Comparison of leading enterprises in China's special-purpose vehicle industry in 2021: Who is better than Sinotruk VS Dongfeng Motor VS Foton Motor?
09-04-2021 14:23
Major listed companies for special purpose vehicles: Foton Motor , Jianghuai Automobile , Changan Automobile , Dongfeng Motor , Sany Heavy Industry , China National Heavy Duty Truck
The core data of this article: R&D investment and proportion, operating income , net profit , special vehicle operating income, production and sales, and sales area proportion
1. Business layout history of leading companies in the special vehicle industry
At present, in China's special-purpose vehicle market, there are three companies presenting a "three pillars" situation. They are China National Heavy Duty Truck (601989), Dongfeng Motor (600006) and Foton Motor (600166). The layout of the three companies in the special-purpose vehicle business The course is as follows:
2. Special vehicle business layout and operating status
(1) Integration of basic information of the three companies
According to the company's official website, China National Heavy Duty Truck , Dongfeng Motor and Foton Motor the business or product types of are mainly special vehicles. Among them, China National Heavy Duty Truck mainly
manufactures and sells heavy-duty special vehicles, while Dongfeng
Motor's production focuses on light commercial vehicles, and Foton Motor
has a full range of light, medium and heavy trucks. According to the
company's 2020 annual report, Sinotruk 's
heavy truck sales are in a leading position in the country, Foton
Motor's light truck ranks first in the industry, and Dongfeng Motor is
actively innovating related technologies for special vehicle
manufacturing.
(2) Business areas: Dongfeng Motor has the most diverse business layout
According to the information on the company’s official website, Sinotruk ’s
products have a layout in logistics, engineering and operation special
vehicles; Dongfeng Motor’s special vehicle products are concentrated in
logistics and engineering; Foton Motor’s products are more extensive ,
Not only the layout of logistics, engineering and operation vehicles,
but also more diverse vehicle products.
It
is worth noting that under my country's "carbon neutral" and "carbon
peak" goals, relevant policies support the development of the new energy
industry, and new energy special vehicles are also in this trend,
gradually becoming a rising star in the market. Currently, China
National Heavy Duty Truck has not deployed new energy special vehicles,
while Dongfeng Motor and Foton Motor have deployed new energy special
vehicles, and both have deployed pure electric new energy special
vehicles.
From
the perspective of the upstream and downstream extension of the
industrial chain, Sinotruk and Dongfeng Motor both have a layout in the
upstream, while the three companies have no layout in the downstream.
In
the midstream market alone, Foton Motor has the most product types, but
has not yet deployed the upstream and downstream of the industrial
chain. It has weaker bargaining power for the upstream and does not have
an advantage in the overall business layout; while Dongfeng Motor’s
product types are more diverse than Sinotruk’s layout. New energy
special vehicles, and the upstream layout is more abundant. Therefore,
Dongfeng Motor's business layout is more diversified.
(3) Investment in R&D: Foton Motor has invested the most in R&D
From
the perspective of the company's R&D investment, from 2018 to 2020,
the R&D expenses of the three companies fluctuated and increased;
the proportion of Dongfeng Motor and Foton Motor's R&D expenses
fluctuated downward, and the proportion of China National Heavy Duty
Truck's R&D expenses showed an upward trend. In 2020, Foton Motor’s
R&D investment reached 1.834 billion yuan, accounting for 3.17% of
operating revenue; followed by China National Heavy Duty Truck, with
R&D investment reaching 467 million yuan, accounting for 0.78% of
operating revenue; Dongfeng Motor’s R&D investment reaching 387
million yuan, accounting for 2.82% of operating income.
On
the whole, Foton Motor's R&D investment amount and proportion are
higher than Sinotruk and Dongfeng Motor. According to the company's
annual report, Foton Motor has increased its technology in high-end
heavy trucks, high-end medium-duty trucks, high-end light trucks,
mid-range pickup trucks, mid-range light passenger vehicles and other
new products, as well as new energy, intelligent network connection,
lightweight, and scenario research. Research and development investment,
so the largest amount of research and development.
