长城汽车股份有限公司 Great Wall Motor Company Limited * 2016 年度业绩 2016 Annual Results * 仅供参考 * For identification purpose only 2017 年 3 月 March 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
1 2 3 4 5 目录 Contents 2016 年业绩摘要 2016 Results Highlights 2016 年行业运行情况 2016 Auto Industry Overview 2016 年公司经营情况 2016 Operations Review 2016 年公司财务情况 2016 Financial Review 2017 2014 年展望年展望 2017 Prospects 2014 Prospects 3 3
业绩摘要 Results Highlights 主要利润指标 Major profit indicators 主要资产指标 Major asset indicators 人民币百万元 Rmb:Mn 2016 2015 同比增长率 % YoY % 人民币百万元 Rmb:Mn 2016.12.31 2015.12.31 变动 % Change % 营业总收入 Operating revenue 净利润 Net profit 归母净利润 Net profit attributable to shareholders of the Company 98, 616 76,033 29.7 10,554 8,060 30.9 10,551 8,059 30.9 总资产 Total assets 总负债 Total liabilities 总权益 Total equity 92,309 71,911 28.4 44.955 33,524 34.1 47,354 38,387 23.4 销量数据 Sales volume data (units) 品类 Category 2016 2015 同比增长率 % YoY growth % 皮卡 Pick-up truck 104,054 100,739 3.3 SUV 932,985 693,346 34.6 轿车 Sedan 32,140 51,799-38.0 其他 Others 226 388-41.8 合计 Total 1,069,405 846,272 26.4 4
1 2 3 4 5 目录 Contents 2016 年业绩摘要 2016 Results Highlights 2016 年行业运行情况 2016 Auto Industry Overview 2016 年公司经营情况 2016 Operations Review 2016 年公司财务情况 2016 Financial Review 2017 2014 年展望年展望 2017 2014 Prospects 5 5
2016 年行业运行情况 2016 Auto Industry Overview 中国汽车行业保持平稳增长 Stable growth in the PRC s auto industry 单位 : 百万台 Mn units 30 25 20 15 10 5 汽车行业产销量 Production and sales volume of auto industry 5 4 3 2 1 汽车行业销量前十单位 : 百万台 Top 10 auto makers in terms of sales vol Mn units 7 23.1% 6 5 4 3 2 1 15.3% 11.1% 10.9% 10.2% 5.9% 3.8% 2.9% 2.8% 2.5% 25% 2 15% 1 5% 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 产量 销量 增速 Production vol Sales vol Growth rate 0 上汽 东风 一汽 长安 北汽 广汽 长城 吉利 华晨 奇瑞 SAIC DFG FAW CCAG BAIC GAC GWM Geely Brilliance Chery 销量 市占率 Sales Vol Market share 总量持续增长, 增速回升 Total sales volume continued to grow, with faster growth rate 公司销量突破 100 万辆, 行业排名第七, 市占率达 3.8% The Company s sales volume exceeded 1 million, ranking the seventh in the industry with a 3.8% market share 数据来源 : 中国汽车工业协会 / Source: / Source: CAAM CAAM 6 6
2016 年行业运行情况 2016 Auto Industry Overview 乘用车保持稳定增长,SUV 占比进一步提升 Stable sales growth of PV, with a higher SUV proportion 单位 : 百万台乘用车销量 Mn units Sales volume of PV 25 6 10 SUV 占乘用车销量比例 SUV as % of sales vol of PV 20 5 8 5.7% 6.6% 6.4% 9.6% 11. 12.9% 16.7% 20.7% 29.5% 37.1% 15 4 6 3 10 5 2 1 4 2 75.1% 74.7% 72.3% 69. 69.9% 69.3% 67. 62.8% 55.4% 49.8% 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 销量 增速 Sales vol Growth rate 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 轿车 SUV MPV 交叉型 Sedan SUV MPV Cross type 乘用车销量保持更高的增速水平, 成为拉动汽车行业增长的驱动力 PV maintained a higher speed growth in sales volume, becoming a major driving force for the growth of the auto industry SUV 占比稳步提升, 预计 SUV 占比将继续提升 Proportion of SUV increased steadily, and is expected to increase further 数据来源 : 中国汽车工业协会 / Source:, 本公司整理 CAAM 7 Source: CAAM,GWM Research 7
2016 年行业运行情况 2016 Auto Industry Overview SUV 保持高速增长, 中低端 SUV 占比提升 SUV continued to maintain a high-speed growth, with increased proportion of low to middle-end SUV 单位 : 百万台 Mn units 10 9 8 7 6 5 4 3 2 1 0 50.1% 25.3% 47.1% SUV 销量 Sales volume of SUV 101.3% 20.2% 25.5% 9.0 49.4% 52.4% 44.6% 36.4% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 销量 Sales vol 增速 Growth rate SUV 品类持续保持高速增长, 预计未来 SUV 车型销量将持续走强 SUV segment continued to maintain a high-speed growth; sales volume of SUV is expected to continue to be robust in future 数据来源 : 中国汽车工业协会 / Source: CAAM 数据来源 : 中国汽车工业协会 / Source: CAAM 120. 100. 80. 60. 40. 20. 0. 8 10 8 6 4 2 不同价位 SUV 销量占比 Sales volume by different SUV prices 2010 2011 2012 2013 2014 2015 2016 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, 未来 15-20 万元价格区间有潜力 Of all SUVs, those with a 100K-150k price range have the biggest market share; those with a 150K-200k price range have great potential in future 8
