At present, more than half of the listed companies in the automotive sector have released forecasts for 2021, among which, the company with year-on-year growth in net profit accounts for more than half.Great Wall expects net profit of 6.781 billion yuan, up 26.45% year on year;Gac group expects net profit of 6.6 billion yuan to 7.6 billion yuan, up 11-27% year on year.Haima Automobile has turned a loss into a profit and is expected to make a profit of 80-120 million yuan last year.Baic Blue Valley lost 4.8 billion to 5.3 billion yuan, compared with a loss of 6.482 billion yuan in the same period last year, the loss narrowed.Overall, several passenger car companies have a good performance, and the car manufacturer lip and tooth dependent dealers, whether the book data of the same floating red?Luxury, joint venture, independent three brand dealers, which performance growth fastest?China’s leading automobile consulting enterprise — Wuhu Chuji Information Technology Co., LTD. (hereinafter referred to as “Chuji Information”) collected the performance of nearly 2,000 4S stores, covering most of the mainstream luxury, joint venture and independent brands in China (the three accounting for about 21%, 24% and 55%), and delivered the most detailed and objective data report on the whole network.According to the data, dealers’ average return on assets, gross profit margin and pretax profit margin will increase by 6.14 percentage points, 3.01 percentage points and 2 percentage points respectively in 2021, which can be seen as the high point of the past.The data showed that the average total assets of nearly 2,000 auto dealers in the sample reached 55.452,000 yuan in 2021, up 1.882 million yuan from 2020.Among them, the average assets of luxury brand, joint venture brand and independent brand dealers are 151.538 million yuan, 111.851 million yuan and 51.334 million yuan respectively.From the perspective of total asset value, the investment needed to open a luxury brand 4S store or a joint venture brand 4S store is about 3 times or 2 times that of an independent brand 4S store.There are differences in output due to different input levels.In 2021, the average roA of luxury brand dealers will reach 10.58%, while the roA of joint venture brands and independent brands is 6.67% and 1.15% respectively. In other words, the ROA of luxury brands is 9.2 times that of independent brands, and that of joint venture brands is 5.8 times that of independent brands.The reason why the return on assets of luxury brands is the highest is that with the upgrading of automobile consumption, the automobile market gradually enters the peak period of purchase and exchange, and luxury cars, which can better reflect the status and status, have been in hot sales, and the market share of luxury cars has been setting new highs.Specifically, BMW, Tesla, Red Flag, Lexus, Lincoln and other brands in the last two years have been surging.Tesla and Lincoln saw their sales grow 118.7 percent and 46.4 percent, respectively, last year.After the rebranding and revitalization of Red Flag, the current annual sales volume has exceeded 270,000;BMW is the only BBA brand to enter the 800,000-car club.But it was joint venture brands, not luxury brands, that showed the fastest improvement in roe compared to 2020.In 2020, the average roA of joint venture brand dealers is -1.08%, that is to say, they do not make money in this year, but lose money. But in 2021, the average ROA of joint venture brand dealers has reached 6.67%, a full increase of 7.75 percentage points.Followed by independent brands, dealers’ average return on assets increased by 6.2 percentage points from -5.05% in 2020 to 1.15% in 2021.In other words, self-owned brand dealers also achieved profitability in 2021.In contrast, the average return on equity of luxury brand dealers increased by 3.43 percentage points, from 7.15% in 2020 to 10.58% in 2021.Although the return on assets of the joint venture brand increases the fastest, the asset-liability ratio is also the highest.Data show that the average asset-liability ratio of joint venture brand dealers in 2021 reached 79.02%, nearly 10 percentage points higher than that in 2020, indicating that joint venture brand dealers generally have high liabilities and relatively large risks.In contrast, the average debt ratio of luxury brands and independent brands in 2021 was 41.47% and 56.13% respectively, both of which decreased by nearly 10 percentage points compared with 2020. The operating risk of luxury brands is the lowest among all brands.Gross profit margin:From the perspective of net profit, the average pre-tax profit of luxury brands, joint-venture brands and independent brand dealers in 2021 is 21.38 million yuan, 9.95 million yuan and 0.6 million