At present, the annual reports of all listed companies in the automotive industry have been disclosed. "Daily Economic News" sorted out the performance of major companies in the industry and found that there have been some new changes in the Chinese automobile market: in large-scale auto groups, the profit contribution of joint venture brands has become increasingly prominent, and these car companies are in the process of joint venture companies. Profits were invested in independent research and development, and they seized domestic independent branded markets. In terms of self-owned brands, Great Wall Motors, with good profits, broke the three-division situation of Chery, Geely and BYD in the independent brand market. Competition between different development paths.
The correlation between the profitability of auto group-listed companies and the profitability of joint ventures is getting higher and higher.
"Daily Economic News" for Shanghai Automotive (600104, SH), Dongfeng Group (00489, HK), FAW Car (000800, SZ), Changan Automobile (000625, SZ), Guangzhou Automobile Group (00203, HK) Top Five Automobile Group 2010 A comparison of annual financial reports found that Shanghai Automotive, which has the highest profitability of the joint venture company, has significantly ahead of other companies in terms of revenue and net profit.
Xing Haizhi, an analyst at Cinda Securities Automotive Industry, said that with the benefit of scale, the increase in gross profit margin is the main driver of Shanghai Auto’s profit growth.
Jia Xinguang, an expert in the automotive industry, told reporters that after the joint venture enters its own brand automobile market through joint ventures, the survival of independent brand enterprises will become difficult. Among the major automotive groups, who have strong profitability of joint venture brands, who have less pressure to survive.
SAIC Motor Earns 13.7 Billion Yuan
Data show that in 2010, Shanghai Automotive's operating income was 313.376 billion yuan, an increase of 124.42% year-on-year; profit was 13.729 billion yuan, an increase of 108.26% year-on-year. It is understood that the substantial increase in operating income is mainly due to the Shanghai General Motors' consolidated statement from Shanghai Automotive since February 2010. Excluding this factor, the company’s actual revenue growth is about 40%.
As the automotive industry is product-oriented, sales growth determines the company's profitability. In 2010, the sales of Shanghai auto vehicles totaled 3.583 million, an increase of 31.52% year-on-year. Among them, Shanghai GM sold 1.0129 million units, an increase of 42.87%; Shanghai Volkswagen sales reached 1.014 million units, an increase of 37.50%; own-brand cars, Roewe, MG total sales of 160,400 units, an increase of 78%.
Xing Haizhi analyzed that Shanghai Automotive's net profit increased in 2010, mainly from the earnings growth of Shanghai GM, Shanghai Volkswagen and SAIC-GM-Wuling. Shanghai GM sold 101.21 million vehicles, which contributed a net profit of listed companies of approximately 5 billion yuan, a net increase of approximately 2 billion yuan. Shanghai Volkswagen contributed a listed company’s net profit of approximately 5 billion yuan, a net increase of approximately 1.7 billion yuan.
According to the analysis, the performance of Shanghai Volkswagen and Shanghai GM in the next two years is still promising. In the short term, SAIC Motor is expected to be the biggest beneficiary of the growth in the sales of mid- to high-end passenger cars and the pressure on Japanese cars to reduce production. In the medium and long term, new models such as the new Passat, Malibu and Captiva will be put on stream this year, and will Tiguan and other hot models will form a joint force, which will increase the certainty of the company's profit growth. On the other hand, the company's capacity growth for the next year can reach 20% to 30%, and the capacity utilization rate will still exceed 100%, which will bring upward flexibility to the company's performance.
Joint ventures become the main force for making money
From the profitability data of Shanghai Automotive, it can be seen that the profitability of the joint venture largely determines the profitability of the listed auto companies.
Like Shanghai Automotive, GAC Group also relied on its joint venture to achieve a significant increase in operating income and net profit. In 2010, GAC Group's annual operating income was 59.8 billion yuan, and its net profit was 4.33 billion yuan. Guangqi Honda, GAC Toyota, GAC Hino and GAC Fiat contributed a net profit of 4.68 billion yuan.
