DOCSLIB.ORG

长安汽车a (000625.Sz) 2014 年一季度业绩强劲：销量增长/产品周期

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
长安汽车a (000625.Sz) 2014 年一季度业绩强劲：销量增长/产品周期 2014 年 4 月 14 日 公司最新消息 长安汽车 A (000625.SZ) 买入 证券研究报告 2014 年一季度业绩强劲：销量增长/产品周期依然强劲；买入 最新事件 投资摘要 长安汽车于 4 月 10 日发布了 2014 年一季度盈利预告，预计实现净利润人民币 低 高 18.5 亿至 20.5 亿元，较高华预测高 8%-20%，主要受到长安自主品牌销量强劲 增长 回报* 增长以及长安福特投资收益上升的推动。据 ChinaAutoMarket，长安汽车 3 月份 估值倍数 销量同比增长 39.7%，高于整体乘用车市场 13.6%的增速。长安福特销量同比增 波动性 长 29.7%，受到其翼虎/翼搏/新蒙迪欧/新福克斯车型销售持续强劲的支撑。长安 百分位 20th 40th 60th 80th 100th 自主品牌同比增长 65.7%，高于自主品牌汽车整体 9.2%的平均增速，得益于逸 长安汽车 (A) (000625.SZ) 动/CS35/悦翔 V3 的销售强劲。 亚太汽车及其零部件行业平均水平 * 回报 - 资本回报率 投资摘要指标的全面描述请参见本 报告的信息披露部分。 潜在影响 我们认为合资品牌/自主品牌的产品周期可能依然强劲，原因在于 2014-2015 年 主要数据当前 新车型/换代车型不断上市：新一代马自达 3 于 4 月上市，福特紧凑型轿车 Escort 股价(Rmb) 10.84 12个月目标价格(Rmb) 13.24 于 2014 年二季度上市，中型 SUV 锐界于 2014 年四季度上市，大型轿车 Taurus 200625.SZ 股价(HK$) 13.97 200625.SZ 12个月目标价格(HK$) 15.14 于 2015 年上半年上市，林肯轿车于 2016 年上市，DS4 三厢于 2014 年上市， 市值(Rmb mn / US$ mn) 45,541.5 / 7,332.0 DS SUV 于 2014 年上市，长安自主品牌紧凑型 SUV CS75 于 2014 年二季度上 外资持股比例(%) -- 12/13 12/14E 12/15E 12/16E 市，新奔奔于 2014 年下半年上市，新悦翔于 2014 年 10 月/11 月上市。我们将 每股盈利(Rmb) 新 0.75 1.25 1.56 1.82 每股盈利调整幅度(%) (3.0) 3.5 4.8 4.8 长安汽车 2014-16 年每股盈利预测上调了 4%/5%/5%，以体现强劲的产品周期令 每股盈利增长(%) 142.4 67.3 24.8 16.8 每股摊薄盈利(Rmb) 新 0.75 1.25 1.56 1.82 合资品牌/自主品牌利润率强于预期。 市盈率(X) 13.4 8.7 7.0 6.0 市净率(X) 2.6 2.2 1.8 1.5 EV/EBITDA(X) 99.9 60.6 48.3 41.4 股息收益率(%) 1.2 2.3 3.6 5.0 估值 净资产回报率(%) 20.6 28.2 28.3 27.0 根据调高的预测，我们将基于市净率-净资产回报率的 12 个月目标价格上调至人 CROCI(%) 22.4 23.6 24.7 25.0 民币 13.24 元/15.14 港元（原为人民币 12.72 元/14.69 港元），基于 2.69 倍 股价走势图 /2.43 倍的 2014 年预期市净率和 27.8%的 2014-16 年预期净资产回报率均值（原 13.0 3,000 为 2.59 倍/2.34 倍，26.9%），隐含 22.1%/8.4%的上行空间。长安 A 股价对应的 12.5 2,900 12.0 2,800 2014 年预期市盈率为 8.7 倍（A 股均值为 9.0 倍，一汽轿车除外），2013-16 年 11.5 2,700 预期每股盈利的年均复合增速为 35%（A 股均值为 14%，一汽轿车除外）。我们 11.0 2,600 10.5 2,500 重申对长安 A 的买入评级，并维持对长安 B 的中性评级。 10.0 2,400 9.5 2,300 9.0 2,200 8.5 2,100 主要风险 8.0 2,000 上行/下行风险：销量/利润率高于预期，价格下降以及来自其它新车型上市的竞 Apr-13 Jul-13 Oct-13 Jan-14 争。 