“There is no highest, only higher.†Every year in the disclosure season, “the government red envelopes fly†has become a big show in the A-share market. This is particularly exciting in the auto industry where the “cheat scandals†are frequent.
According to wind statistics, 22 auto companies listed in the company received the government's “subsidized meals†in 2015, with a total amount of 11.8 billion yuan. Among them, 5 companies received more than the net profit, and FAW Xiali was the most amazing. The “red envelope amount†was 31 times of net profit.
An industry analyst at Everbright Securities said in an interview with China Net Finance and Economics that local government blood transfusion has become a dependence on some car companies to survive. Although it can alleviate the urgent need, the tide will recede to know who is swimming naked. If you want to stand firm, you should work hard on your main business.
90% of car companies' 2015 net profit rose 100% and received government subsidies
After nearly four years of downturn, the automotive industry showed signs of significant recovery in 2015. According to the annual report data disclosed by 22 listed car companies, except for a small number of five net profit declines such as FAW Car and Foton Motor, the rest rose, accounting for nearly 90%.
However, China Net Finance reporters noted that behind the recovery of the performance of major car companies, subsidies from the government contributed. According to wind statistics, 22 listed car companies in 2015 all ate the government's "tonic", which can be described as "one is not less", the total amount of subsidies was 11.823 billion yuan, and the figure at the end of 2014 was only 7.361 billion. Yuan, this means that the government subsidy for car companies has increased by 60% in just one year. In addition, the total net profit of the 22 companies in 2015 was 64.396 billion yuan, which means that 18.35% of the net profit of the industry was contributed by the subsidy.
FAW Xiali borrowed subsidies to keep the gold cup for 4 years to eat the government 240 million
As for the reasons for the local government's "generous generosity", from the announcement, it mainly supports the development of car enterprises, subsidized technological transformation and guides industrial transformation and upgrading. However, according to industry insiders, most of this subsidy is used to dress up for listed companies. And help the company turn around and achieve the top of the shell. FAW Xiali, which had lost two years ago, is a typical representative.
According to the 2015 annual report, FAW Xiali achieved a net profit of 18.05 million yuan during the reporting period, an increase of 101.9% over the same period of last year, while the profit in 2013 and 2014 were -1.659 billion and -480 million respectively, that is, if 2015 The company will lose money again and the stock will be suspended. What surprised investors was that FAW Xiali came back to life with government subsidies and achieved a hat removal. The data shows that FAW Xiali's government subsidy for the current profit and loss is 563 million yuan, which is 31.28 times of the net profit for the same period.
In fact, relying on the government subsidies "crows become phoenix" car companies are not only one of the FAW Xiali, Jinbei car. Statistics show that the net profit of Jinbei Auto Deduction is not negative for 4 consecutive years, and the asset-liability ratio is above 90%, but because of the huge government subsidies, although the stock name is in *ST Gold Cup and ST Gold Cup, Jinbei Auto Going back and forth, but after all, escaped the crisis of being delisted. According to statistics, the government's subsidy to Xiali in the past four years totaled 240 million yuan.
The government red envelope can not only "help life", but also become a bargaining chip for many listed car companies. Taking Jianghuai Automobile as an example, the company's net profit in 2015 was 857 million yuan, a year-on-year increase of 55.28%, but the government subsidy included in the company's current profit and loss reached 2.534 billion yuan.
New energy vehicles become "big blood transfusions"
As can be seen from the above data, the government is extremely lavish when it comes to subsidizing local car companies. The “packages†that cost hundreds of millions of dollars have envied other industries. However, compared with the traditional power car company, the new energy car enterprise is the government's “big blood transfusionâ€.
Taking Foton Motor as an example, the company's new energy vehicle sales in 2015 achieved a doubling of 141.72%, but this did not bring qualitative changes in the company's performance. Instead, the company's net profit after the deduction was doubled, and the loss was as high as 670 million yuan. However, the company received a total of 1.513 billion yuan in new energy subsidies, but only 1.355 billion yuan failed to arrive.
In 2015, Yutong Bus received a subsidy of 6.875 billion yuan for the promotion and application of new energy vehicles. Based on the company's net profit of 3.535 billion yuan, Yutong Bus's subsidy is close to twice the net profit. In 2015, Ankai Bus received a total of 1.329 billion yuan of government subsidies, including 1.284 billion yuan for new energy vehicles and 868 million yuan for new energy subsidies. Although the government subsidies received by Zhongtong Bus last year were only 10 million yuan, the national subsidy for new energy buses reached 2.019 billion yuan, while the company's net profit last year was only 399 million.
The original intention of the local government's "red envelope" is to force the development of new energy automobile industry and technology, but this has helped the enterprises to "cheat up". According to relevant media reports, Xu Changming, director of the Resource Development Department of the National Information Center, questioned in January this year that some car companies may have used the recycling of battery packs to assemble vehicles to defraud the government's massive subsidies for new energy vehicles. Among them, Jinlong Automobile, Yutong Bus and Shuguang Group were the most questioned, but the heads of the three companies subsequently denied it.
3RP rotary lobe pump,High Quality 3RP rotary lobe pump,3RP rotary lobe pump Details, CN
Botou Honghai Pump Co.,Ltd , https://www.gearpump.nl