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Recent research by China Merchants Securities shows that since the beginning of this year, the phenomenon that the automotive industry is not booming has been extended upwards and downwards. At present, the growth of income and profit of auto parts manufacturers has shown signs of accelerated decline.
Judging from the 52 auto parts listed companies we counted in recent days, in the first half of 2011, the total sales revenue of parts and components listed companies was 130.55 billion yuan, an increase of 16.8% year-on-year, an increase of 14.0%; and a net profit of 9.99 billion yuan, a year-on-year increase. 9.8%, down 1.8% from the previous quarter. We found that in the first half of this year, the growth rate of the income of listed auto parts companies decreased significantly year-on-year, and the year-on-year growth of net profit was even greater, showing a negative growth from the previous quarter. We believe that the downturn in downstream car sales has been transmitted quarterly to the parts and components industry.
On the other hand, due to rising raw material prices and rising labor costs, the gross profit rate of parts and components listed companies has generally declined. The data shows that the overall gross profit rate of parts and components listed companies in the first quarter of this year was 19.9%, which was a quarter-on-quarter and year-on-year decline. The gross profit rate in the second quarter further fell to 18.9%. In the first half of the year, the sales expense ratio decreased slightly, which was offset by the increase in the administrative expense ratio. The expense ratio during the period was well controlled and remained basically stable. In the first and second quarters, corporate net margins were 8.0% and 7.4%, respectively, which fell continuously due to the drop in gross margins.
In addition, the overall profitability of parts and components listed companies is also not optimistic. Due to concerns about the inflation situation, parts and components companies generally strengthened their inventory of raw materials this year, and the large increase in inventory resulted in a cash flow of RMB 1.02 billion for the first quarter. In the second quarter of this year, the operating net cash flow turned positive, but it was still lower than the level of the same period of last year.
ã€Investment Advice】
We examined the changes in the top five customers of parts and components listed companies and the degree of customer concentration. Each major component company performed differently. The performance of Hua Yu Automotive and FAW Fuwei is closely related to the Group; Weifu Hi-Tech, Weichai Power, and Fuyao Glass continue to outperform the industry in the downturn, reflecting the excellent competitiveness of the company.
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