长安汽车 (A) (左轴) 沪深300指数 (右轴) 股价表现(%) 3个月 6个月 12个月 绝对 1.8 (8.1) 6.0 所属投资名单 相对于沪深300指数 (1.2) (0.0) 15.6 亚太买入名单 资料来源：公司数据、高盛研究预测、FactSet（股价为4/11/2014收盘价） 行业评级： 中性 杨一朋 (分析师) 执业证书编号: S1420511100006 北京高华证券有限责任公司及其关联机构与其研究报告所分析的企 +86(10)6627-3189 [email protected] 北京高华证券有限责任公司 业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当 丁妤倩 (研究助理) +86(10)6627-3327 [email protected] 北京高华证券有限责任公司 考虑到本公司可能存在可能影响本报告客观性的利益冲突，不应视 本报告为作出投资决策的唯一因素。 有关分析师的申明和其他重要 信息，见信息披露附录，或请与您的投资代表联系。 北京高华证券有限责任公司 投资研究 2014 年 4 月 14 日 长安汽车 A (000625.SZ) 长安汽车 A： 财务数据概要 损益表(Rmb mn) 12/13 12/14E 12/15E 12/16E 资产负债表(Rmb mn) 12/13 12/14E 12/15E 12/16E 主营业务收入 38,481.7 51,004.3 58,201.3 61,766.2 现金及等价物 4,763.2 5,280.7 4,698.0 3,758.8 主营业务成本 (31,516.5) (41,619.5) (47,434.1) (50,277.7) 应收账款 10,332.1 13,694.3 15,626.7 16,583.8 销售、一般及管理费用 (6,503.4) (8,568.7) (9,719.6) (10,222.3) 存货 5,353.5 6,841.6 7,797.4 8,264.8 研发费用 -- -- -- -- 其它流动资产 540.0 540.0 540.0 540.0 其它营业收入/（支出） 0.0 0.0 0.0 0.0 流动资产 20,988.8 26,356.6 28,662.0 29,147.4 EBITDA 461.8 816.1 1,047.6 1,266.2 固定资产净额 15,478.7 17,689.7 20,481.3 23,322.0 折旧和摊销 (1,522.9) (1,693.0) (1,907.7) (2,126.2) 无形资产净额 1,810.6 1,478.3 1,145.9 813.6 EBIT (1,061.1) (876.9) (860.1) (860.0) 长期投资 10,986.6 15,904.3 21,803.0 28,404.1 利息收入 107.6 142.9 158.4 140.9 其它长期资产 2,157.8 2,157.8 2,157.8 2,157.8 财务费用 (202.4) (216.2) (253.5) (301.2) 资产合计 51,422.5 63,586.7 74,250.0 83,844.8 联营公司 7.8 7.8 7.8 7.8 其它 4,611.6 6,751.9 8,201.6 9,490.0 应付账款 21,586.7 28,506.5 32,489.1 34,436.8 税前利润 3,463.5 5,809.5 7,254.3 8,477.5 短期贷款 250.0 250.0 250.0 750.0 所得税 0.0 0.0 0.0 0.0 其它流动负债 5,018.3 5,626.6 6,283.4 7,018.0 少数股东损益 42.9 58.2 67.1 72.1 流动负债 26,854.9 34,383.2 39,022.5 42,204.7 长期贷款 3,705.3 3,705.3 4,305.3 4,805.3 优先股股息前净利润 3,506.3 5,867.7 7,321.3 8,549.6 其它长期负债 2,573.0 2,573.0 2,573.0 2,573.0 优先股息 0.0 0.0 0.0 0.0 长期负债 6,278.3 6,278.3 6,878.3 7,378.3 非经常性项目前净利润 3,506.3 5,867.7 7,321.3 8,549.6 负债合计 33,133.3 40,661.5 45,900.9 49,583.1 税后非经常性损益 0.0 0.0 0.0 0.0 净利润 3,506.3 5,867.7 7,321.3 8,549.6 优先股 0.0 0.0 0.0 0.0 普通股权益 18,454.1 23,148.3 28,639.3 34,624.0 每股基本盈利（非经常性项目前）(Rmb) 0.75 1.25 1.56 1.82 少数股东权益 (164.9) (223.0) (290.1) (362.2) 每股基本盈利（非经常性项目后）(Rmb) 0.75 1.25 1.56 1.82 每股摊薄盈利（非经常性项目后）(Rmb) 0.75 1.25 1.56 1.82 负债及股东权益合计 51,422.5 63,586.7 74,250.0 83,844.8 每股股息(Rmb) 0.12 0.25 0.39 0.55 股息支付率(%) 16.1 20.0 25.0 30.0 每股净资产(Rmb) 