Recently, some listed vehicle enterprises and auto dealer groups released the 2014 performance forecast. According to the data released by China association of automobile manufacturers, China's auto sales volume reached 23.4919 million units in 2014, up 6.9% year on year, showing a stable growth trend, with the growth rate down 7 percentage points from the previous year.

　　According to the performance forecast released by some listed companies in the automotive industry, most of the listed vehicle companies last year's performance declined. Depending on the sales volume of joint venture brands, the performance of some listed automobile enterprises continues to maintain steady growth. In contrast, the performance of the car enterprises, which are dominated by autonomous models, has declined, highlighting the plight of survival. Commercial vehicle market continues the downturn trend since 2013, most commercial vehicle enterprises sales, performance continue to decline. In addition, most listed car dealer groups are suffering from the impact of slowing growth and competitive pressures in the car market. But in the last year the government dense good policy stimulus, new energy vehicle business is now booming.

　　The passenger car sector is polarized

　　Happiness: mainly depends on the joint venture fighting capacity

　　In 2014, China's passenger car market continued to maintain a stable growth trend. China's passenger car sales totaled 1.9706 million last year, up 9.9 percent from a year earlier, according to data released by the China association of automobile manufacturers. However, under the background of overall stable growth rate, the performance polarization trend of listed vehicle enterprises in 2014 is more and more obvious, behind which is the survival dilemma faced by independent brands.

　　Changan automobile, saic last year's performance is very eye-catching. Changan automobile announced that it expects 2014 performance to rise significantly in the same direction, the net profit attributable to shareholders of listed companies increased by 111.09% to 122.50% compared with the same period last year, reaching 7.4 billion to 7.8 billion yuan. Changan automobile made it clear that the substantial growth of the company's performance in the reporting period was mainly due to the increase in sales volume of joint ventures such as changan ford yichu and new mondeo, and the substantial increase in investment income, as well as the increase in sales volume of CS75 and yidong of chongqing changan capital, which resulted in the reduction of losses on a year-on-year basis.

　　Saic expects the net profit attributable to shareholders of listed companies to increase by about 12% year-on-year to 27.8 billion yuan in 2014. The increase of net profit of saic mainly comes from the contribution of sales growth. According to the announcement, in 2014, saic sold 5.619 million vehicles, up 10.1% year on year. Among them, saic's three joint ventures, Shanghai Volkswagen, Shanghai gm and saic-gm-wuling, contributed 1.73 million, 1.72 million and 1.59 million units of sales respectively, totaling 5.04 million units, accounting for 89.6% of saic's sales in 2014. In addition, Shanghai gm's net profit reached 17.6 billion yuan in 2014, according to a separate announcement released by saic on Feb. 5. Thus, in the above two large car companies in the net profit growth, the contribution of its joint venture is particularly large.

　　Bitter: adjustment can't keep up with the change, all kinds of encounter inflection point

　　In sharp contrast, faw car and faw xiali this pair of "brother." Recently, faw xiali released the earnings forecast, it is estimated that the net profit loss attributable to the shareholders of listed companies in 2014 is 1.55 billion yuan - 1.75 billion yuan, down 222.92%-264.58%. This is tianjin faw after 2013 net profit loss of 480 million yuan, another record loss. Tianjin faw said the main reason for the loss is that the company's product structure upgrade adjustment pace failed to adapt to the rapid changes in the market. The sales volume of xiali N3, N5 sedan and weizhi V5 sedan decreased year on year. The sales target of xiali N7 product launched in 2013 was not reached, and the launch date of junpi D60 product was delayed in 2014, which resulted in a large decline in the production and sales scale of the company compared with that of the previous year. The company's main business generated a large loss.

　　Faw cars, whose sales rose nearly 20 per cent, also failed to post profit growth. According to the forecast of faw's 2014 annual performance, the company sold 293,300 cars last year, up 18.04% year on year. However, due to the increase of publicity expenses and changes in the sales structure of some products, the net profit attributable to the shareholders of the listed company was 50m-250m yuan, down 75.18%-95.04% year on year. This is also the faw car two years in a row due to high sales costs lead to a sharp decline in the company's net profit.

　　Great Wall, which has been leading autonomous car companies, also hit an inflection point last year. According to the performance bulletin of Great Wall, the company sold 730,800 units in 2014, down 3.08% from the previous year. The company's net profit attributable to shareholders of listed companies last year was 8.051 billion yuan, down 2.20 percent year-on-year, according to its announcement.

　　In addition, byd's 2014 annual performance bulletin shows that the company's net profit attributable to shareholders of listed companies was 438 million yuan in 2014, down 20.82% year-on-year. Some in the industry believe that despite byd's rapid growth in the new-energy car sector last year, it is still struggling to make up for the drop in profits from its conventionally fueled vehicles, resulting in a drop in overall profits.

　　The commercial vehicle industry continues to suffer

　　The commercial vehicle market has been in the doldrums in recent years. In 2013, commercial vehicle sales grew just 0.6 per cent, and in 2014, they fell again. According to the data, the production and sales of commercial vehicles reached 3.8031 million and 3.7913 million respectively in 2014, down 5.7% and 6.5% year-on-year respectively. At the same time, most of the main commercial vehicle business of listed car companies also showed a year-on-year decline in profits.

　　Jinbei automobile is expected to make a loss in its operating performance in 2014. The net profit attributable to the shareholders of the listed company is about -150 million yuan, with a year-on-year decrease of 948.90%. Jinbei automobile said that due to the decline in the prosperity of the truck industry in 2014, the company's annual vehicle sales revenue declined, the gross profit margin was reduced, and more research and development expenses were invested to improve the company's overall technical level, resulting in a decline in the company's revenue and profit.

