Changan or face 31 billion yuan capital demand

Changan Group in the capital market encountered the "East corner, lost Sang" embarrassment.　　January 14, Changan Group's Changan auto raised 3.5 billion yuan, did not meet the previous 4 billion yuan to raise targets. "Changan car pricing determines that public offerings will end in frustration, the stock price is too high." Second-tier market share price than public offerings are also cheaper, who will participate in directional additional?　　"Care, a car analyst who declined to be named, said to the daily economic news reporter. The analyst said that "Changan Auto products are less profitable than Shanghai auto and FAW cars, although future asset injection may be, but other assets performance in general." The reflection of the capital market shows the development status of Changan group: aggressive layout, but the product and profitability do not support such rapid expansion. The capital market is not recognized for the aggressive route of Changan group. According to its plan, Changan group or face 31 billion yuan capital demand, this far exceed Changan group's profitability.　　"Big Changan" quality and quantity in Chang ' an group chairman Xu Liuping "Big Changan" layout route design, "scale theory" once is an important development thought. At the beginning of 2009, the State Council announced the "Auto industry adjustment and revitalization plan", emphasizing "through the merger and reorganization, the formation of 2~3 home production and sales of more than 2 million large-scale automobile enterprise groups, 4~5 production and sales of more than 1 million vehicles Enterprise group", the first Changan and Faw, Dongfeng, SAIC together into　　Four ". Changan car under this policy mutation development style, from conservative to aggressive, embarked on a journey of expansion.　　In the past two years, Changan Group acquired AVIC's car assets, deepened joint ventures, set up a joint venture with PSA, laid out overseas research and development centers, and signed strategic cooperation agreements with 5 local governments. Last October, Chang ' an group chairman Xu Liuping announced Changan group's brand strategy for the next 10 years, and publicly said that in 2012, 2015, 2020 respectively to achieve the production and sales of 3 million vehicles, 4.5 million vehicles, 6 million vehicles target. "One is scale, second is product ... Expansion is about dealing with the scale of the future.　　"This is considered the strategic logic of the rapid expansion of Changan automobile since 2009."　　But the expansion of the scale caused by more and more serious problems, many people in the industry said that Changan group development too aggressive, its asset management capabilities and product operation capacity and not support such expansion. First of all, Changan group's integration of China aviation vehicle assets is not fast enough, and lacks the efficient utilization. Changan, Hafei and Changhe three brands in the field of micro-commercial vehicles has been a competition, Changan Group to continue to retain Hafei and Changhe brand, the brand exists within the group competition.　　At the same time, Changan Suzuki and Changhe Suzuki integration is also muddy, and Suzuki's strategic cooperative relationship is more or less affected. Secondly, Changan automobile main products relatively low-end, the profit margin is relatively low. 2009, Changan Auto sales revenue of 105.4 billion yuan, profit of 2.383 billion yuan, profit margin of 2.26%, andThe sales income is 118 billion Yuan Guangzhou Auto Group, the profit is 12.2 billion yuan.　　The profit margins of SAIC and FAW Group are also above 8%.　　Facing a large amount of capital demand under the pressure of 31 billion yuan capital demand, Changan automobile frustrated capital market will make the future financing road more difficult.　　Last July, Changan Group and the French Peugeot Citroen Automobile Group (PSA) signed a joint venture agreement in Paris, will set up a new joint venture, the two sides of the equity ratio of 50:50.　　Last June 29, Changan Group and Beijing Fangshan District government formally signed the Beijing Base Project strategic Cooperation Agreement, will build an annual capacity of 500,000 vehicles in Fangshan district, the factory will be the production of Changan Group B-Class high-end sedan.　　Since last May, Changan Group has signed a series of strategic cooperation agreements with 7 provinces and cities such as Heilongjiang, Jingdezhen, Nanjing, Hefei and Fangshan, and Chang ' an has expanded to the whole country overnight. Changan Group also faces huge capital investment. Public data show that only Shenzhen, Hefei, Hebei Dingzhou and Beijing, Changan automobile investment amounted to 25 billion yuan.　　In addition, according to the agreement, Changan group to take the cloud internal power, the next 5 years will invest 6 billion yuan in return. The securities analysts pointed out that the next 5 years, Changan Group will have 31 billion of the capital needs. In 2009, Changan Auto profits amounted to only 2.383 billion yuan, and the investment of new projects amounted to more than 10 times times its 2009-year profit. Changan cars rely on their own profits it is difficult to support such a large demand for funds, such a rash development, no doubt on the tightrope.