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Public company info - Centenary United Holdings Limited , 01959.HK
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Centenary United Holdings Limited, 01959.HK - Company Profile
Chairman Law Hau Kit
Share Issued (share) 500,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Automobile Retailing, Maintenance & Repair
Corporate Profile Business Summary: The group is principally engaged in the sale and service of motor vehicles and provision of service in the PRC. Performance for the year: For the Year 2019, the Group recorded a revenue of approximately RMB2,072.2 million, representing a growth of approximately RMB131.9 million or 6.8% from that of approximately RMB1,940.3 million for the Year 2018. The Group’s profit for the Year amounted to approximately RMB33.1 million, representing a decrease of approximately RMB1.3 million or 3.8% as compared with that of approximately RMB34.4 million for previous year. Business Review During the Year 2019, the Group recorded a stable growth of 6.8% in revenue, to approximately RMB2,072.2 million from RMB1,940.3 million of the Year 2018. The sales volume of new vehicles was 17,050 units in the Year 2019, which maintained at a stable level compared with the Year 2018 amid the adverse operating environment in 2019. The gross profit grew by 2.9% to approximately RMB179.5 million for the Year 2019 from approximately RMB174.4 million for the Year 2018. Headquartered in Zhongshan City in Guangdong Province, as at 31 December 2019, the Group operated 14 outlets of 4S dealership, one quick fix auto centre, five quick fix service points, one insurance agency company and one used vehicle trading centre in Zhongshan City, one of the important cities in the development of the Guangdong-Hong Kong-Macao Greater Bay Area (the “GBA”) and one of the hub cities located along the main route of the Shenzhen-Zhongshan Bridge. According to the report of the Association of Car MR for 2018, in respect of premium and luxury car brands and in terms of the number of 4S dealership outlets, the Group was the largest 4S dealership group in Zhongshan City and ranked 13th amongst privately owned 4S dealership groups in the Guangdong Province. The brands that the Group carries in the 4S dealership outlets are those which are very sought-after in the Guangdong province, such as Dongfeng Nissan, Beijing Hyundai, FAW Toyota, FAW Volkswagen, Dongfeng Venucia, Chevrolet and Buick. In the second quarter of 2019, the Group further opened a new Jaguar and Land Rover 4S dealership outlets. The Group has opened a new Cadillac outlet in the first quarter of 2020. Sales of motor vehicles During the Year 2019, the sales of motor vehicles, which mainly comprised of the sales of new vehicles and used vehicles, was approximately RMB1,790.5 million, increased by 7.9% from approximately RMB1,658.9 million of the Year 2018. Sales of new vehicles During the Year 2019, the Group’s revenue from the sales of new vehicles amounted to approximately RMB1,771.7 million (17,050 vehicles in total), representing an increase of 8.0% from approximately RMB1,641.4 million (17,037 vehicles in total) for the Year 2018. The newly added Jaguar and Land Rover brand has become a new growth contributor for the luxury car segment by contributing a revenue of RMB24.3 million for the Year 2019. Sales of used vehicles The Group opened the first used vehicles trading centre in October 2018. During the Year 2019, the revenue of sales of used vehicles amounted to approximately RMB18.8 million, representing a 7.3% growth from approximately RMB17.5 million of the Year 2018. As a newly developed business segment, the sales volume of used vehicles reached 656 units, increased by 62.8% from the Year 2018. For the time being, the base of sales of used vehicles is relatively small compared to the sales of new vehicles. However, the Group will be able to capitalise a higher growth with the one-stop integrated car services platform and the new used vehicle trading centre to be opened in 2020. Other integrated auto services The revenue from other integrated auto services, which mainly comprised of repair services, sales of accessories, insurance agency services and other services, amounted to approximately RMB281.7 million in the Year 2019, representing a slight growth of 0.1% from approximately RMB281.4 million of the Year 2018. Repair Services The Group’s repair services comprised of repair and maintenance services, the sales of spare parts, car care services and used vehicle warranty services. The Group offers complex repair services and standard maintenance and car care services at its 4S dealership outlets, and quick fix services and standard maintenance and car care services at its quick fix auto centre and quick