Auto parts may face changes, and companies are rushing to the capital market to seek further development
With the rapid development of China's automobile industry in recent years, China's automobile parts and components have made remarkable achievements in terms of industrial scale and industrial chain coordination. The automobile industry is an important pillar industry of the national economy. It has a long industrial chain, high correlation, wide employment, and large consumption. It is an important carrier of China's manufacturing upgrade and transformation, and plays an important role in the national economy and social development. As my country's economic reform further deepens, cultivating international independent automobile brands and independent parts brands will become an important task.
The auto parts industry is developing rapidly.
Auto parts are one of the automobile industry chains. They are located above the entire automobile. They are the units that constitute the entire automobile and the products that serve the automobile. The upstream of the industry includes production raw materials such as steel, plastics, and rubber, while the downstream mainly targets the OEM supporting market and after-sales service market. There are many related industries in the industry. It can be said that without a strong parts industry as a foundation, there will be no independent, complete and internationally competitive automobile industry.
From 2011 to 2015, the size of the global auto parts market rose from 10 trillion yuan to 11.2 trillion yuan, a year-on-year increase of about 13%, while the Chinese market was expected to grow; during this period, the scale of China's parts industry rose from 2 trillion yuan to 11.2 trillion yuan. 3.2 trillion yuan, an increase of 60%. In 2016, the main business income of my country's auto parts manufacturing enterprises above designated size was 3.72 trillion yuan, a year-on-year increase of 14.23%; the total profit was 282.526 billion yuan, a year-on-year increase of 17.12%, both achieving high growth.
Breakthroughs have been made in key technologies, and an independent innovation system has been initially established
. For a long time, the "localization" of international parts giants has been an important driving force in promoting the development of China's auto parts industry, and this is still the case. According to a survey by the Ministry of Commerce, in 2016, the number of China's auto parts suppliers with overseas background accounted for only 20% of the total number, but their capital scale reached 72% of the capital scale of the entire auto parts market, and their sales revenue accounted for 10% of the entire industry. More than 80%.
In recent years, the state has increased its strong support for major projects and technical projects in the industry, and the technology, management, quality, and innovation capabilities of local parts and components companies have been greatly improved. my country's core technologies for traditional key components have achieved breakthroughs. For example, we have gradually mastered the core technologies of in-cylinder direct injection gasoline engines, turbocharging, passenger car diesel engines, commercial vehicle diesel engines, high-pressure common rail and other products; dual-clutch automatic transmissions, high-torque mechanical automatic transmissions, multi-speed automatic transmissions and wireless automatic transmissions. Independent research and development and production of transmission products, etc. my country's independent innovation system for auto parts is gradually established. For example, companies have increased their investment in product research and development, with an average annual patent application number of more than 30,000. They also attach great importance to the technological upgrading of component products, accelerate the intelligence and digitalization of products, and promote quality upgrading. The technology research and development platform has been integrated with procurement, Production management, quality management, technology, etc. form interconnected interactions.
Industrial clusters are formed, and brands and strengths continue to improve.
China's automobile industry has built industrial clusters in the Northeast, Beijing-Tianjin-Hebei, Central China, Southwest, Pearl River Delta, Yangtze River Delta and other regions whose output value accounts for nearly 80% of the entire industry. It has also produced large vehicle and parts companies such as FAW, Dongfeng, SAIC Huayu, Dongfeng, GAC, BAIC, Changan, Geely, FAW, Yuchai, Weichai, Xichai, Fuyao, Wanxiang, Huaxiang, etc., and has initially developed The ability to enter the global automotive industry chain. The gap between independent brands and foreign companies in talent reserves is gradually narrowing, and some independent parts suppliers have achieved breakthroughs in some core technology fields.
The industry may face adjustments and innovation will become competitive
. Countries attach great importance to the development of new energy vehicles. After 2014, a series of policies and measures to promote the development of new energy vehicles were introduced, all aimed at stimulating the development of the new energy vehicle industry and eliminating traditional backward and polluting production capacity. A few days ago, the Vice Minister of the Ministry of Industry and Information Technology even stated that China has started research on the timetable for the suspension of production and sales of traditional energy vehicles. With the development of the new energy industry, the corresponding demand for auto parts will also increase, becoming a new growth point for the industry, and new energy parts companies will develop rapidly.
In recent years, my country's economic growth has slowed down, with GDP growth exceeding 7. For some time to come, the economy will still be in a period of structural adjustment and efficiency improvement. What is intuitive is industry consolidation, and the auto parts industry is also inevitable. In the future, systematic development, modular manufacturing, and integrated supply will gradually become the development trend of the auto parts industry. my country's auto parts companies need to achieve deeper research and development, stronger universality and standards, higher levels of electronics and intelligence, and more streamlined, cleaner and environmentally friendly products.
Foreign automobile companies still dominate the industry.
