Institutional Research Report Series | A-share Automotive Industry Panorama Research Report (below): Insight into the automotive industry chain domestic listed companies

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Author | Liao Dongchangshan

Edit | Soup Baozi

Explain, the market value of the Fengyun agency customer research report series, the middle and the outside of the article (market value of the wind industry customer research report series | A-share automotive industry 360 ° panoramic research (on); market value Fengyun institutional customer research report series | A-share automotive industry 360 ° Panoramic research: the whole vehicle industry (middle); market value Fengyun agency customer research report series (fan welfare articles) | Changan, FAW, BYD 002594, stock bar, etc., since April, the organization "overlapping" situation has taken off) The vast majority of readers who have been crying and crying for us to do value research have not really read it, but this research report, which has been sold to institutions, is still recognized by quite a few professional readers.

However, based on the responsibility of the institutional customers, after coordination, we made a certain desensitization treatment of the content of the conclusion (both the next episode), and only selected some dry goods content, and carried out the final push.

1. Bumper manufacturer

Blonde technology

The company is mainly engaged in the business of modified plastics, and is the largest enterprise in China with the most complete product range. From 2012 to 2015, the company's overall revenue increased slowly, and the year-on-year growth rate decreased year by year. In 2015, it experienced negative growth. In 2016, the annual operating income was 1.799 billion yuan, a year-on-year increase of 14.72%. In terms of net profit, from 2012 to In 2016, it decreased first and then increased, reaching a minimum in 14 years. The net profit for 2016 was 737 million yuan, a year-on-year increase of 3.51%. The modified plastics business is the main source of profit.

The gross profit margin level and the weighted ROE change trend are basically synchronized. From 2012 to 2016, the overall gross profit margin has not changed much, and it has remained basically within the range of 14%-18%, first falling and then rising. In 2014, the minimum level was 14.34. %, then increased, the gross profit margin for 2016 was 17.41%. Similarly, ROE also rose slightly after the first decline, with a weighted ROE of 8.62% in 2016.

Plit

The company focuses on the field of automotive materials. The business is research and development, production, sales and service of polymer materials and high-performance fibers and their composite materials. The main products are used as raw materials for processing and manufacturing composite parts for automobiles. Various related systems inside and outside the car. The company's operating income increased year by year, from 1.12 billion yuan in 2012 to 3.158 billion yuan in 2016, with an average annual compound growth rate of 21.12%. The net profit also increased year by year, but the growth rate fluctuated greatly.

In recent years, the gross profit margin has declined slightly, and it has rebounded to 26.33% in 2016. Accordingly, the weighted ROE has not changed much, maintaining the range of 13%-15%. In 2016, the gross profit margin increased, but the ROE decreased. Should be taken seriously.

2, rearview mirror: Blonde Technology, Junsheng Electronics

Junsheng Electronics

The company is mainly engaged in the research, production and sales of auto parts, covering intelligent automotive electronics, new energy automotive electronics, and intelligent manufacturing. In 2012-2016, the company's revenue and net profit maintained rapid growth, with an average annual compound growth rate of 36% and 21%, respectively. Among them, 2016 revenue and net profit growth rate were 130% and 61%, respectively. The annual growth rate has increased significantly, mainly due to the consolidation of KSS and PCC business, which has brought about a significant improvement in performance.

In 2012-2016, the company's gross profit remained basically within the range of 17%-21%. The change was not significant. However, in the context of a significant increase in revenue and net profit in 2016, the gross profit margin decreased, and should be given priority. Similarly, the weighted ROE was The downward trend is contrary to the growth rate of revenue and net profit.

3, car lights: blonde technology, Plit

The foregoing has been analyzed, slightly.

4, window glass: Fuyao glass, CSG A

Fuyao Glass

The company is a supplier specializing in automotive glass production, mainly engaged in the production and sales of float glass and automotive glass products. In the past five years, the company's revenue and net profit have grown steadily. The 16-year revenue and net profit scale were 16.621 billion yuan and 3.143 billion yuan respectively, with year-on-year growth rates of 22.45% and 20.53%, respectively.

In recent years, Fuyao Glass's gross profit margin has continued to increase, from 38% in 2012 to 43% in 2016, mainly due to the increase in the proportion of high value-added products. The weighted ROE has declined, but it remains near 20%. .

