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A loss is a loss, a glory and all Rong. In China, the dependency of the commercial vehicle parts market on the development of complete vehicle companies is increasing, and the continuous decline in the commercial vehicle market drags down related performance.
Recently, listed companies such as Weichai, Weifu Hi-Tech, Bohai Pistons, West Pump Co., Ltd. and Xiyi Co., Ltd. have successively issued 2012 performance reports, and most of the commercial vehicle parts and components suppliers’ 2012 revenue and net profit declined sharply. Even loss.
Seeing the spotted leopards, these relatively powerful domestic parts and components companies have suffered severe injuries, and those domestic parts and components companies with weak strength have been hit hard by this. Many companies’ “life†is already in jeopardy.
In the micro-growth environment, the refinement of commercial vehicles is continuously improving, and the research and development capabilities of parts and components are becoming more and more demanding. Auto parts companies that used to survive at low cost will be unsustainable, and local commercial vehicle parts and components will Ushered in a major reshuffle of survival.
Loss of both ends
In 2012, the commercial vehicle market fell sharply, and the annual report of the listed component companies affected all this without exception.
Net profit decreased by 46.56%, revenue decreased by 19.75%, heavy truck engine sales decreased by 34.8%, and market share fell from 36.16% to 32.6%. According to Weichai Power's 2012 annual report, the company’s production and sales of heavy-duty truck engines and transmissions decreased by more than 30% year-on-year was mainly due to the downturn in the heavy truck market and the economic slowdown.
Weifu Hi-Tech, which is also concerned about by the industry, was not spared. In 2012, Weifu Hi-Tech achieved a net profit of 889 million yuan, a year-on-year decline of 26.2%. Xingmin Steel Ring, a supplier of commercial vehicle parts and components, also stated recently that due to the slowdown in the growth of the auto market in 2012 and the continued decline in the commercial vehicle market, the decline in medium- and heavy-duty trucks was relatively large, the company’s orders were relatively reduced, and its operating performance decreased. .
According to Bohai Pistons' announcement, the company's total operating revenue in 2012 was 1.414 billion yuan, a year-on-year decrease of 22.46%; the net profit attributable to shareholders of listed companies was 40.788 million yuan, a year-on-year drop of 59.37%. The reason is that the company's overall industry continued to slump in 2012, especially the commercial vehicle market continued to decline, the company's production and operation have been affected.
One of China's largest car engine connecting rod professional production company - Xiyi shares, in 2012 the total operating income of 340 million yuan, a year-on-year decrease of 11.21%; operating profit decreased by 148% year-on-year, total profit decreased by 242.42%.
Development Circle
The listed parts and components companies such as Weichai, Weifu Hi-Tech, Xingmin Steel, and Bohai Pistons are companies with relatively strong capabilities, R&D capabilities, and independence. In China, there are tens of millions of parts and components companies supporting commercial vehicles. They are fully dependent on the entire vehicle factory to survive, relying on price competition, and the R&D capability is almost zero.
In the past, despite the many problems faced by commercial vehicle parts and components companies, most companies still survived. The key lies in the demand for vehicle manufacturers. Although the profits of parts and components companies are very low, the cost is not very high.
Most parts and components companies are still limited to peer-to-peer marketing models, and it is difficult to get out of the regional market, and it is even more difficult to become a well-known parts and components company. Hard-to-finish commercial vehicle parts and components companies are still struggling in the era of meager profits.
At present, auto parts companies are caught in two strange circles that are difficult to get rid of: one is that local protectionism seriously causes one-to-one marketing of parts and components companies; companies are stuck in low-price competition and do not pay attention to intellectual property protection, which in turn increases the number of places. protectionism. The second problem is that low-tech content leads to low profits, which in turn makes it difficult to sustain R&D funds, which in turn results in low technical content.
Jump out of the siege
In the era of micro-growth, local component companies have been forced to transform and get out of the turmoil. While powerful parts and components companies have already stepped out of the cycle one step ahead, they are now struggling to get rid of the high-risk siege of a single business and accelerate the transformation of diversified businesses.
Take Weichai as the representative, it has extended its business scope to new areas such as passenger cars, medium and light engines.
As the market for commercial vehicles continues to decline, West Pump has also had to adjust its business direction, switch to passenger cars and the international market, and abandon part of the commercial vehicle business.
The era of micro-growth is approaching the arrival of local commercial vehicle parts suppliers
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