1
Sector Report
May 9, 2018
Kelly Zou—Analyst
(852) 3698-6319
Wong Chi Man—Head of Research
(852) 3698-6317
China Autos: Still waters that run deep
Sea change in China’s auto industry. On the surface, auto sales may appear stagnant in
2018, with only single-digit growth; however there are strong undercurrents that herald
structural changes. The international luxury brands may remain strong, but the mid-end
segment is being squeezed by (i) the consolidation of local manufacturers, and (ii) waves
of well-capitalized new entrants with a technological edge. Aside from the emergence of
EVs, changes in technologies, materials, on-line distribution channels, used-cars sales,
auto-financing, and policies on foreign ownership will fundamentally transform the industry.
Front-row seat at the upheaval. We see a new pecking order in the industry emerging in
the next 24 months. As there is no substitute for diligent footwork in this fast-evolving
environment, we recently took our clients on a 360o tour across China, which included: (i) a
first-hand intro to new models at the Beijing Auto Show; (ii) meetings with innovative auto
manufacturers, such as Geely (175 HK); (iii) strategy discussions with new EV disruptors,
such as Byton, the NEV business arm of China Harmony Auto (3836 HK); (iv) visits to the
production facilities of auto-parts suppliers; (v) comparisons of traditional 4S shops and
online auto distribution platforms, such as Yixin Group (2858 HK); and (vi) discussions with
industry experts and consultants.
Leaders in the new hierarchy. In a period when consumers are spoiled with new car
choices, the market will rightly focus on new car models that have the desirability factor,
new EV and automation technology, performance and pricing. The schedule below shows
the introduction dates of the most-anticipated models. Many existing players will lose out
due to inadequate funding, poor technology, or even deteriorating partnerships (the OEM
JVs). However, the potential champions will require time to ramp up capacity and
distribution networks. We are therefore also positive on competitive auto-parts companies
Nexteer (1316 HK) and Shenzhen Inovance (300124 CH), and distribution/service
providers Yixin and Dah Chong Hong (1828 HK), which can take advantage of these
industry changes.
Key things to watch for in the next 12-18 months.
Source: CGIS Research
China auto and auto parts sector
2H18 1H19 2H19
CATL A-share listing
BAIC BAIC BJEV IPO in A-share in 3Q
Benz Launch of new China-made C-class, GLC and new A-class Local production of EQC EV in China
BMW Launch of China-made X3 model, X2 and X7 imported models and i3 and i8 models
Geely Launch of Lynk 02
Great Wall Launch of WEY VV6, WEY P8, WEY VV5s Hi4 and VV7s Hi4 and Haval new H4 Launch of ORA R2 EV
BYD Launch of new model Qing, Song EV and Yuan EV360 Launche of new EV compact sedan
NIO Launch of ES8 Plan to file for IPO in the US
WM Motor Product launch
Xpeng Launch of 1st sedan product
Byton Launche of its first SUV
2
Figure 1: China PV market share: local brands vs. JV brands
Source: CAAM, CGIS Research Source: CAAM, CGIS Research
Figure 2: China overall PV sales growth vs. NEV sales growth
OEMs– local brands and the new power of auto manufacturers
China passenger vehicle sales rose only 1.9% YoY in 2017, the lowest growth rate in at least a decade. The growth slow-down in
2017 was due to the end of tax incentives. With the government subsidy cut, auto sales growth will remain subdued in 2018. Having
said that, the growth will be seen mainly in rural areas, where car ownership is still low. Rising urbanization is expected to drive auto
sales growth faster than the market’s average growth.
Underneath the weak auto demand, changes in the industry hierarchy are taking place. Local OEMs have been gaining market share
from JV brands since 2013 (Fig 1). With product upgrades, local OEMs can provide products which are the best fit for consumer
demand in rural areas. In addition, with government support of NEV and smart vehicle development, auto manufacturers have
emerged with new power to become part of the auto industry force. We visited the Geely plant and met senior management during our
auto trip. We also met senior management of Byton at the auto show. Byton, the NEV investment arm of China Harmony, is a new
power in auto manufacturing. It recently entered into a strategic cooperation agreement with FAW Group.
