In 2016, the production volume and sales volume of automobiles in China reached 28,118,800 and 28,028,200, increasing by 14.46% and 13.65% YOY, respectively. This included 3,698,100 commercial vehicles being produced and 3,651,300 being sold, increasing by 8.01% and 5.80% YOY, respectively. The production volume and sales volume of passenger cars was 547,000 and 543,000, down by 7.4% and 8.7% YOY, respectively; that of trucks was 3.151 million and 3.108 million, up by 11.2% and 8.8% YOY, respectively. In 2016, China exported 708,000 automobiles, down by 2.7% YOY. The export of passenger vehicles was 477,000, up by 11.5% YOY; that of commercial vehicles was 231,000, down by 23.1% YOY.
The implementation of National Emission Standard V begins in 2017, raising the requirement on the emission upgrading, engine efficiency and technology of commercial vehicles. In addition to this, the issuance of GB1589-2016 and nationwide rectification of vehicles of illegal overloading and oversize will force a group of commercial vehicles which do not meet new standards out of the market, bringing room of growth to the commercial vehicle market. Changes will take place in the commercial vehicle market in 2017 and beyond. New products that meet National Standard V will emerge; both production and sales of new energy commercial vehicles will be improved on the basis of technological upgrading; new technologies and new models will also be promoted. Huge opportunities will be brought to the truck market by emission upgrading, favorable policies and market demand.
In this report, CRI analyzes 11 commercial truck and passenger vehicle manufacturers listed in A-share market in China.
The report is composed of two parts: the first part is enterprise profiles and the second part is the operation status of these enterprises in the recent decade (presently 2006 to 2016, we will update it to the latest as time goes by).
The operation status is demonstrated from the following perspectives: (1)financial indexes, such as earnings per share, book value per share (BPS), sales per share, net cash flow per share, return on net worth and debt to asset ratio; (2) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (3) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (4) indexes on the balance sheet, such as liquid asset, fixed asset, current liability, non-current liability, capital reserve and shareholders' equity.
(1) Financial Indexes
- Earnings per Share
- Book Value per Share (BPS)
- Sales per Share (SPS)
- Net Cash Flow per Share from Operations
- Net Cash Flow per Share (CNY)
- Return on Net Worth
- Net Profit Margin on Total Assets
- Return on Invested Capital (ROIC) (%)
- Gross Profit Margin on Sales (%)
- Net Profit Margin on Sales (%)
- EBIT Margin (%)
- EBITDA Margin (%)
- Debt to Asset Ratio (%)
- Total Asset Turnover (times)
- Cash/Operating Income Received from Sales of Goods or Services
- YOY Growth Rate of Operating Revenue (%)
- YOY Growth Rate of Operating Profit (%)
- YOY Growth Rate of Net Profit Attributable to Shareholders of Parent Company (%)
(2) Summary of Income Statement
- Gross Revenue (CNY, million)
- Total Operating Costs (CNY, million)
- Revenue (CNY, million)
- Operating Profit (CNY, million)
- Total Profit (CNY, million)
- Net Profit (CNY, million)
- Net Profit Attributable to Shareholders of Parent Company (CNY, million)
- Non-recurring Items (CNY, million)
- Net Profit Deducting Non-recurring Items (CNY, million)
- R&D Costs (CNY, million)
- Earnings Before Interest and Tax (EBIT) (CNY, million)
- Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (CNY, million)
(3) Summary of Balance Sheet
- Liquid Asset (CNY, million)
- Fixed Asset (CNY, million)
- Long-term Equity Investment
- Total Assets (CNY, million)
- Liquid Liability (CNY, million)
- Non-current Liability (CNY, million)
- Total Liability (CNY, million)
- Capital Reserve (CNY, million)
- Surplus Reserve (CNY, million)
- Undistributed Profit (CNY, million)
- Shareholders' Equity (CNY, million)
- Equity Attributable to Shareholders of Parent Company (CNY, million)
(4) Summary of Cash Flow Statement
- Cash Received from Sales of Goods and Services (CNY, million)
- Cash Flow from Operations (CNY, million)
- Cash Paid to Purchase Fixed Assets, Intangible Assets and Other Long-term Assets (CNY, million)
- Cash Paid for Investments (CNY, million)
- Cash Flow from Investments (CNY, million)
- Cash Received from Investors (CNY, million)
- Cash Received from Borrowings (CNY, million)
- Cash Flow from Financing (CNY, million)
- Net Increase of Cash and Cash Equivalents (CNY, million)
- Cash and Cash Equivalents, End of Period (CNY, million)
- Depreciation and Amortization (CNY, million)
Companies in the report:
1 Dongfeng Automobile Co., Ltd. (600006.SH)
2 Beiqi Foton Motor Co., Ltd. (600166.SH)
3 Anhui Jianghuai Automobile Group Corp., Ltd. (600418.SH)
4 Jiangling Motors Co., Ltd. (000550.SZ)
5 CNHTC Jinan Truck Co., Ltd. (000951.SZ)
6 Zhengzhou Yutong Bus Co., Ltd. (600066.SH)
7 Yangzhou Yaxing Motor Coach Co., Ltd. (600213.SH)
8 Liaoning Sg Automotive Group Co., Ltd. (600303.SH)
9 Xiamen King Long Motor Group Co., Ltd. (600686.SH)
10 Anhui Ankai Automobile Co., Ltd. (000868.SZ)
11 Zhongtong Bus Holding Co., Ltd. (000957.SZ)
1 Dongfeng Automobile Co., Ltd. (600006.SH)
2 Beiqi Foton Motor Co., Ltd. (600166.SH)
3 Anhui Jianghuai Automobile Group Corp., Ltd. (600418.SH)
4 Jiangling Motors Co., Ltd. (000550.SZ)
5 CNHTC Jinan Truck Co., Ltd. (000951.SZ)
6 Zhengzhou Yutong Bus Co., Ltd. (600066.SH)
7 Yangzhou Yaxing Motor Coach Co., Ltd. (600213.SH)
8 Liaoning Sg Automotive Group Co., Ltd. (600303.SH)
9 Xiamen King Long Motor Group Co., Ltd. (600686.SH)
10 Anhui Ankai Automobile Co., Ltd. (000868.SZ)
11 Zhongtong Bus Holding Co., Ltd. (000957.SZ)