3. special vehicle business Performance comparison of
(1) Financial situation: Sinotruk’s financial performance is the best
From
2018 to 2021, the operating income and net profit of the three
companies fluctuated and increased. In 2020, Sinotruk's operating
income will be the highest, reaching 59.94 billion yuan; followed by
Foton Motor's operating income of 57.77 billion yuan, and Dongfeng
Motor's operating income of 13.73 billion yuan. In terms of net profit,
China National Heavy Duty Truck has the highest net profit, reaching
1.88 billion yuan; followed by Dongfeng Motor with a net profit of 550
million yuan; Foton Motor's net profit has reached 150 million yuan.
According
to the company's annual report, in 2020, Sinotruk will overcome the
impact of the epidemic and take the lead in resuming work and
production. In the logistics vehicle segment, breakthroughs were made in
the general cargo transportation and bulk raw material transportation
markets. In the engineering vehicle segment, focus on standard-loaded
urban construction slag, concrete transportation and road transportation
dumping, and promote the regulated and lightweight models. Based on the
above reasons, Sinotruk will perform well in 2020 revenue and net
profit.
On the whole, China National Heavy Duty Truck has the best financial performance.
(2) Sales area: Foton Motor goes international
From
the perspective of sales area, the main sales areas of the three
companies are all in Mainland China. At present, Sinotruk and Dongfeng
Motor only conduct business in mainland China, while Foton Motor has 8%
of its sales from overseas markets.
Therefore,
Foton Motor's international layout is progressing well, and it has
expanded its business to overseas markets; the overseas business of
Sinotruk and Dongfeng Motor is in urgent need of development.
(3) Product sales: Foton Motor has the highest production and sales volume
From
the perspective of production and sales data, Foton Motor's production
and sales performance is the best. In 2020, Foton Motor's
special-purpose vehicle production and sales were the highest, reaching
648,800 and 630,400 respectively. Followed by China National Heavy Duty
Truck, the production and sales were 180,100 and 206,100 respectively;
the production and sales of Dongfeng Motor were 153,300 and 149,900
respectively.
From
the perspective of product proportion, Foton Motor has the most
abundant product categories. Light-duty special-purpose vehicles are the
main products sold by Dongfeng Motor and Foton Motor, and Sinotruk’s
entire vehicle sales are all heavy-duty special-purpose vehicles. To a
certain extent, Sinotruk has a high degree of dependence on heavy-duty
special vehicles, and combined with the above, Sinotruk has not yet
deployed the field of new energy special-purpose vehicles. Therefore,
the product layout of Sinotruk needs to be strengthened urgently.
On the whole, Foton Motor's production and sales are the highest, and the products are the most expensive.
4. Forward-looking view: Foton Motor is leading the special vehicle industry in China
In
the special-purpose vehicle industry, R&D investment and
independent product types reflect the company's R&D capabilities,
and the production and sales volume reflects the market acceptance of
the company's special-purpose vehicle products; and operating income can
reflect the company's business overview.
Based
on the results of the previous analysis, Qianzhan believes that
according to the comprehensive scores of China National Heavy Duty
Truck, Dongfeng Motor and Foton Motor, Foton Motor relies on the most
abundant products in the midstream, the highest R&D investment, and
the nationalization of sales regions. At present, the leading company in
the special vehicle industry is Foton Motor.
(Source: Qianzhan Industry Research Institute)
Like Us
- The tailgate unmanned production line
- Mixer Supporting Wheel Testing Machine
- Inner seam Welding Machine for U shape Dumper
- Corrugated plate intelligent welding robot
- Neutral column welding workstation
- Box-Girder Welding Machine
- Testing device
- Dumper Production Line
- Dished head pressing machine
- Inseam Welding Machine for Dumper
Tel: 0086 0537 7768277
Fax: 0086 0537 7768077
Mobile: 0086 186 6072 7168
Email: shuipocom@163.com
Add: Industrial Park(NO.16,National highway 220),Quanpu Town, Liangshan County, Jining City, Shandong Province, China.
Post code: 272613