DOCSLIB.ORG

Geely Auto 吉利汽车 (175 HK) ACCUMULATE

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Geely Auto 吉利汽车 (175 HK) ACCUMULATE Hong Kong Equity | Automobile Company in-depth Geely Auto 吉利汽车 (175 HK) ACCUMULATE Sales Rebound Following Mid-2019 Weak Performance Share Price Target Price Geely ranked No. 7 among Chinese auto makers in 2018, according to CAAM. HK$15.36 HK$16.7 Though Geely’s sales volume declined in 2Q2019, it has recovered gradually since 9/2019 and sold 143,234 units (+1.1%/10% YoY/MoM) in 11/2019. We believe the launch of 6-8 new models in 2020E and fuel vehicles sales pick-up in China may China / Automobile / Auto Maker continue to boost its sales volume. Combined with rising contribution from mid-to-high end vehicles to support ASP, we estimate 2020E profit to improve by 9 December 2019 26% YoY to RMB11.3 bn. We initiate Accumulate with TP of HK$16.7, suggesting 9% upside potential. Alison Ho (SFC CE:BHL697) Sales decline narrowed down: Geely sales dropped significantly in 2Q2019 & 3Q2019 (852) 3519 1291 mainly due to 1) the implementation of China VI vehicle emission standard from [email protected] 1/Jul/2019 in some cities resulting in customers squeezing demand for new cars in 1H2019; 2) the uncertainties on relations between China and US; 3) economic downturn to drag consumer’s purchasing power. However, we saw Geely’s auto sales decline has Latest Key Data narrowed since 9/2019 and recorded a growth of 1.1% yoy in 11/2019. Under Total shares outstanding (mn) 9,146 consideration that December and January are regarded as the high season for auto sales, Market capitalization (HK$mn) 140,476 with customers traditionally making purchases before Chinese New Year, we therefore Enterprise value (HK$mn) 126,335 believe Geely’s auto sales growth will keep improving in the near future. 12M average daily turnover (HK$mn) 822 12M volatility (%) 45 6-8 new models will be launched to support ASP in 2020E: Seeing that Geely guided PEG FY18-20E (x) (1.5) they would launch 6-8 models including Lynk & Co 05 and 06, Icon and Preface in 2020E, ROE avg FY18-20E (%) 21 we believe the new models will boost not only sales volume, but also ASP as most of P/B FY19E (x) 2.3 new cars are mid-to-high end vehicles. Since Geely strategically increases the weight of Net debt/equity FY19E (%) NC high-price vehicles sales, it is likely to support its ASP going forward. Further transfer of IPs to Proton to boost reputation and income: The transfer of 3 Performance (%) intellectual properties (IP) to Proton entitle Geely to receive the license fee and auto parts fee in 2018-2020. A win-win situation can be achieved via IP transfer as Proton can 1M YTD 12M Absolute 1 11 5 save huge R&D costs and Geely can receive decent profit. Geely guided that it will Relative to HSI 5 9 4 continue to make IP transfer to Proton, which enhances not only reputation but also income growth. GPM may rebound slowly amid fierce competition: With the sluggish economic growth, Major Shareholders (%) we expect that Geely’s GPM will grow slowly in 2020E due to fierce competition as well Proper Glory Holdings Inc 28.8 as no more room for price hike. Zhejiang Geely Automobile 8.73 BlackRock Inc 4.9 A robust balance sheet: Considering Geely has RMB10.6 bn net cash, we expect that it can plan for expansion even in economic downturn to strengthen its market share. Initiate with Accumulate. Geely’s share price up 20% in the past 3 months as the sales Auditor volume decline narrowed. We believe its profit growth will recover in 2020E resulting Grant Thornton from new cars launch and fuel vehicles demand pick-up. We initiate Accumulate with target price of HK$16.7, which is based on 10-year DCF model. This implies FY20E P/E of 12.4x and FY20E P/B of 2.2x. Price Chart Investment Summary Turnover (HK$mn) Price (HK$) 5000 Geely 20.0 FY-end Dec 2017 2018 2019E 2020E 2021E 4500 HSI 18.0 Turnover (RMB mn) 92,761 106,595 97,598 108,371 120,777 Chg (%) 73 15 (8) 11 11 4000 16.0 Net Profit (RMB mn) 3500 14.0 10,634 12,553 8,952 11,256 13,155 Chg (%) 108 18 (29) 26 17 3000 12.0 EPS (RMB ) 1.190 1.398 0.978 1.215 1.423 2500 10.0 Chg (%) 105 17 (30) 24 17 2000 8.0 P/E (x) 11.6 9.9 14.1 11.4 9.7 1500 6.0 P/B (x) 3.7 2.8 2.3 2.0 1.7 1000 4.0 P/OCF (x) 10.3 8.9 8.0 7.1 6.0 500 2.0 EV/EBITDA (x) 8.1 6.8 8.4 6.8 5.5 DPS (RMB ) 0.074 0.342 0.245 0.308 0.360 0 0.0 18-Dec 19-Mar 19-Jun 19-Sep 