Dramatic commercial vehicle market dragged down parts companies

Although many auto listed companies are still looking forward to the improvement of the auto market and stabilization of raw material prices in the second half of the year, the slowdown in the growth of auto production and sales so far has not been effectively alleviated, and the slump in auto sales in the first three quarters has been Affect the performance of many parts companies.

As of yesterday, more than 40 auto listed companies had issued their third-quarter performance forecasts. Of these, eight of them had become listed companies for parts and components. More than 50 percent of the company's forecasted net profit forecasted their net profit to decline year-on-year. From the perspective of companies that have disclosed reports or notices, the most significant change in performance is for the company's shares (002265.SZ), and the company expects its performance to decline by 500% in the third quarter.

The growth rate of the listed company’s revenue has rapidly declined. In particular, the number of listed parts and components companies supplying commercial vehicles and mini-vehicles has dropped most significantly. This can be seen from the Changchun Yidong (600148. SH), Far East, which has disclosed the third quarterly report. Transmission (002406.SZ), West Pump (002536.SZ) and other companies see the clues.

According to the third quarterly report of West Pump's shares, the company realized a net profit of 55,373,600 yuan from January to September of this year, a year-on-year decrease of 17.88%. Among them, from July to September, the company only achieved a net profit of 3.7556 million yuan, a year-on-year decline of 77.77%. The third-quarter report of Changchun Yidong, the largest manufacturer of auto clutches with the largest domestic production capacity and strongest supporting capacity, showed that the sales revenue of the company decreased by 33.13% year-on-year from July to September, and the net profit was 3.092 million yuan, a year-on-year decrease of 56.24%. Other companies such as Far East Drive and Jingu (002248.SZ) have also experienced declines in their performance.

A closer look at the major customers of these companies will show why. Reporters found that the main customers of Changchun Yidong were five companies including FAW Jiefang Automobile Co., Ltd., FAW Jiefang Qingdao Automobile Factory and Baotou Beiben Heavy Vehicle Penglai Branch. The revenue contribution ratio of these five companies was 58.4%. Like Changchun Yidong, the major customers of the West Pump Group are also Weichai Power Spare Parts Co., Ltd., SAIC-GM-Wuling Co., Ltd., and Cummins Inc., which account for 34.9% of the total revenue contribution of the five companies.

The micro-car sales of Changan Automobile (000625 SZ) and SAIC-GM-Wuling are significant in the micro-vehicle industry, but this year the sales of these two companies have declined as the overall mini-vehicle market declines, and the performance of commercial vehicles such as FAW Liberation has not performed as well. ideal.

According to the sales data released by Changan Automobile on October 13, September this year, the output of automobiles was 133,800 units, a year-on-year decrease of 22.07%; vehicle sales volume was down 4.03% year-on-year to 143,000 units; from January to September this year, the company achieved a total of 1,232,200 vehicles. Vehicles, down 8.14% year-on-year.

Analysts of Xiangcai Securities pointed out in their research report on the West Pump Co., Ltd. that the sharp decline in the growth rate of commercial vehicles this year has resulted in Xipu’s significant impact on commercial vehicle products, while the passenger vehicle sector has been in a period of strategic expansion. Therefore, the sales cost is relatively high, and in the context of this year's declining business climate, market competition has intensified, and the company's products may experience a "price-for-market" situation, while the upstream raw material prices continue to maintain a relatively high level, leading to the company's product gross margin. A sharp decline.

Not only are the sales of several major mini-vehicle companies and commercial vehicle companies declining, but the performance of the entire commercial vehicle market and micro-vehicle market can also be described as dismal.

According to the statistics of the China Association of Automobile Manufacturers, from January to September, the production and sales of commercial vehicles were 2,976,200 and 3,059,700, respectively, down 7.37% and 4.79% year-on-year respectively. During this period, production and sales of crossover passenger vehicles (ie, micro-customers) were reported. Declined by more than 10%.

Chen Wenkai, the president of Gasgoo.com, told the reporter that with the influence of the country’s macroeconomic regulation, favorable policies such as automobile going to the countryside and trade-in have been withdrawn, which has had a certain impact on the sales of commercial vehicles. In order to curb inflation, the country has adopted a tightening monetary policy. It also has a great impact on the automotive industry. At the same time, a large part of the domestic listed parts and components companies are mainly commercial vehicle customers. This is an important reason that affects the performance of the parts and components companies.