3.92 4.92 6.09 7.36 自由现金流收益率(%) 0.3 (1.6) (4.6) (6.0) 增长率和利润率(%) 12/13 12/14E 12/15E 12/16E 比率 12/13 12/14E 12/15E 12/16E 主营业务收入增长率 30.6 32.5 14.1 6.1 CROCI(%) 22.4 23.6 24.7 25.0 EBITDA增长率 (8.9) 76.7 28.4 20.9 净资产回报率(%) 20.6 28.2 28.3 27.0 EBIT增长率 (61.5) 17.4 1.9 0.0 总资产回报率(%) 7.2 10.2 10.6 10.8 净利润增长率 142.4 67.3 24.8 16.8 平均运用资本回报率(%) 21.2 30.1 29.5 26.9 每股盈利增长 142.4 67.3 24.8 16.8 存货周转天数 59.4 53.5 56.3 58.3 毛利率 18.1 18.4 18.5 18.6 应收账款周转天数 96.1 86.0 91.9 95.2 EBITDA利润率 1.2 1.6 1.8 2.1 应付账款周转天数 236.5 219.7 234.7 242.9 EBIT利润率 (2.8) (1.7) (1.5) (1.4) 净负债/股东权益(%) (4.4) (5.8) (0.5) 5.2 EBIT利息保障倍数(X) NM NM NM NM 现金流量表(Rmb mn) 12/13 12/14E 12/15E 12/16E 估值 12/13 12/14E 12/15E 12/16E 优先股股息前净利润 3,506.3 5,867.7 7,321.3 8,549.6 折旧及摊销 1,522.9 1,693.0 1,907.7 2,126.2 基本市盈率(X) 13.4 8.7 7.0 6.0 少数股东权益 (42.9) (58.2) (67.1) (72.1) 市净率(X) 2.6 2.2 1.8 1.5 运营资本增减 1,487.1 2,069.6 1,094.4 523.1 EV/EBITDA(X) 99.9 60.6 48.3 41.4 其它 (4,078.9) (6,792.7) (8,242.4) (9,530.8) 企业价值/总投资现金(X) 1.1 0.9 0.7 0.6 经营活动产生的现金流 2,394.5 2,779.3 2,014.0 1,596.0 股息收益率(%) 1.2 2.3 3.6 5.0 资本开支 (2,231.9) (3,570.3) (4,365.1) (4,632.5) 收购 0.0 0.0 0.0 0.0 剥离 0.0 0.0 0.0 0.0 其它 1,498.4 1,873.7 2,341.9 2,927.6 投资活动产生的现金流 (733.6) (1,696.6) (2,023.2) (1,704.9) 支付股息的现金（普通股和优先股） (233.1) (565.2) (1,173.5) (1,830.3) 借款增减 (250.0) 0.0 600.0 1,000.0 普通股发行（回购） 0.0 0.0 0.0 0.0 其它 0.0 0.0 0.0 0.0 筹资活动产生的现金流 (483.1) (565.2) (573.5) (830.3) 总现金流 1,177.8 517.5 (582.8) (939.2) 注：最后一个实际年度数据可能包括已公布和预测数据。 资料来源：公司数据、高盛研究预测 对此报告有贡献的人员 杨一朋 [email protected] 丁妤倩 [email protected] 全球投资研究 2 2014 年 4 月 14 日 长安汽车 A (000625.SZ) 我们预计强劲的产品周期将推动盈利迅速增长 2013 年快报业绩符合我们的预期 图表1: 长安汽车的 2013 年快报业绩符合高华的预期 (Rmb mn) FY2013 GH 2013E Var% FY2012 YoY% Revenue 38,482 38,288 1% 29,463 31% Reported net profit 3,506 3,615 ‐3% 1,446 142% Reported EPS (Rmb) 0.75 0.77 ‐3% 0.31 142% (%) Net profit margin 9% 9% 0% 5% 4% 资料来源： 公司数据、高华证券研究 2014 年一季度业绩高于我们的预期 图表2: 长安汽车预告一季度净利润在人民币 18.5 亿元至 20.5 亿元 (Rmb mn) 1Q14 guidance GH 1Q2014 Var% Reported net profit 1,850‐2,050 1,715 8‐20% 资料来源： 公司数据、高华证券研究 我们上调 2014-2016 年每股盈利预测，因长安福特和自主品牌的强劲产品 周期推动其利润率高于预期 图表3: 我们将 2014-16 年每股盈利预测上调 4%/5%/5% 2014E 2015E 2016E (Rmb mn) New Old Diff.
