industry Overview SUV 销量增速保持高于行业增速 SUV sales volume growth rate continued to surpass the industry s SUV 占乘用车销量比例 SUV as % of sales volume of passenger vehicle 11.0% 12.9% 16.7% 20.7% 69.9% 69.3% 67.0% 62.8% 29.5% 37.1% 40.2% 55.4% 49.8% 48.0% 2011 2012 2013 2014 2015 2016 2017-1H 轿车 SUV MPV 交叉型 Sedan SUV MPV Cross type SUV 占比稳步提升, 达到 40.2%, 预计 SUV 占比将继续提升 The sales proportion of SUV had been growing steadily, reaching 40.2%. It is expected that SUV sales proportion will continue to increase. 数据来源 : 中国汽车工业协会 / Source: CAAM 7 单位 : 百万台 Mn units 10 9 8 7 6 5 4 3 2 1 0 20.2% 25.5% SUV 销量增速 SUV sales volume growth rate 49.4% 36.4% 52.4% 44.6% 17.3% 2011 2012 2013 2014 2015 2016 2017-1H 销量 SUV 增速 乘用车增速 Sales volume SUV growth rate PV growth rate SUV 品类增速放缓, 但保持增长, 仍是乘用车增长引擎 预计未来 SUV 车型销量将持续走強 The SUV segment continued to grow, though its growth rate had slowed down; nonetheless SUV continued to be the growth driver of passenger vehicle (PV). It is expected that the sales volume of SUV will continue to increase. 60% 50% 40% 30% 20% 10% 0% 7
行业运行情况 Auto Industry Overview SUV 销售结构变化, 中低端 SUV 占比提升 The sales structure of SUV had changed, with increase in sales contribution from low-end to mid-end SUV. 100% 80% 60% 40% 20% 0% 不同价位 SUV 销量占比 Sales volume of SUV by price 2011 2012 2013 2014 2015 2016 2017-1H 8 万以下 Below 80K 8 万 -10 万 80K-100K 10 万 -15 万 100K-150K 15 万 -20 万 150K-200K 20 万 -25 万 200K-250K 25 万以上 above 250K 10-15 万价格区间市场最大,15-20 万元价格区间的市场有潜力 The market for SUV priced 100K-150K remained the largest, while there was potential market for SUV priced 150K-200K. 8 单位 : 千台 000 units 450 400 350 300 250 200 150 100 50 0 长GWM 城长CCAG 安吉Geely 利广GAC Motor 汽乘用车日SUV 前十企业 Top 10 SUV makers Nissan 产通用上汽大众通用五菱东2016-1H 2017-1H 2017-1H 市占率 风本田上本公司 SUV 总销量继续保持第一, 同比增长 5.0% The Company s SUV total sales volume continued to rank first, with an increase of 5.0% YoY. GM SVW SGMW DF HONDA 汽乘用车SAIC Motor Market share 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 8
9 第二部分 Section 2 公司经营情况 Operations Review
公司经营情况 Operations Review 单位 : 千台 000 units 1,200 1,000 800 771 总销量 Total sales volume 733 846 1069 单位 : 千台 000 units 500 450 400 350 分品类销量 Sales volume by category 390 458 621 300 600 400 418 455 458 250 200 150 200 100 62 0 2012 2013 2014 2015 2016 2015-1H 2016-1H 2017-1H 50-6 皮卡 SUV 轿车 其他 合计 Pick-up truck SUV Sedan Others Total 2015-1H 2016-1H 2017-1H 10 10
公司经营情况 Operations Review 单位 : 千台 000 units SUV 销量 Sales volume of SUV 分品类占比 Sales proportion by category 1,000 900 800 933 100% 90% 80% 32.1% 26.7% 11.9% 6.1% 3.0% 1.3% 700 693 70% 600 500 400 420 523 336 381 390 60% 50% 40% 45.0% 54.5% 71.4% 81.9% 87.2% 85.1% 300 280 30% 200 20% 100 10% 22.0% 17.7% 16.6% 11.9% 9.7% 13.6% 0 0% 2012 2013 2014 2015 2016 2015-1H 2016-1H 2017-1H 2012 2013 2014 2015 2016 2017-1H 皮卡 SUV 轿车 其他 Pick-up truck SUV Sedan Others 11 11
公司经营情况 Operations Review 公司推出全新车型 Launch of new models VV7 c VV7 s 尺寸 Dimension (mm) 轴距 Wheelbase(mm) 排量 Displacement 变速器 Transmission 售价 Price (RMB) VV7c 4749x1931x1655 VV7s 4765x1931x1655 2950 2.0T 湿式 7 速双离合变速器 7 wet DCT 16.78 万元 -18.88 万元 167,800-188,800 12 12
公司经营情况 Operations Review 公司推出全新车型 Launch of new models 全新 H6 红标 Brand new: Haval H6 Red Label 全新 H6 蓝标 Brand new: Haval H6 Blue Label 尺寸 Dimension(mm) 轴距 Wheelbase(mm) 排量 Displacement 变速器 Transmission 售价 Price (RMB) 4600*1860*1720 2680 1.3T 2.0T 7DCT( 湿式 ) 7DCT (wet) 11.88 万元 -14.68 万元 118,800-146,800 13 13
14 第三部分 Section 3 公司财务情况 Financial Review
公司财务情况 Financial Review 资产负债表 Balance Sheet 单位 : 人民币百万元 RMB Mn 截至 2017.06.30 止 As at 30 Jun 2017 截至 2016.12.31 止 As at 31 Dec 2016 截至 2015.12.31 止 As at 31 Dec 2015 变动 Change (%) 流动资产 Current assets 其中 : Including: 货币资金 Cash and bank balances 非流动资产 Non-current assets 负债合计 Total liabilities 资产总值 Total assets 应收票据 Bills receivable 股东权益 Total shareholders equity 44,405 53,928 40,390-17.7 6,589 2,154 3,642 205.9 15,644 39,786 28,162-60.7 38,662 38,381 31,521 0.7 36,484 44,955 33,524-18.8 83,067 92,309 71,911-10.0 46,583 47,354 38,387-1.6 15 15
