· 94 parts and components listed company's total profit plummeted 42%

As of August 31, a total of 94 auto parts listed companies disclosed their annual reports for the first half of 2015. According to statistics, in the first half of this year, the total operating income of 94 auto parts listed companies was RMB 2011.00 billion, an increase of 4.59% compared with the same period of the previous year; net profit (this version of “net profit” refers to “owned shareholders of listed companies”. The net profit was not good. Due to the downturn in the domestic auto market and rising raw material costs, the total net profit of 94 listed companies was 12.962 billion yuan, down 42.11% year-on-year.
According to the statistics of the reporters, 57 of the 94 auto parts listed companies maintained a year-on-year increase in operating income, accounting for 60.63% of the total number of statistics, of which 21 were operating income growth of more than 20%; There are 58 companies with net profit growth, accounting for 58.51% of the total number of statistics, and 30 net profit growth of more than 20%. Even so, the sluggish auto market in the first half of this year still affects auto parts companies, with 37 of the 94 listed companies falling in revenue and 36 net profits falling.
The data shows that Weichai Power ranked second in revenue with a revenue of 36.455 billion yuan, a year-on-year increase of 6.87%, but net profit fell by 74.26%. The semi-annual report showed that the domestic heavy truck market continued to slump and sales volume fell sharply due to the slowdown in macroeconomic growth, the decline in fixed asset investment growth, the sluggish manufacturing industry, and the implementation of China IV emission standards to stimulate early consumption. Weichai Power achieved sales of 295,500 units in the first half of this year, down 31.13% year-on-year. At the same time, it sold a total of 64,900 heavy-duty truck engines, down 61.5% year-on-year; Lanqing WP5 and WP7 engines sold 5,905 units, down 18.5% year-on-year. The increase in operating income is due to the steady growth of the passenger car market, benefiting from favorable factors such as urbanization construction and rapid growth of new energy buses.
In the first half of this year, Ningbo Huaxiang's operating income for automobile interior and exterior decoration and electronic products increased by 14.00% year-on-year to 470 million yuan, and net profit decreased by 43.87% year-on-year. Its semi-annual report shows that the increase in operating income is mainly due to the growth of sales of its customers; while the decline in net profit is due to the uncertainty of the production cost of automotive plastic interior parts, the increase in labor costs, the squeeze of corporate profit space and the preliminary development of new technologies and new products. Due to factors such as R&D investment.
The decline in the commercial vehicle market caused engine-related corporate decline statistics, showing that the operating income and net profit of 19 auto parts listed companies have declined. Analysis of these companies found that mainly engine-related companies and tire companies.
In the first half of this year, China's commercial vehicle market continued its sluggish state last year, with production and sales of 1,767,200 units and 1,754,700 units respectively, down 14.9% and 14.4% respectively over the same period of the previous year. Affected by this, the domestic diesel engine market also experienced a downturn, which led to a significant decline in the performance of the engine and related companies in the first half of this year.
Affected by the slowdown in the growth rate of the automobile industry, the overall downward trend of the construction machinery industry and overcapacity in related industries, in the first half of this year, Shangchai Co., Ltd. achieved sales of 28,600 diesel engines, down 19.91% year-on-year; realized operating income of 1.159 billion yuan. The year-on-year decrease was 27.54%. At the same time, the Changchun Yidong semi-annual report also showed that due to the downturn in the commercial vehicle market, its operating income decreased by 25.12% year-on-year to 261 million yuan, and net profit decreased by 58.91%. In addition, the decline in performance is also related to the fact that the new product development cycle has not yet formed sales revenue.
The Hunan Tianyan semi-annual report shows that the sales of heavy trucks such as Yuchai, Weichai and Xichai, which are mainly matched, have decreased by 10%~23.77% year-on-year, and the market is in the transition period of the national IV switch. The number of heavy-duty supercharged diesel engines has also declined, and the gasoline engine supercharger is still in its infancy; at the same time, due to market competition, each main engine factory has increased the price reduction of its supporting enterprise products. Therefore, Hunan Tianyan achieved operating income of 263 million yuan in the first half of the year, down 17.73% year-on-year, and net profit fell 79.29% year-on-year.
Many factors have made tire companies difficult to develop in recent years, and domestic tire companies are facing various survival pressures. Not only the uncertainty of the prices of major bulk raw materials such as oil and rubber, but also the downward pressure on product prices caused by overcapacity in the industry, as well as the “double-reverse” investigation conducted by foreign tire companies in China. In the first half of this year, the operating income and net profit of major domestic tire companies such as Fengshen, Giant Wheel and Tire A have declined to varying degrees.
The semi-annual report of the tires A and S Jiatong showed that the Western countries represented by the United States in the first half of the year imposed stricter trade barriers on China's tire exports, causing China's tire exports to plummet. At the same time, domestic market demand has shrunk, and the average operating rate of enterprises has hovered around 60%, down 10% from the same period last year.
At the same time, in the first half of this year, the operating income of the company's shares fell by 7.43%, the net profit fell by 46.87%; the operating income of Fengshen shares fell by 17.73%, and the net profit fell by 20.84%; the operating income of Giant Wheel shares fell by 0.75%, and the net profit fell by 14.94%. Although the tire companies have adopted measures such as product upgrades, market development, efficiency reduction and cost reduction, and actively cater to the national “Internet +” and smart factory policies, the short-term effects are not obvious; and given the current overcapacity of the tire industry, products The structure is unreasonable, and I am afraid that this downward trend cannot be changed in a short period of time. This also means that tire companies need to work harder to promote the overall transformation and upgrading of the tire industry with practical actions.
In the first half of this year, a total of 74 parts and components listed companies disclosed R&D data, of which 64.86% of the company's R&D investment achieved year-on-year growth. The semi-annual report shows that these R&D investments are mainly used for the improvement of new product development and new technology processes.
In the case of slow growth in the automotive market and diluting the profits of traditional auto parts, many companies still achieve revenue and net profit growth, which is inextricably linked to their active investment in R&D and new products suitable for market development.
In terms of parts and components, the power system, chassis system and tire industry performed poorly in the first half of this year. Among them, the power system performed the worst, and the overall net profit of the industry also fell by nearly 50%. This aspect is related to various production cost pressures such as the market environment and industry raw materials; on the other hand, it shows that the profit margin of the traditional auto parts industry is getting smaller, and enterprises need to take measures to improve their profitability.

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