Changjiang Commercial Daily reporter Li Qiguang
Under the continuous daily limit of the stock price, the performance of Zhongtong Bus (000957.SZ) is not "well matched".
From May 13 to May 27, Zhongtong Bus achieved the daily limit for 11 consecutive trading days.The company's annual report shows that the net profit in 2021 will be a loss of 220 million yuan, a year-on-year decrease of 1033.23%. This is the first time that it has suffered a loss since its listing 22 years ago.
In May, Zhongtong Bus repeatedly announced through its official news that the nucleic acid detection vehicle developed and manufactured by the company was delivered to help the national epidemic prevention and control.This may be the main reason why its stock price has risen by the limit one after another.
However, on the evening of May 29, Zhongtong Bus announced that the company's products are mainly passenger cars, and the current sales of nucleic acid testing medical vehicles are relatively small, which has not had a significant impact on the company's operating performance.
In the first four months of 2022, Zhongtong bus sales reached 2,257 units, a year-on-year increase of 2.5%.However, in the first quarter, the company's net profit lost 35.287 million yuan, a year-on-year decrease of 11.12%.From the combination of the two, the company is actually “exchanging the market at a loss” and “making a profit at a loss”.
Asset management analyst Liu Guangwen told a reporter from the Changjiang Commercial Daily that the rise of Zhongtong Bus's share price was out of support from its fundamentals, and the company is currently "increasing revenue without increasing profits".
Net profit declines for 5 years in a row
Zhongtong Bus mainly focuses on passenger cars, taking into account the development, manufacture and sales of parts and components.The bus products cover different series and grades from 5 meters to 18 meters, and are mainly used for road, bus, tourism, group, school bus and other market segments.
The market opened on May 27, and Zhongtong Bus closed again. This is the 11th consecutive trading day that the stock has achieved the daily limit since May 13.Moreover, the company rose from a minimum of 3.85 yuan per share on April 27 to 12.41 yuan per share at the close on the 27th. The largest increase in January has exceeded 220%.
Zhongtong Bus stated that the company did not violate the fair disclosure of information.
In fact, the increase in the share price of Zhongtong Bus does not "match" the company's performance.
In 2016, Zhongtong Bus achieved an operating income of 9.257 billion yuan, a year-on-year increase of 30.13%; a net profit of 586 million yuan, a year-on-year increase of 46.72%. This year also set the company's best performance since its listing in 2000.
Since 2017, Zhongtong Bus has been in decline.According to the data, from 2017 to 2020, the company's operating income was 7.852 billion yuan, 6.079 billion yuan, 6.741 billion yuan and 4.408 billion yuan respectively, a year-on-year increase of -15.18%, -22.58%, 10.90% and -34.62%; The net profit was 191 million yuan, 36.5713 million yuan, 33.0719 million yuan and 23.5237 million yuan respectively, an increase of -67.36%, -80.87%,
-9.57% and -28.87%.
In fact, Zhongtong Bus has been losing money for two consecutive years.In 2019 and 2020, the company achieved non-net profit of -79.4745 million yuan and -227 million yuan respectively, a year-on-year increase of -1277.15% and -186.17% respectively.
By 2021, the profitability of Zhongtong Bus will drop sharply again. The company achieved operating income of 4.587 billion yuan, a year-on-year increase of 4.06%; net profit loss of 220 million yuan, a year-on-year decrease of 1033.23%; deducted non-net profit of -276 million yuan, a year-on-year decrease of 21.31% %.
From this point of view, in the past five years, Zhongtong Bus's operating income has declined for four years, while its net profit has declined for five consecutive years.
The Changjiang Commercial Daily reporter also found that 2021 is also the first time that Zhongtong Bus has suffered a loss in the 22 years since its listing.
In the 2021 annual report, when analyzing the main reasons for the loss, Zhongtong Bus stated that the weak bus market in the company's main markets and the sharp shrinking of demand from major overseas customers led to a decline in sales.At the same time, the price of raw materials has increased, the domestic industry competition has intensified, and the price war has intensified, resulting in a sharp drop in the company's profits.