Load more

Recommended publications
  • Deals on Wheels Great Wall’S Haval H2 Has Been Met with Strong Demand Domestic Brands Attempt Turnaround One Trend We Didn’T Forecast
    CHINA Deals on Wheels Great Wall’s Haval H2 has been met with strong demand Domestic brands attempt turnaround One trend we didn’t forecast . Two trends we forecast at the outset of 2013 – strong demand for premium cars and SUVs – have played out as expected. One we did not identify has been the implosion in market share of the domestic brands. This month we take a closer look at who has been winning and losing market share among the domestic brands and by model and the impact on discounting. Our proprietary dealer survey shows that while the domestic OEMs have selectively cut prices on some models, discounting has not escalated. Hopeful of new models reversing the trend Source: Macquarie Research, August 2014 . All four domestic brands in our survey – Great Wall, Geely, BYD and Chery – have lost share this year, with Geely and BYD suffering the biggest losses. Great Wall and Geely are both looking for better performance in 2H helped by Inside new models. We see Great Wall as the best positioned as its new models are focused on the popular SUV segment, which is likely to continue to out-pace Domestic brands attempt turnaround 2 the market. There is no evidence of any discounting on the Haval H2 across JV brands – discounts jump 9 the 14 cities in our survey, with a waiting list of up to 4 months. The Haval H6 Premium brands –intensifying continues to sell well with an average discount of just 0.1%. competition 17 Discounts expand for JV brands Model types – SUV premiums fading 21 .
    [Show full text]
  • Three Essays on Industrial Organization and Environmental
    THREE ESSAYS ON INDUSTRIAL ORGANIZATION AND ENVIRONMENTAL ECONOMICS By ZIYING YANG A dissertation submitted in partial fulfillment of the requirements for the degree of DOCTOR OF PHILOSOPHY WASHINGTON STATE UNIVERSITY School of Economic Sciences JULY 2017 © Copyright by ZIYING YANG, 2017 All Rights Reserved © Copyright by ZIYING YANG, 2017 All Rights Reserved To the Faculty of Washington State University: The members of the Committee appointed to examine the dissertation of ZIYING YANG find it satisfactory and recommend that it be accepted. Felix Munoz-Garcia, Ph.D., Chair Ana Espinola-Arredondo, Ph.D. Jill McCluskey, Ph.D. Jia Yan, Ph.D. ii ACKNOWLEDGMENTS First, I would like to thank my advisor, Felix Munoz-Garcia, for his inspiration, advice and guidance. He helped me know how to be a good researcher and how to be a qualified advisor in the future. It was really nice to work with Dr. Felix Munoz-Garcia. I would also like to express my sincere gratitude to Dr. Ana Espinola-Arredondo, Dr. Jill McCluskey, and Dr. Jia Yan for their insightful feedback, comments, and suggestions. My dissertation was polished with their help. I am thankful to Xinlong Tan, Haowei Yu, Xiangrui Wang, and Sunny. Thanks for their time to discuss my ideas, listen to my presentation, and to provide valuable suggestions for my research. It is worth to note that Jaimie Dahl, Tom Dahl, Rich Hoeft, Karla Makus, and other staff in the School of Economic Sciences provided me with great help during my Ph.D. program. For this, I am deeply grateful. I would also like to thank my friends in Pullman.