From 2012 to 2016, on the list of the top 100 global auto parts suppliers, the top 10 are still firmly controlled by foreign companies, such as Bose, Denso, Magna, Continental, Aisin Seiki, and Foshan. Ghia, Valeo, etc. In 2016, among the top 100, Japan, the United States, and Germany ranked 28, 22, and 16 respectively. Although the number of Chinese suppliers has increased, they still only occupy 5 seats. They are Yanfeng Automotive Interiors (14th). (No. 66, revenue 86.3 billion yuan), Inalfa (No. 66, revenue 20.8 billion yuan), CITIC Dicastal (No. 71, revenue 17.3 billion yuan), Johnson Electric (No. 81, revenue 133 billion) and Minth Group (93rd, with revenue of 9.4 billion yuan).
The size of my country's parts "giants" is very different from that of parts suppliers, and the revenue of the company Huayu Automobile is not even 30% of that of the giants. Among them, the revenue of the top 50 companies is less than 10% of that of the world's top 50 companies. In 2016, the total parts revenue of the top five companies was RMB 147.09 billion, accounting for only 2.9% of the total revenue of the top 100 parts suppliers in the world. Foreign capital remains firmly entrenched in my country's auto parts industry.
Domestic-funded enterprises have landed in the capital market to seek further development
. Facing the market expansion of foreign-funded enterprises, China's auto parts companies are under increasing pressure to survive. Logging into the capital market to accelerate integration and development has become an important development strategy for China's national brand auto parts companies.
As of October 11, there were 109 auto parts companies in my country's A-share market. Many listed companies have launched multiple parts and components segment businesses. Among them, there are many listed companies that produce auto parts products such as engine systems, interior and exterior trim parts, and electronic motor systems, accounting for about 35%, 24%, and 23% respectively. These are the areas where domestic auto parts companies currently occupy the most international markets. plate.
From 2006 to 2009, the number of listed A-share auto parts companies in my country increased at an average rate of 2.2 per year. The listing speed from 2010 to 2016 was an average of 8 companies per year. According to choice data, in the first three quarters of 2017, 25 auto parts companies have listed on A-shares; auto parts companies that are queuing up to enter the capital market include Chenguang Precision, Huapei Power, Lizhong Co., Ltd., Jiezhong Technology, and Xuelong 17 companies including Shares and Bethel. It can be seen that my country's auto parts companies are accelerating their entry into the capital market. This is a period when companies in the industry are seeking new development with policy support.
All walks of life should give greater encouragement and support to auto parts companies
. At present, our country's economy has entered a period of adjustment. The country is vigorously developing Made in China and Created in China, and the automobile industry is the top priority. Although my country's automobile industry has made great progress after years of development, it is still relatively weak compared with foreign giants. Except for a few companies such as Huayu Automobile, the remaining companies are generally small in scale and have low profitability. For example, in the first half of 2017, there were only 10 listed auto parts companies with revenue exceeding 5 billion, accounting for less than 10%; the average gross profit margin was only 26.77%, and only a few companies had a revenue of more than 40% relying on brand, technology, etc. The gross profit margins of companies listed in 2017 such as New Coordinates and Megashares are over 50%, and the gross profit margins of Xusheng Shares and Weitang Industrial are also close to 50%. To a certain extent, it can be seen that the regulatory authorities are very supportive of competitive companies going public.
Take the subdivided field of turbochargers as an example. It is controlled by foreign capital but there are still local companies with certain competitiveness. World-renowned turbocharger companies such as BorgWarner, Honeywell, Mitsubishi Heavy Industries, Ishikawashima Harima, Bosch Mahle, and Continental occupy more than 90% of the market share. Supercharger parts companies such as Sonima, Wescat, and Meta Industrial are also relatively strong. Domestic turbocharger companies such as Huapei Power, Hunan Tianyan, Kangyue Technology, Best, and Kehua Holdings were born, but there is still a big gap compared with foreign giants. Although these companies all produce turbocharger-related products, the specific fields and products are still different, resulting in large differences in profitability. Huapei Power, for example, is currently a professional supplier of key components for turbochargers in the world. One of the largest manufacturers in China, its customers include Borg, Honeywell, Mitsubishi, Bosch, Continental, Sonima and other world-famous companies. Its customers occupy a large market share. Therefore, Huapei Power also has a large product share and a relatively large profitability. good.
According to the "Global Turbocharging Market Forecast" released by Honeywell, the penetration rate of turbochargers in new cars in China will increase from 28% in 2015 to 47% in 2020, and annual sales will increase from 7.5 million units in 2015. to 15.5 million units, with a compound growth rate of 16%. With the advancement of energy conservation and emission reduction and the development of hybrid vehicles, the penetration rate of turbochargers is expected to continue to increase, and turbocharger parts companies are expected to develop further.
The importance of the automobile industry is self-evident. At present, our country has reached an important period of developing independent brands in the automobile industry chain. Foreign companies are accelerating their expansion and industry competition is further intensifying, which may usher in challenges and opportunities. This requires the state and society to provide more support to automobile industry chain enterprises, including funds, financing channels, and technical support. We should pool efforts from all walks of life to accelerate the cultivation of more national automobile industry chain brand enterprises.
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