The long-term (600507) semi-annual report on the development, manufacture and sale of main automobile leaf springs, spring flat steels, and torsion bar springs showed that the main business income in the first half of 2004 was 61.53 million yuan, an increase of 79.21% over the same period of the previous year. The realized profit was RMB 47.64 million, which was an increase of 98.58% over the same period of last year. The earnings per share reached RMB 0.38. In the semi-annual report, Shuguang Co., Ltd. (600303) realized a net profit of 6310.32 million yuan in the first half of 2004, an increase of 70.03% year-on-year, and the earnings per share was 0.39 yuan, an increase of 69.57% over the same period of last year. The company's good performance has become a target for institutional investors to increase their positions, and the top ten shareholders of tradable shares are institutional investors. The company said that in the first half of this year, it seized the historical opportunity to rejuvenate the old industrial base in Northeast China, through structural adjustment, optimization and integration of resources, the creation of two major brands, the acceleration of joint ventures and cooperation, and the development of the international market, which promoted the company's leap-forward development. . Today's semi-annual report released ST-axis (000,678) realized that the main business income in the first half of this year was 10378.72 million yuan, a slight decrease year-on-year, but net profit after deduction was 543,500 yuan, compared with -169.06 million yuan in the same period of last year. According to professional analysis, as tariffs fall to 25% before 2005, the pressure on vehicle prices will shift to the spare parts industry, which will increase the price pressure on the auto parts market. According to calculations, the tariff will drop by one point and the imported vehicle price will decrease by 0.5%. The reduced price of imported cars will be transmitted to domestic cars, which will further reduce the price of domestic cars and further transfer them to parts suppliers, at the expense of quality. On the contrary, vehicle manufacturers will put forward higher requirements in terms of quality. It is understood that the prices of parts and components (OEM) purchased by vehicle manufacturers have been reduced. It can be expected that with the implementation of the globalization procurement of vehicle companies, the competition faced by auto parts companies in China will become more intense, and the bargaining power of automakers will be stronger. In addition, compared with foreign auto giants, domestic companies are at a disadvantage in terms of R&D, technology, system integration capabilities, and the original supporting relationship with foreign OEMs. The sedan is the main force for the growth of the automobile market. Sino-foreign joint-venture vehicle manufacturers are the main force of the sedan market. Foreign partners of the joint-venture vehicle manufacturers often encourage overseas original component suppliers to set up factories in China. Therefore, the independent living space of local suppliers will be squeezed. According to Barton Berger, chairman of Delphi, the world’s largest auto parts maker, China’s auto market can still maintain an annual growth rate of 10% to 15%, and it will become the third largest market in the world. To make such judgments, it is mainly based on the fact that China's GDP maintains a high-speed and steady growth, the per capita income keeps rising, and the exchange rate is stable. For this reason, Delphi has not only invested 500 million U.S. dollars in China, but also increased its investment in technology research and development. With regard to the recent sharp increase in the threshold of auto consumption credit and the impact on sales, professionals believe that as auto consumption credit accounts for 70% of foreign auto sales, the development role of the auto and parts industry is very obvious, while the domestic market currently only accounts for 20 %about. In 2002, consumer credits had experienced rapid development. There were some setbacks since the second half of 2003. This should be temporary. In the long run, consumer credit will also develop rapidly and will promote the development of the automobile and parts industries. Wei Jianguo, vice minister of the Ministry of Commerce, once stated that as the manufacturing industry is the most intensely cost-competitive sector, foreign car and component manufacturers have turned to developing countries to establish production bases. This is a major development for the Chinese auto and parts industry. opportunity. If the strategy is correct, China may become one of the world's largest automotive and parts production bases through the development of the automotive and parts industries.
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A few days ago, the data released by the Economic Operation Bureau of the National Development and Reform Commission showed that in the first half of the year, China’s automobile inventories increased by 118,000 units compared to the end of last year. According to statistics from China Association of Automobile Manufacturers, sales of domestic cars have declined for three consecutive months since April. Combined with the fact that the auto stocks in the second quarter quarterly quarterly report released by the previous 32 fund companies have been substantially reduced, investors have doubts about the growth of auto listed companies for a time, and have extended their doubts to the upstream industry of automobiles. - Auto parts industry. However, from the results of the three listed auto parts listed companies that have announced semi-annual reports, the current decline in the sales rate of cars and the increase in inventories are not yet significant.
Listed company performance growth
According to insiders, the sales structure of automobile parts and components is mainly composed of main components such as chassis, engine and electronic components. Body parts and other ordinary automobile parts and accessories account for 24% of the market. Under the background of high growth in the automotive industry in recent years, the auto parts industry has also shown similar growth potential.
Increased competition in the industry
Although there are certain growth in the main performance of the three listed auto parts companies, the competitive pressures they face cannot be ignored. The main performance is that the gross margin of the main products has declined to some extent. For example, the gross profit rate of Shuguang Automotive Parts decreased by 6.96 percentage points year-on-year, the gross profit rate of Changli Spring Flat-rolled Steel decreased by 6.01% year-on-year, and the gross profit rate of ST-shaft bearing and valve manufacturing decreased by 18.15% over the same period of last year.
Long-term trends are still promising
With regard to the current decline in the sales rate of cars and the increase in inventories, experts believe that this is a natural adjustment after the “blowout†type of car consumption in the previous stage. The period of rapid growth in the consumption of cars in China has not ended, but the growth rate has been more stable.
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