UNTERNEHMENSNEWS

8:14 | 28.03.2020
EQS-News: MeiDong Auto (1268.HK) 2019 Annual Results Achieved Record High with Revenue Increased by 46.5% and Profit for the Year Surged by 53.4%


EQS-News / 28/03/2020 / 15:14 UTC+8

[For Immediate Release] - 28 March 2020

 

China MeiDong Auto Holdings Limited

 (Incorporated in the Cayman Islands with limited liabilities)

(Stock code: 1268.HK)

 

2019 Annual Results Achieved Record High

*   *   *

Revenue Increased by 46.5% Growth to RMB16,210.0 million

Profit for the Year Surged by 53.4% to RMB557.5 million

Final Dividend of RMB0.2 per share as Full-year Dividend Payout Reached 55.0%

 

Financial Highlights

 

For the year ended 31 December

RMB million

2019

2018

Change

Revenue

16,210.0

11,067.4

+46.5%

Gross profit

1,557.6

1,072.9

+45.2%

Profit for the Year

557.5

363.5

+53.4%

Profit attributable to

equity shareholders of the Company

550.8

362.9

+51.8%

Together with the interim dividend

Full-year dividend per share (RMB)

0.261

0.1259

+107.3%

Dividend payout ratio

55.0%

40.0%

+15.0 p.p.

 

[27 March 2020 - Hong Kong] The fast-growing auto distributor with strong focus on high-potential 2nd to 4th tier cities, China MeiDong Auto Holdings Limited ("MeiDong Auto", together with its subsidiaries, the "Group", stock code: 1268.HK), was pleased to announce its annual results for the year ended 31 December 2019 (the "Year").

 


Results Highlight

Despite the increasing pressure on the auto market as a result of the policy and macroeconomic uncertainties in 2019, the luxury car market in the PRC continued to grow considerably, supported by consumption upgrades and the continuous launch of small family car by luxury brands. The accumulated sales of 12 mainstream luxury car brands was amounted to 3.09 million units, representing an increase of 7.5% year-on-year ("yoy"), which was in stark contrast to the decrease of 9.6% yoy in sales of overall passenger vehicle. The market share of luxury cars also increased by 1.6 percentage points to 14.1%, as compared to 12.5% in 2018, showing the growing prevalence of luxury cars.

 

Benefited from the aforementioned trend, the Group recorded a revenue of RMB16,210.0 million during the Year, representing an increase of 46.5% yoy (2018: RMB11,067.4 million). Driven by the rapid growth in revenue, gross profit increased by 45.2% yoy, from RMB1,072.9 million in 2018 to RMB1,557.6 million in 2019. Leveraging its unique management strategy, the Group was able to maintain a high operational efficiency amidst challenging environment. Coupled with effective cost control initiatives, profit from the Year increased by 53.4% yoy to RMB557.5 million (2018: RMB363.5 million). Profit attributable to equity shareholders of the Company increased by 51.8% to RMB550.8 million (2018: RMB362.9 million), with basic earnings per share stood at RMB47.67 cents (2018: RMB31.57 cents). In view of the satisfactory results, the Board of Directors recommends a final dividend of RMB20.00 cents per share (2018: RMB8.49 cents). Together with the interim dividend of RMB6.10 cents per share, total dividend for the Year reached RMB26.10 cents (2018: RMB12.59 cents), representing a payout ratio of approximately 55.0% (2018: 40.0%).

 

New Passenger Vehicle Sales - Accounted for 81.3% of the Total Revenue

During the Year, through new-store expansion and same store organic growth, sales of new passenger vehicles during the Year increased by 47.1% yoy to RMB14,383.8 million (2018: RMB9,775.1 million). BMW, Porsche, Lexus and Audi recorded a sales of new passenger vehicles of approximately RMB5,534.9 million, RMB3,074.4 million, RMB3,023.8 million and RMB59.6 million, accounting for 38.5%, 21.4%, 21.0% and 0.4% of total new passenger vehicles sales respectively. In terms of sales volume, the Group sold 49,359 new passenger vehicles in total, representing an increase of 30.3% yoy. Luxury brands remained as the major driver with a contribution of 60.8%, with sales of BMW, Porsche, Lexus and Audi amounting to 16,827 units, 4,006 units, 8,922 units and 237 units respectively.

 

After Sales Services - Accounted for 18.7% of the Total Revenue

Revenue for after-sales services was approximately RMB1,826.2 million, representing an increase of 41.3% yoy (2018: RMB1,292.3 million). The total number of vehicles served was 456,205, representing an increase of 27.0% yoy. The gross profit margin of this segment slightly declined to 46.1%.

 

Current Network

In 2019, the Group's total number of stores increased by 9 through new openings. As of 31 December 2019, the Group had 58 self-operated stores in Beijing, Hebei, Hubei, Hunan, Jiangxi, Fujian, Guangdong, Gansu and Anhui, including a joint venture operated by the Group.

 


- End -

 

About China MeiDong Auto Holdings Limited

China MeiDong Auto Holdings Limited is a fast-expanding auto distributor focusing on 2nd to 4th tier cities and the provision of after-sales services. The Group mainly focuses on mid brands and mainstream luxury brands, including Porsche, BMW, Lexus, Audi, BMW Mini, Toyota and Hyundai. As of 31 December 2019, the Group operates 58 stores in Beijing, Guangdong, Hunan, Hubei, Fujian, Jiangxi, Anhui, Hebei and Gansu provinces in China.

 

This press release is issued by DLK Advisory Limited for and on behalf of China MeiDong Auto Holdings limited.

 

For further information, please contact:

 

 

DLK Advisory 金通策略

Michelle Shi (michelleshi@dlkadvisory.com)

Jonathan Lam (jonathanlam@dlkadvisory.com)

Kathleen Mui (kathleenmui@dlkadvisory.com)

Adrian Chung (adrianchung@dlkadvisory.com)

Emily Wei (emilywei@dlkadvisory.com)

Tel: +852 2857 7101

Fax: +852 2857 7103

 



Document: https://eqs-cockpit.com/c/fncls.ssp?u=SXAPVXYOUI
Document title: MeiDong Auto (1268.HK) 2019 Annual Results Achieved Record High with Revenue Increased by 46.5% and Profit for the Year Surged by 53.4%

28/03/2020 Dissemination of a Financial Press Release, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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