19-Dec Yield (%) 0.5 2.5 1.8 2.2 2.6 Source: Company data, Bloomberg, Orient Securities (Hong Kong) Source: Bloomberg, Orient Securities (Hong Kong) Orient Securities (Hong Kong) Limited Please read the analyst certification, company disclosure and disclaimer in the last page 1 Hong Kong Equity | Automobile Company in-depth Chinese brands bear the brunt of a dip in Chinese auto sales See rebound in auto sales Figure 1: Regions complied to China VI vehicle emission standards starting from 1/Jul/2019 The Chinese auto sales dropped for a 16th consecutive month in 10/2019, but figure 2 1 Shenzhen shows the decline narrowed. The auto market declined significantly in 1H2019 resulting 2 Shanghai from some regions like Shenzhen, Shanghai, Guangdong, and Henan to implement China 3 Tianjin VI vehicle emission standard in 7/2019, ahead of the original 1/Jul/2020 deadline, hence 4 Chongqing 5 Anhui the car dealers were rushing to clean up the China V standard vehicles by offering big 6 Nanjing discount. But most of car buyers were waiting for buying China VI standard vehicles, 7 Hangzhou which led to the inventory buildup and slump in vehicles sales. Meanwhile, the 8 Sichuan 9 Hainan uncertainties on relations with US as well as economic downturn also weigh on 10 Guangdong consumer’s purchasing power. In 2H2019, thanks to the implementation of China VI 11 Shandong vehicle emission standard by some cities and peak season-induced demand, the Chinese 12 Henan 13 Hebei auto sales rebounded with sales down by 9.7% yoy to 20.6 mn units in 10M2019 vs Source: Internet data, Orient Securities (Hong Kong) -12.4% in 1H2019, according to CAAM. Figure 2: Monthly Auto sales in China Figure 3: Monthly auto sales by brands Automobile sales volume China auto sales recorded YoY growth Domestic brands sales (LHS) negative growth since (%) declined since 9/2018 Unit % YOY growth(%) (RHS) 7/2018, but the decline but we see a sign of narrowed in 2H2019 vs 20 improvement now. 3,000,000 1H2019. 15 10 0 2,500,000 10 Chinese brands -10 2,000,000 5 0 -20 Japanese 1,500,000 (5) -30 brands* Germany 1,000,000 (10) -40 500,000 -50 brands* (15) US brands* 0 (20) 2018-03 2018-05 2018-07 2018-09 2018-11 2019-01 2019-03 2019-05 2019-07 2019-09 *Autoinfo no long release the data since 6/2019 Source: CAAM, Orient Securities (Hong Kong) Source: AutoInfo, Wind, Orient Securities (Hong Kong) Domestic brands suffer most from auto sales slump The domestic brand vehicle sales fell by 17.5% yoy to 6.67 mn units in 10M2019 with Figure 4: China NEVs sales market shares dropping by 3.1ppt to 38.9%, according to CAAM, underperforming the market. The domestic brands suffered most as consumers who buying low-to-mid end Accumulated NEVs Sales (LHS) % vehicles, cut discretionary spending amid economy slowdown, which further intensifies Unit YoY growth(%) (RHS) 1,400,000 200 the competitions among Chinese car makers in 1H2019. Figure 3 shows that domestic 180 1,200,000 brand sales decline narrowed in 3Q2019, we believe it may continue to rebound in 160 1,000,000 140 4Q2019 since November and December are regarded as the high season for auto sales, 120 800,000 100 with customers traditionally making purchases before Chinese New Year. 600,000 80 400,000 60 40 200,000 NEVs sales slump amid the subsidies cut 20 0 0 The government announced the new NEVs subsidy policy in Q1/2019, saying that subsidies will be cut by half on average starting from 26/Jun/2019. The car buyers then 2018-07 2018-10 2019-01 2019-04 2019-07 2019-10 2018-04 rushed to purchase NEVs before deadline, and NEVs sales surged 49.7% yoy to 0.616mn units in 6M2019, according to CAAM, way outperforming the auto market. But after the Source: CAAM, Orient Securities (Hong Kong) implementation of new policy in the late June, NEVs sales dropped for the 4th straight month in 10/2019 (45.6% yoy decline comparing to 51.5% yoy growth in the same month last year). With an expected continuous decrease in subsidies provided in 2020E, we believe the potential decrease in demand for NEVs will put pressure on NEVs makers. See last page for disclaimer. 2 Hong Kong Equity | Automobile Company in-depth Geely is gaining market share SAIC accounted for 25% of total Chinese auto sales Figure 5: 2018 Market shares of According to CAAM, SAIC is the largest car maker in China, with sales volume of 7.01 mn auto makers units, its market share reached 25.2% in 2018.
