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Pengyuan Credit Rating (Hong Kong) Co.,Ltd
Corporate China Weichai Power Co., Ltd. Ratings Overview Issuer Rating ▪ Pengyuan International has assigned a first-time global scale long-term issuer LT Issuer Credit Rating BBB+ credit rating (LTICR) of ‘BBB+’ to Weichai Power Co., Ltd. (Weichai). The outlook is stable. Outlook Stable ▪ The rating reflects Weichai’s position as the leading domestic heavy-duty truck player with increasing business diversification through an expanded product portfolio, its presence in KION Group and an exceptional leverage profile with Contents strong cash flow. On the other hand, Weichai’s rating is constrained by its relatively high exposure to cyclical heavy-duty truck market in China. Key Rating Drivers .........................2 ▪ Weichai primarily engages in the development and manufacturing of vehicles and components, mainly powertrains such as engines, gearboxes and axles, Business Profiles ...........................3 forklift trucks and the provision of warehouse technology services. In 2020, Financial Profile .............................5 24% of its revenue came from engines, 43% from automobiles and automobile components and 33% from intelligent logistics. Liquidity .........................................6 Company Background ...................6 Rating Outlook Peer comparison ...........................6 ▪ The stable outlook for Weichai reflects our expectation that the Company will Rating Scores Summary ................8 continuously maintain its leading market position in the Chinese powertrain Related Criteria ..............................8 market given its extensive track record of technological innovation in the development of powertrain products such as diesel engines, gearboxes and axles. ▪ We would consider upgrading Weichai’s issuer credit rating if its credit profile improves substantially, which could be caused by: 1) a remarkable increase in market share in the key markets; and 2) a significant improvement in business diversity through successful overseas business expansion or business diversification to non-heavy-duty truck related business. -
Green Competitiveness Research on Chinese Automotive Enterprises
Journal of Industrial Engineering and Management JIEM, 2014 – 7(2): 559-572 – Online ISSN: 2014-0953 – Print ISSN: 2014-8423 http://dx.doi.org/10.3926/jiem.1032 Green competitiveness research on Chinese automotive enterprises Yuanhui Li School of Economics and Management, Beijing Jiaotong University (China) [email protected] Abstract: Purpose: More and more executives of automobile industry in China start to recognize the concept of green competitiveness recently. However, relatively less research attention has been devoted to the consideration of measurement. This paper aims to find empirical approach to quantify green competitiveness for automotive enterprises. The connotation of green competitiveness is explored and one suite of evaluation index system has been proposed with four dimensions including environmental, resource, capability and knowledge. Design/methodology/approach: By introducing the factor analysis method, green competitiveness has been measured through an empirical analysis of 24 automotive enterprises within China. Findings: The results indicate that those elements, such as enterprise resource possession and utilization; environment, responsibility and knowledge; profitability; management efficiency, have significant effect on the green competitiveness for automotive enterprises. The further analysis also unveils the advantages and disadvantages of green competitiveness for each company and the direction for improvement. Research limitations/implications: Guide regulators and managers of automobile industry to take some measures to enhance their green competitive advantage. Practical implications: Provide practical methods to measure green competitiveness for automotive enterprises. -559- Journal of Industrial Engineering and Management – http://dx.doi.org/10.3926/jiem.1032 Originality/value: This paper proposes an evaluation index system of green competitiveness for automotive enterprises. -
China Automotive Industry Study Report for the Swedish Energy Agency August 2019
BUSINESS SWEDEN CHINA AUTOMOTIVE INDUSTRY STUDY REPORT FOR THE SWEDISH ENERGY AGENCY AUGUST 2019 www.eqtpartners.com An assignment from the Swedish Energy Agency Göran Stegrin, email [email protected] Disclaimer: This report reflects the view of the consultant (Business Sweden) and is not an official standpoint by the agency. BUSINESS SWEDEN | CHINA AUTOMOTIVE IND USTRY STUDY | 2 SUMMARY Economic slowdown and an ongoing trade war with the United States have impacted the Chinese automotive market. In 2018, new vehicle sales declined for the first time in 20 years. Sales totaled 28,08 million units, reflecting a -2.8% y/y. Electric vehicles remain a promising segment, as the government still provides substantial subsidies to manufacturers, while customers are offered incentives and favorable discounts for purchasing. In order to guide the industry, the Chinses government is gradually reducing subsidies. Stricter rules are also set to raise the subsidy threshold, which will force both OEMs