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Public company info - Sinotruk (Hong Kong) Ltd. , 03808.HK
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Sinotruk (Hong Kong) Ltd., 03808.HK - Company Profile
Chairman Cai Dong
Share Issued (share) 2,761,000,000
Par Currency
Par Value 0.0
Industry Commercial Vehicle
Corporate Profile Business Summary: The Group is principally engaged in the research, development and manufacturing of heavy duty trucks, medium-heavy duty trucks, light duty trucks and related key parts and components including engines, cabins, axles, steel frames and gearbox and the provision of financial services. Performance for the year: The Group’s revenue for the Period recorded RMB62,227 million, representing a decrease of RMB501 million or 0.8% YoY. Gross profit margin for the Period was 19.0% (gross profit divided by revenue), representing an increase of 0.9 percentage points. Profit for the Period was RMB3,776 million, representing a decrease of RMB951 million or 20.1% YoY. Net profit ratio (profit divided by revenue) was 6.1% (2018: 7.5%). Profit attributable to owners of the Company for the Period was RMB3,334 million, representing a decrease of RMB1,012 million or 23.3% YoY. The basic earnings per share attributable to owners of the Company for the Period was RMB1.21, representing a decrease of RMB0.36 or 22.9% YoY. Business Review： HEAVY DUTY TRUCKS SEGMENT During the Period, the sales volume of the Group’s HDTs was 169,433 units, representing an increase of 0.8% YoY. Revenue (sales of HDT and services provided to such customers) from the HDTs segment was RMB51,086 million, representing an increase of 4.7% YoY. The segment operating profit margin was 6.6%, representing an increase of 2 percentage points YoY, mainly due to the adoption of effective purchase to reduce procurement costs. DOMESTIC BUSINESS During the Period, the Group sold 129,424 HDTs in the PRC, representing a decrease of 1.8% YoY. As at 31 December 2019, the Group had a total of 882 HDT dealerships (including 137 4S centers and 83 Sinotruk-brand dealerships), 1,282 service centers providing high-quality aftersales service and 137 refitting companies to provide truck-refitting services to HDTs in the PRC. INTERNATIONAL BUSINESS In 2019, global trade and production activities slowed down against the backdrop of the global economic downturn, regional political turbulence, and Sino-US trade frictions. Faced with the severe market situation, the Group further explored overseas segment markets, and its product exports continued to maintain a steady and healthy development momentum. During the Period, the Group’s export volume (including affiliated exports) of HDTs was 40,009 units (2018: 36,300 units), representing an increase of 10.2% YoY, and sales volume hit the highest level in the Group’s history. The overseas revenue (GAAP measures) was RMB9,937 million (2018:RMB7,390 million), representing an increase of 34.5% YOY. At the same time, the Directors also consider that export revenue (including affiliated exports, non-GAAP measures) was RMB12,167 million (2018: RMB10,237 million) for the Period, representing an increase of 18.9% YoY. According to internal exports information, the Group held a market-leading position in the export of HDTs in China for a fifteenth consecutive year. As at 31 December 2019, the Group had set up 253 distributor sales centers, 274 service outlets and 237 spare parts and accessory stores in over 110 countries. The Group has 12 overseas KD production plants established through cooperation with overseas partners in 9 countries and regions. The Group’s international marketing service network system is wellestablished to provide strong support for exploring the international market. LIGHT DUTY TRUCKS AND BUSES SEGMENT During the Period, the sales volume of the Group’s LDTs decreased by 18.5% YoY to 109,280 units. The Group sold 1,187 buses, representing a decrease of 23.6% YoY. The LDTs and buses segment recorded total revenue (sales of LDT and buses and services provided to such customers) of RMB10,211 million, representing a decrease of 19.1% YoY. The segment’s operating profit margin was negative 10.9% as opposed to 3.7% in previous year, mainly due to drop in sales as a result of changes in market situation and the increase in provision for impairment loss in trade receivables. As at 31 December 2019, the Group had a total of 1,629 dealerships (including 50 4S centers and 445 SINOTRUK branded dealerships), 2,837 service centers that provide LDT after-sale service and 53 refitting companies to provide truck refitting services to LDTs in the PRC. For buses division, the Group had a total of 11 bus dealerships and 138 service centers for bus products after-sale service. ENGINES SEGMENT During the Period, the sales volume of the Group’s