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Double oligarchs
The outside world has been circulating that "Weichai is prepared to acquire the Shanghai Huizhong heavy truck business at an estimated price of 60 million yuan," and a drastic change occurred after a rest day.
On September 13, the reporter learned from the relevant channels that China National Heavy Duty Truck has taken the first step and snatched Shanghai Huizhong from the hands of Weichai.
According to industry sources close to the acquisition, “Weichai has been buying the Huizhong heavy truck business for a long time and plans to acquire it with 65 million yuan. However, there are not many buyers who are interested in Huizhong. As early as last Friday, heavy truck It has already signed an agreement with Shanghai Automotive to confirm the acquisition plan."
The specific purchase price is not yet clear.
When reporters contacted Sinotruk, related parties confirmed that the company did buy Shanghai Huizhong Mold, and other information was not clear.
The poor performance is the main reason why Shanghai Automotive is determined to sell the Huizhong heavy truck business. At present, SAIC's commercial vehicle business is divided into two parts: SAIC Iveco Hongyan and SAIC Huizhong. Compared to Iveco Hongyan, which sold 19,600 vehicles in the first half of this year, Shanghai Huizhong sold only about 600 heavy vehicles last year.
Weichai has always been optimistic about Huizhong. Before that, Weichai acquired the Hunan Torch and took over the office building of the Hunan Torch in Pudong, Shanghai, and set up an R&D center in Shanghai. If the Shanghai Huizhong heavy truck business is brought under its control, the previously established R&D center will be connected with a production capacity of 10,000 vehicles. The manufacturing bases play a synergistic role in changing the situation of Weichai's heavy trucks, which are “stronger in the north and weaker in the southâ€.
But the crickets were caught and the yellow tits were behind. The Yangtze River Delta has always been a key sales region for China National Heavy Duty Truck. For example, in the first half of this year, Sinotruk's sales in East China reached 4.882 billion yuan, accounting for 29.47% of the main business, ranking first in all regions, plus the North China region. 4.693 billion yuan, sales in both regions have accounted for half of the main business of heavy trucks.
At present, SINOCHEM has production bases in Jinan and Chengdu, and a special vehicle base in Mianyang. If Shanghai Huizhong is included in the bag and the Hangfa engine is provided, it will not only effectively reduce costs but also realize partial sales of real estate.
The Hui’s Huizhong
Once vowed to enter the industry's top three Shanghai Huizhong heavy trucks, they had to face an embarrassing reality: After reaching the historically highest sales volume of 2,595 vehicles in 2007, the production and sales volume has been declining all the way, and the heavy-duty card market, which looks bright and flourishing, has gradually become more and more popular. Far, it dropped to 1,286 units in 2008. In 2009, sales actually shrank to 694 units.
In the past 10 years, the total sales volume of Shanghai Huizhong heavy trucks was only about 10,000 vehicles.
Shanghai Huizhong Automobile Manufacturing Co., Ltd. is located in the Lujiazui Finance and Trade Zone in Pudong, Shanghai, with a registered capital of US$1.71082 billion. It has seven production bases and four joint ventures. It mainly consists of three major businesses: light buses, heavy trucks, and chassis systems for cars. Plates, of which heavy truck series are over fifteen tons, with an annual production capacity of 10,000 vehicles.
In 2001, Huizhong took a heavy truck production line from the South Korean Ssangyong at a price of USD 3.2 million from the 80s of the last century, and later spent huge sums of money to hire Korean engineers to design series of heavy trucks with independent intellectual property rights to market. In the first three years, due to the low base, the sales volume of the market grew at an almost double annual rate, reaching 1,011 units in 2003.
However, after undergoing a significant increase in sales of more than 2,000 vehicles in 2006 and 2007, Huizhong heavy trucks, which have all belonged to Shanghai Auto, have been sluggish. According to the staff of the heavy truck base, the Huizhong heavy truck has long been in a situation of monthly and monthly losses.
Shanghai Huizhong heavy truck sales sluggish for many reasons. First, due to low annual production, leading to high spare parts prices, which fell into their own production of the lower the price of spare parts, the odd circle, so that consumers discourage; Second, Huizhong heavy truck shape design Japanese and Korean style, in the country Emphasis on imitating the European heavy truck is a little different in the trend. Consumers have many doubts when buying. Third, not only heavyweight companies in the heavy truck industry like China National Heavy Duty Truck revive their vigor, but also a number of heavy truck dark horses such as Futian Auman are also emerging. Although the total sales volume of the heavy truck market is expanding rapidly, the competition has become more intense.
