BAIC Motor Corporation

BAIC Motor Corporation's net profit rose 14.9% yoy to CNY 986 mil in 2Q2020

By Helgi Analytics - September 28, 2020

BAIC Motor Corporation made a net profit of CNY 986 mil with revenues of CNY 44,871 mil in 2Q2020, up by 14.9% and up by ...

BAIC Motor Corporation's Cash & Cash Equivalents remain unchanged yoy at CNY mil in 2Q2020

By Helgi Analytics - October 12, 2020

BAIC Motor Corporation's total assets reached CNY 196,561 mil at the end of 2Q2020, up 3.22% compared to the previous year. ...

BAIC Motor Corporation's Total Cash From Operations fell 56.9% yoy to CNY 2,633 mil in 2Q2020

By Helgi Analytics - September 28, 2020

BAIC Motor Corporation's operating cash flow stood at CNY 2,633 mil in 2Q2020, down 56.9% when compared to the previous year. ...

Profit Statement 2017 2018 2019
Sales CNY mil 134,159 151,920 174,633
Gross Profit CNY mil 35,499 37,007 37,487
EBITDA CNY mil 22,735 26,131 26,828
EBIT CNY mil 18,475 21,314 21,795
Financing Cost CNY mil 953 916 712
Pre-Tax Profit CNY mil 17,036 21,175 21,314
Net Profit CNY mil 2,253 4,429 4,083
Dividends CNY mil 760 1,523 1,363
Balance Sheet 2017 2018 2019
Total Assets CNY mil 167,403 172,034 196,393
Non-Current Assets CNY mil 88,609 90,275 97,565
Current Assets CNY mil 78,794 81,759 98,828
Working Capital CNY mil 10,605 11,205 3,332
Shareholders' Equity CNY mil 59,641 69,238 72,375
Liabilities CNY mil 107,762 102,796 124,018
Total Debt CNY mil 31,645 23,863 24,246
Net Debt CNY mil -5,180 -11,527 -25,986
Ratios 2017 2018 2019
ROE % 3.83 6.70 5.61
ROCE % 2.34 4.41 4.03
Gross Margin % 26.5 24.4 21.5
EBITDA Margin % 16.9 17.2 15.4
EBIT Margin % 13.8 14.0 12.5
Net Margin % 1.68 2.92 2.34
Net Debt/EBITDA -0.228 -0.441 -0.969
Net Debt/Equity % -8.69 -16.6 -35.9
Cost of Financing % 2.84 3.30 2.96
Valuation 2017 2018 2019
Market Capitalisation USD mil 9,897 4,227 4,548
Enterprise Value (EV) USD mil 9,102 2,545 816
Number Of Shares mil 7,595 7,875 8,015
Share Price CNY 9.09 3.75 4.20
EV/EBITDA 2.69 0.651 0.211
EV/Sales 0.457 0.112 0.032
Price/Earnings (P/E) 30.3 6.81 8.40
Price/Book Value (P/BV) 1.16 0.426 0.465
Dividend Yield % 3.66 3.15 5.16

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overview Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                  
Sales CNY mil     12,782 56,370 84,112 116,199 134,159    
Gross Profit CNY mil     415 8,983 15,277 26,232 35,499    
EBIT CNY mil     -2,509 689 4,389 11,606 18,475    
Net Profit CNY mil     2,714 4,511 3,319 6,367 2,253    
                     
ROE % ...   11.5 12.4 7.45 12.1 3.83    
EBIT Margin %     -19.6 1.22 5.22 9.99 13.8    
Net Margin %     21.2 8.00 3.95 5.48 1.68    
Employees ... ... 20,371 22,015 25,461 25,159 22,844    
balance sheet                  
Total Assets CNY mil     85,396 109,859 127,393 168,900 167,403    
Non-Current Assets CNY mil     51,633 65,540 75,157 83,927 88,609    
Current Assets CNY mil     33,763 44,319 52,237 84,973 78,794    
                     
Shareholders' Equity CNY mil     31,054 41,969 47,069 58,033 59,641    
Liabilities CNY mil     54,342 67,890 80,324 110,867 107,762    
Non-Current Liabilities CNY mil     17,423 16,390 12,697 12,707 20,701    
Current Liabilities CNY mil     36,920 51,500 67,627 98,161 87,061    
                     
