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Auto parts manufacturers better than vehicle companies

2016/12/8 12:49:43

With the auto market terminal sales growth slowed significantly, the vehicle general decline in performance of listed companies; relatively speaking, the parts listed companies benefit from high-quality customers, asset injections to achieve steady growth performance.

Most of the poor performance of vehicle companies

The impact of macroeconomic policy tightening, as well as high inflation, high oil prices, consumer incentives to exit and limit the number of purchase restrictions and other negative factors, the automotive industry significantly slowed the growth rate of production and sales, vehicle manufacturers a wide range of performance decline. Data show that 12 companies have issued results notice or annual report of the vehicle listed companies, only SAIC (600,104) is expected to increase performance, the remaining companies have different degrees of performance decline.

According to the Automobile Association data, in 2011 China's automobile production and sales were 18,418,900 and 18,505,100, respectively, year on year growth of only 0.84% and 2.45%, a 13-year low. While in 2009 and 2010, auto sales increased by 46.1% year on year and 32.4%.

Passenger car, by the car to encourage consumption policies to exit and upgrade, and many other effects, small and medium displacement car sales situation is not optimistic, in the low-end automotive market competition tends to white-hot, product price range down, while the raw materials Kinds of costs are rising, the overall performance of their own brand car prices decline.

FAW Car (000800) and FAW Xiali (000927), respectively, expected 2011 net profit fell 80% -98% and 45% -75%; BYD (002,594) net profit fell 44.38%. Changan Automobile (000625), said by a variety of factors, micro-car industry as a whole negative growth, the company micro-car sales fell 28.25%, 2011 net profit fell 50.67% to 55.60%.

Commercial vehicle market growth is highly correlated with economic growth, economic growth slowdown in the context of the performance of listed companies feel more pressure. Foton Motor (600166) 2011 net profit fell 29.99% Yaxing (600213) expected 2011 net profit will be a loss.

Foton said that in 2012 the automotive industry in which the macroeconomic environment will be much better than last year, but the state introduced to encourage automobile consumption policy is unlikely, while investment growth, especially in real estate investment growth will slow down, will make Commercial vehicle market sales decline. In addition, this year China's auto market will usher in the peak of new capacity, sales and performance pressure to further increase.

Parts manufacturers are mixed

The terminal vehicle sales slowdown in the vehicle market has not yet fully affected the upstream auto parts industry, the 2011 annual results in the year-on-year growth in 23 auto companies, only one vehicle manufacturer, the rest are parts category the company.

5 companies are expected to increase the performance of more than 50% from the auto parts industry. Wo Jia shares (600093) is expected to net profit in 2011 increased by more than 750% year on year, ranking first in the industry performance growth list. However, the company's performance growth is not due to the smooth development of the main business, but because the company managed income is fully included in operating income, and a subsidiary of reduced losses.