    [Show full text]
  • Pastiglie Freno[50-][51-]
    PASTIGLIE FRENO[50-][51-] 2121-350 1090 3501175 50-00-000 LADA NADESCHDA (2120) 1.7 50-00-006 GREAT WALL HOVER 2.4 LADA NADESCHDA (2120) 1.7 i GREAT WALL HOVER 2.8 TCi LADA NADESCHDA (2120) 1.8 GREAT WALL HOVER 2.8 TCi 4 ruote motrici LADA NADESCHDA (2120) 1.8 i GREAT WALL HOVER CUV 2.4 LADA NIVA (2121) 1600 GREAT WALL HOVER Fuoristrada chiuso 2.4 2719-4210-0114 0603BB0150N 50-00-001 TATA (TELCO) LOADBETA 1.9 D 50-00-007 MAHINDRA GOA 2.2 CRD TATA (TELCO) LOADBETA 1.9 D 4 ruote motrici MAHINDRA GOA 2.5 TD TATA (TELCO) SAFARI 2.0 TD 4X4 (403.001) MAHINDRA GOA 2.6 CRD TATA (TELCO) SAFARI 2.2 TDiC TATA (TELCO) SAFARI 2.2 TDiC 4 ruote motrici 0-5135258AA 15240794 50-00-002 CHRYSLER VOYAGER IV (RG) 2.8 CRD 50-00-008 HUMMER HUMMER H3 3.5 HUMMER HUMMER H3 3.7 4 ruote motrici 2654 4280 0128 88964201 50-00-003 TATA (TELCO) 2000 D 2.0 D 50-00-009 HUMMER HUMMER H2 SUT 6.0 TATA (TELCO) 2000 TD 2.0 TD HUMMER HUMMER H2 6.0 4 ruote motrici TATA (TELCO) SAFARI 1.9 D TATA (TELCO) SAFARI 2.0 16V TATA (TELCO) SAFARI 2.0 TD 4X4 (403.001) 68020494AB 41060-51E87 50-00-004 CHRYSLER SEBRING 2.0 CRD 50-00-010 NISSAN ALMERA I Hatchback (N15) 2.0 GTi JEEP COMPASS 2.0 CRD 4x4 NISSAN PRIMERA (P10) 1.6 JEEP COMPASS 2.4 4x4 NISSAN PRIMERA (P10) 2.0 16V 4x4 NISSAN PRIMERA (P10) 2.0 D NISSAN PRIMERA Hatchback (P10) 1.6 1 PASTIGLIE FRENO[50-][51-] 93188111 2K000010900 50-00-011 CADILLAC BLS 1.9 D 50-00-016 GASOLONE GASOLONE 35D11S CADILLAC BLS 2.0 T GASOLONE GASOLONE FD29 CADILLAC BLS 2.8 T 41060-99B25 41060-9C525 50-00-012 NISSAN MICRA (K11) 1.0 i 16V 50-00-017 NISSAN
    [Show full text]
  • Auto Pricelist 2020 3 16 Hyundai, Suzuki, Mazda, MG And
    BRAND: TOYOTA PRICE TOYOTA ALPHARD 3.5L GAS A/T 3,740,000.00 TOYOTA ALPHARD 3.5L GAS A/T (WHITE PEARL) 3,755,000.00 TOYOTA ALTIS 1.6E GAS M/T 999,000.00 TOYOTA ALTIS 1.6G GAS A/T MC 1,115,000.00 TOYOTA ALTIS 1.6G GAS M/T MC 1,045,000.00 TOYOTA ALTIS 1.6V GAS A/T MC 1,185,000.00 TOYOTA ALTIS 1.6V GAS A/T MC (WHITE PEARL) 1,200,000.00 TOYOTA ALTIS 1.8V HV CVT 1,580,000.00 TOYOTA ALTIS 2.0V GAS A/T 1,477,000.00 TOYOTA ALTIS 2.0V GAS A/T (WHITE PEARL) 1,492,000.00 TOYOTA AVANZA 1.3E GAS A/T 919,000.00 TOYOTA AVANZA 1.3E GAS M/T 876,000.00 TOYOTA AVANZA 1.3J GAS M/T 743,000.00 TOYOTA AVANZA 1.5G GAS A/T 1,012,000.00 TOYOTA AVANZA 1.5G GAS M/T 969,000.00 TOYOTA AVANZA 1.5G VELOZ A/T 1,077,000.00 TOYOTA CAMRY 2.5G GAS A/T 1,806,000.00 TOYOTA CAMRY 2.5G GAS A/T (WHITE PEARL) 1,821,000.00 TOYOTA CAMRY 2.5S GAS A/T 1,855,000.00 TOYOTA CAMRY 2.5S GAS A/T (WHITE PEARL) 1,870,000.00 TOYOTA CAMRY 2.5V GAS A/T 1,992,000.00 TOYOTA CAMRY 2.5V GAS A/T (WHITE PEARL) 2,007,000.00 TOYOTA CAMRY 3.5Q V6 GAS A/T 2,175,000.00 TOYOTA CAMRY 3.5Q V6 GAS A/T (WHITE PEARL) 2,190,000.00 TOYOTA COASTER 29-SEATER DSL M/T 3,618,000.00 TOYOTA FJ CRUISER 4.0L V6 GAS 4X4 A/T 2,083,000.00 TOYOTA FORTUNER 2.4 DSL A/T TRD 1,831,000.00 TOYOTA FORTUNER 2.4 DSL A/T TRD (WHITE PEARL) 1,846,000.00 TOYOTA FORTUNER 2.4G 4X2 DSL A/T 1,723,000.00 TOYOTA FORTUNER 2.4G 4X2 DSL M/T 1,633,000.00 TOYOTA FORTUNER 2.4V 4X2 DSL A/T 1,947,000.00 TOYOTA FORTUNER 2.4V 4X2 DSL A/T (WHITE PEARL) 1,962,000.00 TOYOTA FORTUNER 2.7G GAS 4X2 A/T 1,638,000.00 TOYOTA FORTUNER 2.8V 4X4 DSL A/T 2,286,000.00