Net Debt/EBITDA     -3.26 2.99 0.818 -0.044 -0.228    
Net Debt/Equity %     19.8 19.0 13.4 -1.18 -8.69    
Cost of Financing % ...   3.34 2.87 2.21 2.55 2.84    
cash flow                  
Total Cash From Operations CNY mil     969 7,246 15,641 20,407 23,121    
Total Cash From Investing CNY mil     -493 -14,926 -13,719 -12,387 -10,157    
Total Cash From Financing CNY mil     13,254 12,822 73.5 4,007 -12,154    
Net Change In Cash CNY mil     13,727 5,133 2,023 12,117 761    
valuation                  
Market Capitalisation USD mil ... ... ... 8,796 7,605 6,759 9,897    
Enterprise Value (EV) USD mil ... ... ... 10,085 8,579 6,660 9,102    
Number Of Shares mil     5,612 6,419 7,592 7,595 7,595    
Share Price CNY ... ... ... 7.14 6.43 5.91 9.09    
Price/Earnings (P/E) ... ... ... 10.2 14.6 7.03 30.3    
Price/Cash Earnings (P/CE) ... ... ... 7.06 7.34 4.39 10.6    
EV/EBITDA ... ... ... 23.2 7.05 2.90 2.69    
Price/Book Value (P/BV) ... ... ... 1.09 1.04 0.773 1.16    
Dividend Yield % ... ... ... 4.97 5.83 3.01 3.66    
income statement Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                  
Sales CNY mil     12,782 56,370 84,112 116,199 134,159    
Cost of Goods & Services CNY mil     12,367 47,387 68,835 89,967 98,659    
Gross Profit CNY mil     415 8,983 15,277 26,232 35,499    
Selling, General & Admin CNY mil     3,315 8,697 11,693 14,528 16,462    
Research & Development CNY mil     23.5 16.4 ... ... 0    
Other Operating Expense CNY mil     -122 -97.9 84.4 78.1 366    
Staff Cost CNY mil     1,176 3,491 4,554 4,824 5,230    
Other Operating Cost (Income) CNY mil     470 703 1,235 353 317    
EBITDA CNY mil     -1,892 2,670 7,721 15,450 22,735    
Depreciation CNY mil     617 1,981 3,332 3,844 4,259    
EBIT CNY mil     -2,509 689 4,389 11,606 18,475    
Net Financing Cost CNY mil     463 457 316 420 293    
Financing Cost CNY mil     579 758 664 838 953    
Financing Income CNY mil     116 300 348 418 660    
FX (Gain) Loss CNY mil     -25.6 -733 -90.2 85.6 957    
(Income) / Loss from Affiliates CNY mil     -6,022 -5,809 -4,257 -4,217 33.8    
Extraordinary Cost CNY mil     -6,153 -6,767 -4,596 -4,501 486    
Pre-Tax Profit CNY mil     3,065 6,698 8,321 15,269 17,036    
Tax CNY mil     114 857 1,999 3,733 6,038    
Minorities CNY mil     237 1,331 3,003 5,169 8,745    
Net Profit CNY mil     2,714 4,511 3,319 6,367 2,253    
Net Profit Avail. to Common CNY mil     2,714 4,511 3,319 6,367 2,253    
Dividends CNY mil     2,273 2,279 1,139 2,203 760    
growth rates                  
Total Revenue Growth % ...   263 341 49.2 38.1 15.5    
Operating Cost Growth % ...   705 165 34.7 23.6 15.8    
Staff Cost Growth % ...   141 197 30.5 5.92 8.42    
EBITDA Growth % ...   -770 -241 189 100 47.2    
EBIT Growth % ...   -1,833 -127 537 164 59.2    
Pre-Tax Profit Growth % ...   -19.0 119 24.2 83.5 11.6    
Net Profit Growth % ...   -20.6 66.2 -26.4 91.9 -64.6    
ratios                  
ROE % ...   11.5 12.4 7.45 12.1 3.83    
ROA % ...   4.63 4.62 2.80 4.30 1.34    
ROCE % ...   7.00 7.28 4.55 7.49 2.34    
Gross Margin %     3.25 15.9 18.2 22.6 26.5    
EBITDA Margin %     -14.8 4.74 9.18 13.3 16.9    
EBIT Margin %     -19.6 1.22 5.22 9.99 13.8    
Net Margin %     21.2 8.00 3.95 5.48 1.68    
Payout Ratio %     83.8 50.5 34.3 34.6 33.7    
Cost of Financing % ...   3.34 2.87 2.21 2.55 2.84    
Net Debt/EBITDA     -3.26 2.99 0.818 -0.044 -0.228    
balance sheet Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                  
Cash & Cash Equivalents CNY mil     16,794 21,923 23,947 36,064 36,825    
Receivables CNY mil     6,004 6,422 10,949 27,189 19,882    
Inventories CNY mil     7,479 11,068 9,871 14,167 16,876    
Other ST Assets CNY mil     3,486 4,905 7,471 7,553 5,211    
Current Assets CNY mil     33,763 44,319 52,237 84,973 78,794    
Property, Plant & Equipment CNY mil     30,227 39,565 43,575 45,554 49,833    
LT Investments & Receivables CNY mil     4.00 4.00 4.00 536 2,355    
Intangible Assets CNY mil     5,540 8,251 11,473 13,446 13,739    
Goodwill CNY mil     808 808 808 902 902    
Non-Current Assets CNY mil     51,633 65,540 75,157 83,927 88,609    
Total Assets CNY mil     85,396 109,859 127,393 168,900 167,403    
                     