Load more

Recommended publications
  • 2017 Passenger Vehicles Actual and Reported Fuel Consumption: a Gap Analysis
    2017 Passenger Vehicles Actual and Reported Fuel Consumption: A Gap Analysis Innovation Center for Energy and Transportation December 2017 1 Acknowledgements We wish to thank the Energy Foundation for providing us with the financial support required for the execution of this report and subsequent research work. We would also like to express our sincere thanks for the valuable advice and recommendations provided by distinguished industry experts and colleagues—Jin Yuefu, Li Mengliang, Guo Qianli,. Meng Qingkuo, Ma Dong, Yang Zifei, Xin Yan and Gong Huiming. Authors Lanzhi Qin, Maya Ben Dror, Hongbo Sun, Liping Kang, Feng An Disclosure The report does not represent the views of its funders nor supporters. The Innovation Center for Energy and Transportation (iCET) Beijing Fortune Plaza Tower A Suite 27H No.7 DongSanHuan Middle Rd., Chaoyang District, Beijing 10020 Phone: 0086.10.6585.7324 Email: [email protected] Website: www.icet.org.cn 2 Glossary of Terms LDV Light Duty Vehicles; Vehicles of M1, M2 and N1 category not exceeding 3,500kg curb-weight. Category M1 Vehicles designed and constructed for the carriage of passengers comprising no more than eight seats in addition to the driver's seat. Category M2 Vehicles designed and constructed for the carriage of passengers, comprising more than eight seats in addition to the driver's seat, and having a maximum mass not exceeding 5 tons. Category N1 Vehicles designed and constructed for the carriage of goods and having a maximum mass not exceeding 3.5 tons. Real-world FC FC values calculated based on BearOil app user data input.
    [Show full text]
  • Groupe Renault Sets Its New Strategy for China
    PRESS RELEASE Groupe Renault sets its new Strategy for China • Groupe Renault will focus in China on light commercial vehicles (LCV) and electric vehicles (EV). • Groupe Renault will transfer its shares in Dongfeng Renault Automotive Company Ltd (DRAC) to Dongfeng Motor Corporation. DRAC will stop its Renault brand-related activities. • LCV business is operated through Renault Brilliance Jinbei Automotive Co., Ltd. (RBJAC), leveraging Jinbei legacy with Renault know-how. • EV business will be developed through the two existing joint ventures: eGT New Energy Automotive Co., Ltd (eGT) and Jiangxi Jiangling Group Electric Vehicle Co. Ltd (JMEV). Boulogne-Billancourt, April 14th, 2020 - Groupe Renault unveiled today its new strategy for the Chinese Market, building on two of its key pillars: Electric Vehicles (EV) and Light Commercial Vehicles (LCV). Within this new strategy, Groupe Renault activities in China will be driven as follow: About Chinese ICE Passenger Car Market Regarding ICE passenger car, Groupe Renault has entered into a preliminary agreement with Dongfeng Motor Corporation under which Renault transfers its shares to Dongfeng. DRAC will stop its Renault brand-related activities. Renault will continue to provide high quality aftersales service for its 300,000 customers through Renault dealers but also through Alliance synergies. Further development for Renault brand passenger cars will be detailed later within future new mid-term-plan Renault. Furthermore, Renault and Dongfeng will continue to cooperate with Nissan on new generation engines like components supply to DRAC and diesel license to Dongfeng Automobile Co., Ltd. Renault and Dongfeng will also engage in innovative cooperation in the field of intelligent connected vehicles.
