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The industry as a whole: 2014H1 has excellent earnings, closely following five main lines of investment
In 2014H1, the revenue growth rate of the automotive industry declined slightly, but it was still within a reasonable range. The overall performance of the industry's profitability is better than that of the revenue. Performance of the sector: Components> Passenger cars> Commercial trucks> Commercial buses. The overall decline in industrial operating capacity was mainly due to the obvious upward pressure on accounts receivable. Looking ahead to 2014H2, the overall prosperity rate of the automotive industry is expected to increase steadily, which is mainly due to the following: H2 sales season of automobile sales + N4 impact of commercial trucks gradually eliminated + acceleration of new energy vehicles. It is recommended to actively pay attention to five investments.
Passenger car: began to fall, 2014H2 even see the increase in concentration
Passenger car demand declined slightly in 2014H1, and the autonomy of joint ventures intensified. Earnings growth was faster than revenue, thanks to improved gross margins and continued high growth in investment income. Worry-free cash flow as a whole, but the back section pressure continued to rise <br> <br> commercial trucks: dropped significantly, highlighting opportunities H2 emission upgrade
The growth rate of demand for 2014H1 dropped significantly, among which the performance of light trucks was worse than that of medium-heavy trucks. The overall profitability still improved, mainly due to the increase in the proportion of medium-to-heavy cards and the improvement in the gross profit margin of the fourth national product.
In 2014H1, the overall cash flow deteriorated, and the pressure on accounts receivable was highlighted.
Commercial Bus: Continue to decline, 2014H2 new energy bus accelerates
2014H1 demand continued to decline, with large and medium-sized customers having the greatest impact. The overall decline in profitability was mainly due to the drop in gross profit margin caused by the decline in the proportion of Dazhong Kezhong and the poor cost control effect. In 2014H1, the deterioration of cash flow was exacerbated and exceeded seasonal factors. We expect H2 to improve.
Parts: Excellent performance, growth is still the main tone
The 2014 H1 parts and components industry followed the entire vehicle, but the overall revenue growth performance was better than that of the entire vehicle, mainly from joint venture customers' development and global industrial chain transfer. The profitability was superior to the revenue growth, which was mainly due to the proper cost control and the stable gross profit margin. 2014H1 operating capability remained stable, and individual stocks continued to diverge.
Looking into 2014H2: Deep Development of the Five Main Lines
1) The anti-monopoly of the auto industry will continue to deepen, giving China's auto service market an opportunity for development. It is proposed to actively deploy Jingu shares; 2) The new energy auto industry continues to ferment, and it is recommended to actively deploy the "Guangdong Accomplishment" and focus on "Asia-Pacific stocks". , "BYD," "Yutong Bus," and "JunSheng Electronics"; 3) Mid-to-long-term strong passenger car companies benefit from increased concentration, actively deploy reversed "Great Wall Motors", growth "Changan Automobile", and value-based "Shangqi Group"; 4) Accelerated development of the clean diesel vehicle industry chain, continued to be optimistic: "JMC", "Silver Wheel", "Weifu Hi-Tech"; 3) Continuously optimistic about the future development prospects of the automotive electronics industry, and actively concerned: " Asia Pacific shares, Junsheng Electronics, and Yunyi Electric.
Autos & Parts: Profitability Follow-up to Five Mainline Opportunities