Leveraging Volvo’s engineering resources, Geely offers products with a more compelling value proposition than its peers, not only
local ones, but also mid-end JV brands. With its multi-brand strategy, the Company is gaining market share in both the low-end
and mid- to high-end markets. Its best-selling vehicles include the Emgrand sedan, Borui SUV and Lynk 01. The Company plans
to launch the Lynk 02 in 2H18. The Company targets sales of Lynk models to reach 1.5m units in 2018, representing around a
20% YoY increase in sales.
Figure 3: Geely Concept Icon SUV at Beijing Auto Show
Source: CGIS Research Source: CGIS Research
34% 36% 34% 34% 35% 33% 32% 34% 35% 38% 42% 44% 46%
21% 23% 26% 24% 23% 22% 19% 18% 17%17%
16% 17% 17%
17%18% 18% 17% 18% 19% 22% 21% 21% 20% 19%
20% 21%13%
12% 10% 11% 12% 12% 14% 14% 14% 13% 12%12% 11%10% 6% 8% 10% 9% 10% 10% 10% 10% 8% 8% 5% 4%5% 4% 3% 3% 3% 3% 3% 3% 4% 4% 3% 2% 2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1Q18
Local Japanese German US Korean French
0.0%
50.0%
100.0%
150.0%
200.0%
250.0%
300.0%
350.0%
400.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
2010 2011 2012 2013 2014 2015 2016 2017 1Q18
PV NEV(rhs)
Figure 4: Geely Borui GE sedan at Beijing Auto Show
3
Figure 5: Geely Boyue SUV at its Ningbo Chunxiao plant
Source: CGIS Research Source: CGIS Research
Figure 6: Geely Lynk O2 crossover SUV at Beijing Auto Show
Figure 7: GAC Trumpchi GA4 SUV at Beijing Auto Show
Source: CGIS Research Source: CGIS Research
Figure 8: Great Wall WEY P8 SUV at Beijing Auto Show
Figure 9: Pricing and engine size comparison: Geely vs. peers
Model Engine size Price range (Rmb th,
factory instruction
price)
Category Model Engine size Price range (Rmb th,
factory instruction
price)
Category
Geely Emgrand GL 1.3T/1.4T/1.8L 78.8-115.8 Compact sedan Geely Boyue 1.8T/2.0L 100.3-140.2 Compact SUV
SAIC VW Lavida 1.2T/1.4T/1.6L 109.9-159.9 Compact sedan Lynk 01 2.0T 158.8-220.8 Compact SUV
FAW Toyota Corolla 1.2T/1.6L/1.8L 107.8-175.8 Compact sedan Lynk 02 na na Crossover SUV
Dongfeng Nissan Sylphy 1.6L/1.8L 99.8-159 Compact sedan SAIC VW Tiguan 1.4T/1.8T 199.8-237.8 Compact SUV
GAC Trumpchi GA4 1.3T/1.5L 73.8-115.8 Compact sedan FAW Toyota RAV4 2.0L/2.5L 179.8-269.8 Compact SUV
Geely Borui 1.8T/2.4L 119.8-179.8 Middle-class sedan Dongfeng Honda CR-V 2.0L 219.8-259.8 Compact SUV
SAIC VW Passat 1.4T/1.8T/2.0T 189.9-303.9 Middle-class sedan Great Wall WEY VV5 2.0T 150-163 Compact SUV
GAC Toyota Camry 2.0L/2.5L 179.8-279.8 Middle-class sedan Great Wall Haval H6 1.5T/2.0T 103-146.8 Compact SUV
Dongfeng Nissan Teana 2.0L/2.5L 175.8-298.8 Middle-class sedan GAC Trumpchi GS4 1.3T/1.5T 99.8-161.8 Compact SUV
GAC Honda Accord 1.5T/2.0L/2.4L 169.8-279.8 Middle-class sedan
GAC Trumpchi GA6 1.5T/1.6T/1.8T 102.8-196.8 Middle-class sedan
Source: CGIS Research
4
China’s NEV sales rose 53.3% YoY in 2017 to 777k units, making China’s world’s largest NEV market. Other than the leading NEV
players like BYD, SAIC and BAIC, there are new power for NEV and smart vehicle development emerging during recent years. At the
Beijing Auto Show, we have seen more than 170 new brands for their concept and soon-to-be-launched NEVs. With R&D team
funding from internet and high-tech companies, these so-called new power for vehicle manufacturing focuses only on R&D of NEVs
and smart vehicles. They try to come up with right NEV products with technology that can supersize the experience and functionality
of a smart phone. After all, they see huge commercial opportunities from peoples’ interaction with smart vehicles. So building a hit
vehicles mean they can sell their NEV or smart vehicle ecosystem, so they can find the commercial opportunities from people
interaction with their NEV or smart vehicles. But it still takes very long time for these new power to beat traditional OEMs for product
development and manufacturing. At current stage, we mainly see cooperation between traditional OEMs and these new power.