CSG A

The company's main business is the production, manufacture and sales of energy-saving building materials such as flat glass and engineering glass, renewable materials such as silicon materials and photovoltaic modules, and new materials and high-tech products such as fine glass. In the past five years, the overall growth trend of the company's revenue has slowed down significantly. In 2016, the annual growth rate was 8.974 billion yuan, a year-on-year growth rate of 20.8%. Although the net profit rebounded in the current period, the net profit for the year was 804 million yuan, a year-on-year increase. The rate was 27.7%, but the net profit showed a downward trend or continued.

In recent years, the company's gross profit margin has increased or decreased. On the whole, the fluctuation range is not large, basically maintaining the level between 21% and 28%. The gross profit margin level is significantly lower than that of the industry leader Fuyao Glass. Larger, from the highest level of 20.52% in 2013 to 7.7% in 2015, it has rebounded in 2016, reaching 10.32%.

5, instrument panel manufacturers: Plit, blonde technology

The foregoing has been analyzed, slightly.

6. Airbag manufacturer: Shenma shares, Huasheng Technology

Shenma shares

The company is a production and sales-oriented industrial enterprise, mainly engaged in the production and sales of nylon 66 industrial yarn, cord fabric and slice. It has the most complete and technologically advanced nylon industry chain in the world. In recent years, the company's revenue has declined year by year, reaching a minimum level in 15 years. It has rebounded in 2016. The annual operating income was 10.04 billion yuan, a year-on-year growth rate of 24.08%. Compared with revenue, the company's net profit increased year by year. In 2012, the revenue was the highest, but the loss was the most serious. In the following years, the correlation between net profit and revenue trends was significantly reduced.

In 2012-2016, the company's gross profit margin and weighted ROE increased simultaneously, but the gross profit margin did not exceed 10%, which was at a lower level, as was the ROE.

Huasheng Technology

The company is a system component provider specializing in automotive safety, with a product line covering passive safety system components such as automotive airbags and airbag bags. In recent years, the company's revenue and net profit have increased steadily year by year, and the growth rate has maintained a high level. In 2016, the annual revenue and net profit were 890 million yuan and 262 million yuan respectively, with a year-on-year growth rate of 31.56% and 50.27 respectively. %.

From 2012 to 2016, the company's gross profit margin increased year by year, reaching 46.75% in 2016. The weighted ROE is relatively stable, basically higher than 17%, and reached 26.33% in 2016.

7, seat: Plit, Tiancheng Automation, Shenda shares, HTC Hi-Tech

Plit: The previous article has been analyzed.

Tiancheng Automation

The company specializes in the development, production, sales and service of vehicle seats. At present, the company's main products are engineering machinery seats, commercial vehicle seats and agricultural machinery seats. The company is a leading enterprise in domestic engineering machinery seats. In 2012-2016, revenue and net profit increased year by year. However, the year-on-year growth rate fluctuated significantly. In 2016, the annual revenue and net profit were 361 million yuan and 35 million yuan respectively, with year-on-year growth rates of 23.4% and 5.43 respectively. %, revenue growth is much higher than the profit growth rate, or reflects the company's high cost and expenditure, there is a certain pressure on the management level.

In the past five years, the company's gross profit margin has not changed much, and it is in a stable state, basically maintaining the range of 30%-35%, but the weighted ROE is declining year by year, from 19% in 2012 to 6,37% in 2016. obvious.

Shenda shares

The company's main business includes textiles-based foreign trade import and export and domestic trade business, and industrial textiles business focusing on automotive interiors and textile new materials. From 2012 to 2016, the company's revenue and net profit showed a slight increase, and the year-on-year growth rate also increased. In 2016, the annual revenue and net profit were 8.675 billion yuan and 229 million yuan, a year-on-year growth rate of 12.57%. 21.45%.

In the past five years, the company's gross profit margin has increased year by year, reaching 10.94% in 2016; the weighted ROE has decreased, reaching 8.11% in 2016.