Trade Payables CNY mil     10,404 13,749 19,278 31,975 26,153    
Short-Term Debt CNY mil     7,833 15,983 21,280 27,570 18,478    
Other ST Liabilities CNY mil     1,774 3,385 1,820 1,959 2,247    
Current Liabilities CNY mil     36,920 51,500 67,627 98,161 87,061    
Long-Term Debt CNY mil     15,123 13,935 8,986 7,809 13,167    
Other LT Liabilities CNY mil     2,300 2,455 3,711 4,897 7,534    
Non-Current Liabilities CNY mil     17,423 16,390 12,697 12,707 20,701    
Liabilities CNY mil     54,342 67,890 80,324 110,867 107,762    
Preferred Equity and Hybrid Capital CNY mil     0 0 0 0 0    
Share Capital CNY mil     6,382 7,508 7,595 7,595 7,595    
Treasury Stock CNY mil     0 0 0 0 0    
Equity Before Minority Interest CNY mil     23,692 33,355 35,010 40,160 40,836    
Minority Interest CNY mil     7,362 8,614 12,059 17,873 18,805    
Equity CNY mil     31,054 41,969 47,069 58,033 59,641    
growth rates                  
Total Asset Growth % ...   169 28.6 16.0 32.6 -0.887    
Shareholders' Equity Growth % ...   93.9 35.1 12.2 23.3 2.77    
Net Debt Growth % ...   -29.7 29.8 -21.0 -111 656    
Total Debt Growth % ...   96.3 30.3 1.16 16.9 -10.6    
ratios                  
Total Debt CNY mil     22,956 29,918 30,266 35,379 31,645    
Net Debt CNY mil     6,161 7,995 6,320 -685 -5,180    
Working Capital CNY mil     3,079 3,742 1,542 9,381 10,605    
Capital Employed CNY mil     54,712 69,282 76,698 93,308 99,214    
Net Debt/Equity %     19.8 19.0 13.4 -1.18 -8.69    
Current Ratio     0.915 0.861 0.772 0.866 0.905    
Quick Ratio     0.618 0.550 0.516 0.644 0.651    
cash flow Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                  
Net Profit CNY mil     2,714 4,511 3,319 6,367 2,253    
Depreciation CNY mil     617 1,981 3,332 3,844 4,259    
Non-Cash Items CNY mil     -2,518 -910 3,886 4,080 12,712    
Change in Working Capital CNY mil     -44.7 1,282 4,649 5,023 2,581    
Total Cash From Operations CNY mil     969 7,246 15,641 20,407 23,121    
                     
Capital Expenditures CNY mil     -7,194 -11,342 -12,048 -9,739 -11,352    
Net Change in LT Investment CNY mil     0 0 0 -532 -481    
Net Cash From Acquisitions CNY mil     3,734 -3,135 -1,541 -2,419 -1,131    
Other Investing Activities CNY mil     2,968 -449 -131 304 2,808    
Total Cash From Investing CNY mil     -493 -14,926 -13,719 -12,387 -10,157    
                     
Dividends Paid CNY mil     -212 -2,273 -2,279 -1,139 -2,203    
Issuance Of Shares CNY mil     6,132 7,839 518 0 0    
Issuance Of Debt CNY mil     7,194 7,396 343 5,039 -3,857    
Other Financing Activities CNY mil     141 -139 1,491 107 -6,095    
Total Cash From Financing CNY mil     13,254 12,822 73.5 4,007 -12,154    
                     