We met Byton at the auto show. Byton, along with WM Motor, Xpeng and NIO, are better positioned than other new powers,
considering they are well supported either by BAT or by traditional OEMs. Byton recently entered strategic alliance with FAW.
Byton, with R&D team coming from BMW, Tesla, Apple and Google and also recently FAW coming onboard, has different
strategy for its vehicle development. Byton puts its product development focus on smart vehicles instead of NEVs. At the show,
its concept SUV, which is to be launched to the market in Q4 2019, takes us to the forefront of connected mobility. The vehicle
offers users a fast and reliable connection with exterior data highway. Byton sets this SUV price at Rmb300k excluding
government subsidy, which we believe is not that demanding given the value proposition.
Figure 10: Reliability index for NEV models of new power of auto manufacturers
Source: QCTT, CGIS Research
Scoring criteria Scale
1 Production
Capability
2 Funding
3 Mass
Production
4 Senior
Management
5 Factory
6 Others 5 Scoring is discretionary based on actual situation.
15
15 points for receiving EV licenses from both Ministry of Industry and Information Technology (MIIT) and National
Development and Reform Commission (NDRC). 8 points for receiving one of the two. 4 points for outsoursing production to
OEM.
Guidance
Scoring is based on standing among all automakers in terms of funds raised.
0 point for concept cars. 8 points for being listed the catalogue of MIIT or in the process of application. 15 points for
completion of product launch and delivery to customers. Points can be adjusted discretionarily.
Factors such as joining of former senior management from high profile auto companies, experienced domestic and oversea
R&D team, teaming up with high profile internet companies will be took into consideration.
Scoring depends on the progress of the construction of manufacturing plant. 15 points for having any plant that has gone into
full operation. Points can be adjusted discretionarily.
Production
Capability Funding
Mass
Production
Senior
Management Factory
Government
Support
Core
Technolog Branding
Product
Strategy Innovation Total
1 WM Motor (EX6) 8 14 8 14 10 4 4 4 4 4 74
2 NIO (ES8) 4 8 14 14 13 4 4 4 4 4 73
3 Changjiang EV 15 8 8 10 14 4 4 3 3 4 73
4 Yudo Auto (π1/3/7) 15 2 14 10 13 4 3 4 4 3 72
5 Wanxiang EV (Revero) 8 4 14 14 13 4 4 4 4 2 71
6 Hozon Auto (Hozon @) 8 10 5 14 14 4 3 4 1 3 66
7 CH-Auto (Qiantu) 8 8 8 10 13 4 4 3 4 3 65
8 Xpeng (G3) 4 10 12 10 10 4 4 4 2 4 64
9 Dearcc (EV 10) 4 8 14 10 10 4 3 4 3 4 64
10 NEVS (9-3X) 8 8 8 10 12 4 4 2 4 3 63
11 Singulato (iS6) 0 10 8 10 10 4 4 4 4 4 58
11 Byton 0 14 0 14 10 4 4 4 4 4 58
5
Figure 11-12: Investor meetings at Dah Chong Hong’s Bentley dealer shop in Shanghai
Source: CGIS Research Source: CGIS Research
Auto distribution– traditional dealers and online auto service providers
We provided our investors with an opportunity to visit Dah Chong Hong and Grand Baoxin for channel checks. Most of dealers are
struggled with not only weak auto demand growth, but also poor margins on new car sales. Earnings growth is thereby increasingly
coming from their after-sales service business, especially from auto financing and used car sales. New car sales growth depends
increasingly on whether they can shift their revenue mix towards fast-growing premium brands, like Benz, Lexus and BMW.
