长城汽车 2019 年营收 962.11 亿元，同比下降 3.04%

继宣布调整今年的年度销量及盈利目标后，长城汽车交上了关于 2019 年的一份「答卷」。

3 月 31 日，长城汽车发布了 2019 年度未经审核业绩公告。财报显示，2019 年，长城汽车营收 962.11 亿元，同比下降 3.04%；归属于公司股东的净利润为 44.97 亿元，同比下滑 13.64%。

值得一提的是，营收、净利双双同比下滑背后，长城汽车在 2019 年的研发费用却大幅上涨。财报显示，2019 年，长城汽车的研发费用为 27.16 亿元，去年同期为 17.43 亿元，同比大涨 55.80%。对此，长城汽车解释称，研发费用增长的主要原因，是报告期内研发投入增加所致。

2016-2019年长城汽车财务情况（亿元）

此外，海外业绩方面，长城汽车表现颇为强劲。

2019 年，长城汽车整车出口 6.54 万辆，同比增长 44.93%。新车出口量攀升，提振了海外业绩的增长。2019 年，长城汽车海外市场营业总收入 55.22 亿元，同比大增 66.61%。其中，俄罗斯、南非、沙特阿拉伯市场营收分别达 14.34 亿元、10.82 亿元、7.20 亿元，分别同比大涨 260.24%、46.0% 和 752.80%。

谈及此次业绩，长城汽车方面表示，「2019 年全球经济贸易增速显著放缓，主要经济体增速普遍回落。受此影响，汽车产业形势严峻。不过在国内车市整体遇冷的情况下，长城汽车持续强化品牌力和产品力，品牌影响力不断提高，2019 年全年销量超过 100 万辆，同比增长 1.43%，这也是其连续第四年年销量突破百万辆。」

2019 年于长城汽车而言，是实现全球化作战的元年。在去年车市整体遇冷的大环境影响下，国内不少车企业绩都出现了同比大幅下滑的局面。整体来看，长城汽车 2019 年的业绩与上一年同期相比基本持平，颇为难得。

自去年起，长城汽车在海外市场实现了「北上南下」。

2019 年，该公司已在俄罗斯图拉投建工厂。今年 1 月 17 日，长城汽车与通用汽车达成协议，收购包括塔里冈工厂在内的通用汽车印度公司后。短短半个月后，长城汽车借助印度车展的舞台，宣布正式进军印度市场。

随后，东盟地区成为长城汽车全球化战略的第三站。泰国罗勇府工厂作为通用汽车此前在该区域制造中心，自 2000 年投产以来，已生产了近 140 万辆汽车，产品面向泰国国内和出口市场。

目前，长城汽车已经先后在德国、日本、美国、印度、奥地利、韩国设立海外研发中心，构建了以保定总部为核心，涵盖欧洲、亚洲、北美的「七国十地」研发布局。作为头部企业，长城汽车正在探索自主品牌的转型路径。海外市场正成为长城汽车打开下一个销量增长点的开关。

不过，迈入 2020 年，疫情「黑天鹅」掠过，特殊时期下，中国车市遭受多重重压。作为自主品牌的头部企业，长城汽车难以独善其身。

从今年已有的销量「成绩单」来看，长城汽车的表现并不乐观。

今年 1 至 2 月，长城汽车累计销量为 90284 辆，同比下滑 50.05%。其中，长城汽车 2 月销量为 10023 辆，同比大幅下滑 85.48%。但值得注意的是，随着全球化的不断推进，长城汽车 2 月份海外销量为 3003 辆，占到整体销量的 30% 左右。

如今，特殊时期下，中国车市依旧严峻。中汽协最新数据显示，2 月，汽车产销 28.5 万辆和 31.0 万辆，环比下降均为 83.9%，同比下降 79.8% 和 79.1%。

在乘用车负增长的背景之下，皮卡正成为拉动汽车产业发展的新增长点。

2020 年 2 月，长城汽车的皮卡销量虽只有 2127 辆，但市场占有率约为 43%，持续保持市场「王者地位」。其中，约一半的销量为长城炮，并继续引领高端皮卡市场。基于皮卡市场的「蓝海」，这也将成为长城汽车未来持续发力的主要方向之一。

对于皮卡市场，长城汽车似乎颇具信心。3 月 30 日，长城汽车对投资者表示，“从整体趋势来看，我们预计未来 3-5 年，皮卡将占整个汽车市场的 5% 左右，目前仅不足 2%。整体市场容量会突破百万辆，按照目前的销量至少可以翻一番。”

但基于中国车市整体下滑的大环境，长城汽车选择了下调今年的年度目标。

3 月 14 日，长城汽车发布《长城汽车 2020 年限制性股票与股票期权激励计划实施考核办法（修订稿）》，将 2020 年销量目标从 111 万辆下调至 102 万辆，净利润从 47 亿元下调至 40.5 亿元。

由此，长城汽车也成为今年首个因疫情影响，调整销量目标的自主车企。不过，长城汽车并未对 2021 年、2022 年的考核目标进行调整。将年销量的权重放低，特殊时期下更注重寻求净利润，成为长城汽车的无奈之举。

