东风汽车发布2018年半年报，公司上半年实现营业收入57.89亿元，同比下降28.93%。归属于上市公司股东的净利润2.91亿元，同比增长116.1%。公司上半年销售汽车6.98万辆，同比增长10.70%(2017年数据剔除郑州日产)。东风轻型商用车（LCV）市场整体呈增长态势。轻卡销售5.68万辆，同比增长26.43%，主要原因是公司产品线完善以及产品竞争力增强。客车及底盘销售1.15万辆，同比下降23.91%，主要受客车底盘市场整体下滑影响；新能源销售2800辆，同比下降60.22%，主要受上半年新能源补贴政策调整影响。此外，此次报告亦对年初至下一报告期期末的累计净利润可能为亏损或者与上年同期相比发生大幅度变动作以警示及说明。其中指出，东风汽所可能面临的风险包括：一、排放法规持续升级。排放法规的不断升级，整车成本和技术要求将进一步提升，行业整体盈利能力变差。公司将紧跟政策步伐，积极促进产品升级，抢占市场份额。车厂还将面临行业竞争加剧和新能源事业存在的风险，包括新能源车型补贴的逐渐退出以及享受补贴的车辆标准逐年提高。
Dongfeng sees net profit surge 116% to RMB 291 million in H1
Dongfeng Motor Corporation (Dongfeng) posted revenue of RMB 5.789 billion during the first half of 2018. Its net profit attributable to shareholders of listed company reached RMB 291 million during the first six months, soaring 116.1% from a year ago.
From January to June, Dongfeng delivered 69,800 vehicles, up 10.7% on an annual basis. During the first half of 2018, Dongfeng saw almost the same growth in lightweight commercial vehicle (LCV) as that of the whole industry. Thanks to the completion of its product lineup and enhanced competitiveness of its products, sales of lightweight truck gained a surge of 26.43% year on year to 56,800 units. Due to the sales skid of whole bus chassis market, Dongfeng posted a bus chassis drop of 23.91% to 11,500 units. Impacted by the adjustment of NEV subsidy policy in the first half of 2018, Dongfeng suffered substantial NEV sales drop of 60.22% to 2,800 units.
Additionally, Dongfeng also warned and elaborated the possible net profit loss or substantial YoY change for the beginning of this year and the end of this year. According to the announcement, Dongfeng may face a bunch of risks. As the emission regulations continue to escalate, complete vehicle will see larger cost growth and stricter technology requirement, thus the profitability of whole industry will be withered. Considering this aspect, Dongfeng will actively promote the product upgrade to snatch market shares. What's more, Dongfeng Motor is likely to face increasingly intensified competition in auto industry and the risks from NEVs, including phasing-out of NEV subsidies and the increasingly high standard for NEVs.