We also met Yixin Group, the online auto service platform listed last year. The Company generates revenue from its online platform
facilitating both new and used car sales, auto financing, auto leasing and other after-sales services. Online and used-car sales are
increasingly popular with the young generation. At the current stage, competition between traditional dealers and online platforms is
still modest because the overlap of their customers is still very limited.
Figure 13: Audi, BMW, Benz’s 2017 new car sales growth in China
Source: Company data, CGIS Research Source: Company data, CGIS Research
Figure 14: Dah Chong Hong new car sales and revenue growth in 2017
2.9%
7.5%
32.9%
43.7%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
New car salesvolume
After-salesbusiness revenue
Auto financingrevenue
Auto leasingrevenue
25.9%
23.0%21.7%
16.4%15.1%
1.1%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Benz Jaguar LandRover
Lexus Infiniti BMW Audi
6
Figure 15: Grand Baoxin new car sales and revenue growth in 2017
Source: Company data, CGIS Research Source: Company data, CGIS Research
Figure 16: Yixin Group business segment revenue progression (Rmb m)
43.2%
32.7% 31.8%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
New car sales volume New car sales revenue After-sales servicerevenue
206 65
212
1,276
964
2,942
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Transaction platform business Self-operated financing business
2015 2016 2017
7
Figure 17: Nexteer geographic sales growth in 2016-2017
Source: Company data, CGIS Research Source: Company data, CGIS Research
Figure 18: Nexteer operating profit margin trend
Auto parts– growing local auto parts companies
Auto parts companies in China are less mature than their global peers. But we think the auto parts sector is the most important sector
to look at first. The sector should have the opportunity to deliver high double-digit earnings growth, as local companies have the
opportunity to enjoy faster growth from their deep relationship with emerging local OEMs. Moreover, the central government’s support
for NEV and smart vehicle development should provide domestic parts companies with an opportunity to catch up with their global
peers.
We visited Nexteer, Shenzhen Inovance and Ningbo Gaofa during our trip.
Nexteer specializing in advanced steering and driveline systems, and has established itself as a tier 1 auto parts supplier to
leading OEMs, like GM, Fiat & Chrysler, BMW, Ford and PSA. Senior management suggests the Company will continuously
deliver faster-than-industry-average earnings growth by new customer accretion, sales expansion with existing customers, and
technology upgrades. The Company is strong in steering system development for advanced-driving assistance, which puts it in a
unique position in the China market.
Shenzhen Inovance is involved in the R&D of motor controllers for EVs in China. It has been supplying Yutong Bus exclusively
over the past six years. The motor controller business represented around 20% of its total revenue in 2017. Future growth will
come from its sales expansion into the passenger vehicle segment, which will still take time to reach critical mass to drive its
earnings growth.
Ningbo Gaofa specializes in the development, production and sales of low-tech electronic accelerator pedal assemblies, car cable
products, car manual/auto transmission shift cables, control level and dust cover products, electromagnetism fan clutch products,
etc. Its revenue grew at a CAGR of 28.1% over 2013-2017. Senior management guided that the Company can deliver >40%
business growth in 2018E, driven by further market share gains with leading OEMs in China. Its major customers are SAIC
Wuling, Geely, SAIC VW, FAW VW and Dongfeng Xiaokang. The Company also seeks ways to enhance its R&D capability in the
areas of auto parts development for NEVs and smart vehicles, seeing the rising importance of NEVs and smart vehicles.
