The report shows that although the global auto market is shrinking in 2009, the strong growth of the Chinese market has made the auto parts companies' products in short supply. Prices including steel, copper, rubber and other products are at historically high levels, but the low prices of human resources in China have just offset, making the profit margin of component companies generally maintained at 8% to 10%. Double the average.
This profit level is also 2 percentage points higher than that of the whole vehicle company. In 2009, the average profit rate of the automobile industry was 6% to 8%. Investigators generally believe that in 2010 and 2011, the profit margin of Chinese component companies will further increase.
However, from the perspective of exports, parts and components companies still regard the domestic market as the main market, while exports fell by 7% to 19.2 billion yuan.
From the perspective of the efficiency of business operations, AlixPartners selected working capital turnover time as a measure, that is, the period of accounts payable to accounts receivable, China's parts and components enterprises improved, from the original 78 days to 70 days. However, the gradual decline in the impact of the financial crisis is also seen as an important reason for the acceleration of capital turnover. The operating efficiency of Chinese component companies is about half that of similar companies in Europe, America and Japan.
Domestic component companies also started a wave of mergers and acquisitions in 2009, mainly in market behavior. For example, Weichai Power acquired French engine manufacturer Moteurs Baudouin SA, and Wanxiang Group acquired US Global Control Systems (Global). Steering Systems); there are also government-led acquisitions, such as Beijing West Heavy Industries' acquisition of Delphi brakes and suspension operations, Weichai Power, Shandong Construction Machinery and Shanqi were merged into Shandong Heavy Industries.
At present, the concentration of China's auto industry is still very low. The largest five automakers account for 50% of all sales, compared with 65% in the US and 87% in Japan. The situation of low concentration of automakers has caused the upstream supporting enterprises to be very fragmented. 100% of respondents believe that acquisitions and mergers will increase significantly this year and next year, and 40% of executives said they will have a merger plan in the future.
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