Shenzhou Car Rental released the first three quarters of earnings, and all financial and operational indicators maintained strong growth, of which rental income reached RMB 3.84 billion, up 19% year-on-year; net profit was nearly 1.39 billion yuan, up 39% year-on-year; adjusted net profit The rate reached 18.3%. According to the financial report, thanks to the strong growth of short-term rental self-driving business and the efficiency brought by continuous cooperation with China UCAR, the profit growth of China Car Rental has also increased strongly: adjusted EBITDA (EBITDA) Pre-sales profit was 2.38 billion yuan, up 20% year-on-year; the adjusted EBITDA ratio was 62%, which was over 60% for 7 consecutive quarters, much higher than the global car rental industry average. As of September 30, 2016, Shenzhou Car Rental held 3.4 billion yuan in cash and cash equivalents, with sufficient funds, financial health, and free cash flow of 1.18 billion yuan. In the first three quarters of this year, the revenue from the short-term rental self-driving business of China Car Rental continued to grow year-on-year. The series of growth measures implemented by the company since the beginning of the year played a role. In the third quarter, the revenue from self-driving business increased by 32%, a record high in 2015. Benefiting from the continuous synergy between Shenzhou Car Rental and Shenzhou Special Vehicle, the fleet efficiency continued to increase. In the first three quarters, the fleet utilization rate was as high as 65.1%. Especially in the third quarter, the company's fleet utilization rate was still as high as 66.8 in the case of a large increase in fleet size. %, a year-on-year increase of 2.3 percentage points, a record high. During the reporting period, the average daily income of bicycles remained stable at 172 yuan. In addition, Shenzhou Car Rental has acquired new users and stimulated demand growth through a series of growth initiatives, with user growth of more than 50% for two consecutive quarters. Especially since the launch of the free home delivery service nationwide on August 22 this year, the proportion of customers using this service has increased significantly. According to the financial report, the number of registered users in the first three quarters of China’s car rental increased by 56% year-on-year, a record high. According to the disclosure, the Shenzhou Car Rental Entity Network has expanded to 783 direct service outlets in 97 major cities in the provinces. It is worth noting that Shenzhou Car Rental continues to focus on vehicle residual risk management and is committed to achieving higher residual value through channel penetration into the C-end. In the first three quarters, the company handled a total of 16,156 used cars, a record high. Among them, the number of used car disposals in the third quarter broke records, reaching 8,079. The ratio of used car cost to sales is 101.9%, which further proves the ability of China Car Rental to sell vehicles and manage the full cycle of leasing business at a price close to the estimated residual price. In addition, on November 1 this year, the “Network Appointment Taxi Management Measures†(Special Car New Deal) came into effect all over the country, and the B2C business model of Shenzhou Special Vehicle was more adapted to the New Deal requirements. Private cars are not allowed to do special cars and the strict rules of the driver's standard will create opportunities for China's excellent cars, which will help them further expand their market share, and will also drive China's car rental to more vehicles in China and improve their performance.
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