13.4%16.7%
4.7%
16.4%
0.8%
-7.8%
50.4%
14.1%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
NA China APAC excl China Europe and SouthAmerica
2016 2017
7.2%
8.0%
9.3%
10.8%11.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
2013 2014 2015 2016 2017
8
Source: Company data, CGIS Research Source: Company data, CGIS Research
Figure 19: Shenzhen Inovance motor controller business revenue (Rmb m) Figure 20: Ningbo Gaofa revenue progression in 2013-2017
23
156
376
752
1,087 1,017
0
200
400
600
800
1,000
1,200
2012 2013 2014 2015 2016 2017
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
0
200
400
600
800
1000
1200
1400
2013 2014 2015 2016 2017
Revenue(Rmb m) % YoY chg (rhs)
9
Source: Bloomberg, CGIS Research, Note: based on closing prices on 8 May 2018
Figure 21: OEM and dealer company peer comparison
Ticker Mkt cap Price PEG
US$ m (lc)2017 2018E 2019E 2017 2018E 2019E 2018E 2017 2018E 2019E 2017 2018E 2019E 2017 2018E 2019E
Geely 175 HK 26,239 22.95 15.6 12.2 8.8 105.3% 28.0% 29.4% 0.4 4.8 3.7 2.8 1.3% 1.8% 2.3% 31.0% 30.2% 30.1%
BYD 1211 HK 20,897 52.55 28.6 22.7 17.8 -20.7% 25.8% 27.7% 0.9 2.3 1.9 1.7 0.3% 0.8% 1.0% 8.0% 8.4% 9.8%
Great Wall 2333 HK 13,686 8.10 11.9 7.8 6.9 -52.6% 53.3% 13.2% 0.1 1.2 1.1 1.0 2.6% 3.9% 4.5% 10.2% 13.9% 14.1%
GAC 2238 HK 18,419 13.82 6.7 6.0 5.3 71.4% 11.8% 13.0% 0.5 1.2 1.0 0.9 4.7% 5.1% 5.8% 17.6% 17.3% 17.0%
Brilliance 1114 HK 9,525 14.82 13.9 8.7 6.8 18.7% 59.1% 28.4% 0.1 2.3 1.8 1.4 0.0% 1.4% 1.8% 16.5% 20.6% 21.3%
Dongfeng 489 HK 9,363 8.53 4.2 4.3 4.1 5.4% -1.0% 4.3% -4.3 0.6 0.5 0.4 5.1% 4.5% 4.7% 13.0% 11.4% 10.7%
BAIC 1958 HK 7,771 7.61 20.6 6.8 5.4 -64.3% 200.7% 26.5% 0.0 1.1 1.0 0.9 1.6% 4.6% 6.0% 5.6% 14.2% 16.0%
SAIC 600104 CH 62,487 34.06 11.5 10.4 9.6 1.9% 10.4% 8.8% 1.0 1.8 1.6 1.5 5.4% 5.9% 6.4% 15.3% 15.6% 15.5%
Chongqing Changan 000625 CH 7,178 10.33 6.9 6.0 5.8 -32.0% 16.1% 2.5% 0.4 1.0 0.9 0.8 4.3% 5.0% 5.4% 15.0% 15.5% 14.5%
Great Wall 601633 CH 13,686 11.08 20.1 13.3 11.6 -52.6% 51.5% 14.6% 0.3 2.1 1.8 1.6 1.5% 2.3% 2.5% 10.2% 13.6% 13.9%
GM GM US 51,219 36.34 -13.7 5.7 5.7 na -340.3% 0.3% 0.0 1.5 1.3 1.1 4.2% 4.2% 4.3% na 23.0% 19.4%
Ford FORD US 14 1.50 21.4 na na 0.0% na na na 1.5 na na 0.0% na na 7.0% na na
Toyota 7203 JP 213,739 7,155 8.9 10.1 9.4 32.6% -12.0% 8.1% -0.8 1.1 1.0 1.0 3.0% 3.1% 3.2% 12.7% 10.3% 10.3%
