Industry Data] Financial Performance of 20 Domestic Auto Parts Listed Companies in 2017

As of April 1, China's auto parts listed companies have successively announced their 2017 performance reports. Among the 20 companies that have announced the announcement, the total operating revenue in 2017 reached 119.297 billion yuan, 17 listed companies achieved positive growth year-on-year, and three listed companies experienced declining revenue. Among them, automotive glass, tires, and lithium battery manufacturers are more optimistic.

At present, 20 listed auto parts companies have issued their 2017 annual financial reports. Its total operating revenue in 2017 reached 119.297 billion yuan, 17 listed companies achieved positive growth year-on-year, and three listed companies experienced declining revenue. In terms of net profit, except for Huayi Group and Keliyuan, 18 cars zero. The listed company’s total net profit reached 12.601 billion yuan, 11 listed companies’ net profits were positive, and 7 were negative.

Listed Companies of Some Auto Parts in 2017 by Operating Income (Unit: 100 million yuan, %)

Statistics show that from the operating income growth situation, the operating income of 20 auto parts listed companies shows a trend of “more or less or less”. Among them, nearly 90% of the company’s operating income increased at different levels. The operating income of 14 companies such as Xinquan, Xiyi, Shangchai, and Desai Batteries increased by more than 10% year-on-year, especially the operating income of Xinquan and Xiyi. Both are above 70%. Of the three companies whose business revenues fell year-on-year, except for Galaxy Electronics, the rest of the companies’ declines were all within 10%.

Among the 20 auto parts listed company operating income, Fuyao Glass, Linglong tires, racing wheel Jinyu and Desai battery four listed companies are in the first echelon, operating income is in the 10 billion yuan level, respectively reached 18.716 billion yuan, 13.913 billion yuan, 13.629 billion yuan and 12.486 billion yuan. There are 6 listed companies of the level of 50 to 100 billion yuan, namely, AVIC, Dayang Electric, Huayi Group, Jingwei, Qitian Lithium and Zongshen Power. Among them, due to the rapid development of new energy vehicles, Qitian Lithium's year-on-year increase of 40.09%; followed by Ocean Motors, an increase of 26.45% year on year, the performance is also very good.

Fuyao Glass still has an absolute advantage in the ranking of operating income of listed auto parts companies. The revenue of Fuyao Glass in China increased by 8.12% compared with the same period of last year, higher than that of the automobile industry (in 2017, the output of the automotive industry increased by 3.19%); the revenue of the company's automotive glass overseas business grew by 15.58% over the same period of last year, exceeding that of China. The growth of auto glass revenue. The U.S. plant realized profitability throughout the year: In 2017, the U.S. investment project (Fuyao U.S. and its two 100%-owned subsidiaries) achieved a turnaround. In 2017, it achieved operating income of 2.15 billion yuan and net profit of 5.0823 million yuan. Currently, Fuyao Glass has achieved rapid expansion of domestic and overseas production capacity, and the globalization has been steadily developing.

With the steady growth of domestic car ownership and the demand for replacing the tire market, the tire industry has maintained a steady growth in sales. In terms of operating income, Linglong Tire and Jinyu Racing maintained a good growth rate, with revenues up 32.28% and 22.42% respectively year-on-year.

As lithium-ion battery manufacturing technology continues to mature, product performance and quality will also steadily increase, while the cost is gradually reduced, lithium-ion batteries will be more widely used in new energy vehicles, the market prospects are considerable. Among the operating revenues, Desai Battery and Qitian Lithium's performance were outstanding, with revenues up 43.12% and 40.09% respectively year-on-year.

From the perspective of net profit, nearly 60% of companies also achieved growth. It is worth noting that the operating revenues of six companies such as Jingwei, Zhejiang Shibao, and Dayang Electric all increased steadily, while their net profits declined. Jingwei Co., Ltd. achieved operating revenue of RMB 5.688 billion in 2017, an increase of 18.2%, and net profit of RMB 317 million, a decrease of 50.16% year-on-year. The decrease in net profit was mainly due to the increase in financing costs and the increase in labor costs and depreciation expenses. Caused. The decline in Zhejiang Shibao's net profit was mainly due to the significant increase in the production and sales volume of electric power steering system products. The cost of individual projects mass-produced in the second half of 2017 was higher at the initial stage of mass production, making these projects less profitable.

In addition, CNAC, Zongshen Power, Dayang Electric and Sai Jinyu’s 2017 net profit all declined by about 15%, and they dropped by 0.71%, 6.43%, 17.98% and 18.34% respectively.

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