Qingling Motors Co Ltd revenue dropped on 15.8% in 2016
24/03/2017 • About Qingling Motors Co Ltd (
$1122) • By InTwits
Qingling Motors Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Qingling Motors Co Ltd is a company in decline: FY2016 revenue growth was -15.8%, 5 years revenue CAGR was -10.7%
- It operates with high leverage: Net Debt/EBITDA is 2.5x while industry average is 0.4x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Qingling Motors Co Ltd ($1122) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 6,146 | 5,783 | 5,800 | 5,504 | 4,634 | -15.8% |
| Gross Profit | 754 | 877 | 874 | 1,028 | | -100.0% |
| SG&A | 550 | 549 | 485 | 590 | | -100.0% |
| EBITDA | 634 | 740 | 659 | 673 | | -100.0% |
| Net Income | 291 | 372 | 445 | 480 | 481 | 0.3% |
Balance Sheet
|
|---|
| Cash | 1,043 | 1,207 | 1,134 | 2,183 | | -100.0% |
| Short Term Debt | 0 | 0 | 0 | 0 | | |
| Long Term Debt | 0 | 0 | 0 | 0 | | |
Cash flow
|
|---|
| Capex | 152 | 61 | 49 | 98 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -24.6% | -5.9% | 0.3% | -5.1% | -15.8% | |
| EBITDA growth | -12.1% | 16.8% | -10.9% | 2.0% | | |
| Gross Margin | 12.3% | 15.2% | 15.1% | 18.7% | | -18.7% |
| EBITDA Margin | 10.3% | 12.8% | 11.4% | 12.2% | 0.0% | -12.2% |
| Net Income Margin | 4.7% | 6.4% | 7.7% | 8.7% | 10.4% | 1.7% |
| SG&A, % of revenue | 8.9% | 9.5% | 8.4% | 10.7% | | -10.7% |
| CAPEX, % of revenue | 2.5% | 1.0% | 0.8% | 1.8% | | -1.8% |
| ROIC | 4.5% | 5.7% | 5.1% | 5.8% | | -5.8% |
| ROE | 4.0% | 5.1% | 6.0% | 6.4% | | -6.4% |
| Net Debt/EBITDA | -1.6x | -1.6x | -1.7x | -3.2x | | 3.2x |
Revenue and profitability
Qingling Motors Co Ltd's Revenue dropped on 15.8%.
Net Income marign increased slightly on 1.7 pp from 8.7% to 10.4% in FY2016.
Appendix 1: Peers in Auto Manufacturers
Below we provide Qingling Motors Co Ltd benchmarking against other companies in Auto Manufacturers industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Dongfeng Motor Group Co Ltd ($489) | -95.4% | 511.9% | 123.0% | 52.3% | |
| Byd Co Ltd ($1211) | -4.2% | 16.4% | 7.2% | 40.2% | |
| Geely Automobile Holdings Ltd ($175) | | 16.6% | -24.3% | 38.6% | 78.3% |
| Guangzhou Automobile Group Co Ltd ($2238) | 18.0% | 45.2% | 18.9% | 31.4% | |
| Great Wall Motor Co Ltd ($2333) | | 31.7% | 10.2% | 21.3% | 29.6% |
| |
|---|
| Median (9 companies) | -4.2% | 16.4% | 7.9% | 21.3% | 17.5% |
|---|
| Qingling Motors Co Ltd ($1122) | | -5.9% | 0.3% | -5.1% | -15.8% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Great Wall Motor Co Ltd ($2333) | 24.1% | 25.9% | 25.0% | 22.3% | 21.5% |
| Geely Automobile Holdings Ltd ($175) | 18.5% | 20.1% | 18.2% | 18.2% | 18.3% |
| Sinotruk Hong Kong Ltd ($3808) | 14.9% | 16.7% | 16.9% | 17.8% | |
| Byd Co Ltd ($1211) | 11.6% | 13.4% | 13.8% | 15.3% | |
| Dongfeng Motor Group Co Ltd ($489) | 5.8% | 12.6% | 13.0% | 13.4% | |
| |
|---|
| Median (9 companies) | 11.7% | 12.6% | 13.0% | 13.4% | 15.0% |
|---|
| Qingling Motors Co Ltd ($1122) | 12.3% | 15.2% | 15.1% | 18.7% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Great Wall Motor Co Ltd ($2333) | 18.0% | 19.5% | 17.8% | 15.5% | 15.6% |
| Geely Automobile Holdings Ltd ($175) | 14.6% | 15.8% | 15.9% | 14.4% | 13.6% |
| Byd Co Ltd ($1211) | 10.2% | 9.6% | 12.0% | 14.2% | |
| Sinotruk Hong Kong Ltd ($3808) | 6.6% | 7.4% | 7.8% | 7.5% | |
| Guangzhou Automobile Group Co Ltd ($2238) | -5.9% | -1.5% | 1.4% | 4.8% | |
| |
|---|
| Median (9 companies) | 4.7% | 4.6% | 4.2% | 4.8% | 8.5% |
|---|
| Qingling Motors Co Ltd ($1122) | 10.3% | 12.8% | 11.4% | 12.2% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Guangzhou Automobile Group Co Ltd ($2238) | 22.7% | 10.1% | 15.7% | 14.7% | |
| Brilliance China Automotive Holdings Ltd ($1114) | 8.9% | 10.1% | 13.4% | 12.5% | |
| Great Wall Motor Co Ltd ($2333) | 10.7% | 13.0% | 12.0% | 8.0% | 7.1% |
| Byd Co Ltd ($1211) | 13.0% | 11.2% | 4.2% | 5.7% | |
| Geely Automobile Holdings Ltd ($175) | 4.5% | 3.9% | 5.0% | 5.3% | 1.1% |
| |
|---|
| Median (9 companies) | 6.4% | 3.9% | 4.2% | 5.3% | 4.1% |
|---|
| Qingling Motors Co Ltd ($1122) | 2.5% | 1.0% | 0.8% | 1.8% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Great Wall Motor Co Ltd ($2333) | 27.7% | 32.2% | 25.5% | 22.5% | 25.0% |
| Geely Automobile Holdings Ltd ($175) | 16.2% | 19.6% | 13.4% | 15.0% | 22.6% |
| Wuling Motors Holdings Ltd ($305) | 7.2% | 7.7% | 10.0% | 11.8% | |
| Byd Co Ltd ($1211) | 2.7% | 2.5% | 3.9% | 8.5% | |
| Dah Chong Hong Holdings Ltd ($1828) | 11.4% | 8.5% | 7.7% | 6.2% | 6.3% |
| |
|---|
| Median (9 companies) | 2.7% | 3.5% | 3.9% | 6.2% | 14.4% |
|---|
| Qingling Motors Co Ltd ($1122) | 4.5% | 5.7% | 5.1% | 5.8% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Dah Chong Hong Holdings Ltd ($1828) | 1.5x | 2.8x | 3.8x | 3.3x | 3.8x |
| Byd Co Ltd ($1211) | 3.4x | 6.7x | 3.9x | 2.9x | |
| Sinotruk Hong Kong Ltd ($3808) | 3.8x | 2.6x | 0.3x | 0.3x | |
| Great Wall Motor Co Ltd ($2333) | -0.2x | -0.1x | 0.1x | 0.3x | 0.2x |
| Guangzhou Automobile Group Co Ltd ($2238) | | | 13.2x | 0.3x | |
| |
|---|
| Median (8 companies) | 2.0x | 2.2x | 1.6x | 0.3x | 0.2x |
|---|
| Qingling Motors Co Ltd ($1122) | -1.6x | -1.6x | -1.7x | -3.2x | |