Another important reason that should not be overlooked is that Hongyan was finally relegated to SAIC in 2007.
In June 2007, Shanghai Automotive and Italy Iveco Commercial Vehicle Co., Ltd. and Chongqing Heavy Vehicle Group Co., Ltd. invested in a joint venture company. SAIC Iveco Hongyan Commercial Vehicle Co., Ltd. was listed in Chongqing, and SAIC and Iveco together accounted for 67% of the equity. At the end of the year, the outside world had already speculated that SAIC would abandon the Huizhong brand.
In the face of the 40,000 production capacity of SAIC Iveco Hongyan, Shanghai Huizhong experienced an unprecedented crisis at that time. For a while, Shanghai Huizhong had used the three-standard engine to build momentum and announced that it would enter the top three industries within the next three years. . However, what was surprising was that sales have plummeted like a slide in the following two years.
However, SAIC Motor’s determination to lose his car and ensure his success is due to the fact that SAIC Iveco Hongyan’s sales performance has become increasingly unsatisfactory. In 2007, the sales volume reached 24,034. By 2009, it had dropped to 19,609. In the heavy-duty truck market with a total sales volume of more than 630,000 units, SAIC Iveco Hongyan has become the only company in the top ten in sales of heavy-duty trucks with a declining sales volume.
Weichai Settled in Wisdom
When outsiders rumored that Weichai had purchased Huizhong heavy truck business, Xu Xinyu, executive president of Weichai Power, who was on a business trip to Shanghai, disclosed to reporters earlier: “From my perspective, how can Weicang buy such an asset?! Do not come to channel value."
Tan Xiuqing, Deputy General Manager of Weichai’s responsible business, also said: “The reports from the outside world are inaccurate. We have no news in this regard for the time being.â€
However, the outside world believes that even if there is no inside information, the possibility of Weifang’s bid for Huizhong is also great. The reason is that the production capacity of Weichai engines has been expanding year by year, and the sales share has gradually decreased. One of the important reasons is that the largest customer of Weichai, Foton Heavy Truck, will have an increasing share of self-produced engines.
According to the disclosure report of the first mid-term note issued by Weichai Power in 2009, Weichai already has 300,000 units of various types of diesel engines in 2008. At the same time, it will have a new production line of 50,000 units of Blue Engine. In the year, Foton Auman's heavy truck procurement of Weichai engines reached 2.207 billion yuan, accounting for 8.82% of total sales. By June of this year, the Weifang Diesel Engine had sold 330,000 units.
Tan Xuguang once made a high-profile announcement on the "100 billion green power R & D and manufacturing base and 1.5 million high-power diesel engine strategic planning conference held at the headquarters of Weichai this month. The total output of Weichai engines will reach 1.5 million by 2015. It will reach 2 million units by 2020.
On the other hand, major partners have also launched engine projects for various reasons. According to Beiqi Foton Motor's 2009 Corporate Debt Statement, the proportion of medium-heavy trucks in its main business income is increasing year by year, 31.02% in 2006 and 40.01% in 2008, but the gross profit margin is still relatively high in the industry. The low level has been around 7%-8% for many years, and the integrated gross profit margin like CNHTC has reached 8.5%-13%, and Jianghuai Automobile is still between 11%-15%.
Foton Motor recently announced that: "With the start-up of Foton Cummins, the formation of a joint venture with Daimler, and the mass production of Euro V hybrid vehicles, the leading edge in technology will enhance the company's pricing power, thus further enhancing the company's wool. Interest rate.†That is to say, one of the solutions is to increase the comprehensive gross profit margin by launching a heavy-duty truck engine. One of the most recent examples is that at the beginning of this year, Foton introduced its latest product platform, the Auman GTL. The Cummins ISZ 13-liter engine is used in the engine.
The outside world speculated that the reason why Wei Chai avoided the acquisition of Huizhong may be related to the ownership of Shaanxi Heavy Gas. Weichai may be worried that the acquisition of the downstream vehicle production business will affect the cooperation with Shaanxi Heavy Gas.
Looking at the situation, the heavy truck industry is not exclusive to Shaanxi Heavy Duty Truck. There are heavyweight manufacturers such as China National Heavy Duty Truck and Foton, followed by emerging dark horses such as Jianghuai and Hualing. “Since the situation has been formed, it is not as good as the companies in the Weichai branch have been more efficient in cooperating with the industry chain.â€