China's parts industry profitability is better than the vehicle manufacturing industry

China's auto market has entered a period of low growth, and may even experience negative growth in the future. It is difficult for the vehicle industry to have trending investment opportunities. The key is to grasp structural investment opportunities.

The situation that the capacity utilization rate of automakers has decreased and the price cuts have been lowered, the production and sales targets have gradually spread in the industry. High inventory levels further increased dealers' operating pressure. In June, China's auto dealer inventory warning index was 64.6%, and the inventory warning index exceeded the warning line for 9 consecutive months. The imported car market, which has been growing rapidly for 10 years, has ushered in the first drop in supply and demand for the first time this year. In the first half of the year, the number of imported vehicles decreased by 22.3% year-on-year. The stock is up to 5 months. The profitability of the automotive industry is not optimistic, and the profitability of the component industry is better than that of the vehicle manufacturing industry. In the first five months of this year, the automobile manufacturing industry realized a total profit of 236.87 billion yuan, a year-on-year decrease of 1.9%. Among them, the growth rate of revenue and profit of the vehicle manufacturing industry was 0.63% and -8.48%, respectively.

The revenue and profit growth rate of the auto parts manufacturing industry were 8.12% and 11.2%, respectively. The high sales growth of new energy vehicles has driven equipment companies and lithium battery industry chain demand to double the sales of new energy vehicles. It is estimated that sales in 2015 will be 150-200,000 units.

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