面对下调后的 102 万辆年销量目标，长城能否在今年再次突破百万销量大关，从而续写连续 5 年销量超百万辆的「神话」？迈入 2020 年，探索自主品牌转型路径的长城汽车，又能否找到新的增长点？对于长城汽车而言，依旧任重道远。
Following the announcement of the adjustment of the annual sales and profit targets for this year, Great Wall Motors submitted a “response” on 2019.
On March 31, Great Wall Motor released the announcement of unaudited performance in 2019. According to the financial report, in 2019, Great Wall Motor’s revenue was 96.211 billion yuan, down 3.04% year-on-year; the net profit attributable to the company’s shareholders was 4.497 billion yuan, down 13.64% year-on-year.
It is worth mentioning that, behind the year-on-year decline in both revenue and net profit, Great Wall Motor’s R & D cost in 2019 has increased significantly. According to the financial report, in 2019, the R & D cost of great wall motor was 2.716 billion yuan, compared with 1.743 billion yuan in the same period last year, up 55.80% year on year. In response, Great Wall explained that the main reason for the increase in R & D costs was the increase in R & D investment during the reporting period.
2016-2019 financial situation of Great Wall Motor (100 million yuan)
In addition, in terms of overseas performance, Great Wall Motor has performed strongly.
In 2019, Great Wall Motor exported 65400 complete vehicles, a year-on-year increase of 44.93%. New car exports rose, boosting growth in overseas performance. In 2019, the total operating revenue of Great Wall Motor’s overseas market was 5.522 billion yuan, a year-on-year increase of 66.61%. Among them, the market revenue of Russia, South Africa and Saudi Arabia reached 1.434 billion yuan, 1.082 billion yuan and 720 million yuan respectively, up 260.24%, 46.0% and 752.80% year on year respectively.
Referring to the performance, Great Wall Motor said, “in 2019, the growth rate of global economy and trade slowed down significantly, and the growth rate of major economies generally fell back. Affected by this, the situation of automobile industry is grim. However, in the case of the overall cold in the domestic car market, Great Wall Motor continued to strengthen its brand and product power, and its brand influence continued to improve. In 2019, its annual sales volume exceeded 1 million vehicles, an increase of 1.43% year on year, which was the fourth consecutive year in which its annual sales exceeded one million vehicles. “
2019 is the first year for Great Wall Motors to achieve global operations. Under the influence of the overall cold environment in the car market last year, many domestic car enterprises have seen a significant year-on-year decline in performance. On the whole, Great Wall Motor’s performance in 2019 is basically the same as that in the same period of the previous year, which is quite rare.
Since last year, Great Wall Motors has achieved “north up and south down” in overseas markets.
In 2019, the company has invested in the construction of a factory in Tula, Russia. On January 17 this year, Great Wall reached an agreement with GM to acquire GM India, including the taligang plant. Just half a month later, Great Wall Motor officially entered the Indian market with the help of the stage of Indian auto show.
Subsequently, ASEAN region became the third stop of GWM’s globalization strategy. As GM’s former manufacturing center in the region, Thailand’s rayongfu plant has produced nearly 1.4 million vehicles since it was put into production in 2000, and its products are oriented to Thailand’s domestic and export markets.
At present, Great Wall Motors has successively set up overseas R & D centers in Germany, Japan, the United States, India, Austria and South Korea, and built a “seven countries and ten regions” R & D layout with Baoding headquarters as the core, covering Europe, Asia and North America. As the head enterprise, great wall motor is exploring the transformation path of its own brand. Overseas market is becoming the switch for Great Wall Motors to open the next sales growth point.
However, in 2020, the epidemic “black swan” passed by. In a special period, China’s car market suffered multiple pressures. As the head enterprise of its own brand, great wall motor is hard to be independent.
According to the sales “report card” of this year, the performance of great wall motor is not optimistic.
From January to February this year, the cumulative sales volume of Great Wall Motors was 90284, down 50.05% year on year. Among them, the sales volume of Great Wall Motor in February was 10023, down 85.48% year on year. However, it is worth noting that with the continuous promotion of globalization, the overseas sales volume of Great Wall Motors in February was 3003, accounting for about 30% of the overall sales volume.
Nowadays, under the special period, China’s car market is still grim. According to the latest data of China Automobile Association, in February, the production and sales of automobiles were 285000 and 310000, down 83.9% month on month, 79.8% and 79.1% year on year.
Under the background of negative growth of passenger cars, pickup truck is becoming a new growth point to promote the development of automobile industry.
In February 2020, although the sales volume of Great Wall Motor’s pickups is only 2127, its market share is about 43%, and it continues to maintain the market “King status”. About half of the sales volume is great wall cannon, and it continues to lead the high-end pickup market. Based on the “blue ocean” of pickup market, this will also become one of the main directions of Great Wall Motors in the future.
Great wall seems confident in the pickup market. On March 30, Great Wall Motor told investors, “from the overall trend, we expect that in the next three to five years, pickup trucks will account for about 5% of the whole automobile market, and currently only less than 2%. The overall market capacity will exceed one million vehicles, and the current sales volume can at least double. “
However, based on the overall decline of China’s automobile market, Great Wall Motors has chosen to lower its annual target for this year.
On March 14, Great Wall Motor issued the evaluation method for the implementation of the 2020 restricted stock and stock option incentive plan of Great Wall Motor (Revised Version), which lowered the sales target of 2020 from 1.11 million vehicles to 1.02 million vehicles, and reduced the net profit from 4.7 billion yuan to 4.05 billion yuan.
As a result, Great Wall Motor has become the first independent vehicle enterprise to adjust its sales target due to the impact of the epidemic this year. However, Great Wall Motor did not adjust its assessment objectives for 2021 and 2022. Lower the weight of annual sales volume, pay more attention to seeking net profit in special period, and become a Great Wall Motor’s