Honda 7267 JP 60,199 3,630 6.4 8.9 8.3 66.1% -28.3% 7.9% -0.3 0.8 0.8 0.7 2.8% 3.2% 3.4% 12.5% 8.4% 8.4%
Nissan 7201 JP 43,007 1,113 6.1 7.6 7.0 10.8% -20.1% 8.7% -0.4 0.8 0.7 0.7 4.8% 4.9% 5.1% 13.2% 9.8% 9.9%
BMW BMW GR 70,783 91.81 7.0 8.1 7.8 25.6% -14.0% 3.8% -0.6 1.1 1.0 1.0 4.4% 4.3% 4.5% 15.9% 12.8% 12.2%
VW VOW GR 102,202 170.50 7.5 6.4 6.0 121.0% 17.9% 6.3% 0.4 0.9 0.7 0.7 1.2% 3.2% 3.7% 11.6% 11.3% 10.9%
Hyundai 005380 KS 31,814 156,000 10.4 10.2 8.5 -25.5% 1.7% 19.7% 6.1 0.5 0.6 0.6 2.6% 2.8% 3.1% 4.5% 5.8% 6.7%
Kia 000270 KS 12,704 33,850 14.0 7.6 6.4 -64.9% 83.4% 20.2% 0.1 0.5 0.5 0.5 2.4% 2.9% 3.4% 3.6% 6.3% 7.2%
Zhongsheng Group 881 HK 6,931 24.00 12.8 10.9 8.8 74.7% 17.6% 17.6% 0.6 2.8 2.3 1.9 1.8% 2.0% 2.4% 21.7% 21.0% 20.7%
China Yongda 3669 HK 1,953 8.35 7.4 6.2 8.8 56.9% 20.1% 24.7% 0.3 1.5 1.2 1.0 2.8% 4.8% 6.0% 20.1% 19.3% 20.9%
China Zhengtong 1728 HK 1,987 6.26 9.4 7.2 8.8 141.3% 31.2% 29.2% 0.2 1.1 1.0 0.9 2.2% 3.5% 4.4% 11.9% 14.0% 15.7%
Grand Baoxin 1293 HK 1,251 3.46 9.4 4.3 8.8 87.5% 116.3% 22.3% 0.0 1.2 1.0 0.9 3.6% 2.5% 3.2% 12.5% 23.5% 24.8%
Dah Chong Hong 1828 HK 965 4.10 9.4 8.0 8.8 56.7% 17.8% 12.6% 0.4 0.7 0.7 0.7 4.1% 5.1% 5.6% 8.0% 8.7% 9.3%
China Harmony 3836 HK 845 4.31 na 7.5 8.8 na na 17.5% na na 0.8 0.7 na 2.7% 3.1% na 10.9% 11.5%
Yixin Group 2858 HK 3,190 3.99 -0.3 32.7 8.8 na -100.9% 179.8% -0.3 1.3 1.3 1.1 0.0% 0.0% 0.0% na 3.9% 9.8%
PER EPS growth P/Bk
International auto companies
H-share auto service companies
H-share auto companies
A-share auto companies
Dividend yield ROE
10
Source: Bloomberg, CGIS Research, Note: based on closing prices on 8 May 2018
Figure 22: Auto parts company peer comparison
Ticker Mkt cap Price PEG
US$ m (lc)2017 2018E 2019E 2017 2018E 2019E 2018E 2017 2018E 2019E 2017 2018E 2019E 2017 2018E 2019E
Nexteer 1316 HK 3,594 11.26 10.2 9.5 8.8 16.7% 7.9% 11.3% 1.2 2.6 2.1 1.8 2.0% 2.2% 2.4% 25.0% 22.5% 20.8%
Minth 425 HK 5,438 37.30 17.0 14.2 11.8 16.0% 19.9% 20.3% 0.7 2.8 2.5 2.3 2.3% 2.7% 3.2% 16.8% 17.9% 19.2%
Xin Point 1571 HK 722 5.63 10.4 9.6 7.9 na 8.0% 21.1% 1.2 2.3 2.0 1.7 2.6% 3.4% 4.1% 22.6% 20.8% 22.0%
Huayu Automotive 600741 CH 12,076 24.39 11.7 9.9 9.7 7.9% 18.9% 1.6% 0.5 1.9 1.7 1.5 4.3% 5.2% 5.4% 15.9% 17.0% 15.7%