    [Show full text]
  • Geely Automobile Holdings (175 HK)– BUY HKD12.00 Key Trends in China’S PV Market Over the Next Three Years: 1
    Sector Initiation Hong Kong ! 5 May 2017 Consumer Cyclical | Automobiles & Components Neutral Automobiles & Components Stocks Covered: 3 Competition In The New Era Ratings (Buy/Neutral/Sell): 1 / 2 / 0 We expect growth in China’s PV market to slow to 5%/3% in 2017/2018 Top Pick Target Price respectively, due to diminishing effects of purchase tax cuts. We see three Geely Automobile Holdings (175 HK)– BUY HKD12.00 key trends in China’s PV market over the next three years: 1. Local brands to expand market share; 2. EV sales to grow at a higher pace vs fuel cars; 3. SUVs to continue to lead the market. China’s PV sales and growth rate on the uptrend Our sector Top Pick is Geely on its improved model portfolio and good synergy with Volvo. We also initiate coverage on BYD and GWM with NEUTRAL recommendations. Our sector call is NEUTRAL. We initiate coverage on China’s auto manufacturers with a NEUTRAL weighting. We expect passenger vehicles and minibus (collectively known as PV) sales in 2017/2018 to grow by 5%/3% respectively, slowing from 7%/15% registered in 2015/2016 respectively. This is as due to the diminishing effects of purchase tax discounts on cars with 1.6L displacement and below, to 25% starting 2017 from 50% in Oct 2015. Note that part of 2017’s PV sales were pre- sold in 2016, and part of PV sales in 2018 would be partially pre-sold in 2017. Solid growth expected in various segments, such as sport utility vehicles (SUVs), electric vehicles (EVs), smart vehicles, cars with displacements above 1.6L, premium brands, price-insensitive auto buyers, and in areas such as lower- Source: China Passenger Car Association (CPCA) tier cities.
    [Show full text]
  • Best Days Ahead; BUY 12M Price Target HKD 9.30 (+34%) Previous Price Target HKD 7.40
    October 3, 2016 Geely Automobile (175 HK) BUY Share Price HKD 6.92 Best days ahead; BUY 12m Price Target HKD 9.30 (+34%) Previous Price Target HKD 7.40 Company Description Demand much stronger than expected; EPS/TP lifted Our channel checks indicate that the wait time for Geely’s two new Geely is one of the largest privately owned SUVs, Boyue and Emgrand GS have reached 3 to 4 months. We forecast automakers in China which has tech. collaboration with Volvo as both share the same parent-Zhejiang strong sales momentum in 2016-17 amid its capacity ramp up. The next Geely. driver for 2018-19 is a series of new models based on the CMA platform. Geely, along with Volvo, will announce more details of the technology Statistics this month in Europe, which will be the next catalyst. Maintain BUY and 52w high/low (HKD) 7.19/2.79 raise TP 26% to HKD9.3 on upwards revision to 2017/18 earnings and 3m avg turnover (USDm) 51.6 target PER multiple. Free float (%) 57.0 Capacity to reach 1.15m units next year Issued shares (m) 8,801 Market capitalisation HKD60.9B Automotive We maintain our view that Geely sales will surge 33% YoY this year to 678k units (vs. guidance of 660k units). Our channel checks and USD7.9B discussions with management have reaffirmed that the demand of the Major shareholders: Zhejiang Geely Holdings Group Co. Ltd. 42.6% new models exceeds capacity. The wait time for Boyue and Emgrand GS JPMorgan Asset Management (UK) Ltd.
