Automobile services are the service market after automobiles leave the factory, including new automobile sales, maintenance and repair, automobile decorations, car modification, automobile accessories, automobile insurance and finance and used car sales.
According to CRI research, since China joined the WTO, the Chinese economy has grown rapidly, boosting the development of the automobile industry. In 2016, the production and sales volume of cars reached 281.19 million and 280.28 million, up by 14.5% and 13.7% over 2015, respectively. China has been the world's largest producer and seller of automobiles for eight consecutive years. By the end of 2016, the vehicle reserve volume in China had amounted to 194 million, nearly three times higher than that in 2006. Meanwhile, per hundred households owned 36 cars. The number was over 70 in cities such as Chengdu, Shenzhen and Suzhou.
The automobile services industry is growing with surging production, sales and reserve volume. By the end of 2016, automobile dealers in China exceeded 70,000, about 20,000 of which are 4S stores. The number of automobile maintenance shops, modification stores and dealers totals to 1 million. Additionally, in 2016 the premium income of insurance was CNY 683.455 billion, up by 10.25% YOY. The structure of the automobile services industry are upgrading, shifting the profit generator from new car sales to car maintenance and repair as well as automobile accessories. Given constant economic development, the automobile services industry is expected to grow at a fast pace.
In this report, CRI analyzes 11 automobile services enterprises 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 China Grand Automotive Services Co., Ltd. (600297.SH)
2 Sinomach Automobile Co., Ltd. (600335.SH)
3 Shanghai Shenhua Holdings Co., Ltd. (600653.SH)
4 Pang Da Automobile Trade Co., Ltd. (601258.SH)
5 China Automotive Engineering Research Institute Co., Ltd. (601965.SH)
6 Eastern Pioneer Driving School Co., Ltd. (603377.SH)
7 Shenzhen Tellus Holding Co., Ltd. (000025.SZ)
8 Fujian Zhangzhou Development Co., Ltd. (000753.SZ)
9 China Cifco Investment Co., Ltd. (000996.SZ)
10 Yaxia Automobile Corp. (002607.SZ)
11 Fujian Longzhou Transportation Co., Ltd. (002682.SZ)
1 China Grand Automotive Services Co., Ltd. (600297.SH)
2 Sinomach Automobile Co., Ltd. (600335.SH)
3 Shanghai Shenhua Holdings Co., Ltd. (600653.SH)
4 Pang Da Automobile Trade Co., Ltd. (601258.SH)
5 China Automotive Engineering Research Institute Co., Ltd. (601965.SH)
6 Eastern Pioneer Driving School Co., Ltd. (603377.SH)
7 Shenzhen Tellus Holding Co., Ltd. (000025.SZ)
8 Fujian Zhangzhou Development Co., Ltd. (000753.SZ)
9 China Cifco Investment Co., Ltd. (000996.SZ)
10 Yaxia Automobile Corp. (002607.SZ)
11 Fujian Longzhou Transportation Co., Ltd. (002682.SZ)
