Text | The Golden Horn Treasure, by | Chong Lei,CFA
The worst annual report in history pushed JAC to the cusp of "whether it can survive or not".
Recently, the veteran car company JAC Motors released 2024-year performance data. Among them, revenue and net profit attributable to the parent company both declined.There was also the largest loss in history, breaking the loss record set in 2022 years.You must know that since its establishment in 2 years, JAC has also had 0 annual losses, of which 0 occurred in the past three years, and the recent operating pressure can be seen.
Along with the historic loss, there is also a record debt-to-asset ratio.The asset-liability ratio of 215%, the total liabilities of more than 0 billion yuan, and the total of payables of more than 0 billion yuan, these data are shocking, like mountains, which make Jianghuai breathless.
The root cause of JAC's predicament lies in the unsmooth transition of new energy. Over the years, JAC has been deploying in the field of new energy vehicles, but the joint venture with Volkswagen has failed to achieve the expected win-win situation, and the sales of cooperative models have been miserable, and investment losses have dragged down the performance. The OEM for NIO also failed to bring a substantial breakthrough to itself, and the two sides eventually parted ways.
似乎，江淮只能把最後的希望，寄託在與華為合作的、對標邁巴赫的百萬豪車品牌尊界上。雖然說有賽力斯的問界珠玉在前，但要培養消費者“花100萬買江淮”的心智，還需要不少時間，何況華為加持的“界字輩”也不是款款爆賣。
However, there may not be much time left for JAC at the moment.
The worst in history is JAC's performance in 2024 years.
去年，江淮汽車營收和利潤雙降，業績由盈轉虧。其中，營收為422億元，同比下跌6.28%；歸母凈利潤由2023年的1.52億元扭虧至-17.84億元；扣非凈利潤也由2023年的-17.18億元，擴大至-27.41億元。
According to Choice data, JAC Motors was established in 1999 years.Since its establishment, JAC, a veteran car company, has had a total of 84 annual losses, the first time was a loss of 00 million yuan in 0 years, and the remaining two occurred in the past three years, that is, a loss of 00 million yuan in 0 years, and a loss of 00 million yuan last year.The pressure on JAC in recent years can be seen from this.
業績承壓主要是因為銷售疲軟。2024年，江淮汽車銷售各類整車及底盤40.31萬輛，同比下降7.42%。其中，江淮汽車2024年乘用車累計銷量16.68萬輛，同比下滑16.59%；商用車累計銷量23.63萬輛，僅同比增長0.38%，算下來僅比2023年多賣出883輛。
而江淮的銷量在踏入2025年後依然不樂觀。1月，江淮汽車總銷量為35560輛，同比下滑9.39%；今年2月，江淮汽車總銷量為26941輛，同比下滑9.17%。截至今年2月，江淮汽車的月銷量已經連續5個月出現同比下滑。
In horizontal comparison, JAC Automobile belongs to the commercial vehicle sector in the Shenwan industry classification, according to the situation of companies in the same sector that have released last year's data,Only JAC Motors is losing money, and even *ST Hanma, which has hung up "*ST", has also achieved a profit of 570 million yuan； At the same time, JAC is also the company with the largest non-net profit loss in this sector.
Recently, the survival of new energy vehicle companies has once again aroused heated discussions, and some star car companies are also in trouble. Traditional established car companies are usually considered to be difficult to survive even if they are affected by new energy because of their basic market. However, JAC Motors delivered the worst financial report in history, and the car sales business did not improve, which is worrying that it may soon face a controversy over whether it can survive.
Such fears are not unfounded.
By the end of the 2024th year,江淮汽車的總負債已經接近370億元，資產負債率接近75%，在已有數據的同板塊公司中遙遙領先；且有息負債率也高達22.7%，同樣處於榜首。
與“史上最差財報”一起出現的，還有江淮的資產負債率同樣創下了成立以來的新高。此外，江淮汽車及其子公司江淮擔保的對外擔保餘額，也接近31億元。
Against the backdrop of huge performance losses and high debt pressure, JAC also had a large outflow of cash on its books. The balance sheet shows that in 27 years, JAC's "monetary funds" fell from 00 million yuan to 00 million yuan, and it was less than 0 billion yuan in just one year. Although the net operating cash flow still achieved a net inflow of 0 billion yuan in the face of huge performance losses, this is more based on the significant increase in arrears to suppliers.