    [Show full text]
  • Auto Pricelist 2020 3 11 Kia, Mazda, Jac, Peugeot and Mitsubishi
    BRAND: TOYOTA PRICE TOYOTA ALPHARD 3.5L GAS A/T 3,740,000.00 TOYOTA ALPHARD 3.5L GAS A/T (WHITE PEARL) 3,755,000.00 TOYOTA ALTIS 1.6E GAS M/T 999,000.00 TOYOTA ALTIS 1.6G GAS A/T MC 1,115,000.00 TOYOTA ALTIS 1.6G GAS M/T MC 1,045,000.00 TOYOTA ALTIS 1.6V GAS A/T MC 1,185,000.00 TOYOTA ALTIS 1.6V GAS A/T MC (WHITE PEARL) 1,200,000.00 TOYOTA ALTIS 1.8V HV CVT 1,580,000.00 TOYOTA ALTIS 2.0V GAS A/T 1,477,000.00 TOYOTA ALTIS 2.0V GAS A/T (WHITE PEARL) 1,492,000.00 TOYOTA AVANZA 1.3E GAS A/T 919,000.00 TOYOTA AVANZA 1.3E GAS M/T 876,000.00 TOYOTA AVANZA 1.3J GAS M/T 743,000.00 TOYOTA AVANZA 1.5G GAS A/T 1,012,000.00 TOYOTA AVANZA 1.5G GAS M/T 969,000.00 TOYOTA AVANZA 1.5G VELOZ A/T 1,077,000.00 TOYOTA CAMRY 2.5G GAS A/T 1,806,000.00 TOYOTA CAMRY 2.5G GAS A/T (WHITE PEARL) 1,821,000.00 TOYOTA CAMRY 2.5S GAS A/T 1,855,000.00 TOYOTA CAMRY 2.5S GAS A/T (WHITE PEARL) 1,870,000.00 TOYOTA CAMRY 2.5V GAS A/T 1,992,000.00 TOYOTA CAMRY 2.5V GAS A/T (WHITE PEARL) 2,007,000.00 TOYOTA CAMRY 3.5Q V6 GAS A/T 2,175,000.00 TOYOTA CAMRY 3.5Q V6 GAS A/T (WHITE PEARL) 2,190,000.00 TOYOTA COASTER 29-SEATER DSL M/T 3,618,000.00 TOYOTA FJ CRUISER 4.0L V6 GAS 4X4 A/T 2,083,000.00 TOYOTA FORTUNER 2.4 DSL A/T TRD 1,831,000.00 TOYOTA FORTUNER 2.4 DSL A/T TRD (WHITE PEARL) 1,846,000.00 TOYOTA FORTUNER 2.4G 4X2 DSL A/T 1,723,000.00 TOYOTA FORTUNER 2.4G 4X2 DSL M/T 1,633,000.00 TOYOTA FORTUNER 2.4V 4X2 DSL A/T 1,947,000.00 TOYOTA FORTUNER 2.4V 4X2 DSL A/T (WHITE PEARL) 1,962,000.00 TOYOTA FORTUNER 2.7G GAS 4X2 A/T 1,638,000.00 TOYOTA FORTUNER 2.8V 4X4 DSL A/T 2,286,000.00
    [Show full text]
  • Support List : for Instrument Series Brand Model Year/Chip
    Support list : For instrument Series Brand Model Year/Chip Single chip DongFeng 81118(1;570) ATMEGA32 instrument Single chip DongFeng 90318(1;570) ATMEGA32 instrument Single chip DongFeng 90408(1;615) ATMEGA32 instrument Single chip DongFeng 90820(1;570) ATMEGA32 instrument Single chip DongFeng 90923(1;570) ATMEGA32 instrument Single chip DongFeng 91007(1;615) ATMEGA32 instrument Single chip DongFeng 100123(1;570) ATMEGA16 instrument Single chip DongFeng 100305(1;495) ATMEGA32 instrument Single chip DongFeng 100512(1;495) ATMEGA32 instrument Single chip DongFeng P100719 ATMEGA32 instrument Single chip DongFeng P110303 ATMEGA32 instrument Single chip DongFeng P3820070(1;615) ATMEGA32 instrument Single chip DongFeng XTD70802 ATMEGA16 instrument Single chip DongFeng XTD70808 ATMEGA16 instrument Single chip DongFeng XTD70830 ATMEGA16 instrument Single chip DongFeng XTD71028 ATMEGA16 instrument Single chip DongFeng XTD71105 ATMEGA32 instrument Single chip DongFeng XTD80516 ATMEGA32 instrument Single chip DongFeng XTD90818 ATMEGA32 V1 instrument Single chip DongFeng XTD91126 ATMEGA32 instrument Single chip DongFeng XTD120814 ATMEGA32 instrument Single chip FOTON Auman ATMEGA32 instrument Single chip FuDi ZB157J1D1 ATMEGA16 instrument Single chip HaFei Zhongyi ATMEGA169 instrument Single chip Geely ZB156A ATMEGA169 V1 instrument Single chip Geely ZB127LS ATMEGA169 V1 instrument Single chip Geely ZB137LZ ATMEGA169 instrument Single chip Geely ZB118TYJ ATMEGA16 instrument Single chip Geely ZB106 ATMEGA16 instrument Single chip Geely ZB118 ATMEGA16