yuan, up 11.17 million yuan, 11.84 million yuan and 3.73 million yuan respectively compared with 2020, and the pre-tax profit margin is 5.74%, 2.01% and 0.51%, respectively.Life is better than last year.However, net profit and profit margin cannot measure the overall profitability of 4S stores.Because net profit = gross profit – expenses, the management level of each store is different, with high and low expenses. Net profit margin can only measure the management level of 4S stores, but cannot reflect the overall market. To analyze the overall situation of 4S stores and even the market, gross profit margin and gross profit margin are more accurate basis for judgment.Chuji information statistics show that 2021 luxury brands, joint venture brands, independent brand dealers average gross profit of 49.75 million yuan, 34.43 million yuan, 6.16 million yuan, compared with the previous year, increased by 15.71 million yuan, 16.03 million yuan, 2.42 million yuan, year-on-year growth reached 46.15%, 87.13% and 64.7% respectively.Correspondingly, the average gross profit margin of luxury brands, joint venture brands and independent brand dealers in 2021 is 13.36%, 6.95% and 5.16% respectively, with year-on-year growth of 0.72 percentage points, 2.17 percentage points and 0.7 percentage points.It can be seen that the overall profit of joint venture brand dealers has risen the fastest, and the market prosperity has also been significantly improved.Toyota and Honda sold 1.82 million and 1.73 million vehicles respectively in China last year, putting them second only to Volkswagen’s 2.45 million.In contrast, German, Korean, French and American brands are not ideal in recent years.Then take a look at the total expenses (including fixed, variable and finance expenses) of different brand dealers.Luxury brand dealers spent an average of 28.37 million yuan last year, up 4.54 million yuan from 23.83 million yuan in 2020, or 19.05 percent year-on-year.Joint venture brands were 24.48 million yuan, an increase of 4.19 million yuan from 20.29 million yuan in 2020, a year-on-year increase of 20.65%.On the other hand, the average cost of independent brand dealers last year was 5.56 million yuan, which was 1.31 million yuan less than that of 2020 (6.87 million yuan), 5.91% lower than that of 2020. This shows that independent brand dealers “tightened their belts” last year, and the expenses generated by business activities were the least, and even “frugal” than that of 2020.This is mainly due to the significant reduction in the average sales expenses of independent brand dealers, from 3.53 million yuan in 2020 to 2.48 million yuan in 2021, a full reduction of 1.05 million yuan, accounting for about 30%.On the one hand, the power of self-branded products has been greatly improved, and domestic models are more and more widely recognized by consumers, and their sales are getting better and better (data from The Passenger Car Association show that the market share of self-branded passenger cars in 2021 will be 44.4%, up 6 percentage points compared with 2020).On the one hand, under the chip shortage, manufacturers will no longer pressure dealers, dealers’ inventory pressure is sharply reduced, sales pressure is also greatly reduced.Expert analysis: After the end of the core shortage, dealers’ hard days come back. Because of the epidemic and the core shortage, auto dealers unexpectedly reappeared the highlight moment. How long can the good days last?Chinese automobile circulation association kaida school expert advisers Xu Bin analysis of automobile as a pillar industry of our country, under the drive of our country’s economic recovery and development of huge pressure, under the policies of large, car companies are under pressure from the government, will bring the pressure to the dealer, so, after the chip shortage ease, dealer’s pressure is back.On the other hand, we must see a change in the automobile brand authorization sales system.In recent years, with the rise of new forces of car manufacturing, the business model of authorized dealers will be broken by direct stores, but this process will last for six or seven years, that is to say, dealers will survive for about five or six years.After the epidemic and chip crisis are over, dealers will still have a hard time, except for the first-tier luxury brands like BB (Mercedes-benz, BMW), because of the large consumer demand, dealers’ profitability is relatively good, while joint venture brands and independent brand dealers will be ready to face a hard time again.And when will the global chip crisis end?According to the feedback from major Oems and research institutes, it will be eased in the second half of 2022 at the earliest, but it will be at least after 2023 before it really ends.