Chang'an Automobile's operating revenue in 2010 was 33.072 billion yuan, an increase of 29.2% year-on-year; net profit was 2.027 billion yuan, an increase of 80.9% year-on-year. Li Yuan, an analyst of Guodu Securities Automotive Industry, believes that in 2010, Changan Automobile's investment income mainly came from Jiangling Holdings and Changan Ford Mazda, of which the latter contributed 60% of net profit.
In contrast with the rapid growth of Shanghai Automotive, FAW Cars achieved sales revenue of 37.296 billion yuan in 2010, an increase of 34.43% year-on-year, and net profit of approximately 1.86 billion yuan, a year-on-year increase of 13.8%. As FAW Car only covers FAW Mazda, Pentium, Red Flag and other models, the company's performance growth is mainly from Mazda models, so the growth rate is slow. Analysts said that this is also one of the main reasons why FAW Group brewing the overall listing.
Dongfeng Group's 2010 results showed that the group's revenue was 122.395 billion yuan, an increase of 33.4%; the annual net profit was 10.981 billion yuan, and the main profit contribution still came from the joint venture brand.
Xing Haizhi stated that the demand for mid- to high-end passenger cars represented by joint venture brands in the Chinese auto market is growing steadily, and the competitive landscape is clear. Some dominant companies can also achieve 15% to 20% sales growth in this year's market environment.
Independent vehicle profit balance point
According to the report of the listed automobile companies, it can be found that group-listed companies mainly make profits through joint venture brands, and then invest in independent brand R&D and acquisition. This model is precisely the advantage of a grouped auto company compared to its own branded auto company.
Shanghai Auto's own brand has become a representative of the development of mid- to high-end cars for domestic self-owned brands due to its early start. According to the Shanghai Automotive 2010 Annual Report, the annual sales volume of the company’s own-brand passenger vehicles exceeded 160,000 units, an increase of 78% year-on-year, ranking top among the high-end self-owned brands. During the reporting period, the brand awareness of Roewe and MG brands quickly rose to 90.2% and 83.4%.
Xing Haizhi told reporters that according to the experience of the automotive industry, whether the annual sales of a single car brand passenger car can reach 100,000 cars is a measure of whether the car can be profitable. According to this standard, there are still very few models that are profitable for the group car companies. SAIC Roewe and FAW Pentium may be near the balance. Other companies have yet to be seen.
In the first quarter of 2011, China's auto market sold 3.84 million passenger cars, an increase of 9.08% year-on-year, and 1.15 million commercial vehicle sales, an increase of 5.44% year-on-year. Analysts said that sales growth in the second quarter is still expected to be close to 10% year-on-year, of which demand for passenger cars is expected to increase by about 15%, and SUV models by nearly 35%.
Due to the cancellation of preferential policies and the heightening of the auto market, the profitability of mid-to-high-end passenger car companies continued to rise, while the profit of low-end car models drastically decreased. In the first quarter of this year, Shanghai Automotive's net profit growth rate reached 65.27%, while the net profit of FAW Xiali (000927, SZ) and Changan Automobile (000625, SZ) decreased by 75.35% and 9.24% respectively.
In this regard, Xu Liuping, chairman of Changan Automobile, once stated that Changan Automobile had a relatively thin foundation before, and the development and R&D of future enterprises will be concentrated in the mid-to-high end areas.
Xing Haizhi said that with the Chinese auto market entering the adjustment period, the advantages of group companies will also be reflected in the diversity of business. The drop in gross profit margin may turn companies into other business areas, such as the automotive aftermarket. With the increase of market risk, this scale advantage makes the risk of group companies lower.
The correlation between the profitability of auto group-listed companies and the profitability of joint ventures is getting higher and higher.
"Daily Economic News" for Shanghai Automotive (600104, SH), Dongfeng Group (00489, HK), FAW Car (000800, SZ), Changan Automobile (000625, SZ), Guangzhou Automobile Group (00203, HK) Top Five Automobile Group 2010 A comparison of annual financial reports found that Shanghai Automotive, which has the highest profitability of the joint venture company, has significantly ahead of other companies in terms of revenue and net profit.