    [Show full text]
  • Green Car Congress: BYD's Qin Plug-In Hybrid the Best Selling
    24 June 2014 Go to GCC Discussions forum About GCC Contact RSS Subscribe Twitter headlines « DOI: latest Gulf of Mexico oil & gas lease sales garner $872M in high bids | Main | Average Carbon Intensity of crude to California refineries in 2012 down very slightly from 2010 baseline » Print this post BYD’s Qin plug-in hybrid the best selling automotive EV in Google China Search 21 March 2014 GCC Web BYD’s second-generation Dual-Mode, plug-in hybrid electric sedan Qin has posted a second month of strong sales in February. Trends in March now make it “China’s Best-Selling Tweets From the Editor (different than Electric Vehicle” according to China’s National Passenger Car @GreenCarCongres headlines in Association. In the first weeks of 2014, more than 6,000 Qin horizontal menu) vehicles were sold, accounting for more than one-half of 2nd-generation Dual Mode (DM II) the Chinese new-energy vehicle market. plug-in hy brid sy stem of the Q in. C lick to enlarge. Analysts are not expecting sales to slow, as both Shanghai and Beijing announced earlier this month that they will now permit BYD new energy vehicles to qualify for local municipality green-vehicle incentives and be licensed in those regions. BYD’s Q in. C lick to enlarge. The Qin combines a 1.5-liter, turbocharged, direct-injection 4-cylinder, 113 kW (152 hp), 240 N·m (177 lb-ft) engine with a 110 kW (148 hp), 250 N·m (184 lb-ft) electric motor; combined system power is 217 kW (291 hp) maximum with 479 N·m (353 lb-ft) maximum torque.
    [Show full text]
  • Report Außenwirtschaft Austria China
    AUSSEN WIRTSCHAFT BRANCHENREPORT CHINA KRAFTFAHRZEUGE & AUTOMOTIVE PRODUKTE ENTWICKLUNG DER KRAFTFAHRZEUGINDUSTRIE CHINESISCHE AUTOPOLITIK MARKTSEGMENTE KRAFTFAHRZEUGHERSTELLER ZULIEFERCHANCEN FÜR ÖSTERREICHISCHE UNTERNEHMEN AUSSICHTEN KONTAKTE UND MESSEN AUSSENWIRTSCHAFTSCENTER SHANGHAI Juni 2015/29172 2 Unser vollständiges Angebot zum Thema Automotive (Veranstaltungen, Publikationen, Schlagzeilen etc.) finden sie unter http://wko.at/aussenwirtschaft/automotive. Eine Information des AußenwirtschaftsCenters Shanghai E [email protected] Dieser Branchenreport ist im Rahmen der Internationalisierungsoffensive go-international, einer Förderinitiative des Bundesministeriums für Wissenschaft, Forschung und Wirtschaft und der Wirtschaftskammer Österreich für WKO-Mitglieder kostenlos. Das Werk ist urheberrechtlich geschützt. Alle Rechte, insbesondere die Rechte der Verbreitung, der Vervielfältigung, der Übersetzung, des Nachdrucks und die Wiedergabe auf fotomechanischem oder ähnlichem Wege durch Fotokopie, Mikrofilm oder andere elektronische Verfahren sowie der Speicherung in Datenverarbeitungsanlagen bleiben, auch bei nur auszugsweiser Verwertung, der Wirtschaftskammer Österreich – AUSSENWIRTSCHAFT AUSTRIA vorbehalten. Die Wiedergabe mit Quellenangabe ist vorbehaltlich anders lautender Bestimmungen gestattet. Es wird darauf hingewiesen, dass alle Angaben trotz sorgfältiger Bearbeitung ohne Gewähr erfolgen und eine Haftung der Wirtschaftskammer Österreich – AUSSENWIRTSCHAFT AUSTRIA ausgeschlossen ist. Darüber hinaus ist jede gewerbliche Nutzung