engines increased by 2.3% YoY to 179,959 units. The engine segment recorded total revenue (sales of engines) of RMB14,662 million, representing an increase of 3.9% YoY. The external engine sales amount accounted for 8.2% of the total engine sales amount, representing a decrease of 1.1 percentage points YoY. The segment’s operating profit margin was 13.1%, representing a decrease of 2.6 percentage points YoY, mainly due to the increase in research and development (“R&D”) expenditure. The Group is committed to the research and development of new engine technologies, the benchmarking of its engine design in compliance with international standards, strengthening quality controls, expanding the application of MAN engines and to provide customers with high-tech products that are reliable and fuel-efficient. The Group continued to gain customer recognition for its advanced and high-quality MAN engines. In addition to supplying engines for the Group’s own production, the Group sold engines to other HDTs manufacturers and engineering machinery manufacturers. The Group has carried out work on optimizing the performance of the China V Standard MC series engines, developing China VI Standard fuel gas engines and natural gas engines and their compatibility with whole truck, and the development of new models of gas engines. The improved overall engine performance, fuel consumption and gas consumption have been widely recognized by the market, and obvious market competitive advantages have been achieved. RESEARCH AND DEVELOPMENT The Group has comprehensive R&D capabilities for the whole series of commercial vehicles. The ability of R&D in truck is in line with international standards, and technology of key assembly components is close to international standards. An independent innovation R&D system has been established, based on independent research and development, supplemented by production-university-research cooperation. During the Period, the Group participated in and formulated 「車輛車速限制系統技術要求 及試驗方法」(Technical requirements and test methods for vehicle speed limit systems), 「道 路貨物運輸車輛類型劃分」(Classification of types of cargo trucks), 「汽車氣壓制動系統 用快插接頭技術要求及試驗方法」(Technical requirements and test methods for quick plug connectors of automotive air pressure braking systems), 「汽車氣壓制動系統用快插接頭尺寸」(Dimensions of Quick Plug Connectors for Automotive Air Brake Systems) and 「汽車柴油機燃油加熱裝置」(Automotive Diesel Fuel Heating Devices) etc. totaling 24 heavy duty truck standards. During the Period, the Automotive Research Institute carried out 160 projects, including R&D vehicles, key assemblies and parts. FINANCE SEGMENT During the Period, the Group’s finance segment revenue (interest and fee income) was RMB1,587 million, representing an increase of 12.2% YoY. External revenue of the segment was RMB980 million, representing a decrease of 0.8% YoY. The segmental operating profit margin was 58.9%, representing a decrease of 1.2 percentage points YoY, mainly due to narrow average interest spread as a result of the decreased market interest rates. The Group continued to develop its innovative business model by taking full advantage of national policies and utilizing its auto financing services platform. Aiming different vehicle models sold in different regions and the different financial needs of customer groups, the segment launched differentiated financial solutions to meet the financial needs of vehicle buyers. Innovating the automotive financial product chain in entire life cycle, innovative financial products were launched in the finance segment which improved customers’ loyalty. Continuously promoting process improvement, loan approval efficiency was improved in the segment which supported the selling units in exploring regional markets. During the Period, the Group sold 34,133 trucks through auto financing service, representing an increase of 23.0% YoY. As at 31 December 2019, the Group had 22 heavy duty truck business offices and 4 light duty truck business regions for financing services and further improved its auto financing services by extending its financing services business coverage all over China. Prospects: The commercial vehicle industry combines with opportunities and challenges, and the industry situation becomes more complicated. COVID-19 outbreak has some impact on the Group’s production and operation but the Group will actively respond, resume production as soon as possible, take advantage of the national tax reduction and fee reduction policies, adopt promotional strategies, and try to minimize such impact. Faced with a fierce competitive environment, the Group still uphold “Aiming for Clients’ Satisfaction” as the Group’s core value, with a corporate vision of “Building a world-class full range commercial vehicle group”.

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