　　Yaxing bus also announced that it is expected to make a loss in the operating performance of 2014. The net profit attributable to the shareholders of the listed company will be a loss of 130 million to 150 million yuan, down 2,579.12%-2,960.52% year on year. Yaxing bus believes that one of the main reasons for the performance deficit is the sluggish economic growth at home and abroad in 2014, the economic growth rate continues to decline, the company is faced with market, cost and price, energy saving emissions and other pressures, the company moved into the new factory after the increase in rigid costs, labor costs, resulting in a large profit loss of the main business.

　　By contrast, the report card of zhongtong passenger car still is satisfactory. According to the announcement, the net profit attributable to the parent company of the listed company of zhongtong bus in 2014 was 261-293 million yuan, a year-on-year growth of 150-180%. However, the increase in zto bus profit is not due to the outstanding automobile business, but because of the sale of its subsidiary xinjiang zto real estate development co., LTD. Gains into this year's profit, affecting the company's consolidated statement of profit of 190 million yuan, which is attributed to the parent company's net profit of 180 million yuan. This also means that, if subtracted investment income, the main business profit of zhongtong bus is basically negative growth, at best is a slight increase.

　　However, JMC maintained steady growth in 2014. According to its 2014 performance bulletin, the company's net profit in 2014 was about 2,108 million yuan, up 24.40% year on year, mainly due to the increase in government subsidies received by the company and the increase in sales volume.

　　New energy vehicle plate has more bright color

　　Since last year, with the support and promotion of the country's intensive favorable policies, the new energy vehicles have developed steadily, showing a good momentum of development. According to statistics from the China association of automobile manufacturers, 78,499 new energy vehicles were produced and 74,763 sold in 2014, up 3.5 times and 3.2 times from the previous year, respectively.

　　In this environment, the progress of major automobile companies in the field of new energy vehicles accelerated, especially in the field of traditional energy vehicles development has been hindered by the autonomous automobile companies in the field of new energy vehicles began to seize the lead in the field of new energy vehicles.

　　Byd, which has been developing the new energy sector for a long time, sold a total of 21,000 new energy vehicles in 2014, among which qin sold 15,000, ranking as the sales champion of new energy vehicles in China. Wang chuanfu, byd's chairman and President, previously told reporters that the company's sales of new energy vehicles reached 8 billion yuan in 2014 and that it expects to do better in 2015. It is reported that in 2015, byd will launch four more plug-in hybrid electric models tang, shang, song and yuan, the new energy vehicle camp will be greatly enriched, effectively covering the mainstream product line. At the same time, its new power battery factory went into production last October and is designed to have four times the capacity of the old factory in huizhou. As capacity at the new plant climbs, the battery bottleneck that has limited the number of byd's new energy vehicles is expected to be gradually lifted.

　　It is also reported that jac's iEV series of pure electric vehicles have sold more than 7,000 units in total, ranking among the top in the new energy vehicle market. At the same time, jianghuai has received subsidies from the national and local governments for many times in recent years. According to its announcement, jianghuai has received 200 million yuan from the ministry of finance for the innovation award of the platform technology development project of the fifth generation pure electric cars. In June and July last year, jac received subsidies from hefei and anhui provincial finance departments for the promotion of energy-saving and new energy vehicles, totaling 72.82 million yuan and 50.75 million yuan, respectively. It is reported that jianghuai iEV5 may be launched in April this year.

　　The survival pressure of dealers increases

　　In recent years, the growth of China's automobile sales has gradually slowed down, but the increasing number of manufacturers and models has led to increasingly fierce competition in the industry, resulting in a contraction of sales profit, which was first reflected in the dealers -- some listed dealer groups experienced a significant decline in profit in 2014, presenting a trend of loss.

　　According to the performance bulletin released by yaxia automobile, the company's revenue in 2014 was not increased, and the total revenue in the reporting period was 5.24 billion yuan, up 3.86% year on year. However, the net profit attributable to shareholders of the listed company was -56.8557 million yuan, down 220.18 percent year on year. In this regard, yaxia automobile believes that it is mainly caused by the fierce competition in the automobile sales market, the decline in gross margin, the increase in the number of new projects, the increase in personnel compensation expenses, the increase in reimbursement expenses and the substantial increase in financial expenses. Prior to this, yaxia automobile had estimated in the 2014 annual performance forecast revision announcement that its 2014 annual net profit attributable to the shareholders of the listed company would lose 35 million to 55 million yuan. Compared with the previous performance forecast, this performance statement has decreased, mainly because the fourth quarter sales revenue did not meet the expectations.

　　Shenhua holdings also recently released the announcement of 2014 annual performance deficit, it is expected that its 2014 annual operating performance will show a loss, the net profit attributable to the shareholders of the listed company is -198 million yuan, down 214.77% year on year. Shenhua holdings believes that the main reason for the performance loss is the company's car sales decline more, and investment income fell sharply.

　　In view of the loss of the status quo, the major auto dealer groups are also actively seeking a turnaround. Large group chairman qing-hua pang, according to the large group plans over the next three years through a number of business competitiveness, including has carried out earlier this year in babs dealership parallel import car business, relying on the entity dealership automotive electronic mall business, as well as the early stage of the competition in the market is not a good new energy automobile sales and service business, etc. In addition, pang da group plans to reduce its fixed assets from 20 billion yuan to 10 billion yuan, and said in a statement that "reducing the size of fixed assets is part of the company's management's business plan for the next three years, which will help the company return cash and increase revenue, thus improving the overall profitability of the company." In the first three quarters of last year, pang da group's operating income edged up 3%, while net profit attributable to shareholders of listed companies fell nearly 70%, according to the statement.

　　It is reported that yaxia will also pay more attention to the improvement of after-sales business, auto financial services and driving training business in the future, in order to continuously improve the operating performance.