fix service points. For the Year 2019, the revenue of repair services increased to approximately RMB187.3 million from RMB172.4 million of the Year 2018, accounting for approximately 9.0% of the total revenue; the gross profit from the Group’s repair services increased to approximately RMB52.6 million from RMB35.1 million of the Year 2018. The gross profit margin of repair services was approximately 28.1%. Sales of accessories From time to time, the Group offers to sell new vehicles with complimentary accessories such as global positioning system (GPS) tracking devices, seat covers, automotive window films and air-fresheners in packages as part of its marketing and promotion efforts. In addition, in the Year 2019, the gross profit from the Group’s sales of accessories was approximately RMB35.2 million (in the Year 2018: approximately RMB42.9 million), representing 19.6% (the Year 2018: 24.6%) its gross profit. Insurance Agency Services During the Year 2019, the Group acted as business insurance agents for insurance companies in the PRC for promoting and handling motor vehicle insurance, including but not limited to compulsory third-party liability vehicle insurance and commercial vehicle insurance. The Group also provided insurance agency services for insurance companies in the PRC in relation to other non-motor vehicle insurance products including personal insurance and property insurance products. During the Year 2019, the gross profit of insurance agency services grew by 14.7% to approximately RMB31.9 million compared with RMB27.8 million of the Year 2018 and accounted for approximately 17.8% of the total gross profit. Other Services The gross profit of the other services, which mainly comprised of vehicle licensing registration services and registration of title transfer of used vehicle, was approximately RMB7.4 million in the Year 2019. Since the used vehicle trading centre launched in October 2018, the Group leveraged its large scale customers data platform in driving the business potentials of the sales and services of used vehicles in order to enhance its integrated auto services ecosystem. The used vehicle trading centre currently provides used vehicle management services such as registration of title transfer of used vehicles. Prospects: Looking forward, Chinese automotive industry remains uncertain with both challenges and opportunities. The COVID-19 outbreak in the PRC and across the globe poses unprecedented challenges to global auto manufacturers and dealers. However, the Group believes this black swan event may eventually accelerate the elimination of weaker players with the stronger players to survive in the industry. The automobile industry is a key industry in the PRC and in response to the epidemic, the PRC government has introduced a number of favorable measures emphasising on stabilising traditional mass consumption such as automobiles, and stimulating demand in areas with automobile purchase restrictions by increasing the license plates quota in an appropriate manner to drive consumption on automobiles and related products. After experiencing the epidemic, the psychology and purchasing behavior of consumer on automobile in avoiding close contact between people on public transport of consumers will evolve and it is believed that compensatory consumption on automobile may increase explosively after the epidemic. Despite the severe challenges in the first quarter of year 2020, with the unremitting efforts of the Group, the high popularity among consumers of the brands it deals, its huge customer base’s support and the quality and comprehensive automobile services which the Group provides, the Directors believe that the Group can endure the short-term threat caused by the novel coronavirus outbreak and grasp opportunities to grow steadily in the future. With the promotion of the GBA and the completion of the Shenzhen-Zhongshan Bridge, it will not only further improve the transportation infrastructure and the interconnection between the whole Guangdong Province and Zhongshan City, but will also drive the growth of passenger car market in Zhongshan City. To capture the tremendous growth potential in the GBA, the Group will continue to expand its car sales and other integrated auto services the preparation of such as opening the second used vehicle trading centre in 2020 and to seek for an appropriate acquisitions and merger target to expand its sales network and service platform. With the prominent presence of the Group in Zhongshan City, the Group developed a strong customer base for deploying in the construction of the first ever Centenary United Big Data Intelligence System in Zhongshan City to provide seamless integrated auto services for customers.

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