2016 年行业运行情况 2016Auto Industry Overview SUV 市场前十车型及前十车企 Top 10 SUV models and top 10 SUV makers 单位 : 百万台 Mn units 700 SUV 销量前十车型 Top 10 SUV models by sales vol 7% 单位 : 百万台 Mn units 1,000 SUV 前十企业 Top 10 SUV makers 12% 600 500 400 300 200 100 6% 5% 4% 3% 2% 1% 900 800 700 600 500 400 300 200 100 1 8% 6% 4% 2% 0 0 长城长安通用日产现代广汽东本五菱福特江淮 GWM CCAG GM Nissan Hyundai GAC DF Honda Wuling Ford JAC 2015 2016 2016 市占率 Market share 2015 2016 2016 市占率 Market share 哈弗 H6 保持市场绝对第一的领先地位 Haval H6 secures No 1 position in the market by sales volume 哈弗 SUV 总销量遥遥领先于其他企业 Haval SUV total sales volume is far ahead of that of other companies 数据来源 : 中国汽车工业协会 / Source: CAAM 数据来源 : 中国汽车工业协会 / Source: CAAM 9 9
1 2 3 目录 Contents 2016 年业绩摘要 2016 Results Highlights 2016 年行业运行情况 2016 Auto Industry Overview 2016 年公司经营情况 2016 Operations Review 4 2016 年公司财务情况 2016 Financial Review 5 2017 2014 年展望年展望 2017 2014 Prospects 10 10
2016 年公司经营情况 2016 Operations Review 单位 : 千台 000 units 1,200 1,000 800 621 600 34.3% 总销量 Total sales volume 24. 771 733 846 15.5% 4 1069 35% 26.4% 3 25% 2 15% 单位 : 千台 000 units 1,200 1,000 800 600 分品类销量 Sales volume by category 34.6% 933 26.4% 1,069 1 400 5% 400 200 0-4.9% 2012 2013 2014 2015 2016 销量 增速 Sales vol Growth rate -5% -1 200-3.3% 104 38. 32 皮卡 SUV 轿车 其他 合计 Pick-up truck SUV Sedan Others Total 2014 2015 2016 11 11
2016 年公司经营情况 2016 Operations Review 单位 : 千台 000 units 1,000 900 800 90. SUV 销量 Sales volume of SUV 933 10 9 8 10 9 8 32.1% 分品类占比 Sales proportion by category 0.9% 1.1% 0.1% 0. 0. 6.1% 3. 11.9% 26.7% 700 693 7 7 600 500 400 300 200 280 420 50.1% 523 24.5% 32.5% 6 5 4 34.6% 3 2 6 5 4 3 2 45. 54.5% 71.4% 81.9% 87.2% 100 0 2012 2013 2014 2015 2016 销量增速 Sales vol Growth rate 1 1 22. 17.7% 16.6% 11.9% 9.7% 2012 2013 2014 2015 2016 皮卡 SUV 轿车 其他 Pick-up truck SUV Sedan Others 12 12
2016 年公司经营情况 2016 Operations Review 经销商满意度 Dealer satisfaction 2016 汽车品牌百强榜 Brand Finance Auto100 2016 排名 Ranking 品牌 Brand 得分均值 Ave score 排名 Ranking 品牌 Brand 得分均值 Ave score 企业 Company 中国品牌排名 China ranking 总榜单排名 Global ranking 企业 Company 中国品牌排名 China ranking 总榜单排名 Global ranking 1 哈弗 Haval 83.2 6 广汽丰田 GAC Toyota 78.6 长城 GWM 1 30 吉利 GEELY 6 61 2 东风本田 DF Honda 82.8 7 吉利汽车 Geely 77.6 上汽 SAIC 2 32 江淮 JAC 7 63 3 长安 CCAG 82.2 8 北京现代 BJ HyundaI 74.7 长安 CCAG 3 35 比亚迪 BYD 8 68 4 奇瑞 Chery 81.3 9 雷克萨斯 Lexus 74.5 东风 DF 4 56 江铃 JIANGLIN G 9 70 5 奔驰 Benz 81.1 10 一汽丰田 FAW- Toyota 73.2 北汽 BAIC 5 59 宇通 YUTONG 10 76 中华全国工商业联合会汽车经销商商会 China Auto Dealers Chamber of Commerce 品牌金融 Brand Finance 13 13
1 2 3 4 5 目录 Contents 2016 年业绩摘要 2016 Results Highlights 2016 年行业运行情况 2016 Auto Industry Overview 2016 年公司经营情况 2016 Operations Review 2016 年公司财务情况 2016 Financial Review 2017 年展望 2017 Prospects 14 14
2016 年公司财务情况 2016 Financial Review 资产负债表 Balance Sheet 单位 : 人民币百万元 RMB Mn 截至 2016.12.31 止 As at 31 Dec 2016 截至 2015.12.31 止 As at 31 Dec 2015 截至 2014.12.31 止 As at 31 Dec 2014 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 53,928 40,390 35,314 33.5 2,154 3,642 3,394-40.9 39,786 28,162 23,352 41.3 38,381 31,521 26,031 21.8 44,955 33,524 27,827 34.1 92,309 71,911 61,345 28.4 47,354 38,387 33,518 23.4 15 15