Tianqi Lithium 002466 CH 10,189 56.81 29.3 23.8 18.0 40.6% 22.8% 32.1% 1.0 6.2 5.7 4.4 0.4% 0.4% 0.6% 21.1% 23.7% 24.5%
Zhejiang Huayou Cobalt 603799 CH 9,609 103.24 32.3 22.7 18.2 na 41.8% 24.7% 0.5 10.2 7.2 5.1 0.5% 0.0% na 31.5% 31.5% 28.0%
Shenzhen Inovance 300124 CH 8,841 33.83 52.0 41.5 33.1 10.2% 25.5% 25.2% 1.6 10.4 8.7 7.4 0.9% 1.0% 1.3% 19.9% 21.0% 22.3%
Ningbo Joyson Electronic 600699 CH 4,094 27.46 65.4 21.7 18.2 -36.4% 201.9% 19.0% 0.1 2.1 1.9 1.7 0.4% 1.1% 1.4% 3.1% 8.6% 9.4%
Ningbo Shanshan 600884 CH 3,613 20.49 25.7 24.4 19.6 99.5% 5.1% 24.9% 4.8 2.2 2.2 1.9 0.3% 0.7% 0.9% 8.6% 8.9% 10.0%
Guoxuan High-Tech 002074 CH 3,202 17.94 na 19.4 16.6 na na 17.0% na na 2.4 2.1 na 0.6% 0.7% na 12.2% 12.7%
Ningbo Tuopu Group 601689 CH 2,275 19.91 18.8 15.6 12.7 11.6% 20.3% 23.0% 0.8 2.2 2.1 1.9 0.0% 1.8% 2.1% 11.9% 13.7% 14.8%
Ningbo Huaxiang Electronic 002048 CH 1,377 14.00 na 9.6 7.8 na na 24.2% na na 0.9 0.8 na 0.3% 0.3% na 9.4% 9.9%
Beijing WKW Automation 002662 CH 1,201 5.10 24.2 4.5 na -50.3% 435.2% na 0.0 1.5 na na 3.9% na na 6.2% na na
Ningbo Gaofa 603788 CH 1,084 42.00 26.4 21.8 17.2 40.7% 21.0% 27.2% 1.0 3.7 3.4 3.0 2.4% 1.8% 1.8% 14.1% 15.4% 17.3%
Continental CON GY 54,154 228.30 15.3 13.6 12.3 6.5% 12.6% 10.9% 1.1 2.9 2.4 2.1 2.0% 2.2% 2.4% 18.9% 17.9% 17.4%
Denso 6902 JP 40,722 5,597 na 13.5 12.4 na na 9.0% na na 1.1 1.1 na 2.5% 2.7% na 8.5% 8.7%
Magna MGA US 21,712 60.81 10.3 9.0 8.2 14.3% 13.9% 10.1% 0.6 1.9 1.7 1.5 1.8% 2.0% 2.1% 18.9% 18.8% 18.3%
Borgwarner BWA US 10,335 49.19 23.5 11.1 10.3 280.0% 111.2% 7.8% 0.1 2.8 2.4 2.1 1.2% 1.4% 1.4% 11.9% 21.1% 20.0%
Toyota Boshoku 3116 JP 3,816 2,219 na 9.6 8.9 na na 7.2% na na 1.4 1.2 na 2.5% 2.7% na 14.5% 13.8%
Hyundai Wia 011210 KS 1,374 54,500 -23.0 16.3 9.0 na na 81.0% -0.1 0.5 0.5 0.4 1.1% 1.5% 1.6% -2.0% 2.8% 4.9%
PER EPS growth P/Bk
International auto parts companies
H-share auto parts companies
A-share auto parts companies
Dividend yield ROE
11
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BUY share price will increase by >20% within 12 months in absolute terms :
SELL share price will decrease by >20% within 12 months in absolute terms :
HOLD no clear catalyst, and downgraded from BUY pending clearer signal to reinstate BUY or further downgrade to outright SELL :