The annual report shows that the operating cost of Zhongtong Bus was 3.964 billion yuan, a year-on-year increase of 8.41%; the gross profit margin of the bus was 10.06%, a year-on-year decrease of 3.61%; overseas operating income reached 954 million yuan, a year-on-year decrease of 9.91%.
According to the data, Zhongtong Bus has been focusing on the production and sales of passenger cars for 50 years. It has a relatively stable customer base and strategic partners. Its products cover all provinces and cities across the country and more than 100 overseas countries and regions.
In the first quarter of 2022, Zhongtong Bus continued its performance losses, achieving operating income of 863 million yuan, a year-on-year increase of 30.93%; net profit loss of 35.287 million yuan, a year-on-year decrease of 11.12%; non-net profit loss of 42.4648 million yuan, a year-on-year loss reduction 38.31%.
Or a large amount of production capacity is currently idle
The unusually rising share price of Zhongtong Bus has also attracted the attention of the regulatory authorities.
On May 27, Zhongtong Bus received a letter of concern from the Shenzhen Stock Exchange, requesting to check whether the company's controlling shareholder, actual controller, directors, supervisors, senior managers and their immediate family members have traded the company's stocks, and whether there is any suspected insider trading. situation.
The surge in the share price of Zhongtong Bus may be related to the epidemic.On May 10, Zhongtong Bus announced on its official website that the nucleic acid detection vehicle developed and manufactured by Zhongtong Bus has participated in the "epidemic" work in many places across the country with the characteristics of flexibility, high detection efficiency, and safety protection. , contributed to Shandong's efforts to improve the efficiency of prevention and control.
The article shows that the nucleic acid detection vehicles of Zhongtong Bus are divided into two types: 12 meters and 13 meters. They are developed in strict accordance with the relevant standards of the P2+ biosafety laboratory, and are designed with a full set of high-tech medical equipment. The car is equipped with professional water, electricity and heating. The management system applies the function of the fully automatic PCR analysis system to realize 5G signal transmission, and can collect, inspect, and report at any time. It can meet the daily single inspection of 3,500 to 10,000 tubes, and the maximum daily inspection is 100,000 people. The fastest mixed inspection is 2 According to the test report in hours.
On May 6, Zhongtong Bus also released a news report that during the May Day holiday, the company delivered 18 nucleic acid testing vehicles at one time to help prevent and control the epidemic across the country.
Zhongtong Bus also introduced that up to now, Zhongtong nucleic acid detection vehicles have participated in the war epidemic work in Shanghai, Hebei, Jilin, Guangxi, Gansu, Shandong and other places across the country.With the characteristics of high efficiency and convenience, it has won unanimous praise from epidemic prevention and control units such as disease control centers and hospitals in various places, and has become a veritable "anti-epidemic pioneer" in various places.
The news released by Zhongtong Bus has undoubtedly injected a "stimulant" into the company's declining car sales.
In 2021, Zhongtong Bus will complete the sales of 10,050 passenger cars, a year-on-year decrease of about 4%.
Affected by the decline of new energy subsidies and the epidemic, the production and sales of passenger cars continued to decline. According to statistics from Chinabus.com, the production and sales of passenger cars above 6 meters in the industry in 2021 will be 97,000 units, a year-on-year decrease of 7.9%.
Zhongtong Bus will produce and sell 9,037 buses over 6 meters in 2021, a year-on-year decrease of 7.09%. The company's production and sales are basically in line with industry trends.
In the first four months of 2022, Zhongtong bus sales reached 2,257 units, a year-on-year increase of 2.5%.Combined with profits, the company is actually "exchanging the market at a loss" and "making a profit at a loss".
Zhongtong Bus is also not allowed to trade at a loss. By the end of 2021, the company's plant has a planned total production capacity of 20,000 vehicles, and a total of 10,220 passenger vehicles will be produced in 2021, with a capacity utilization rate of 85.17%.
At present, Zhongtong Bus is constantly upgrading the production line. After the transformation, the production capacity will increase to about 30,000 vehicles per year. If the sales volume does not increase, there will be a lot of idle production capacity.
