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2012 automobile company performance generally decline industry chain are affected
Source : [Posted on Feb 4,2013 at 14:17]

2012 domestic car city into the micro growth, the vast majority of automotive enterprises sales are affected, which directly affects the profit of enterprise. Recently, many automobile listing Corporation released the 2012 annual results announcement, most of them for the performance of the reduction.

Analytic personage thinks, automobile listing Corporation performance through the recent disclosure of the notice, you can find some clues of automobile listing Corporation annual performance.

Automobile company performance generally decline

Affected by the macroeconomic situation unclear, part of the city limits the effect of share restrictions and other factors, the 2012 annual China automotive market demand growth continued to slow, many enterprises expects full-year net profit year-on-year decline.

As of January 29th, a total of 8 automobile enterprises released the 2012 annual results notice, except ST Baolong and Changan automobile ( micro-blog ), other companies are said net profit year-on-year decline.

Among them, in 2012 the Japanese car sales slump in Guangzhou Automobile Group caused great impact. The year 2012 is expected to net profits fell 70% to 80%. Decline in performance due to intensified competition in the industry, including the center city purchase limit etc..

The seahorse automobile is expected, the company's 2012 annual will achieve a net profit of 130000000 yuan to 190000000 yuan, down 40% year-on-year to 60%. Influence of the factors in the market, coupled with the adjustment of product structure, the seahorse automobile production and sales both fell 2012 year-on-year.

The car business, mobile phone business and solar business fell down, BYD expects net profit fell 92% to 98%.

Since the implementation of the national macro-control, heavy truck industry slowdown, China heavy duty truck is expected to net profit fell 100%. Valin Xingma expects, the company 2012 annual net profit year-on-year decline of more than 50%, while in 2011, the company's net profit of 505000000 yuan.

Affected by the industry chain downstream

Upstream parts company and downstream distributors group listing Corporation performance forenotice also confirmed from the side of the car industry is not optimistic.

According to incomplete statistics, as of January 28th, 42 auto parts listing Corporation has issued the performance forecast, a total of 25 companies net profit is expected to decline. These companies have said, the automotive industry downturn reduced the demand for its products, gross margin decline.

Dongan power company 2012 annual net profit is expected, will be a loss, the expected loss amount is not more than 60000000 yuan. The company said, 2012 annual company production of micro-car engine sales than the same period last year declined by more than 20%, the performance will decline. Xiangyang bearing is expected, the company's 2012 annual net profit of 6000000 yuan to 8000000 yuan, year-on-year decline 69% to 77%.

Pangda group is expected to the year 2012, the loss amounted to 600000000 yuan to 750000000 yuan. Large group said, performance loss of passenger car market overall slowdown, commercial vehicle market remains in the doldrums, resulting in the company's overall sales did not increase significantly; at the same time, the new store has not yet entered the mature stage not contribute to the profits, costs, especially the financial expenses continue to increase.

Annual report of the market or difficult to reproduce

2012 domestic car city overall growth rate was only 4.3%, almost all the automobile enterprise sales are affected, which directly affect the performance of the company. Auto listing Corporation performance through the recent disclosure of the notice, may find some clues of the annual report of the listing Corporation.

Galaxy Securities pointed out, taking into account the current has entered the annual window, little probability of key enterprises achievement ultra anticipated. " The current car stock valuations reflect market expectations have been, so to obtain excess returns decline in configuration. " Galaxy Securities on the passenger car industry investment rating from " recommended " down to " cautious recommendation ".

The parties to the comprehensive information, expected annual performance will be very difficult to support the car plate stock prices. The car plate began to rebound from 2012 September, has been 4 and a half months, many listing Corporation shares rose sharply, the SAIC or up to 60%, the Great Wall car, Yueda investment rose by more than 110% and 60% respectively.

But there are also firms for the performance of automobile industry a quarter expectations, proposed early layout.

Changjiang Securities think, sales data from 2012 December, the auto industry has shown signs of recovery, the slow recovery in demand in the inventory, support, this year the auto industry is expected to usher in a turning point of profit, plate valuation is still some room for improvement, suggest investors grasp the first-line blue-chip stocks recently callback layout after the opportunity.

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