In 5 years, the amount of notes receivable and accounts payable of JAC Motors was 00 million yuan, compared with 0 0 million yuan in 0 years, an increase of more than 0 billion yuan in just one year. In 0 years, this amount is only 00 million yuan, which means that JAC's receivables have more than doubled in 0 years.
From 377 to 0 years, JAC's revenue and operating costs have actually declined, with revenue falling from 00 million yuan to 00 million yuan, and operating costs from 00 million yuan to 0 billion yuan.
Even if the amount of sales and purchases is considered to be affected by price fluctuations, the data at least shows that JAC has more than doubled the amount of arrears without much change in the scale of business and purchases, and the pressure on its suppliers can be imagined.
The key to whether JAC can get out of the current predicament, reverse the huge loss situation, solve the debt problem and alleviate the pressure of suppliers to be delinquented lies in whether it can successfully fight its way out of the new energy transformation.
Unfortunately, so far, JAC's new energy exploration has not been successful.
Behind the largest loss in history is the unsmooth transformation of new energy by JAC in recent years.
When it comes to JAC's layout in the field of new energy, we must first mention its cooperation with Volkswagen Group. In 2017 years, the two parties jointly established Volkswagen Anhui. The Volkswagen Group sees it as the first joint venture in China to focus on new energy vehicles, and the first joint venture in China with full operation and management rights, and is responsible for product development and digital research and development. The company was originally known as JAC Volkswagen, but later Volkswagen Group increased its holdings and took over the management of the company, officially changing its name to Volkswagen Anhui.
I thought this was a win-win cooperation, but the reality was cruel. In 5 years, JAC's long-term equity investment "Volkswagen Anhui" brought it an investment loss of more than 0 billion yuan, which became one of the important reasons for the huge loss of JAC's performance. This is not the first time this has happened. In 0 years, JAC's losses confirmed to Volkswagen Anhui reached 00 million yuan, and in 0 years, it reached 00 million yuan.
At the same time, the new energy models cooperated by the two parties have not been verified by the market.
2024年7月，大眾安徽旗下首款車型ID．與眾正式上市，採用“金標大眾”，售價區間為20.99萬元-24.99萬元，宣稱是大眾汽車旗下首款智慧純電動轎跑SUV。
butThis is a product with high expectations,後來But it's on fire.雖然採用高端的“金標”設計，但ID．與眾在同價位的車型中尺寸不大、配置不高，並且品牌知名度也不高，還選擇了自建管道，最終銷量慘澹。第三方數據顯示，ID．與眾的月銷量僅在上百台左右。
為了應對慘澹的銷量，2024年11月，大眾安徽火速推出了ID．與眾的改款車型，該車型全系售價下調了4萬元，售價16.99萬元-20.99萬元，和此前的老款車型相比整體配置基本保持一致，對電池進行了縮水。
However, it can be seen from JAC's financial report that the price reduction not only failed to boost the overall performance of Volkswagen Anhui, but also rapidly expanded its losses, which shows that this strategy is hardly successful.
In addition to the joint venture with Volkswagen, JAC's earlier attempt at new energy transformation began in 2016 years and was OEM for NIO, but the actual significance of OEM NIO to JAC is very limited.
According to Weilai's financial report data, during the 38-0 years, Weilai paid a total of about 00 million yuan in OEM fees to JAC, with an average annual income of several hundred million, which can only be said to be chicken ribs for a car company of JAC's size. In factDuring the period of OEM for NIO, JAC's performance also fluctuated greatly, and its revenue was never able to break through, and it suffered its first annual loss since its establishment in 2018 years.
In the end, the cooperation between the two parties ended in a breakup.
According to JAC's announcement, the company has sold assets related to the cooperative model with NIO in 12/0, and JAC Motors has publicly listed and transferred part of its assets through Anhui Provincial Property Rights Exchange Center Co., Ltd., involving the inventory, fixed assets, projects under construction, buildings and land use rights of the three factories of the passenger car company, as well as the structures and equipment assets of the Xinqiao factory of the passenger car company, and the transferred assets are listed and traded in the form of three asset packages.