and suppliers along the value chain to increasingly convert themselves into hi-tech companies with core competencies. The evolution is driven by solutions addressing the three main issues created by the last decade’s market boom: energy consumption, pollution and traffic congestion. The Chinese government has shifted its attention from total volume to engine mix and is progressively creating incentives to small and low emission vehicles, while supporting investment in new energy vehicles, mainly electric. In this direction, technologies surrounding new energy vehicles such as power cell materials, fuel cell and driving motor will receive strong support and offer more opportunities. In the light weight area, structure optimization is still the primary ways for OEMs the achieve the weight reduction goal. -
Final Report
25 June 2015 Final Report Assessment of the normative and policy framework governing the Chinese economy and its impact on international competition For: AEGIS EUROPE Brussels Belgium THINK!DESK China Research & Consulting Prof. Dr. Markus Taube & Dr. Christian Schmidkonz GbR Merzstrasse 18 81679 München Tel.: +49 - (0)89 - 26 21 27 82 [email protected] www.thinkdesk.de 1 This report has been prepared by: Prof. Dr. Markus Taube Peter Thomas in der Heiden 2 Contents Executive Summary ························································································· 11 1. Introduction ······························································································ 27 Part I: The Management of the Chinese Economy: Institutional Set-up and Policy Instruments 2. Centralised Planning and Market Forces in the Chinese Economy ··················· 32 2.1 The Role of Planning in the Chinese Economy ············································ 32 2.1.1 Types of Plans ··············································································· 32 2.1.2 Plans and Complementary Documents················································ 41 2.2 Dedicated Government Programmes for Industry Guidance ··························· 45 2.2.1 Subsidies – An Overview ································································· 45 2.2.1.1 Examples for Preferential Policies and Grant Giving Operations by Local Governments ································································ 51 2.2.1.2 Recent Initiatives by the Central Government -
China Autos Asia China Automobiles & Components
Deutsche Bank Markets Research Industry Date 18 May 2016 China Autos Asia China Automobiles & Components Vincent Ha, CFA Fei Sun, CFA Research Analyst Research Analyst (+852 ) 2203 6247 (+852 ) 2203 6130 [email protected] [email protected] F.I.T.T. for investors What you should know about China's new energy vehicle (NEV) market Many players, but only a few are making meaningful earnings contributions One can question China’s target to put 5m New Energy Vehicles on the road by 2020, or its ambition to prove itself a technology leader in the field, but the surge in demand with 171k vehicles sold in 4Q15 cannot be denied. Policy imperatives and government support could ensure three-fold volume growth by 2020, which would make China half of this developing global market. New entrants are proliferating, with few clear winners as yet, but we conclude that Yutong and BYD have the scale of NEV sales today to support Buy ratings. ________________________________________________________________________________________________________________ Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 057/04/2016. Deutsche Bank Markets Research Asia Industry Date China 18 May 2016 Automobiles & China -
AS of 03-Sep-2021 Solactive China Automobile Performance-Index
FACTSHEET - AS OF 24-Sep-2021 Solactive China Automobile Performance-Index DESCRIPTION The Solactive China Automobile Index tracks the performance of the biggest Chinese Companies active in the automobile sector. The index is calculated as a total return index in Euro and adjusted annually. HISTORICAL PERFORMANCE 500 400 300 200 100 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2020 Jan-2021 Solactive China Automobile Performance-Index CHARACTERISTICS ISIN / WKN DE000SLA0CA9 / SLA0CA Base Value / Base Date 100 Points / 25.10.2010 Bloomberg / Reuters SOLCA Index / .SOLCA Last Price 417.28 Index Calculator Solactive AG Dividends Reinvested (Total Return Index) Index Type Industry / Sector Calculation 09:00am to 10:30pm (CET), every 60 seconds Index Currency EUR History Available daily back to 25.10.2010 Index Members 14 FACTSHEET - AS OF 24-Sep-2021 Solactive China Automobile Performance-Index STATISTICS 30D 90D 180D 360D YTD Since Inception Performance -11.05% -10.11% 2.64% 46.01% -6.04% 315.08% Performance (p.a.) - - - - - 13.93% Volatility (p.a.) 29.21% 36.07% 31.25% 36.66% 34.70% 31.36% High 485.13 485.13 485.13 491.81 491.81 491.81 Low 417.28 417.28 363.82 285.78 363.82 56.41 Sharpe Ratio -2.58 -0.96 0.19 1.29 -0.22 0.46 Max. Drawdown -13.99% -13.99% -14.00% -26.02% -26.02% -50.32% VaR 95 \ 99 -57.3% \ -93.4% -49.5% \ -82.7% CVaR 95 \ 99 -76.9% \ -120.7% -70.2% \ -108.8% COMPOSITION BY CURRENCIES COMPOSITION BY COUNTRIES KY 46.7% HKD 80.2% CN 39.7% USD 19.8% US 13.6% TOP COMPONENTS AS OF 24-Sep-2021 -
Annual Report 2020
