Rapid growth of auto parts exports

Although the growth rate of auto vehicle exports tends to be weak, the supporting auto parts business has maintained a strong momentum. According to WIND statistics, this year, the year-on-year export delivery value of auto parts and accessories manufacturing industry has gradually increased. It looks much better than the whole vehicle situation.

According to industry insiders, after the financial crisis, the trend of the global vehicle companies purchasing to low-cost areas has become increasingly evident. This is evident from the strong growth of auto parts export data. In the future, this trend will become more apparent.

Rapid recovery of parts exports

According to data from the China Automobile Association, in the first half of 2010, auto exports ended the trend of sluggish growth for the previous year, showing a recovery growth, with total exports of US$23.445 billion, a year-on-year increase of 50.24%. From the perspective of the export of seven categories of auto products, the auto The growth rate of the export of parts and components was significantly higher than that of the whole vehicle, with a total export value of 18.269 billion U.S. dollars, an increase of 54.52% year-on-year, which was higher than the growth rate of the whole vehicle export of 21.48% over the same period. The engine export value was 467 million U.S. dollars, an increase of 73.78% year-on-year; auto parts, The export value of accessories and bodywork was 9.967 billion U.S. dollars, an increase of 56.03% year-on-year; the export value of automobile and motorcycle tires was 4.126 billion U.S. dollars, an increase of 37.98% year-on-year; the export value of other automobile-related goods was 3.709 billion U.S. dollars, an increase of 70.47% year-on-year. Imports also showed rapid growth, with a total import of 12.724 billion U.S. dollars, a year-on-year increase of 90.65%.

National Securities analyst Fang Ju pointed out that the profitability of the auto parts segment has recovered to the best level in history in 2007, with a slight increase, and the economies of scale are gradually emerging. He expects that the overall revenue of the sector in 2010 will reach over 26%. The profit growth will exceed 50%, and the average gross sales margin will reach about 23%.

"The parts involved in a wide range, the data is difficult to statistics, the only data also shows that parts and components companies have developed rapidly in recent years." Guo Qing Securities auto analyst Wang Qingtao forecast to the "Daily Economic News", China's vehicle manufacturing industry in In the next few years, it will maintain an average growth rate of 15%, and the increase in the parts and components industry will be more flexible. The proportion of vehicles and parts will be about 1:1.2 to 1:1.3.

Global procurement restructuring expectation

Statistics released by Guangzhou Customs on July 27 showed that in the first half of 2010, Guangdong exported auto parts one billion US dollars, a year-on-year increase of 40%. Nearly 50% of automobile parts were exported to the United States, Japan and the European Union, and to emerging markets such as India and Brazil. Multiplying exports. At the same time, the quality of auto parts in China has been recognized by international automobile giants such as Volkswagen.

Senior Advisor of China Investment Advisor Li Xuerong told the “Daily Economic News” that after the rapid growth of automobile production and sales, it began to enter the normal growth track, and the automobile sales boom in the first quarter came ahead of schedule. After exceeding half of the expected high-speed growth, The growth is returning to a stable state. The response of auto parts lags behind that of auto vehicles. However, the opportunities brought by the global procurement system to auto parts companies in China are greater than the threats. The future demand for auto parts in China is still very broad. Export delivery The gradual increase in value is in fact a manifestation of the trend of the shift of global vehicle procurement to low-cost regions after the financial crisis, which will become even more evident in the future.

Not only that, the overseas mergers and acquisitions of domestic parts and components companies continue to emerge. Beijing Jingxi Heavy Industries has acquired Delphi's global automotive suspension and brake business, and Wanxiang Group has acquired the US DS automobile steering shaft business.... Analysts pointed out that domestically, As the large auto group pays more and more attention to its component parts business, an important trend in the future parts industry consolidation will be that the parts companies with the background of a large vehicle group will quickly become bigger and bigger through acquisitions and mergers. FAW, Dongfeng, etc. are typical representatives. SAIC has already completed this process.) Another important trend is that with the rapid expansion of the domestic automobile consumer market, the expansion of auto vehicles will increase the production and sales of auto parts companies. The promotion is an important factor in the strong demand for parts and components market. However, due to the small scale, many parts and components companies do not have the strength to provide corresponding needs for vehicle companies. This may promote the restructuring of the parts and components industry and bring more benefits to the industry. More investment opportunities.

5 companies or the most investment value

Li Xuerong further pointed out that foreign automakers' procurement in China focuses on products with cost advantages in China. From the analysis of product advantages of auto parts companies in China, labor-intensive products with competitive advantages and product areas that are close to international competitiveness Large-scale, from the perspective of long-term development, parts and components companies should strive to gain access to high value-added, high-tech content products as soon as possible through technological innovation and raising the level of research and development. If investments are to be made, the key industries to be considered include car navigation. Systems, shock absorbers, brakes, engines, batteries, air conditioning compressors, suspensions, etc.

Analysts pointed out that investing in auto parts companies can mainly grasp investment opportunities in the following five areas: a few companies that rely on technology leadership as their main competitiveness, representing the company Weifu Hi-Tech (000581, closing price of 16.70 yuan); in the traditional In the industry, its cost advantage and scale advantage have been confirmed by the market. The representative company is Fuyao Glass (600660, closing price is 11.11 yuan). Although it is a short board of domestic auto parts companies, it is expected that related companies will increase. The investment-convergence links, such as automotive electronics, represent Ningbo Huaxiang (002048, the closing price of 11.91 yuan) on behalf of the company; companies with reorganization prospects, such as Changan Automobile's acquisition of the automotive segment of AVIC Group, will gradually integrate the consolidated assets. Among them, Dongan Power (600178, closing price of 12.29 yuan) is undoubtedly a company worth looking forward to. Finally, the new energy field will be the most popular areas, in the battery, electrical, electronic control and other components, the main promising companies include Wanxiang Qianchao (000559, closing price of 12.87 yuan), Shuguang shares (600303, closing price of 18.17 yuan), Dayang Electric (002249, closing price of 28.80 yuan).