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Under the ubiquitous market image, there is a related market that seems to be more clear. It can be said that this market is always in trouble with the automobile market. It is a supporting auto parts market for complete vehicle products. In general, in order to obtain the corresponding data support, the auto parts market is more difficult to find accurate business data than the whole vehicle enterprise in the whole or from the individual, but some parts enterprises belonging to the listed company category are still found for the reporters. Some of the factors associated with the vehicle market provide convenience.
From the overall operating conditions of the above-mentioned auto parts enterprises released by the China Association of Automobile Manufacturers in the first half of 2015, the main business income increased by 8.17% year-on-year, total profit increased by 10.37%, and fixed assets investment increased by 14.07%. Overall, the auto parts industry should be in a state of being slightly better than the overall auto market.
However, from the breakdown of the status of some listed companies, there are many different characteristics.
Heavy truck supporting companies are generally poor
In terms of Weichai Power, which is mainly engaged in engine business, in the first half of this year, due to the slowdown in macroeconomic growth, the decline in fixed asset investment, the sluggish manufacturing industry, and the implementation of the fourth-generation emission standards to stimulate early consumption and other factors The impact of the domestic heavy truck market, which is dominated by Weichai Power, continued to be sluggish, and sales volume fell sharply, down 31.13% year-on-year. Affected by this, Weichai Power sold a total of 64,900 heavy-duty engines in the first half of the year, down 61.5% year-on-year. At the same time, the power of Weichai in the field of construction machinery has also been hit hard. As the construction machinery industry continued the low-level operation last year, the sales of major market segments fell sharply. Weichai Power sold 17,300 supporting 5-ton loader engines, down 48.5% year-on-year. In addition, Shaanxi Fast Industrial Co., Ltd., a controlling subsidiary of Weichai Power, sold a total of 229,300 transmissions, a year-on-year decline of 41.3%.
Under the background of the two-line frustration of automobile supporting and construction machinery and the sharp decline in sales performance, it is not completely bad news for Weichai Power. For example, in the heavy truck market with a total mass of more than 14 tons, the market share of Weichai engines still reached 22.0%, maintaining a leading position in the industry; the engine share of the supporting 5 ton loader market reached 69.4%, up 10.5 year-on-year. Percentage points continue to maintain a leading position in this field. At the same time, Fast's transmission products continue to maintain dominance in related sub-sectors.
Another company, Shangzhi, which also produces heavy-duty diesel engines, also ushered in the company's difficult times. In the first half of this year, Shangchai Co., Ltd. sold a total of 28,657 diesel engines, a year-on-year decrease of 19.91%, and realized operating income of 1.159 billion yuan, a year-on-year decrease of 27.54%. In the first half of this year, due to the year-on-year decrease in diesel engine sales, Shangchai realized a net profit attributable to owners of the parent company of 60,777,900 yuan, a decrease of 34.08% over the same period of the previous year, exceeding the decline in operating income.
Changchun Yidong, which is mainly engaged in the production of commercial vehicle clutches, was also affected by the deeper impact of the entire vehicle market in the first half of this year. In the first half of the year, the company achieved operating income of 261 million yuan, a year-on-year decrease of 25.12%; realized operating profit of 12.72 million yuan, a sharp drop of 57.86%. The reason is that domestic commercial vehicles in the first half of the year fell by 14.86% year-on-year, which is a big factor. As far as Changchun Yidong's main product clutch is concerned, the current main market is still in the field of heavy trucks. Therefore, like the above two engine companies, it has been greatly affected by the market. In addition, according to Changchun Yidong's own analysis, the company's product development cycle has also affected the rapid formation of new product sales revenue.
Different performances in different environments
In addition to the worst-performing heavy-duty related products, will the operating conditions of other parts and components companies change?
Dongan Power, which produces passenger car engines as its main business, although the micro-customer market, one of its main matching markets, has experienced a continuous decline of more than 19%, the MPV market is driven by the large growth of small MPVs. The rapid growth trend was 15.26% year-on-year. Driven by the substantial growth of MPV products such as BAW Zhuzhou and Beiqi Changhe, the company's main supporting vehicle manufacturers, Dongan Power also ushered in a very good development trend in the first half of the year. In the first half of the year, the company sold a total of 75,300 engines, a year-on-year increase of 42.57%; realized operating income of 608 million yuan, an increase of 53.70%; net profit of 67.43 million yuan. This is already quite good performance compared to the heavy truck engine.
Another component listed company, Lingyun, produces a wide range of products. Its products cover high-strength, lightweight safety collision avoidance systems, body structural parts systems, and automotive constant-speed universal joint drive shaft series. Infiltration, low-emission automotive plastic piping systems, as well as automotive rubber pipe assembly systems and automotive decorative seal systems. In the first half of this year, Lingyun's total operating income was 356,397,400 yuan, an increase of 13.62% over the same period of the previous year; total profit was 248,041,600 yuan, an increase of 24.54% over the same period of the previous year; net profit was 19,900,900 yuan, an increase of 25.41% over the same period of the previous year. . In the parts company, this is quite a good result.