CONTENTS Financial Figures 002 Definitions 003 Corporate Information 007 Organisation Structure 009 The Group 010 Shareholder Information 011 Chairman’s Statement 013 Management Discussion and Analysis 016 Directors and Senior Management 038 Corporate Governance Report 047 Report of the Directors 062 Independent Auditor’s Report 084 Consolidated Statement of Profit or Loss 089 Consolidated Statement of Comprehensive Income 090 Consolidated Statement of Financial Position 091 Consolidated Statement of Changes in Equity 093 Consolidated Statement of Cash Flows 095 Notes to the Consolidated Financial Statements 098 Five Years Financial Summary 203 002 SINOTRUK (HONG KONG) LIMITED | ANNUAL REPORT 2020 FINANCIAL FIGURES 2020 2019 Increase/(Decrease) % Operating results (RMB million) Revenue 98,198 62,613 35,585 56.8 Gross profit 19,585 12,219 7,366 60.3 Profit attributable to owners of the Company 6,851 3,474 3,377 97.2 Profitability and Liquidity Gross profit ratio (%) 19.9 19.5 0.4 2.1 Net profit ratio (%) 7.6 6.3 1.3 20.6 Current ratio (time) 1.1 1.3 (0.2) (15.4) Trade receivable turnover (days) 41.9 71.2 (29.3) (41.2) Trade payable turnover (days) 186.1 174.2 11.9 6.8 Sales volume (units) HDTs — Domestic 247,454 129,424 118,030 91.2 — Export (including affiliated export) 30,961 40,009 (9,048) (22.6) Total 278,415 169,433 108,982 64.3 LDTs 181,013 109,280 71,733 65.6 Buses 228 1,187 (959) (80.8) Trucks sold under auto financing services 69,300 34,133 35,167 103.0 Per share data Earnings per share - basic (RMB) 2.48 1.26 1.22 96.8 2020 final dividend per share HKD 1.04 0.39 0.65 166.7 or RMB 0.88 0.36 0.52 144.4 Note: In April 2020, the Group acquired the entire equity interests in Datong Gear from CNHTC. -
Call for Papers the Competition for the Practical Application of ICV Has Already Started in the Global Automotive Industry
Call for papers www.cicv.org.cn The competition for the practical application of ICV has already started in the global automotive industry. A sound environment for ICV are taking into shape, as China is embracing a clear trend of multi-industrial coordination and innovation and taking planned steps to make top-level policies and standards. As a national strategy, the development of ICV helps to create opportunities for cross-industrial innovation. In order to promote the development of ICV in China and build a world-class platform for technology exchange, China SAE, Tsinghua University Suzhou Automotive Research Institute and China Intelligent and Connected Vehicles (Beijing) Research Institute Co. Ltd jointly initiated an annual congress “International Congress of Intelligent and Connected Vehicles Technology (CICV)”. It is a world-class technology exchange platform for automotive, IT/Internet, communications and transportation industry. At the same time, as an important sign for policies, leading technologies showcases, and industry integration accelerator, CICV serves as a platform for communication and exchange between enterprises, universities and industrial research institutes and provide references for them. The 6th International Congress of Intelligent and Connected Vehicles Technology (CICV 2019) is to be held in June, 2019. Focusing on ADAS and key technologies of automated driving as well as ICV policies and regulations, CICV 2019 will invite about 80 experts and technical leaders to share new technology results and ideas on hot topics including Environment Perception and, Development and Testing, V2X, AI, Cyber Security, HD Map, Intelligent and Connected Transportation, Co-pilot and HMI. The concurrent activities including technical exhibition, promotional tours for innovative technologies and entrepreneurship programs. -
Electrifying the World's Largest New Car Market; Reinstate At
August 31, 2016 ACTION Buy BYD Co. (1211.HK) Return Potential: 15% Equity Research Electrifying the world’s largest new car market; reinstate at Buy Source of opportunity Investment Profile Electrification is set to reshape China’s auto market and we expect BYD to Low High lead this trend given its strong product portfolio, vertically integrated model Growth Growth and high OPM vs. peers. A comparative analysis with Tesla shows many Returns * Returns * strategic similarities but BYD’s new energy vehicle business trades at a sizable Multiple Multiple discount, which we see as unjustified given its large cost savings, capacity Volatility Volatility utilization, and front-loaded investment. China’s new energy vehicle market is Percentile 20th 40th 60th 80th 100th poised to deliver c.30% CAGR (vs. 4% for traditional cars) over the next decade. BYD Co. (1211.HK) We have removed the RS designation from BYD. It is on the Buy List with a Asia Pacific Autos & Autoparts Peer Group Average * Returns = Return on Capital For a complete description of the investment 12-m TP of HK$61.93, implying 15% upside. Our scenario analysis, flexing profile measures please refer to the disclosure section of this document. sales volume and margin assumptions, implies a further 30% valuation upside. Catalyst Key data Current Price (HK$) 54.00 1) More cities in China are likely to announce local preferential policies in 12 month price target (HK$) 61.93 Market cap (HK$ mn / US$ mn) 110,705.4 / 14,270.1 the new energy vehicle (NEV) segment once the result of the subsidy fraud Foreign ownership (%) -- probe is announced. -