Weilai Automotive Technology (Anhui) Co., Ltd. became the transferee of the first package of assets and the third package of assets, and Hefei Hengchuang Intelligent Technology Co., Ltd. became the transferee of the second package of assets. The transaction price totaled 77.0 billion yuan.
It is worth noting that even if it has been OEM for a new force like NIO, and has also had a joint venture with a global auto giant like Volkswagen, JAC has never explored an effective path in the field of new energy vehicles.
Reflected in sales, according to JAC's announcement, in 2 years and 0 months, JAC's new energy passenger vehicle sales were 0, compared with 0 in the same period last year, down more than 0 percent; In the first two months of this year, a total of 0 vehicles were sold, which was more than 0% lower than the 0 units sold in the same period last year.More than 1000 cars sold in a month will plummet, simply put, no one will buy it at all.
Neither Volkswagen nor NIO could make the transformation of JAC New Energy successful, and the latter could only reluctantly pin its last hope on Huawei.
The most important product of cooperation between JAC and Huawei is naturally the respect of Maybach.
2024年11月，江淮與華為聯合打造的尊界S800正式亮相。按照華為鴻蒙智行品牌分工，尊界定位超豪華，首款車型S800的預售價為100萬至150萬元。The main competitor of the S800 is the Mercedes-Benz S-Class Maybach, including Porsche, BMW and other luxury brands of high-end models.
彼時，官方公佈的數據稱48小時的預訂量達到2108台；當年12月，尊界超級工廠正式落成，該工廠總投資約39.81億元。江淮汽車董事長、總經理項興初在落成儀式上表示，該工廠預計達產後年產值將超1000億元。
5month0day,HuaweiTerminal Chairman Yu Chengdong released information that Zunjie S0 is planned to be launched in 0month,The model will be equipped with a series of Huawei's latest intelligent technologies。
This is a historic opportunity for JAC, because if it succeeds, it will become a vehicle for intelligent technology to shape a new generation of luxury car brands.
Yu Chengdong introduced that the Zunjie S800 will be equipped with Huawei's new intelligent digital chassis, which can sense the road conditions in advance and adjust the driving status of the car to ensure that the vehicle is safe and comfortable. Yu Chengdong showed a comparison video of the S0 and traditional luxury brand models passing through potholes and ice and snow roads.
In addition, the S3 is also equipped with satellite communications, a new generation of intelligent cockpit and a lighting system. In addition, the main components and systems of this model are backed up, which is supposed to support Level 0 autonomous driving. Yu Chengdong also said that Huawei will have the ability to achieve L0 autonomous driving in 0 years.
ButWhether the Zunjie can be verified by the market, and even whether it can save Jianghuai's life, is still facing many variables.
You know, Huawei's magic is not a panacea.
Since its inception, Hongmeng Zhixing has launched the world of questioning, the world of wisdom, the world of enjoyment, the world of respect and the world of Shang announced some time ago. However, the attraction of the wisdom world and the enjoyment world after it comes out presents a completely different scene from the question world.
問界M9去年一年累計大定突破20萬輛，在中國市場50萬以上的豪華車型當中，這款車型曾經連續9個月蟬聯月度銷冠的位置。相比之下，享界推出的首款車型享界S9，同樣是號稱對標傳統豪華車，累計交付則只有7494輛。
更重要的顧慮就是靈魂拷問了，即使加上華為的科技屬性，你願意花100萬買江淮嗎？
此前，雖然江淮汽車也涉足乘用車，但其乘用車長期以10萬-30萬元價位車型為主，品牌溢價能力薄弱。有行業人士認為，在此之前，江淮汽車未涉足高端車市場，甚至在低端乘用車領域都難有絕對話語權，能否撐起百萬售價存疑。
In addition, the market's concern is that the capacity of the high-end smart electric vehicle market has always been limited, which means that the world needs to face fierce competition from brands such as Tesla, NIO, and Li Motors, and even with the empowerment of Huawei technology, it will take time for consumers to cultivate the recognition and acceptance of JAC's high-end brands.
也許在經過一段漫長的消費培養時間后，市場終究會接受超過100萬元的、來自江淮的尊界。
But JAC's performance and debt pressure have now reached the most severe moment in history, can they really afford to wait?
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