自北京汽车股份有限公司（01958.HK；以下简称北汽股份）发布正式年报透露自主品牌板块经营亏损33.4亿元之后，有关其自主品牌何时扭亏为盈的话题就一直备受关注。数 据显示，2015年，北汽自主品牌销量增长8.9%至33.7万辆，收入增加43.6%至2015年的178亿元。但销售成本却增加了54%至192.7亿元。亏损的主要原因是过高的销售成本，由于打折销售导致的利润亏损以及研发费用过高。北汽近几年非常倚重SUV市场，2015年SUV销量创新高达到622万辆，自主品牌销量313万辆。北汽过去五年推出了绅宝X55、威旺S50，绅宝X35和其他SVU车型，希望继续扩大市场份额。不过鉴于目前的财务状况，专家都对北汽自主品牌前景表示悲观。由于SUV市场近几年一直保持高增长，专家认为现在市场已经迈向“红海”，高速增长之后需要“降温”了。对于北汽的未来，一些分析人士预计：“SVU市场将在2018年达到增长的极限。北汽专注SUV产品的战略在未来三年仍然有效。在2016年北汽减亏5亿到10亿元完全有可能，但距其所提出的一年减亏15亿至20亿元仍有差距”

 

Decreasing Income adds Difficulty in switching BAIC Self-owned SUV Brands’ Loss

Since BAIC Motor released annual report that the self-owned brands had operation loss of RMB 3.34b, discussion on when the brands would break even got great attention.

 

Data shows that the sales volume of BAIC self-owned brands increases 8.9% to 337,000 units in 2015, and the revenue increases 43.6% to RMB 17.8b. However, operation loss enlarges from the RMB 1.9b in 2014 to RMB 3.34b. Data also shows the sales cost related to the self-owned brands increases 54% to RMB 19.27B in 2015. High sales costs, profit loss resulted by price discounts, together with high R&D fees, are the main reasons for the loss.

 

BAIC Motor bet heavily on SUV market in recent years. The SUVs set a record high sales volume of 6.22m units in 2015, with self-owned brands selling 3.13m units. BAIC Motor also launches Senova X55, Weiwang S50, Senova X35 and other SUV models in the past five years, hoping to further enlarging market share.