Increased competition! Auto parts listed companies slowed down in the first half of the year

At the end of the semi-annual report period in 2018, listed companies have handed over their transcripts for the first half of the year. According to the Securities Times reporter, the cumulative operating income of 134 listed auto parts companies in the first half of 2018 was 425.212 billion yuan, and the net profit was 32.75 billion yuan. Compared with the same period of 2017, it increased by 15.66% and 18.48% respectively. However, the median growth rate of these 134 companies was 7.5%, which was lower than the 14.5% in the first half of 2017.

After years of sustained high growth, China's auto industry has entered a period of steady growth. In the first half of this year, auto parts companies also showed a slowdown in performance growth and industry concentration. In the new energy vehicle industry chain, unicorns In the Ningde era, the net profit exceeded 900 million yuan, and the lion technology that suffered from rising raw material prices and policy subsidies fell over 300 million yuan. The auto parts enterprises located in the middle reaches of the industry are facing rising prices of upstream raw materials and sales of downstream vehicles. Slow double squeeze.

Slowdown in performance growth

Among the 134 listed auto parts companies, 95% achieved profitability in the first half of the year, and 8 reported losses. If the non-net profit index is more representative of the company's operating capacity, there are 12 deductible net profits, and there are still Jiucheng auto parts listed company achieved profitability. Although the overall profit is still profitable, but the performance growth rate can not escape the market and the big environmental impact, there are 76 auto parts companies with positive net profit growth year-on-year; 58 companies have experienced a slowdown in growth. The proportion is 43%.

Specific to the performance of each company, it reflects the significant concentration of the industry and the scale effect of leading enterprises. Weichai Power is the 'No. 1' in the list of auto parts listed companies this year. In the first half of 2018, the operating income and net profit were 82.264 billion. Yuan, 4.393 billion yuan, an increase of 13.8% and 65.8% year-on-year. This bright transcript was benefited by multiple favorable factors such as investment in fixed assets and emission reduction policies. The recovery of heavy truck market was obvious, and the sales volume of the company increased significantly. Huayu Automobile's revenue ranked second, with operating income of 81.627 billion yuan in the first half of the year and net profit of 4.774 billion yuan, a year-on-year increase of 19.34% and 35.32%. The net profit of the two companies added together totaled 9.167 billion yuan. It accounted for nearly 30% of the total net profit of 134 parts companies. In addition, the total net profit of the top 10 companies with the highest net profit was 16.627 billion yuan, which accounted for half of the total net profit of 134 companies in the first half of the year.

Significant head effect

In the first half of the year, the new energy auto industry became more and more obvious when the subsidy range was adjusted, the technical standards were improved, and the industry was further regulated.

In the Ningde era of power battery unicorns, revenue in the first half of the year was 9.359 billion yuan, up 48.69% year-on-year; net profit was 910 million yuan, and non-net profit was increased by 36.55% year-on-year. The net profit of 910 million yuan was ranked in 134 statistics. The number of auto parts listed companies ranked sixth, and the non-net profit growth rate ranked 20th. During the reporting period, the revenue of the Ningde era power battery system was 7.188 billion yuan, a year-on-year increase of 34.92%, accounting for 79.99% of the main revenue; Lithium battery material sales revenue was 1.747 billion yuan, an increase of 123.59% over the same period of last year. Ningde era said that the rapid growth of lithium battery material sales revenue mainly benefited from strong customer demand, sales growth of new lithium battery materials production capacity and raw material prices The increase in sales price brought by the rise.

The last one of the semi-annual report transcripts is the lion technology also located in the new energy industry chain. During the reporting period, lion technology realized operating income of 750 million yuan, a year-on-year decrease of 51.30%; net profit loss of 3.09 100 million yuan, a sudden drop of 75.261% year-on-year. The decline in the net profit of the company's revenue is closely related to the contraction of the company's major business segments. For the reasons why various business incomes are less than expected, the company said that due to domestic demand in the first half of 2018 Under the influence of subsidized retreat and market competition pressure, new energy vehicle enterprises will also pass the pressure to the upstream supporting enterprises while digesting the market pressure. The lithium battery industry will enter the reshuffle stage, and the substandard power battery products will gradually be eliminated by the market. The market price of Yuan Power Battery Pack also showed a large decline, and the payback period was longer, which brought great difficulties to new energy vehicle enterprises and upstream supporting enterprises. The reporter found that the gross profit of lithium battery materials in Ningde era was also affected by the increase in raw material prices. 11.3%, the gross profit of Lishi Technology's lithium battery products dropped by 49.75%.

In the middle of the industry, 'two heads get angry'

The prices of raw materials such as steel and non-ferrous metals, plastics and other raw materials continue to rise. The domestic auto market has entered a period of steady growth during the period of rapid growth, and auto parts companies are under pressure from upstream and downstream.

Among the 134 auto parts listed companies, the gross profit margin of the 134 auto parts listed companies has not decreased compared with the same period of last year. 78% of the auto parts listed companies have different degrees of gross profit compared with last year, including gross profit margin. There were 17 companies that fell more than 20% year-on-year.

Auto parts companies are not good at the taste of 'sandwich biscuits' between raw material suppliers and OEMs or distributors.

According to Wind data, the gross profit margin of Qinan's 2018 sales in the first half of the year was 8.1%, which was over 70% compared with the sales gross margin of 30.35% in the same period of 2017. In the first half of the year, the company achieved operating income of 386 million yuan, down 42.23% year-on-year; net profit The loss was 7,380,500 yuan, a year-on-year decrease of 106.17%. Qinan shares said that due to the slowdown in the growth rate of the automotive industry in the first half of the year, the sales volume of its major customers declined significantly, and the decrease in sales caused the company's output to decrease. Depreciation and amortization increased. It is understood that Qinan's major customer Changan Ford's production and sales in the first half of the year decreased by 38.32% and 38.95% respectively compared with the same period of the previous year. In addition, Qin An shares said that the company is also affected by factors such as rising raw material prices, plus The new customer project developed by the company in 2017 is still in the sample delivery stage, and has not yet formed a batch sales to realize the income, resulting in a serious decline in the company's performance in the first half of 2018 and a small loss.

Also affected by the rise in raw material prices, Jin Qilin, the main car brake pad. In the first half of 2018, Jin Qilin realized operating income of 686 million yuan, a year-on-year decrease of 6.79%; net profit of home delivery reached 36 million yuan, a year-on-year decrease of 64.19. In this regard, Jin Qilin said that the company has operational risks of fluctuations in raw material prices, and the main raw materials required for its production are friction raw materials (resins, synthetic fibers, metal powders, etc.) and steel. The company also said that if the prices of major raw materials such as steel There will be large fluctuations in the future, and the adjustment of the company's product price lags behind the adjustment of raw material purchase price, which will have a greater impact on the company's production costs.