    [Show full text]
  • Poland Regional Cities-Comfort-Vehicle-List
    Make Model Year Oldsmobile 19 Oldsmobile Alero Oldsmobile Aurora Oldsmobile Bravada Oldsmobile Cutlass Supreme Oldsmobile Intrigue Oldsmobile Silhouette Dodge Attitude Dodge Avenger 2013 Dodge Caliber Dodge Caravan 2015 Dodge Challenger Dodge Charger 2013 Dodge Dakota Dodge Dart 2015 Dodge Durango 2013 Dodge Grand Caravan 2015 Dodge Intrepid Dodge JCUV Dodge Journey 2013 Dodge Magnum 2013 Dodge Neon 2015 Dodge Nitro 2013 Dodge Ram 1500 Dodge Ram 2500 Dodge Ram 3500 Dodge Ram 4500 Dodge Ram 700 Dodge Ram Van 2015 Dodge Sprinter Dodge Stratus 2015 Dodge Stretch Limo Dodge Viper Dodge Vision Dodge i10 Land Rover Defender 2013 Land Rover Discovery 2013 Land Rover Freelander 2013 Land Rover Freelander 2 Land Rover LR2 Land Rover LR3 Land Rover LR4 Land Rover Range Rover 2013 Land Rover Range Rover Evoque 2013 Land Rover Range Rover Sport 2013 Land Rover Range Rover Velar 2013 Land Rover Range Rover Vogue 2013 Chevrolet Agile Chevrolet Astra 2015 Chevrolet Astro Chevrolet Avalanche 2013 Chevrolet Aveo Chevrolet Aveo5 Chevrolet Beat Chevrolet Blazer Chevrolet Bolt Chevrolet CMV Chevrolet Camaro Chevrolet Caprice Chevrolet Captiva 2013 Chevrolet Cavalier Chevrolet Celta Chevrolet Chevy Chevrolet City Express Chevrolet Classic Chevrolet Cobalt 2015 Chevrolet Colorado Chevrolet Corsa Chevrolet Corsa Sedan Chevrolet Corsa Wagon Chevrolet Corvette Chevrolet Corvette ZR1 Chevrolet Cruze 2015 Chevrolet Cruze Sport6 Chevrolet Dmax Chevrolet Enjoy Chevrolet Epica 2013 Chevrolet Equinox 2013 Chevrolet Esteem Chevrolet Evanda 2013 Chevrolet Exclusive Chevrolet
    [Show full text]
  • Brochure Emgrand 7 2019 Copy CL
    EVERYTHING YOU’LL NEED AND MORE ExploreANewWorld Geely, is a leading automotive company that prides in providing affordable, safe, energy efficient and environment-friendly cars. A flawless fusion of European technology and Chinese production has made Geely feature in the Fortune Global 500 list of companies. A fully integrated independent auto firm, Geely Emgrand is committed to quality and excellence at every stage, right from design, research and development to production, distribution and servicing. The all new Geely Emgrand 7 redefines your driving experience in a whole new way, giving you everything you need. And then some more. Style with its sleek new elegant design, comfort with enhanced features, performance with its powerful features at a price that makes it all the more exciting! Designed to exceed expectations, it's a whole new way to explore your world. IT’S THE RIPPLE EFFECT! Explore a whole new upper grille that embodies the natural beauty of a water ripple to make the front end of the Emgrand 7 look stylish, authoritative and bold. DAZZLE THE WORLD! With 9 dazzling LED lights, let the world take notice of you. Its crystal diamond daytime running lights come with a blade-type advanced shape, ready to make heads turn anywhere you go. LIKE THE EYE OF AN EAGLE! Light up the roads with the eagle-eye headlights in the Emgrand 7. It’s sharper, better and ready to announce your arrival. MULTI-TASKING MADE EASY! Its D-shape, leather steering wheel is mounted with the audio controls, cruise control and Bluetooth so that you can use them all without taking your eyes off the road.