HTC Hi-Tech

The company is a large-scale enterprise integrating weaving and dyeing and weaving. At present, it has become one of the largest manufacturers of automotive interior fabrics in the country. It has advanced equipment such as the world's advanced level warping machines imported from Germany and other countries. It has formed a one-stop production line for weaving, dyeing, raising and shaping. In 2012-2015, the company's revenue decreased year by year until it recovered in 2016. The annual revenue was 570 million yuan. The net profit was fluctuating. In 2016, the net profit was 100 million yuan, a year-on-year growth rate of -19.49%.

From 2012 to 2016, the company's gross profit margin and weighted ROE decreased slightly. In 2016, the gross profit margin rebounded to 30.08%. In 2016, the weighted ROE remained at a low level, and in 2016 it was only 5.94%.

8. Structural parts manufacturer: Longsheng, Jifeng, AVIC

Longsheng shares

The company is a professional car seat metal parts manufacturer and one of the leading companies in the car seat functional parts industry. Mainly engaged in the development, production and sales of various types of car seat slides, angle adjusters and lifts and other stamping parts of the seat system. From 2012 to 2016, the company's revenue and net profit showed an increasing trend. In 2016, it achieved revenue of 422 million yuan, an increase of 4.18% year-on-year. In 2016, it achieved a net profit of 66 million yuan, a year-on-year growth rate of 63.48%. The listed company has been backed by the Guangqi system, and the future layout is super material.

In the past five years, the gross profit margin first fell and then rose. In 2016, the gross profit margin reached 33.41%. The weighted ROE showed a slight increase trend. The difference between the value and the gross profit margin was large, reaching 11.69% in 2016.

Jifeng shares

The company's main business is the development, production and sales of passenger car seat parts. The main products include passenger car seat headrests, headrest poles and seat armrests.

In the past five years, the gross profit margin has been declining. In 2016, the gross profit margin was around 35%, which was basically the same as the gross profit margin of the industry. The weighted ROE showed a significant downward trend. In 2016, there were still about 18%.

AVIC

The company is committed to providing system solutions for defense and people's livelihood. It mainly operates aviation and electromechanical industry and auto parts and other systems based on aviation core technology development. The current product spectrum covers hydraulic systems, fuel systems, aviation power systems, high lift systems, weapons and Hanging launch products and systems, car seat adjustment systems, air conditioning compressors, high pressure oxygen chambers, isostatic presses and other aviation and electromechanical related fields.

In the past five years, the gross profit margin maintained a narrow range of fluctuations. In 2016, the gross profit margin was close to 25%. The weighted ROE showed a downward trend. The difference between the value and the gross profit margin was large, and it was nearly 8% in 2016.

9. Carpet manufacturers: Plit, HTC, Shinda, Shuangxiang, Wanhua Chemical

Double elephant

The only company in China that has the production capacity of ultra-fine fiber super-real leather, PU synthetic leather and PVC artificial leather. Operating income increased year by year, but the growth rate slowed down noticeably, and the net profit fluctuated greatly.

In the past five years, the gross profit margin has risen and then increased, showing a distinct “V” pattern, but the overall gross profit margin is still low. In 2016, it was 14%. The weighted ROE fluctuated with the gross profit margin, but remained at a low level. In 2016, only It is 4%.

Wanhua Chemical

The company is mainly engaged in the research and development, production and sales of MDI-based isocyanate series products, aromatic polyamine series products and thermoplastic polyurethane elastomer series products. There are fewer raw materials related to automotive carpets, and this article will not discuss them.

10, door trim panel manufacturers: Plit, blonde technology

Plit, blonde technology has been analyzed in the previous article, slightly.

11. Brake pad manufacturer: Qixiang Tengda 002408, stock bar, Zhejiang Longsheng 600352, stock bar, Sinochem International 600500, stock bar, Sinosteel International 000928, stock bar, Jiuding new material 002201, stock bar, China Boulder 600176, stock bar, Yuntianhua 600096, shares, Changhai shares 300196, shares, Bo Yun new material

Qi Xiang Tengda

The company focuses on the research and development, production and sales of deep processing of raw carbon 4 into high value-added fine chemical products. At present, three product lines of carbon tetrabutene component comprehensive utilization product line, isobutylene component comprehensive utilization product line and butane component comprehensive utilization product line have been formed. The company's products can be used as brake pad raw materials, but the business is not a big part, this article will not discuss.