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25-05-2007
The
auto consumption of China is turning on high-speed
development, and sales of new vehicles are growing
increasingly. Relative analysis shows that,
in the first quarter, the gross margin of listed
auto companies was basically the same as that
in previous year. Passenger car companies have
been in the peak of industrial prosperity during
the same period of last year and they had achieved
performance at a rather high level. In comparison
with passenger car companies, commercial vehicle
companies grew much more rapidly. At present,
the passenger car industry mainly relies on
private consumption and new vehicle purchase,
and has entered a fast growing period. Insiders
reckon that in the foreseeable 5 years, the
growth rate of passenger car sales will probably
maintain at a level of not less than 25 percent.
SAIC Motor, being one of the three biggest vehicle-manufacturing
groups in China, is keeping its steady growth.
In 2006, SAIC Motor achieved an aggregated sales
volume of 1.25 million and a market share of
15 percent. The company's market share in passenger
vehicle field is 21 percent. Octavia series
of Shanghai Volkswagen will launched in batch
in the market; Buick Park Avenue of Shanghai
GM will go to the market too; Roewe, a self-owned
brand of SAIC Motor, will also begin mass production,
indicating the company's strong capability of
sustainable profit earning. SAIC Group has completed
the overall listing of the group, for which
insiders analyzed that listed automobile companies
may obtain more quality assets through asset
injection and profits repatriation, as well
as more impetus for future development.
FAW
Car Co., Ltd., being the first leading car manufacturer
that has gone public, owns certain scale advantage.
The main products include Red Flag, Mazda and
Besturn, which was newly launched in last year.
Mazda 6 is one of the leading models of car
market in recent years. The brand value of FAW
"Red Flag" has reached RMB5.828 billion.
FAW Xiali sees bright future due to its dominant
position in economy car sales. After taking
control of distribution tache by acquiring all
the shares of sales company, FAW Xiali figured
out the problem of default in large amount of
payment, and therefore the financial status
was improved remarkably. However, the competition
in economy car market is intense and the strength
of rivals is increasing every day. As reference
shows, FAW Toyota, of which 30 percent share
was held by FAW Car Co., Ltd., is the main profit
source of the company.
Changan
Auto is a leading company in mini car industry
of China, and is ranking No. 1 in Mini car industry
throughout the country. It was introduced that
Changan Auto plans to input RMB3 billion yuan
in a few years in the R&D of high-tech small-displacement
vehicles, and will launch a series of mini cars
with completely independent IPRs. Moreover,
the company has exported 7,050 vehicles in the
first quarter of this year, far beyond the industry
average of the country.
Golden Dragon Automobile has got a satisfactory
business increase in 2006.
According
to the annual report, the major business income
was RMB9.6 billion yuan, up by 25 percent; the
net profits were RMB150 million yuan, increasing
by 53 percent. In 2006, the company sold 41
thousand passenger vehicles, increasing by 24
percent, in which large and medium sized passenger
vehicles accounted for 27 thousand and increased
by 18 percent, light passenger vehicles accounted
for 13.8 thousand and grew by 36 percent. The
company industrial position got raised. This
year, the sales volume keeps growing, in the
first quarter, sales volume of passenger vehicles
increased by 23 percent, in which large sized
passenger vehicle and medium passenger vehicle
increased by 49 percent and 37 percent respectively.
In
2006, China National Heavy Duty Truck Group
Co., Ltd. obtained a marked increase in income.
The year's income was RMB9, 469.53 million yuan,
increased by 45.54 percent year on year; the
net profit was RMB 224.4 million yuan, increased
by 48.97 percent year on year. The sale of heavy-duty
trucks reached 44,447 units in 2006, up by 43.09
percent year on year. Analysts said that the
prosperity of heavy duty truck of the company,
especially those advanced heavy duty trucks
with load of 15 tons and above and relevant
parts, is improving increasingly, and thus the
profit margin of vehicles will maintain constant.
Jiangling
Motors Corp's (JMC) major business revenue in
2006 was RMB7.368 billion yuan. The growth areas
for sales volume include the industrial growth
and the launch of new models. The aggregate
sales volumes for complete vehicles were 85,214
units, increased by 16 percent year-on-year.
The company will launch the fifth generation
of Quanshun series, namely V348, in the second
half of this year; with advanced engine performance
and improved comfort, the positioning of V348
will be extended to commercial vehicle filed
and light passenger vehicles used for middle
and short term trips in cities. It is predicted
that V348 might become the future growth point
of the company's performance. Some analysts
consider that the core advantage of JMC relies
on better cost control than that of rivals,
and this kind of advantage will go on; plus
the launch of new models, the company will grow
steadily in future.
Anhui
Jianghuai Automobile Co., Ltd (JAC) has realized
a major business revenue of RMB10.29 billion
yuan in 2006, up 9.54 percent year-on-year;
but net profits realized decreased by 17.3 percent
year on year to RMB410 million yuan. The passenger
car project of the company was officially approved
in January this year. At the same time, JAC
has built a passenger car manufacturing base
in Hefei development zone, which was designed
for an output of 200,000 units per year; the
construction of R&D and product line of
matching equipments has been basically completed.
It is predicted that JAC will launch the first
C-class vehicle in the third quarter of this
year and A-class vehicle at the end of this
year or at the beginning of next year. According
to professional analysis, the transition of
car business of JAC is worth expecting.
The
performance of Kunming Yunei Power Co., Ltd.
grew by 358.55 percent in the first quarter.
The main reasons include: adjustment of product
structure, bigger proportion of high-end products,
effective control of expenses, as well as certain
investment income. In early April, the company
announced that it would offer not more than
80 million shares publicly; the capital raised
should be used in production capacity expansion
project of diesel passenger cars. After the
project is put into production, the newly increased
sales revenue per year will be RMB5.7 billion
yuan, and newly increased profit will be RMB0.4
billion yuan. The company's performance in the
first half of this year is forecasted to go
up by 100 to 150 percent.
Shuguang
Automotive's main business includes passenger
vehicle, SUV and the production and sales of
auto parts like vehicle-bridge and differentials.
Shuguang Automotive ranks No. 3 in the production
and sales of large and medium sized passenger
vehicles, and No. 1 in the manufacturing of
vehicle-bridge, especially light vehicle-bridge.
In the first quarter of 2007, Shuguang Automotive,
as a main manufacturer of light vehicle-bridge,
obtained an increase in vehicle-bridge business
thanks to the relatively strong growth of light
vehicle. However, the average profitability
of the company went down slightly on the contrary
due to the characteristics of parts and accessories.
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