    [Show full text]
  • Asia's Olympic
    Official Newsletter of the Olympic Council of Asia Edition 51 - December 2020 ALL SET FOR SHANTOU MEET THE MASCOT FOR AYG 2021 OCA Games Update OCA Commi�ee News OCA Women in Sport OCA Sports Diary Contents Inside Sporting Asia Edition 51 – December 2020 3 President’s Message 10 4 – 9 Six pages of NOC News in Pictures 10 – 12 Inside the OCA 13 – 14 OCA Games Update: Sanya 2020, Shantou 2021 15 – 26 Countdown to 19th Asian Games 13 16 – 17 Two years to go to Hangzhou 2022 18 Geely Auto chairs sponsor club 19 Sport Climbing’s rock-solid venue 20 – 21 59 Pictograms in 40 sports 22 A ‘smart’ Asian Games 27 23 Hangzhou 2022 launches official magazine 24 – 25 Photo Gallery from countdown celebrations 26 Hi, Asian Games! 27 Asia’s Olympic Era: Tokyo 2020, Beijing 2022 31 28 – 31 Women in Sport 32 – 33 Road to Tokyo 2020 34 – 37 Obituary 38 News in Brief 33 39 OCA Sports Diary 40 Hangzhou 2022 Harmony of Colours OCA Sponsors’ Club * Page 02 President’s Message OCA HAS BIG ROLE TO PLAY IN OLYMPIC MOVEMENT’S RECOVERY IN 2021 Sporting Asia is the official newsletter of the Olympic Council of Asia, published quarterly. Executive Editor / Director General Husain Al-Musallam [email protected] Director, Int’l & NOC Relations Vinod Tiwari [email protected] Director, Asian Games Department Haider A. Farman [email protected] Editor Despite the difficult circumstances we Through our online meetings with the Jeremy Walker [email protected] have found ourselves in over the past few games organising committees over the past months, the spirit and professionalism of our few weeks, the OCA can feel the pride Executive Secretary Asian sports family has really shone behind the scenes and also appreciate the Nayaf Sraj through.
    [Show full text]
  • Dongfeng Motor (489.HK) – Initiation of Coverage 10 January 2013
    Dongfeng Motor (489.HK) – Initiation of Coverage 10 January 2013 Dongfeng Motor (489.HK) Automobile Sector 10 January 2013 Research Idea: Moving Up the Gears Target Price HK$15.00 We rate Dongfeng Motor (DFG) a Buy with 12-month target price of 12m Rating Buy HK$15.00. Its sales have dropped since Q3 2012 amid Sino-Japan tensions, 16% upside but we expect a recovery to pre-protest levels in Q1 2013 and growth to DFG – Price Chart (HK$) persist backed by a strong brand lineup. As one of the nation’s leading 22 Bull, HK$20.90 20 automakers, DFG is a good proxy for a secular sector growth story. 18 16 Base, HK$15.00 Three reasons to Buy: 14 12 10 . Sino-Japanese tensions have eased. DF Honda’s sales rebounded to 8 pre-protest levels while DF Nissan’s rebounded to 80% of pre-protest 6 Bear, HK$6.40 Jan12 May12 Sep12 Jan13 May13 Sep13 Jan14 levels in December, well above expectations. Consumer concerns about damage to vehicles should be offset by Sino-Japan auto JVs Price (HK$) 12.96 guaranteeing to repair damage caused during the recent unrest. We Mkt cap – HK$m (US$m) 112,354 (14,494) expect DFG’s sales volume growth to rebound from down 0.8% to +11% in FY13. Free float – % (H-share) 100.00 3M avg. t/o– HK$m (US$m) 299.5 (38.6) . Strong brand lineup can facilitate market-share gains. DFG has Major shareholder (%) three JVs and a comprehensive range of well-received models, which should help minimize sales fluctuations.
