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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
遭遇薄情总裁,揭开职场背后的激情与挑战,谁能抵挡?
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遭遇薄情总裁,揭开职场背后的激情与挑战,谁能抵挡?

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  来源:证券之星

  2025年首季收官,重卡市场在多重挑战下承压前行。据媒体披露,作为重卡领域头部企业,中国重汽(03808.HK)一季度重卡销量夺得“排位赛”榜首。但这难掩增长压力,其1月重卡销量下滑拖累了季度表现。

  事实上,在行业持续低位运行的压力下,中国重汽重卡及轻卡业务的销量及营收增速在2024年均呈放缓态势。其重卡销量、营收增速分别跌至7.23%、11.8%,而2023年二者增速均在40%以上。

  证券之星注意到,中国重汽的利润增速略逊于营收增速,毛利率下滑或是主因。公司新能源重卡虽实现294%的爆发式增长,但细分市场却陷入量增价跌的困局,加之轻卡业务尚处营运亏损阶段,一定程度上加重了盈利压力。此外,应收账款激增的问题也凸显出中国重汽营收规模增长背后的质量挑战。

  01. 销冠背后的增长隐忧

  根据第一商用车网数据,1-3月我国重卡市场累计销量265014辆,同比降幅为2.8%。这背后,运价低迷、房地产及基建投资放缓等因素拖累了传统燃油重卡需求,而以旧换新政策观望期延长则进一步抑制了终端购新车的动力。

  第一商用车网、商用车新网等媒体披露,中国重汽一季度累计销售重卡74195辆,同比下降约3.2%,销量排名行业第一。在重卡领域,中国重汽的市场占有率约28%。

  结合经济导报披露的数据,拆解月度销量,1月成绩拖累了整体季度表现。2月及3月,中国重汽分别实现销量22505辆、30490辆,同比分别增长9.8%、1.3%;1月销量则同比下滑18.6%至21200辆。

  业内人士分析认为,1月销量下滑的原因是春节较往年早,供应商、生产、营销、渠道歇业等因素使得各重卡厂家难以实现“开门红”;此外,2024年重卡市场整体下行,各重卡企业将全部精力投入年度销售任务的冲刺,以确保2024年目标的达成,这进一步加剧了1月销量的下滑。

  证券之星注意到,中国重汽去年销量霸榜重卡市场第一,但深究之下,其销量增速已呈现放缓的趋势。根据2024年业绩公告,中国重汽2024年实现重卡及轻卡销售约34.4万辆,增速由2023年的36.06%放缓至6.3%。

  其中,重卡板块实现销量24.34万辆,同比增长7.23%;轻卡板块则实现销量10.05万辆,同比增长4.12%。对比2023年数据,公司重卡销售22.7万辆,同比增长43.89%;轻卡销售9.66万辆,同比增长20.62%。

  而销量增长的放缓也拉低了业绩增速。2024年,中国重汽重卡分部总收入841.5亿元,同比上升11.8%;轻卡及其他分部实现总收入111.62亿元,同比增长8.2%。而2023年重卡与轻卡分部的收入增速分别为49.7%、20.7%。

  证券之星了解到,在经历2023年初步回暖的迹象后,重卡市场在2024年高开低走。作为强周期性产品,重卡销量与宏观经济、公路货物运输量、基础设施投资规模等因素具有较强的关联性,而物流运输需求不足、运价持续低位及用车成本增加成为去年市场低迷的主要原因。

  根据中国汽车工业协会统计,去年全年实现重卡销售约90.17万辆,同比下降1.03%。轻卡行业方面,全年实现销售约190万辆,同比增长0.28%。

  02. 去年利润增速跑输营收

  资料显示,中国重汽专营研发及制造重卡、中重卡、轻卡及其发动机、驾驶室、车桥、车架及变速箱等关键零部件和总成,以及提供金融服务。公司收入主要来源于重卡销售。

  在A股上市的中国重汽,即中国重汽集团济南卡车股份有限公司(下称“中国重汽(济南)”)是H股中国重汽的重要子公司,在重卡业务方面占据重要地位,H股中国重汽对其持股比例为51%。中国重汽(济南)2024年实现营收、归母净利润分别为449.29亿元、14.8亿元,同比分别增长6.8%、36.96%。营收及利润增速较2023年大幅放缓。

  显然,中国重汽面临同样的问题。业绩公告显示,中国重汽2024年实现营收950.62亿元,同比增长11.19%;对应的公司权益股东应占溢利为58.58亿元,同比增长10.16%。海外收入成为支撑总营收增长的重要因素,其中国大陆与海外分别实现营收566.77亿元、383.85亿元,增速分别为3.67%、24.51%。

  证券之星注意到,中国重汽的利润增速不及营收增速,而产品毛利率下滑是不可忽视的原因。2024年,中国重汽的毛利率为15.6%,同比下降0.2个百分点。毛利率略有下降是因重卡分部的营运溢利率下降所致。重卡分部的营运溢利率为5.2%,同比下降0.6个百分点,主要是受区域结构变化及车型结构影响。

  2024年,新能源重卡成为我国重卡行业的最大增量市场。中国重汽新能源重卡销量同比增加294%,市场占有率同比提升3.7个百分点,但销量与价格却呈“冰火两重天”。

  新能源动力电池降价、传统重卡头部企业与新能源重卡头部车企的竞争加剧等因素影响下,2024年新能源重卡单车降价愈演愈烈,400多度电的纯电动牵引车单价一度降到了50万元以下。据方得网商用车披露,多地经销商反馈,2024年电动重卡售价大幅下滑,单车半年内降价高达20万元。

  此外,中国重汽轻卡业务目前仍处于营运亏损阶段。2024年,轻卡及其他分部营运亏损率为1.9%,但较2023年减少4.1个百分点,主要是由于销量规模增加及产品结构优化,提升了整体收入及盈利能力。

  值得一提的是,公司其他业务板块也表现不一。发动机分部实现收入139.25亿元,同比减少4.3%,主要是由于销量下降;金融分部收入14.79亿元,同比上升6.6%。

  证券之星注意到,中国重汽的营收“含金量”略显不足。2024年,中国重汽贸易应收账款、金融应收账款、应收票据(即期部分)为272.96亿元,同比增长59.83%,占流动资产的约三成。其中贸易应收账款增幅较大,同比增长87.2%至169.11亿元。

  截至2024年末,中国重汽贸易应收总款项为227.82亿元,增幅为23.2%。贸易应收总款项增加是由于销售额大幅增加。此外,公司资金回笼速度在放缓,2024年贸易应收款项周转率拉长至80.6天,较2023年的70.7天增加了9.9天。

  大额的应收账款占用了流动资金,中国重汽2024年经营性现金流量净额减少至100.87亿元,同比下滑约11%。公司表示,虽然溢利有所增长、存货减少、其他应收款减少等促进经营活动现金流入,但因应收账款大幅增长及应付账款增幅减少引致经营活动产生的现金流流入净额减少。(本文首发证券之星,作者|陆雯燕)

 

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