SAIC Motor’s third quarterly report increased revenue but not profit, and each car earned 1,712 yuan less than the same period last year

  Sino-Singapore Jingwei, October 28 (Niu Chaoge) On the 28th, SAIC Motor announced its third quarter report for 2022.

  During the reporting period, SAIC Motor achieved revenue of 211.415 billion yuan, a year-on-year increase of 13.29%. However, the total revenue in the first three quarters of 2022 was 527.409 billion yuan, down 4.58% year-on-year.

  In terms of net profit, SAIC’s non-net profit in the third quarter and the first three quarters reached 4.533 billion yuan and 10.641 billion yuan respectively, down 26.45% and 40.94% year-on-year.

  Regarding the decrease in profits, SAIC Motor stated in its financial report that since the beginning of this year, the company’s profitability has been greatly under pressure due to the superposition of multiple unfavorable factors such as epidemic control, tight supply resources such as chips, and sharp rise in the price of raw materials such as power batteries. Although the company’s vehicle sales and operating income increased significantly year-on-year and month-on-month in the third quarter, the improvement of the production and sales structure and the recovery of product gross profit margins still lag.

  In addition, according to the production and sales report released by SAIC, SAIC’s vehicle sales in July, August and September were 506,760, 512,081, and 517,092, totaling 1,535,933.

  If calculated based on the above data, in the third quarter of 2022, SAIC Group will earn an average of 2,951.36 yuan for each car sold.

  From July to September 2021, SAIC’s vehicle sales were 352,546, 453,408, and 515,804, totaling 1,321,758, and the non-net profit in the third quarter of 2021 was 6.164 billion yuan. Based on this calculation, in the third quarter of 2021, SAIC Group will earn an average of 4,663.15 yuan for every car it sells.

  Sino-Singapore Jingwei calculations found that in the third quarter of 2022, SAIC’s average single-vehicle profit fell by 36.71% year-on-year, that is, in the third quarter of 2022, for each car sold, SAIC Group earned an average of 1,711.79 yuan less than in the same period in 2021. .

  Looking at assets, in the third quarter of 2022, SAIC’s total assets reached 967.792 billion yuan, an increase of 50.869 billion yuan from 916.923 billion yuan at the beginning of 2022.

  (The opinions in this article are for reference only and do not constitute investment advice. Investment is risky, and you need to be cautious when entering the market.)

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Responsible editor: Li Zhongyuan