    [Show full text]
  • 2016 Annual Report
    東風汽車集團股份有限公司 DONGFENG MOTOR GROUP COMPANY LIMITED Stock Code: 489 2016 Annual Report * For identification purposes only Contents Corporate Profile 2 Chairman’s Statement 3 Report of Directors 7 Management Discussion and Analysis 42 Profiles of Directors, Supervisors and Senior Management 51 Report of the Supervisory Committee 59 Corporate Governance Report 61 Independent Auditor’s Report 84 Consolidated Income Statement 91 Consolidated Statement of Comprehensive Income 92 Consolidated Statement of Financial Position 93 Consolidated Statement of Changes in Equity 95 Consolidated Statement of Cash Flows 97 Notes to the Financial Statements 100 Five Year Financial Summary 189 Corporate Information 191 Notice of Annual General Meeting and Relating Information 192 Definitions 208 Corporate Profile Dongfeng Peugeot Citroën Sales Co., Ltd. Dongfeng Peugeot Citroën Auto Finance Co., Ltd. Dongfeng (Wuhan) Engineering Consulting Co., Ltd. Dongfeng Motor Investment (Shanghai) Co., Ltd. Dongfeng Off-road Vehicle Co., Ltd. Dongfeng Motor Co., Ltd. Dongfeng Nissan Auto Finance Co., Ltd. China Dongfeng Motor Industry Import & Export Co., Ltd. Limited Dongfeng Motor Finance Co.,Ltd. Dongfeng Getrag Automobile Transmission Co., Ltd. Dongfeng Renault Automobile Co., Ltd. Dongfeng Liu Zhou Motor Co., Ltd. Dongvo (Hangzhou) Truck Co., Ltd. Honda Motor (China ) Investment Co.,Ltd. Motor Group Company Dongfeng Honda Auto Parts Co., Ltd. ), the predecessor of Dongfeng Motor Corporation and the parent of the the parent of Corporation and of Dongfeng Motor the predecessor ), Dongfeng Honda Engine Co., Ltd. Dongfeng Honda Automobile Co., Ltd. Dongfeng Dongfeng Peugeot Citroën Automobile Co., Ltd. Dongfeng Commercial Vehicle Co., Ltd. Dongfeng Electrical Vehicle Co., Ltd. 第二汽車製造廠 Dongfeng Special Purpose Commercial Vehicle Co., Ltd.
    [Show full text]
  • MX-Sensor V5.5X 国内版功能列表（仅供参考）
    MX-Sensor_V5.5X 国内版功能列表（仅供参考） 标注说明： ● 支持该功能。 ○ 不支持该功能。 颜色标注说明：红色：新增功能支持；黄色：功能有更新。 特别申明： 1）如果学习类型仅仅支持OBD学习，且OBD功能尚未发布的情况下，您仅仅能使用克隆的方式学习道通传感器； 2）所有自学习的操作步骤，开车时速建议控制在25km/h到100km/h。 学习类型（A=自学习， 道通传感器 道通设备支 车系 车型 年款范围 特征 模式号 OBD功能 编程支持情况 胎压类型选择 S=静态学习，O=OBD学 频率 传感器制造商 编程支持情 持情况 习,C=只克隆） 况 Abarth 124 Spider 2016/10-2019/06 ○ ● ○ A 433Mhz Continental ● ● Abarth 124 Spider 2016/01-2019/06 Indirect ○ ○ ○ A N/A N/A Indirect ● Abarth 4A Grande Punto 2007/01-2010/12 199 ○ ● ○ C 433Mhz TRW ● ● Abarth 4B Punto EVO 2010/01-2013/12 199 ○ ● ○ A 433Mhz TRW ● ● Abarth 500 2008/03-2017/12 Indirect ○ ○ ○ A N/A N/A Indirect ● Abarth 500 2008/03-2019/06 ● ● ● O/A 433Mhz Schrader ● ● Abarth 500C 2010/01-2019/06 Indirect ○ ○ ○ A N/A N/A Indirect ● Abarth 500C 2011/08-2019/06 ○ ● ○ A 433Mhz Schrader ● ● Abarth 595 2014/01-2019/06 Indirect ○ ○ ○ A N/A N/A Indirect ● Abarth 695 Biposto 2015/01-2019/06 Indirect ○ ○ ○ A N/A N/A Indirect ● Abarth 81 Nuova Punto 2012/01-2013/12 199 ○ ● ○ C 433Mhz TRW ● ● Abarth Punto Evo 2013/01-2014/12 Indirect ○ ○ ○ A N/A N/A Indirect ● Acura CSX 2008/01-2012/12 315MHz ● ● ○ O 315Mhz TRW ● ● Acura ILX 2016/01-2019/06 315MHz ● ● ○ O 315Mhz Continental ● ● Acura ILX 2013/01-2015/12 315MHz ● ● ○ O 315Mhz Continental ● ● Acura MDX 2018/01-2019/06 433Mhz ● ● ○ O 433Mhz Continental ● ● Acura MDX 2016/01-2019/06 315MHz ● ● ○ O 315Mhz Continental ● ● Acura MDX 2013/06-2015/12 315MHz ● ● ○ O 315Mhz Continental ● ● Acura MDX 2007/01-2013/05 315MHz ● ● ○ O/A 315Mhz Pacific ● ● Acura MDX 2004/01-2006/12 315MHz ● ● ○ O 315Mhz TRW ● ● Acura NSX
