Looking at the overall operation from the listed companies of auto parts, the heavy diesel engine companies experienced a greater decline

In 2015, auto parts companies have bittersweet and joy, and the overall output level and efficiency of the industry are higher than those of the auto industry as a whole and OEMs that produce the entire vehicle. From the statistics of the China Association of Automobile Manufacturers, it can be found that the main business income of 12090 enterprises above designated size under the auto parts manufacturing industry was 3,211.723 billion yuan, an increase of 8.29% year-on-year, which is a level higher than that of the overall automotive industry 4.73%. And 1.68% level of automotive manufacturing.

Looking at the total profit realized, 12090 enterprises above designated size achieved total profit of 246.479 billion yuan in 2015, an increase of 13.41%, which is also significantly better than the overall auto industry of 1.74% and the automobile manufacturing industry of -5.62%. Level.

Particular industries and enterprises that are specific to the parts and components industry are not consistent with this overall situation. Since there is a lack of production and operation data for specific companies, relevant data can be viewed from the announcements of some listed auto parts companies. However, since most of the 2015 annual reports of listed companies in Shanghai and Shenzhen have not come out, we can only use the data reported in the third quarter of 2015 to roughly determine the operations of the corresponding companies.

Looking at the overall operation from listed auto parts companies

High-end products are most popular among large companies

In the first three quarters of 2015, Huayu Automotive's operating income was RMB 62.005 billion, a year-on-year increase of 14.04%; the net profit attributable to shareholders of listed companies was RMB 3.634 billion, an increase of 4.88% year-on-year; and the weighted average return on equity was 14.91%.

FAW-Fuwei's operating revenue for the first three quarters of 2015 was 7.126 billion yuan, a year-on-year decrease of 13.30%; net profit attributable to shareholders of listed companies was 292 million yuan, a year-on-year decrease of 26.79%; the weighted average return on net assets was 7.78%.

In the first three quarters of 2015, Guihang’s operating income was 2.192 billion yuan, an increase of 1.99% year-on-year; net profit attributable to shareholders of listed companies was 961.213 million yuan, an increase of 30.54% year-on-year; and the weighted average return on net assets was 5.11%.

Wanxiang Qianchao recorded revenue of 1.965 billion yuan in the first three quarters of 2015, a year-on-year decrease of 11.75%; net profit attributable to shareholders of listed companies was 123 million yuan, a year-on-year decrease of 23.64%; and the weighted average return on net assets was 3.31%.

In the first three quarters of 2015, Zhongding's operating income was 1.588 billion yuan, a year-on-year increase of 0.20%; net profit attributable to shareholders of listed companies was 227 million yuan, an increase of 40.76% year-on-year; and the weighted average return on net assets was 6.76%.

In the first three quarters of 2015, the molding technology business income was 725 million yuan, a year-on-year decrease of 20.50%; the net profit attributable to the shareholders of the listed company was 44.8166 million yuan, a year-on-year decrease of 27.63%; the weighted average return on net assets was 1.95%.

As can be seen from the operating profiles of the listed auto parts companies, which are relatively comprehensive from the above relative businesses, the operating profits of large-scale, relatively high-end products, and diversified operations are much better, and it is relatively difficult for the relatively low-end companies to make profits. . Among them, those with relatively unique technology categories, such as Zhongding, which specializes in the R&D and production of automotive seals, have a relatively strong profitability, although their main business revenues do not grow much.

Heavy-duty diesel engine declines more

Weichai Power's operating revenue for the first three quarters of 2015 was RMB 18.116 billion, a year-on-year decrease of 17.78%; net profit attributable to shareholders of listed companies was RMB 73,096,600, which was a year-on-year decrease of 89.26%; and the weighted average ROE was 0.23%.

Quanchai Power's operating revenue for the first three quarters of 2015 was 2.343 billion yuan, an increase of 13.61% year-on-year; net profit attributable to shareholders of listed companies was 72,677,300 yuan, an increase of 113.39% year-on-year; and the weighted average return on net assets was 4.44%.

The operating income of Shanghai Diesel in the first three quarters of 2015 was 1.663 billion yuan, a year-on-year decrease of 25.20%; the net profit attributable to shareholders of listed companies was 68,279,900 yuan, a year-on-year decrease of 44.09%; the weighted average return on net assets was 1.98%.

Yunnei Power's operating income for the first three quarters of 2015 was 555 million yuan, a year-on-year increase of 27.78%; the net profit attributable to shareholders of listed companies was 39.713 million yuan, an increase of 113.75% year-on-year; the weighted average return on net assets was 1.09%.

Dongan Power, which produces gasoline engines, recorded revenue of 819 million yuan in the first three quarters of 2015, a year-on-year increase of 55.14%; net profit attributable to shareholders of listed companies was 37,258,500 yuan, turning losses into gains; weighted average return on equity was 2.14%.

From the operating profiles of the above listed companies that produce automotive engines, it can be seen that, unlike other segments, although the current weighted average ROE of automotive engine companies is relatively low, at least these listed companies are listed. The company is still positive. Among them, the production of gasoline engines based on passenger vehicles is relatively better, but the performance of several listed companies, which mainly produce diesel engines, is generally poor, especially for the production of Weichai-based heavy-duty diesel engines. In comparison with Shanghai Shangchai, the operating income and profits have both declined. Both Quanchai Power and Yunnei Power, which are mainly engaged in light diesel engines, are relatively much better. The profit growth rate is all above 100%.

Automotive electronics business days are better

Junsheng Electronics' operating revenue for the first three quarters of 2015 was RMB 6.017 billion, an increase of 17.25% year-on-year; net profit attributable to shareholders of listed companies was RMB 270 million, a year-on-year increase of 19.54%; and the weighted average return on net assets was 10.82%.

Dongfeng Technology's operating income for the first three quarters of 2015 was 3.305 billion yuan, a year-on-year decrease of 8.20%; net profit attributable to shareholders of listed companies was 136 million yuan, a year-on-year decrease of 12.38%; and the weighted average return on net assets was 12.90%.

Weifu Hi-Tech's operating revenue for the first three quarters of 2015 was RMB 1.110 billion, a year-on-year decrease of 25.40%. Net profit attributable to shareholders of listed companies was RMB 248 million, a year-on-year decrease of 37.85%. The weighted average ROE was 2.13%.

Kangyue Technology's operating revenue for the first three quarters of 2015 was 387 million yuan, a year-on-year decrease of 31.27%; the net profit attributable to shareholders of listed companies was -5.3412 million yuan, a year-on-year decrease of 214.17%; and the weighted average return on net assets was -1.48%.

In the first three quarters of 2015, the operating income of Xinhui Motor was 369 million yuan, a year-on-year decrease of 2.26%; the net profit attributable to the shareholders of the listed company was 63.3327 million yuan, a year-on-year increase of 9.67%; the weighted average return on net assets was 4.51%.

From the operating profiles of listed companies related to automotive electronics, auto fuel injection, and automotive power systems, it can be seen that the days of automotive electronics companies are much better than ever, such as Junsheng Electronics, which can stand on the international market. Firms with steady footholds and continuous expansion need not say that Dongfeng’s main business revenue and profits are falling, but the weighted average ROE still stands at a high level of 12.90%. In addition, due to the sluggish market for commercial vehicles and related diesel engines, it has seriously affected the production of key components such as Weifu Hi-Tech and Kangyue Technology, which supply fuel injection systems and turbocharger systems, respectively. In addition, as an automotive motor company, the operating profile of the quality of the motor is quite satisfactory.