Annual Report DBX ETF Trust
May 31, 2021 Annual Report DBX ETF Trust Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) Xtrackers MSCI All China Equity ETF (CN) Xtrackers MSCI China A Inclusion Equity ETF (ASHX) DBX ETF Trust Table of Contents Page Shareholder Letter ....................................................................... 1 Management’s Discussion of Fund Performance ............................................. 3 Performance Summary Xtrackers Harvest CSI 300 China A-Shares ETF ........................................... 6 Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF .................................. 8 Xtrackers MSCI All China Equity ETF .................................................... 10 Xtrackers MSCI China A Inclusion Equity ETF ............................................ 12 Fees and Expenses ....................................................................... 14 Schedule of Investments Xtrackers Harvest CSI 300 China A-Shares ETF ........................................... 15 Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF .................................. 20 Xtrackers MSCI All China Equity ETF .................................................... 28 Xtrackers MSCI China A Inclusion Equity ETF ............................................ 33 Statements of Assets and Liabilities ........................................................ 42 Statements of Operations ................................................................. 43 Statements of Changes in Net -
2018 Annual Report April 2019
Chongqing Jianshe Vehicle System Co., Ltd. 2018 Annual Report Chongqing Jianshe Vehicle System Co., Ltd. 2018 Annual Report 2019-034 April 2019 1 Chongqing Jianshe Vehicle System Co., Ltd. 2018 Annual Report I. Important Prompts, Table of Contents, and Definitions The Board of Directors, The Supervisory Committee, the supervisors and the directors of the Company guarantee that there are no significant omissions, fictitious or misleading statements carried in the Report and we will accept individual and joint responsibilities for the truthfulness, accuracy and completeness of the Report. Mr. Lv Hongxian, The Company leader, Mr.Tan Mingxian, the Financial Officer, Ms.Niu Yanli, the manager of accounting department, hereby declare: the truthfulness and completeness of the Financial Report are guaranteed. Except the following directors, all the directors attended the board meeting for reviewing the annual Report. The name of the directors absent Positions Reasons for the absence Name of the consignee Yan Xuechuan Director Business trip Lv Hongxian Hao Lin Director Business trip Li Dingqing Liu Zhiqiang Independent Director Business trip Peng Jue Prospective statements carried in this report, such as business plans for future are not constituting any substantial commitment to the investors. Please be cautious to the risks. This report is prepared both in English and Chinese. When there is any conflict in understanding, the Chinese version shall prevail. The company had concretely described the existed factors of risks of the company in the report, of which please refer to the contents in the Report of directors concerning the possible facing risk factors in the company’s future development. -
Manual and User Service Guide for Industrial Power WP4/WP6 Series Diesel Engines
Operation and Maintenance Manual and User Service Guide for Industrial Power WP4/WP6 Series Diesel Engines Operation and Maintenance Manual and User Service Guide for Industrial Power WP4/WP6 Series Diesel Engines 1 Operation and Maintenance Manual and User Service Guide for Industrial Power WP4/WP6 Series Diesel Engines PREFACE Industrial power covers six large industries: generation power for land use, generation power for marine, generation power for marine in emergency case, pump power, air compressor power and fixation power for other purposes. On the basis of Deutz 226B-4/226B-6 series diesel engines, industrial power WP4/WP6 series diesel engines, as special powers, are independently researched and developed by our company for meeting stricter emission requirements. This series of diesel engines have such features as compact structure, reliable operation, advanced economic technical index, quick startup, easy operation and convenient maintenance etc. This series of diesel engine are not limited to use for power generation, and the other application domains are not covered by this manual. This manual describes the operation and maintenance, inspection essentials and service guide for industrial power WP4/WP6 series diesels, and can be used as reference. In order for the industrial power WP4/WP6 series diesel engines to better service and give full play to its effectiveness, the users are expected to carefully read and learn the diesel engine structure, maintenance and operation methods. The useful life of diesel engine can be greatly prolonged if the users can follow this manual for maintenance. As the industrial power WP4/WP6 series diesel engines have increasingly models and been improved, users are expected to timely pay attention to the technical information issued by our company.