    [Show full text]
  • 2020 Annual Results Announcement
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. GUANGZHOU AUTOMOBILE GROUP CO., LTD. 廣 州 汽 車 集 團 股 份 有 限 公 司 (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2238) 2020 ANNUAL RESULTS ANNOUNCEMENT The Board is pleased to announce the audited consolidated results of the Group for the year ended 31 December 2020 together with the comparative figures of the corresponding period ended 31 December 2019. The result has been reviewed by the Audit Committee and the Board of the Company. - 1 - CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year ended 31 December Note 2020 2019 RMB’000 RMB’000 Revenue 3 63,156,985 59,704,322 Cost of sales (60,860,992) (57,181,363) Gross profit 2,295,993 2,522,959 Selling and distribution costs (3,641,480) (4,553,402) Administrative expenses (3,850,327) (3,589,516) Net impairment losses on financial assets (55,110) (53,831) Interest income 304,233 290,694 Other gains – net 4 1,379,690 2,620,340 Operating loss (3,567,001) (2,762,756) Interest income 127,551 171,565 Finance costs 5 (439,567) (516,481) Share of profit of joint ventures and associates 6 9,570,978 9,399,343 Profit before income tax 5,691,961 6,291,671 Income tax credit 7 355,990
    [Show full text]
  • 2005-Global Partnerships Final Poster.Qxd 8/17/2005 3:54 PM Page 1
    2005-global partnerships final poster.qxd 8/17/2005 3:54 PM Page 1 SPONSORED BY GGuuiiddee ttoo gglloobbaall aauuttoommoottiivvee ppaarrttnneerrsshhiippss FULL OWNERSHIP EQUITY STAKES VEHICLE ASSEMBLY ALLIANCES TECHNICAL/PARTS ALLIANCES BMW AG Owned by: Joint venture: Contract assembly: •DaimlerChrysler - gasoline engines - Brazil •Mini •Quandt family - 46.6% •BMW Brilliance •Magna Steyr, Austria •Land Rover - diesel engines - UK •Rolls-Royce Motor Cars Ltd. •Other shareholders - 53.4% Automotive Co., China •PSA/Peugeot-Citroen - gasoline engines - France & UK •Tritec Motors, Brazil •Toyota -diesel engines DAIMLERCHRYSLER AG Owns: Owned by: Joint venture: Contract assembly: •BMW - gasoline engines - Brazil •Chrysler group •McLaren Group - 40% •Deutsche Bank - 6.9% •Beijing Benz-DaimlerChrysler •Karmann, Germany •GM - hybrid drive system •Mercedes-Benz •Mitsubishi - 12.8% •Kuwait Investments - 7.2% Automotive, China •Magna Steyr, Austria •Hyundai/Mitsubishi - 4-cylinder engines (Mercedes-Benz owns 100% of Maybach and Smart) •Mitsubishi Fuso - 65% •Other shareholders - 85.9% •Fujian Motor Industry Group, China DONGFENG MOTOR CORP. Owns: Owned by: Joint venture: •Dongfeng Yueda Kia Dongfeng Motor Corp. •Dongfeng Liuzhou Motor Co. Ltd. •Dongfeng Automobile Co. - •Chinese central government - •Dongfeng Honda Automobile Co., China 70% 100% Automobile (Wuhan), China •Zhengzhou Nissan •Dongfeng Motor Co., China Automobile Co., China •Dongfeng Peugeot Citroen Automobile Co., China FIAT S.P.A. Owns: Owned by: Joint venture: Contract assembly: •General Motors - powertrains - Poland •Fiat Auto S.p.A. •Ferrari - 50% •Agnelli family - 22% •Nanjing Fiat - China •Pininfarina, Italy •Suzuki - diesel engines - India (Fiat Auto owns 100% of Alfa Romeo, Fiat and Lancia) •Other shareholders - 78% •SEVEL - Italy, France •Suzuki, Hungary •Maserati S.p.A. •Tofas - Turkey •Nissan, South Africa •Iveo Fiat - Brazil •Mekong Corp., Vietnam FIRST AUTOMOBILE WORKS GROUP Owns: Owned by: Joint venture: •FAW-Volkswagen First Automobile (FAW) •FAW Car Co.
    [Show full text]