DONGFENG GROUP(00489)2023-04-28 13:53Sales Performance - In 2022, Dongfeng Motor Group sold approximately 2.4645 million vehicles, a year-on-year decrease of 11.2%, maintaining its position among the top three in the industry[15]. - The sales of self-owned passenger vehicles reached 497,900 units, representing a year-on-year growth of 39.6%, exceeding the industry growth rate by 30.1 percentage points[15]. - The group's commercial vehicle sales were approximately 311,300 units, reflecting a year-on-year decline of 40.4% due to a prolonged downturn in the commercial vehicle market[15]. - Dongfeng's new energy vehicle sales reached about 346,100 units, a year-on-year increase of 115.5%, ranking fourth in the industry[15]. - The joint venture passenger vehicle business remained stable, achieving sales of 1.6553 million units, with Shenlong Company experiencing a sales increase of 24.5% year-on-year[15]. - The sales target for 2023 is set at 3 million vehicles, representing a year-on-year growth of 21.7%, with a specific target of 600,000 new energy vehicles, which is a 73% increase[49]. Financial Performance - The group's total revenue for the year was 92.663 billion yuan, with a net profit attributable to shareholders of 10.265 billion yuan, achieving a net profit margin of 11.1%, the best level in three years[17]. - The sales revenue for Dongfeng Motor Group in 2022 was RMB 92.663 billion, a decrease from RMB 113.168 billion in 2021[30]. - The total sales cost for the group was approximately RMB 83.836 billion, a decrease of about 15.3% from RMB 98.929 billion in the previous year[189]. - The overall gross profit margin for the group was approximately 9.5%, with a total gross profit of about RMB 8.827 billion, down 38.0% from RMB 14.239 billion in the previous year[189]. - The total other income for the group in 2022 was approximately RMB 6.031 billion, an increase of about RMB 0.951 billion compared to RMB 5.08 billion in the same period last year[190]. - The company plans to increase dividend payouts, proposing a dividend of RMB 0.30 per share for the 2022 fiscal year[23]. Investment and R&D - In 2022, Dongfeng Motor Group completed investments totaling RMB 9.492 billion, focusing on core R&D capabilities, manufacturing upgrades, and new energy strategies[45]. - Research and development investment for the group in 2022 was RMB 8.078 billion, an increase of RMB 0.849 billion or 11.74% from RMB 7.229 billion in the same period last year[196]. - Investment in new energy research and development for the group in 2022 was RMB 3.784 billion, an increase of RMB 2.019 billion or 114.4% from RMB 1.765 billion in the same period last year[196]. Market Strategy and Transformation - Dongfeng Motor Group is accelerating its transformation into a technology-driven enterprise, focusing on the development of core technologies and deepening reforms[17]. - The company has established a strategic layout covering luxury, high-end, mid-range, and economy brands, including the launch of the "Mache" green power brand with a hybrid engine efficiency of 45.18%[18]. - Dongfeng aims to enhance its competitive edge and operational efficiency through ongoing reforms and strategic restructuring[20]. - The company is actively pursuing market expansion with autonomous driving products operating in over 30 cities nationwide[18]. - Dongfeng Motor Group is accelerating its electrification transformation in joint ventures, enhancing its competitiveness in the market[49]. Production Capacity - The company has a production capacity of approximately 3.85 million vehicles, with 620,000 for commercial vehicles and 3.23 million for passenger vehicles[41]. - Dongfeng Motor Group's total vehicle production capacity is expected to reach 3.87 million units by the end of 2023, driven by the construction of the Yunfeng factory and upgrades at Yijiete New Energy Company[42]. Corporate Governance and Shareholder Information - The largest shareholder, Dongfeng Motor Corporation, holds 5,760,388,000 domestic shares, representing 66.86% of the total issued shares[72]. - The company’s board of directors includes six members, with the chairman being Zhu Yan Feng and the president being Yang Qing[75]. - As of December 31, 2022, the total share capital of the company is RMB 8,616,120,000, divided into 8,616,120,000 ordinary shares, with a par value of RMB 1 per share[67]. Joint Ventures and Partnerships - The company’s joint ventures will continue to procure automotive parts and production equipment from their partners, with ongoing evaluations for competitive pricing and quality[153]. - The joint venture companies paid a total of RMB 49.549 billion for the procurement of automotive parts and production equipment from their partners as of December 31, 2022[158]. - The technology licensing and support agreements between the joint ventures and their foreign partners are governed by umbrella agreements, ensuring fair commercial terms[168].