Effect of FX Rates CNY mil     -2.62 -9.30 28.2 90.0 -49.6    
Net Change In Cash CNY mil     13,727 5,133 2,023 12,117 761    
ratios                  
Days Sales Outstanding days     171 41.6 47.5 85.4 54.1    
Days Sales Of Inventory days     221 85.3 52.3 57.5 62.4    
Days Payable Outstanding days     307 106 102 130 96.8    
Cash Conversion Cycle days     85.1 20.9 -2.37 13.2 19.8    
Cash Earnings CNY mil     3,331 6,492 6,651 10,211 6,512    
Free Cash Flow CNY mil     476 -7,679 1,921 8,021 12,965    
Capital Expenditures (As % of Sales) %     56.3 20.1 14.3 8.38 8.46    
other ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
                   
Employees ... ... 20,371 22,015 25,461 25,159 22,844    
Cost Per Employee USD per month ... ... 782 2,155 2,348 2,377 2,835    
Cost Per Employee (Local Currency) CNY per month ... ... 4,810 13,213 14,906 15,978 19,079    
Employee Turnover % ... ... ... ... ... ... 3.92   ...
Women (As % of Workforce) % ... ... ... ... ... ... 12.3 ... ...
Operating Cost (As % of Sales) %     26.6 16.0 14.4 12.9 12.9    
Research & Development (As % of Sales) %     0.184 0.029 ... ... 0    
Staff Cost (As % of Sales) %     9.20 6.19 5.41 4.15 3.90    
Effective Tax Rate %     3.71 12.8 24.0 24.4 35.4    
Total Revenue Growth (5-year average) % ... ... ... ... ... 127 107    
valuation Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
                   
Market Capitalisation USD mil ... ... ... 8,796 7,605 6,759 9,897    
Enterprise Value (EV) USD mil ... ... ... 10,085 8,579 6,660 9,102    
Number Of Shares mil     5,612 6,419 7,592 7,595 7,595    
Share Price CNY ... ... ... 7.14 6.43 5.91 9.09    
EV/EBITDA ... ... ... 23.2 7.05 2.90 2.69    
Price/Earnings (P/E) ... ... ... 10.2 14.6 7.03 30.3    
Price/Cash Earnings (P/CE) ... ... ... 7.06 7.34 4.39 10.6    
P/FCF ... ... ... -5.97 25.4 5.59 5.33    
Price/Book Value (P/BV) ... ... ... 1.09 1.04 0.773 1.16    
Dividend Yield % ... ... ... 4.97 5.83 3.01 3.66    
Free Cash Flow Yield % ... ... ... -14.2 3.98 17.7 19.5    
Earnings Per Share (EPS) CNY     0.480 0.700 0.440 0.840 0.300    
Cash Earnings Per Share CNY     0.594 1.01 0.876 1.34 0.857    
Free Cash Flow Per Share CNY     0.085 -1.20 0.253 1.06 1.71    
Book Value Per Share CNY     5.53 6.54 6.20 7.64 7.85    
Dividend Per Share CNY     0.405 0.355 0.375 0.178 0.332    
EV/Sales ... ... ... 1.10 0.647 0.385 0.457    
EV/EBIT ... ... ... 89.7 12.4 3.86 3.32    
EV/Free Cash Flow ... ... ... -8.05 28.3 5.58 4.73    
EV/Capital Employed ... ... ... 0.903 0.726 0.496 0.597    
Earnings Per Share Growth % ...   -29.4 45.8 -37.1 90.9 -64.3    
Cash Earnings Per Share Growth % ...   -16.5 70.4 -13.4 53.5 -36.2    
Book Value Per Share Growth % ...   72.8 18.2 -5.18 23.2 2.77    
sales of vehicles Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
                   
Price Per Vehicle Sold CNY     9,475 35,745 50,973 60,246 91,563    
EBIT Per Vehicle Sold CNY     -1,860 437 2,660 6,017 12,609    
Net Profit Per Vehicle Sold CNY     2,012 2,860 2,011 3,301 1,538    
Price Per Vehicle Sold (USD) USD     1,541 5,831 8,029 8,964 13,604    
EBIT Per Vehicle Sold (USD) USD     -303 71.3 419 895 1,873    
Net Profit Per Vehicle Sold (USD) USD     327 467 317 491 228    
Market Value per Vehicle Sold (USD) USD ... ... ... 5,578 4,609 3,504 6,755    
Sales of Vehicles vehicles     1,349,000 1,577,000 1,650,120 1,928,740 1,465,200    
vehicles by brand Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
                   
Sales of Beijing Brand vehicles     202,000 310,000 337,102 457,082 235,159    
Sales of Beijing Benz vehicles     116,000 145,000 250,188 317,069 422,558    
Sales of Beijing Hyundai vehicles     1,031,000 1,120,000 1,062,830 1,142,020 785,006    
Sales of Fujian Benz vehicles     0 0 0 12,568 22,476    

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BAIC Motor Corporation's net profit fell 7.83% yoy to CNY 4,083 mil in 2019

By Helgi Analytics - September 28, 2020

BAIC Motor Corporation made a net profit of CNY 4,083 mil with revenues of CNY 174,633 mil in 2019, down by 7.83% and up by 15%, respectively, compared to the previous year. This translates into a net margin of 2.34%. Historically, between 2011 - 201...