Xing Haizhi, an analyst at Cinda Securities Automotive Industry, said that with the benefit of scale, the increase in gross profit margin is the main driver of Shanghai Auto’s profit growth.
Jia Xinguang, an expert in the automotive industry, told reporters that after the joint venture enters its own brand automobile market through joint ventures, the survival of independent brand enterprises will become difficult. Among the major automotive groups, who have strong profitability of joint venture brands, who have less pressure to survive.
SAIC Motor Earns 13.7 Billion Yuan
Data show that in 2010, Shanghai Automotive's operating income was 313.376 billion yuan, an increase of 124.42% year-on-year; profit was 13.729 billion yuan, an increase of 108.26% year-on-year. It is understood that the substantial increase in operating income is mainly due to the Shanghai General Motors' consolidated statement from Shanghai Automotive since February 2010. Excluding this factor, the company’s actual revenue growth is about 40%.
As the automotive industry is product-oriented, sales growth determines the company's profitability. In 2010, the sales of Shanghai auto vehicles totaled 3.583 million, an increase of 31.52% year-on-year. Among them, Shanghai GM sold 1.0129 million units, an increase of 42.87%; Shanghai Volkswagen sales reached 1.014 million units, an increase of 37.50%; own-brand cars, Roewe, MG total sales of 160,400 units, an increase of 78%.
Xing Haizhi analyzed that Shanghai Automotive's net profit increased in 2010, mainly from the earnings growth of Shanghai GM, Shanghai Volkswagen and SAIC-GM-Wuling. Shanghai GM sold 101.21 million vehicles, which contributed a net profit of listed companies of approximately 5 billion yuan, a net increase of approximately 2 billion yuan. Shanghai Volkswagen contributed a listed company’s net profit of approximately 5 billion yuan, a net increase of approximately 1.7 billion yuan.
According to the analysis, the performance of Shanghai Volkswagen and Shanghai GM in the next two years is still promising. In the short term, SAIC Motor is expected to be the biggest beneficiary of the growth in the sales of mid- to high-end passenger cars and the pressure on Japanese cars to reduce production. In the medium and long term, new models such as the new Passat, Malibu and Captiva will be put on stream this year, and will Tiguan and other hot models will form a joint force, which will increase the certainty of the company's profit growth. On the other hand, the company's capacity growth for the next year can reach 20% to 30%, and the capacity utilization rate will still exceed 100%, which will bring upward flexibility to the company's performance.
Joint ventures become the main force for making money
From the profitability data of Shanghai Automotive, it can be seen that the profitability of the joint venture largely determines the profitability of the listed auto companies.
Like Shanghai Automotive, GAC Group also relied on its joint venture to achieve a significant increase in operating income and net profit. In 2010, GAC Group's annual operating income was 59.8 billion yuan, and its net profit was 4.33 billion yuan. Guangqi Honda, GAC Toyota, GAC Hino and GAC Fiat contributed a net profit of 4.68 billion yuan.
Chang'an Automobile's operating revenue in 2010 was 33.072 billion yuan, an increase of 29.2% year-on-year; net profit was 2.027 billion yuan, an increase of 80.9% year-on-year. Li Yuan, an analyst of Guodu Securities Automotive Industry, believes that in 2010, Changan Automobile's investment income mainly came from Jiangling Holdings and Changan Ford Mazda, of which the latter contributed 60% of net profit.
In contrast with the rapid growth of Shanghai Automotive, FAW Cars achieved sales revenue of 37.296 billion yuan in 2010, an increase of 34.43% year-on-year, and net profit of approximately 1.86 billion yuan, a year-on-year increase of 13.8%. As FAW Car only covers FAW Mazda, Pentium, Red Flag and other models, the company's performance growth is mainly from Mazda models, so the growth rate is slow. Analysts said that this is also one of the main reasons why FAW Group brewing the overall listing.