2016 年公司财务情况 2016 Financial Review 利润表 Income Statement 单位 : 人民币百万元 RMB Mn 2016 2015 2014 变动 Change (%) 营业总收入 Total operating revenue 98,616 76,033 62,599 29.7 毛利 Gross profit 24,238 19,162 17,347 26.5 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) 12,276 9,280 9,244 32.3 10,551 8,059 8,042 30.9 1.16 0.88 0.88 30.9 16 16
2016 年公司财务情况 2016 Financial Review 现金流量表 Cash Flow Statements 单位 : 人民币百万元 RMB Mn 2016 2015 2014 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 8,835 10,034 6,096-11.9-8,367-6,517-7,210 28.4 筹资活动产生的现金流量净额 Net cash flow from financing activities -1,116-4,112-1,309-72.9 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 82-28 -18-393.3 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 -566-623 -2,441-9.1 1,892 2,458 3,082-23.0 17 17
2016 年公司财务情况 2016 Financial Review 3 25% 2 15% 1 5% 3 2 1 其他财务指标 Other Financial Indicators 27.7% 14.8% 利润率 Profit margin 25.2% 24.6% 12.2% 12.4% 2014 2015 2016 综合毛利率 GPM 营业利润率 OPM 24. 13.1% 21. 11.2% 22.3% 11.4% 2014 2015 2016 资产回报率 回报率 Rate of return ROA 权益回报率 ROE 6% 4% 2% 60 50 40 30 20 10 0 3.3% 4.1% 3.7% 3.2% 3.6% 3.2% 2014 2015 2016 销售费用 / 营业收入 Selling expense as a % of Rev 费用率 Expenses as a % of revenue 存货周转天数 Inventory turnover (Day) 研发费用 / 营业收入 R&D expense as a % of Rev 25 24 25 2014 2015 2016 18 18
1 2 3 4 5 目录 Contents 2016 年业绩摘要 2016 Results Highlights 2016 年行业运行情况 2016 Auto Industry Overview 2016 年公司经营情况 2016 Operations Review 2016 年公司财务情况 2016 Financial Review 2017 年展望 2017 Prospects 19 19
2017年全年展望 2017 Prospects 研发方向与布局 R&D strategy 纯电动汽车 基于轿车开发 新能源汽车 Pure electric vehicle: Develop NEV based on sedan model 传统汽车 轻量化 小排量 电子化 智能化 Traditional car: Lightweight, lowemission electronic, intelligent 技术方向 传统汽车轻量化 智能化 降低油耗水平 开发纯电动轿车车型 基于SUV车型开发混合动力车型 Technology direction: For traditional cars, the Group will work on lightweight models, with intelligent features and lower fuel consumption; the Group will also develop pure electric sedan as well as hybrid SUV model 保定 Baoding 上海 Shanghai 混合动力汽车 HEV PHEV Hybrid vehicle: HEV PHEV 日本 Japan 美国 USA 印度 India 德国 Germany 全球研发 Global R&D 中国研发 Domestic R&D 研发设施 增加研发设施投入 国内设立保定 上海研发中心 海外设立日本横滨 印度班加罗尔 德国汉堡 美国阿卡迪亚研发中心 R & D facilities: The Group will increase investment in R & D facilities. In China, the Group will set up R&D facilities in Baoding and Shanghai; abroad, the Group will establish R&D facilities in Yokohama of Japan; Bengaluru of India; Hamburg of Germany and Arcadia of USA 20 20
2017 年全年展望 2017 Prospects 生产规划 Production Plan 保定工厂 Baoding Plant 天津工厂 Tianjin Plant 徐水工厂 Xushui Plant 保定产能 Plant capacity in Baoding 总产能 Total Capacity 250,000 所产车型 Car models 天津产能 Plant capacity in Tianjin 总产能 Total Capacity 450,000 徐水产能 Plant capacity in Xushui 总产能 Total Capacity 450,000 H1 H2s H6 运动版 H6 Sporty version H2 H6Coupe H7 风骏 Wingle H5 C30 H6 升级版 H6 Upgraded version H8 H9 WEY 21 21
2017 年全年展望 2017 Prospects 销量目标及新产品上市计划 Sales volume target and new product launch schedule 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 W01 W02 W03 全新 H6- 红标 All new H6 Red Label 全新 H6- 蓝标 All new H6 Blue Label H6Coupe- 红标 H6 Coupe Red Label C30EV 1.3T 直喷发动机 1.3 T direct injection engine 22 1.5T 直喷发动机 1.5T Direct injection engine 7DCT 22
2017 年全年展望 2017 Prospects 2017 年经营方针 2017 Operation 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, focusing 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