BAIC Motor Corporation's price/earnings (P/E) rose 23.3% yoy to 8.40 in 2019

By Helgi Analytics - September 28, 2020

BAIC Motor Corporation stock traded at CNY 4.20 per share at the end 2019 translating into a market capitalization of USD 4,548 mil. Since the end of 2014, stock has depreciated by 41.2% representing an annual average growth of -10.1%. In absolute terms...

BAIC Motor Corporation's employees rose 6.27% yoy to 21,712 in 2019

By Helgi Analytics - September 28, 2020

BAIC Motor Corporation employed 21,712 employees in 2019, up 6.27% compared to the previous year. Historically, between 2013 and 2019, the firm's workforce hit a high of 25,461 employees in 2015 and a low of 20,371 employees in 2013. Average personne...

BAIC Motor Corporation's Share Price rose 12.1% yoy to CNY 4.20 in 2019

By Helgi Analytics - September 28, 2020

BAIC Motor Corporation stock traded at CNY 4.20 per share at the end 2019 implying a market capitalization of USD 4,548 mil. Since the end of 2014, stock has appreciated by -41.2% implying an annual average growth of -10.1% In absolute terms, the value of the co...

BAIC Motor Corporation's Capital Expenditures fell 22.5% yoy to CNY 10,703 mil in 2019

By Helgi Analytics - September 28, 2020

BAIC Motor Corporation invested a total of CNY 10,703 mil in 2019, up 22.5% compared to the previous year. Historically, between 2011 - 2019, the company's investments stood at a high of CNY 12,048 mil in 2015 and a low of CNY 4,249 mil in 2...

BAIC Motor Corporation's Net Margin fell 19.8% yoy to 2.34% in 2019

By Helgi Analytics - September 28, 2020

BAIC Motor Corporation made a net profit of CNY 4,083 mil with revenues of CNY 174,633 mil in 2019, down by 7.83% and up by 15.0%, respectively, compared to the previous year. This translates into a net margin of 2.34%. Historically, between 2011 and 20...

BAIC Motor Corporation's P/FCF fell 42.5% yoy to 1.39 in 2019

By Helgi Analytics - September 28, 2020

BAIC Motor Corporation stock traded at CNY 4.20 per share at the end 2019 translating into a market capitalization of USD 4,548 mil. Since the end of 2014, the stock has depreciated by 41.2% representing an annual average growth of -10.1%. At the end of ...

BAIC Motor Corporation's Net Debt/EBITDA fell 120% yoy to -0.969 in 2019

By Helgi Analytics - September 28, 2020

BAIC Motor Corporation's net debt stood at CNY -25,986 mil and accounted for -35.9% of equity at the end of 2019. The ratio is down 19.3 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 54.7% in 2012 and...

BAIC Motor Corporation's ROCE fell 8.60% yoy to 4.03% in 2019

By Helgi Analytics - September 28, 2020

BAIC Motor Corporation made a net profit of CNY 4,083 mil in 2019, down 7.83% compared to the previous year. Historically, between 2011 and 2019, the company's net profit reached a high of CNY 6,367 mil in 2016 and a low of CNY 2,253 mil in 2017. The resu...

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Finance

BAIC Motor Corporation has been growing its sales by 25.4% a year on average in the last 5 years. EBITDA has grown on average by 58.6% a year during that time to total of CNY 26,828 mil in 2019, or 15.4% of sales. That’s compared to 14.4% average margin seen in last five years.

The company netted CNY 4,083 mil in 2019 implying ROE of 5.61% and ROCE of 4.03%. Again, the average figures were 7.14% and 4.57%, respectively when looking at the previous 5 years.

BAIC Motor Corporation’s net debt amounted to CNY -25,986 mil at the end of 2019, or -35.9% of equity. When compared to EBITDA, net debt was -0.969x, down when compared to average of -0.173x seen in the last 5 years.

Valuation

BAIC Motor Corporation stock traded at CNY 4.20 per share at the end of 2019 resulting in a market capitalization of USD 4,548 mil. Over the previous five years, stock price fell by 41.2% or -10.1% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 0.211x and price to earnings (PE) of 8.40x as of 2019.