As a core component supplier of FAW-Volkswagen, FAW Car, FAW Jiefang and FAW Toyota, FAW Fuwei owns four core products of automotive interiors, automotive exteriors, body electronics and wheels. Due to well-known reasons, the overall performance of FAW Group companies this year is not satisfactory, FAW Fuwei has also been implicated. In the first half of this year, FAW Fuwei achieved operating income of 5.109 billion yuan, a year-on-year decrease of 8.43%; net profit of 194 million yuan, a year-on-year decrease of 19.67%. It seems that the decline is not small, but it is normal in general.
In addition, as the world's leading automotive glass and automotive grade float glass, Fuyao Glass is considered to be unique among auto parts listed companies, and its main products are all kinds of automotive glass. In the first half of this year, with the slowdown of the domestic economy and the slowdown of the growth of the automobile industry, Fuyao Glass's performance was maintained with the relative uniqueness of its business, achieving operating income of 6.591 billion yuan, an increase of 6.64% over the same period of the previous year; The total profit was 1.318 billion yuan, an increase of 2.41% over the same period of the previous year. Although the increase in income and profits does not seem to be high, the profit margin should be very high.
The best trend in automotive electronics
Compared with automotive parts in the usual sense, automotive electronic components and components should be relatively high-end and in an upward trend. Is this the case?
For example, Junsheng Electronics, a major domestic automotive electronics supplier, achieved operating revenue of 3.988 billion yuan in the first half of this year, an increase of 15.24% over the same period of the previous year; and realized operating profit of 250 million yuan, an increase of 25.83% over the same period of the previous year. It is indeed better than the general parts industry. Judging from the main customers of Joyson Electronics, Volkswagen has experienced negative growth globally, and GM's sales growth has gradually slowed down. The high-end brand Mercedes-Benz has shown rapid growth. Therefore, on the whole, Junsheng Electronics has not experienced any significant growth.
Analyze the company's future development prospects. Since the company's overall industrial chain was acquired through the acquisition of German related parts companies, the degree of globalization of resources and the added value of the industry chain increased year by year, actively deploying car networking services and key elements. High value-added products such as devices and integrated circuits have formed synergies with the automotive electronics business, improving the company's overall risk resistance. In addition, in the context of the rapid development of new energy vehicles and smart cars, Joyson Electronics has also formed new series of human-car interaction products, new energy power control systems, industrial robot integration, high-end functional parts and assemblies in new fields. The product line has laid the foundation for the company's future sustainable development.
Related suppliers did not enjoy the high growth revenue of new energy vehicles
Regarding the new energy vehicle related accessory parts company, in another article recently, it has been analyzed in detail that Ningbo Yunsheng and Shanshan shares are involved in NdFeB permanent magnet materials and lithium ion battery materials businesses, although New energy vehicles have experienced more than 2.5 times higher growth, but the growth of the performance of the two related parts and materials suppliers does not seem to share the impact of the high growth rate of new energy vehicle sales. If the two companies are underrepresented, there are still quite a few biases. Then, if you look at the two new energy-related product suppliers, will it change?
It has been involved in the new energy vehicle battery field. In the first half of this year, it achieved a main business income of 3.043 billion yuan, an increase of 7.53% over the same period of the previous year; and realized a profit of 124 million yuan, an increase of 28.71% over the same period of the previous year. This is already quite a good performance, but the 28.71% profit growth rate is still small compared to the growth rate of new energy vehicles.
Judging from the situation of energy-saving and new energy vehicle power battery supplier Keliyuan, although the company has started to supply automotive power battery pole pieces and other related products to many OEMs including Toyota in the first half of this year, The big investment has still not received corresponding performance returns from the first half of this year. In the first half of this year, Keliyuan's operating income decreased by 7.54% year-on-year, and the net profit attributable to shareholders of listed companies dropped by 755.79%. It can be seen that although the sales volume of new energy vehicles has increased by a large margin year-on-year, it still needs time to test the production capacity of these enterprises due to the accumulation of production and output of related parts and components. 
Abstract Since the second half of the year, the overall auto market in 2015 has been predicted by some experts in advance: there has been a slow growth or even zero growth that has not occurred for many years. Although the overall operation of the Chinese auto market as early as a decade ago can no longer be achieved with macroeconomic growth...
Since the second half of the year, the overall auto market in 2015 has been predicted by some experts in advance: there has been a slow growth or even zero growth that has not occurred for many years. Although the overall operation of the Chinese automobile market as early as a decade ago has been unable to use the macroeconomic growth rate to make relevant quantitative judgments, especially in recent years, the restrictions on purchases in some large cities have also affected the automobile market to varying degrees. Markets that have already become unclear have produced more complex phenomena.