Dongfeng Group's 2010 results showed that the group's revenue was 122.395 billion yuan, an increase of 33.4%; the annual net profit was 10.981 billion yuan, and the main profit contribution still came from the joint venture brand.
Xing Haizhi stated that the demand for mid- to high-end passenger cars represented by joint venture brands in the Chinese auto market is growing steadily, and the competitive landscape is clear. Some dominant companies can also achieve 15% to 20% sales growth in this year's market environment.
Independent vehicle profit balance point
According to the report of the listed automobile companies, it can be found that group-listed companies mainly make profits through joint venture brands, and then invest in independent brand R&D and acquisition. This model is precisely the advantage of a grouped auto company compared to its own branded auto company.
Shanghai Auto's own brand has become a representative of the development of mid- to high-end cars for domestic self-owned brands due to its early start. According to the Shanghai Automotive 2010 Annual Report, the annual sales volume of the company’s own-brand passenger vehicles exceeded 160,000 units, an increase of 78% year-on-year, ranking top among the high-end self-owned brands. During the reporting period, the brand awareness of Roewe and MG brands quickly rose to 90.2% and 83.4%.
Xing Haizhi told reporters that according to the experience of the automotive industry, whether the annual sales of a single car brand passenger car can reach 100,000 cars is a measure of whether the car can be profitable. According to this standard, there are still very few models that are profitable for the group car companies. SAIC Roewe and FAW Pentium may be near the balance. Other companies have yet to be seen.
In the first quarter of 2011, China's auto market sold 3.84 million passenger cars, an increase of 9.08% year-on-year, and 1.15 million commercial vehicle sales, an increase of 5.44% year-on-year. Analysts said that sales growth in the second quarter is still expected to be close to 10% year-on-year, of which demand for passenger cars is expected to increase by about 15%, and SUV models by nearly 35%.
Due to the cancellation of preferential policies and the heightening of the auto market, the profitability of mid-to-high-end passenger car companies continued to rise, while the profit of low-end car models drastically decreased. In the first quarter of this year, Shanghai Automotive's net profit growth rate reached 65.27%, while the net profit of FAW Xiali (000927, SZ) and Changan Automobile (000625, SZ) decreased by 75.35% and 9.24% respectively.
In this regard, Xu Liuping, chairman of Changan Automobile, once stated that Changan Automobile had a relatively thin foundation before, and the development and R&D of future enterprises will be concentrated in the mid-to-high end areas.
Xing Haizhi said that with the Chinese auto market entering the adjustment period, the advantages of group companies will also be reflected in the diversity of business. The drop in gross profit margin may turn companies into other business areas, such as the automotive aftermarket. With the increase of market risk, this scale advantage makes the risk of group companies lower.
Since the SMC is a fast curing system, the quick closing of the press is important. If the press is closed too slowly after feeding, it is easy to appear pre-cured patch on the surface of the product, or it may be short of material or oversized. While achieving rapid closure, the mold closing speed should be carefully adjusted at the end of the press stroke to slow down the closing process and facilitate the exhaust.
Molding Pressure The SMC forming pressure varies with the structure, shape, size, and degree of SMC thickening. The simple shape of the product requires only 25-30Mpa of molding pressure; the shape of the complex product, molding pressure can reach 140-210Mpa. The higher the degree of SMC thickening, the greater the molding pressure required.
The size of the molding pressure is also related to the mold structure. The forming pressure required for the vertical parting structure mold is lower than that of the horizontal parting structure mold. A mold with a smaller gap requires a higher pressure than a mold with a larger gap.
The size of the molding pressure is also related to the mold structure. The forming pressure required for the vertical parting structure mold is lower than that of the horizontal parting structure mold. A mold with a smaller gap requires a higher pressure than a mold with a larger gap.
Sheet Molding Compound,Smc Hydraulic Press Machine 1000T,Smc Hydraulic Press Machine 1250T,Sheet Molding Compound Hydraulic Press Machine
CHENGDU ZHENGXI HYDRAULIC EQUIPMENT MANUFACTURING CO., LTD. , http://www.zxhydraulic.com