公司财务情况 Financial Review 利润表 Income Statement 单位 : 人民币百万元 RMB Mn 2017-1H 2016-1H 2016 变动 Change (%) 营业总收入 Total operating revenue 41,256 41,672 98,616-1.0 毛利 Gross profit 8,201 10,764 24,238-23.8 营业利润 Operating profit 归属于本公司股东的净利润 Net profit attributable to shareholders of the Company 基本每股收益 ( 元 ) Basic earnings per share (RMB) 2,798 5,814 12,276-51.9 2,420 4,926 10,551-50.9 0.27 0.54 1.16-50.9 16 16
公司财务情况 Financial Review 现金流量表 Cash Flow Statements 单位 : 人民币百万元 RMB Mn 2017-1H 2016-1H 2016 变动 Change (%) 经营活动产生的现金流量净额 Net cash flow from operating activities 投资活动产生的现金流量净额 Net cash flow from investing activities 8,339 4,376 8,835 90.6-6,087-2,788-8,367 118.3 筹资活动产生的现金流量净额 Net cash flow from financing activities 1,622-842 -1,116-292.7 汇率变动对现金及现金等价物的影响 Effect of foreign exchange rate changes on cash and cash equivalents -5 54 82-109.2 现金及现金等价物净增加额 Net increase in cash and cash equivalents 期末现金及现金等价物余额 Cash and cash equivalents at the end of the period 3,869 800-566 383.7 5,761 3,258 1,892 76.8 17 17
30% 25% 20% 15% 10% 5% 0% 15% 10% 5% 0% 公司财务情况 Financial Review 其他财务指标 Other Financial Indicators 27.0% 15.1% 利润率 Profit margin 25.8% 14.0% 2015-1H 2016-1H 2017-1H 综合毛利率 GPM 营业利润率 OPM 13.2% 7.7% 回报率 Rate of return 11.8% 6.9% ROA 19.9% 6.8% 5.2% 2.9% 2015-1H 2016-1H 2017-1H 资产回报率 权益回报率 ROE 6% 4% 2% 0% 60 50 40 30 20 10 0 3.1% 3.2% 销售费用 / 营业收入 Selling expense as a % of Rev 费用率 Expenses as a % of revenue 3.4% 3.8% 3.0% 2015-1H 2016-1H 2017-1H 存货周转天数 Inventory turnover (Day) 25 27 研发费用 / 营业收入 R&D expense as a % of Rev 2015-1H 2016-1H 2017-1H 39 3.8% 18 18
19 第四部分 Section 4 展望 Prospects
全年展望 Prospects 研发方向与布局 R&D direction and planning 开发智能驾驶技术 Develop intelligent-drive technology. 传统车型将基于平台化 轻量化方向推出更多车型 For traditional car models: will launch more models with lightweight materials based on platform-sharing. 新能源汽车方面, 上半年推出 C30EV, 下半年推出 WEY 品牌混合动力车型, 并且增资入股河北御捷, 共同开展新能源技术的研究与实施 In terms of new energy vehicles, the Group launched C30EV in 2017 1H and will introduce a hybrid power car model under the WEY brand in 2017 2H. The Group has acquired certain equity interests in Hebei Yogomo through capital increase to carry out joint research and development and application of new energy technology. 20 20
全年展望 Prospects 生产规划 Production plan 新工厂 New factory 新车型 New car models Haval H6 VV5s 徐水三工厂于 2017 年 4 月投入使用, 生产全新哈弗 H6 下半年将上市 VV5 车型 The third plant of Xushui production base commenced operation in April 2017 for the manufacture of the brand new Haval H6. The VV5 car model will be launched in 2017 2H. 21 21
销售规划 Sales plan 全年展望 Prospects 2017 年上市多款新车及改款车型, 公司设定 2017 年全年销量目标为 125 万辆 In 2017, the Group will launch a variety of new car models and facelift models. The Group has set an automobile sales volume target of 1.25 million units for 2017 full year VV5s 混合動力车型 Hybrid power car model 全新 H6 1.5T 直喷车型 Brand new H6 1.5 T direct injection engine 2018 款 H6 运动版 2018 H6 Sporty Version 2018 款 H2 2018 Haval H2 其它 Others C30EV 升级版 C30EV upgraded version 22 22
全年展望 Prospects 2017 年经营方针 2017 Operations strategy 推进以目标型经营为导向, 构建研供产销全价值链高效协同的 大研发 工作模式 Implement a goal-oriented operation model and develop an extensive R&D approach aimed at achieving optimal efficiency and synergies of a value chain consisting of R&D, supply, production and sale 坚持 研发过度 投入策略, 整合全球资源, 打造具有国际一流水平的技术开发能力 Insist on implementing a lavish R&D spending strategy to integrate global resources, thereby cultivating world-class technology development capability 以打造顾客惊喜为核心, 聚焦可靠性质量, 开展诚信经营, 以出色的品质和服务, 不断提升品牌价值 Committed to delighting customers and focus on reliable quality, while ensuring business integrity; leverage excellent product quality and services to enhance brand equity 继续推进战略经营, 打造支撑企业长远发展的核心竞争能力, 提升公司系统能力 Persist with strategic operations, develop core competitiveness that supports the Company s long-term development and improve its operations management ability 23 23
问答环节 Q&A Session 24 24