CIMC Vehicle's Financial Report for the Third Quarter of 2022: The Domestic Market Enters a Turning Point, and Overseas Market Vehicle Sales Revenue Grows by 81.41%
According to the third quarter report, in the face of the complex international economic environment, CIMC achieved an operating income of 17406.5 million yuan from January to September 2022, and a net profit attributable to shareholders of the listed company after deducting non recurring profits and losses of 660.3 million yuan, up 19.7% year on year, and a year-on-year increase of 1.55 percentage points in Gross margin. We sell a total of 112039 vehicles/set worldwide. Among them, the sales revenue of vehicles in the overseas market reached RMB 9334.3 million, a significant increase of 81.4% year-on-year, highlighting the resilience and advantages of cross-border operations.
In the first three quarters of 2022, CIMC Vehicles performed steadily and maintained a competitive advantage. The total assets reached 22.42 billion yuan, an increase of 3.0% compared to the end of the previous year; The net assets reached 12.82 billion yuan, an increase of 3.5% compared to the end of the previous year; The asset liability ratio is 42.8%, a decrease of 1.6 percentage points compared to the first half of 2022; The net cash flow generated from operating activities reached 582.9 million yuan, a year-on-year increase of 441.6%.
With the solid promotion of various economic and social development work by the Chinese government and the continuous efforts to stabilize the economy, domestic logistics demand has recovered. Under the influence of global geopolitical conflicts, interest rate hikes by the Federal Reserve, high inflation, commodity price fluctuations and the Energy crisis, the global economy is facing recession risks, and opportunities and challenges coexist in overseas markets.
During the reporting period, the group revenue of CIMC's lighthouse pioneer business and Terabyte business grew month on month, and the performance of Gross margin improved month on month; Qiangguan Business Group accelerates the integration of products and business layout; The North American business continued the trend of rapid growth in the first half of the year, and the Gross margin was further improved month on month; The revenue performance of the European business is stable.
In terms of lighthouse pioneer business, with the recovery of domestic logistics demand, lighthouse pioneer business actively promotes the layout of "lighthouse manufacturing network", promotes the implementation of LTP and LTS, and fully releases the production capacity of "lighthouse" factories; According to data from the China Association of Automobile Manufacturers, in 2021, CIMC vehicles had a market share of 12.1% in China's semi trailer market, and their market share continued to rise, ranking first in the country for three consecutive years.
The semi trailer market in North America continues the trend of strong demand. From January to September 2022, CIMC's North American business achieved rapid growth in operation and business. The volume and price of the three main products rose together, the operating revenue increased by 130.2%, the Gross margin increased by 4.8 percentage points, and the profitability improved significantly.
Under the guidance of the transoceanic business strategy, CIMC Vehicle's European business rose against the trend, with a steady increase of 17.3% in operating revenue.