Analysis of China's Auto Parts Industry in the First Quarter of 2011

The CMIC (China Market Intelligence Center) recently released: In the first quarter of 2011, the Chinese auto industry continued its rapid growth trend at the end of 2010, showing a high level of overall performance. In March, it created a new monthly output of 1.827 million units. According to the latest issue of “China's auto industry production and sales news”, from January to March 2011, the China Association of Automobile Manufacturers statistics on 8426 auto parts manufacturers above designated size, 1016 companies are in a loss state, according to the number of enterprises The loss reached 12.06%. This data was generated when the number of 2818 statistical samples was reduced. It is not known whether these 2,818 auto parts manufacturers have closed or converted their products. If compared with the same period in the first quarter of 2010, the number of loss-making enterprises increased by 131, an increase of 14.80%.

As of the end of March 2011, the average number of all employees in the auto parts manufacturing industry was 2,249,500, an increase of 293,600 over the same period in the first quarter of 2010, an increase of 15.01%.

Looking at several indicators of the auto parts manufacturing industry, from January to March 2011, the industry’s main business income was 443.627 billion yuan, a year-on-year increase of 25.12%. This growth rate exceeded the main business of 19.43% of the vehicle manufacturing industry. The growth rate was 5.69 percentage points; compared with the same period of 2010, the growth rate of the main business income was 89.07 billion yuan, which was more than the growth of the main business of the auto manufacturing industry of 82.691 billion yuan, and the main business of the auto manufacturing industry was 118.919 billion yuan. The contribution of business growth was 47.40%, exceeding the 37.30% contribution of 10.10 percentage points in May 2010.

In terms of main business costs, from January to March 2010, the main business cost of the auto parts manufacturing industry was 373.242 billion yuan, an increase of 26.78% year-on-year, an increase of 78.831 billion yuan, and the amount and cost of cost increase also exceeded. The vehicle manufacturing industry.

In terms of total profit, from January to March 2011, the total profit of the auto parts manufacturing industry was 32.616 billion yuan, a year-on-year increase of 10.25%. Compared with the same period of 2010, the total profit growth amounted to 3.032 billion yuan, and its contribution to the entire industry of the automobile manufacturing industry was 43.49%. Although this level exceeded the contribution rate of 35.28% in May 2010, it was 8.21 percentage points. However, there is still a gap of 61.47% from the vehicle manufacturing industry. The formation of this gap is mainly due to the discrepancy between the auto parts manufacturing industry and the vehicle manufacturing industry in terms of sales profit margins, cost-cost margins, total asset contribution rate, and return on net assets. The four indicators for the first quarter of the vehicle manufacturing industry were 9.14%, 10.33%, 22.02%, and 8.35%, respectively. The four indicators for the component manufacturing industry in the first quarter were 7.35%, 8.06%, 15.51%, and 5.88%, respectively. .

From other indicators of the auto parts manufacturing industry, from January to March 2011, the total assets of the industry totaled 1.2 billion yuan, up 25.58% year-on-year; current assets were 770.62 billion yuan, up 28.65% year-on-year; accounts receivable 265,157 million yuan, an increase of 22.27% over the previous year; inventory of 167.397 billion yuan, an increase of 31.92%, of which 72.553 billion yuan in finished goods inventory, an increase of 24.63%. The above data shows that the status of liquidity in the industry is still good, but at the same time, the company’s inventory increases more, account receivable accounts for a certain percentage, the company’s income increase and large-scale capital occupation coexist, and the company’s sales profit rate and other efficiency indicators have declined. Compared with corporate earnings, inventory is over-consumption of funds, and in-products also account for a large proportion, which may be due to the fact that companies have to deal with changes in the market and costs.

From January to March 2011, the industrial output value of auto parts manufacturing industry reached 447.474 billion yuan, an increase of 27.05% year-on-year; the value of export delivery was 34.927 billion yuan, a year-on-year increase of 25.08%; the product sales rate was 98.25%, compared with the previous year. Increased by 0.52 percentage points over the same period; sales margin was 7.35%, which was 0.99 percentage points lower than the same period of last year; liquidity turnover rate was 2.30 times, 0.07 times lower than the same period of last year; cost cost profit margin was 8.06%, compared with the same period of last year The decrease was 1.19 percentage points; the total asset contribution rate was 15.51%, a decrease of 1.72 percentage points from the same period of last year; the net assets return rate was 5.88%, a decrease of 1.11 percentage points from the same period of last year.

In terms of imports and exports, from January to April 2011, exports of auto parts (excluding tires) were US$8.487 billion, up 33.41% year-on-year. Among them, 1.403 million engines were exported, an increase of 39.91% year-on-year; the export value was US$530 million, a year-on-year increase of 65.64%. The amount of auto parts, accessories and body exports was US$7.957 billion, an increase of 31.70% over the same period of last year. From January to April 2011, the value of auto parts imports was US$9.314 billion, a year-on-year increase of 19.42%. Among them, the engine imports 405.9 thousand units, an increase of 34.59%; the amount of imports was 1.041 billion US dollars, an increase of 27.14%. The amount of auto parts, accessories and body imports was US$8.273 billion, a year-on-year increase of 18.51%.

From January to April 2011, the net imports of auto parts in the industry totaled 828 million U.S. dollars, the engine’s net exports were 1,024,300, and the net export value was -5.11 billion U.S. dollars; the net export of transmissions was 243,600 units, and the net export value was 2,579 million U.S. dollars. Here, the difference between the export volume and the amount of the engine and the transmission is mainly the difference in the value of the single-piece import and export. In fact, the grade and structure of the imported and exported products are not the same. From January to April of 2011, the average unit price of imported engines was 2,564.45 US dollars per unit, the average export unit price was 370.31 US dollars per unit; the average import unit price of transmissions was 1,947.39 US dollars per unit, and the average export unit price was 170.00 US dollars per unit.

In addition, from January to March 2011, the total auto industry debt of the auto parts manufacturing industry was 676.065 billion yuan, an increase of 124.982 billion yuan year-on-year, an increase of 22.65% year-on-year; the industry-wide debt ratio was 54.93%, a decrease of 1.32 from the previous year. Percentage.

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