    [Show full text]
  • The Lithium Ion Battery and the EV Market: the Science Behind What You Can’T See
    The Lithium Ion Battery and the EV Market: The Science Behind What You Can’t See February 2018 Kimberly Berman Jared Dziuba, CFA Colin Hamilton Special Projects Analyst Oil & Gas Analyst Global Commodities Analyst BMO Nesbitt Burns Inc. BMO Nesbitt Burns Inc. BMO Capital Markets Limited [email protected] [email protected] [email protected] (416) 359-5611 (403) 515-3672 +44 (0)20 7664 8172 Richard Carlson, CFA Joel Jackson, P.Eng., CFA Peter Sklar, CPA, CA Autos/Mobility Equipment & Technology Analyst Fertilizers & Chemicals Analyst Auto Parts & Retailing/Consumer Analyst BMO Capital Markets Corp. BMO Nesbitt Burns Inc. BMO Nesbitt Burns Inc. [email protected] [email protected] [email protected] (212) 883-5141 (416) 359-4250 (416) 359-5188 This report was prepared in part by analysts employed by a Canadian affiliate, BMO Nesbitt Burns Inc., and a UK affiliate, BMO Capital Markets Limited, authorised and regulated by the Financial Conduct Authority in the UK, and who are not registered as research analysts under FINRA rules. For disclosure statements, including the Analyst’s Certification, please refer to the back of this report. 17:00 ET~ Contributors KIMBERLY BERMAN JARED DZIUBA, CFA COLIN HAMILTON Special Projects Analyst Oil & Gas Analyst Global Commodities Analyst BMO Nesbitt Burns Inc. BMO Nesbitt Burns Inc. BMO Capital Markets Limited [email protected] [email protected] [email protected] (416) 359-5611 (403) 515-3672 +44 (0)20 7664 8172 RICHARD CARLSON, CFA JOEL JacKSON, P.ENG., CFA PETER SKLAR, CPA, CA Autos/Mobility Equipment & Technology Analyst Fertilizers & Chemicals Analyst Auto Parts & Retailing/Consumer Analyst BMO Capital Markets Corp.
    [Show full text]
  • China Models Ranking 2019
    China models ranking 2019 Please note these figures are for locally produced models only (unless stated otherwise), they exclude imported cars, which make up only a small portion of sales in China. Model 2019 2018 Change 1 Volkswagen Lavida 533.186 503.825 5,8% 2 Nissan Sylphy 470.707 481.216 -2,2% 3 Haval H6 386.405 452.552 -14,6% 4 Wuling Hongguang 374.878 476.538 -21,3% 5 Toyota Corolla 357.798 374.400 -4,4% 6 Volkswagen Bora 334.668 245.818 36,1% 7 Volkswagen Sagitar 307.323 309.902 -0,8% 8 Buick Excelle GT 279.280 261.920 6,6% 9 Volkswagen Santana 255.836 276.411 -7,4% 10 Honda Civic 243.966 218.132 11,8% 11 Geely Boyue 232.327 255.695 -9,1% 12 Volkswagen Tiguan 228.951 303.374 -24,5% 13 Honda Accord 223.706 176.769 26,6% 14 Toyota Levin 221.629 192.697 15,0% 15 Volkswagen Passat 214.061 179.028 19,6% 16 Honda CR-V 213.306 143.689 48,4% 17 Geely EC7 211.472 246.998 -14,4% 18 Nissan X-Trail 207.776 207.951 -0,1% 19 Changan CS75 193.227 140.293 37,7% 20 Toyota Camry 185.245 163.046 13,6% 21 Nissan Qashqai 179.773 175.045 2,7% 22 Volkswagen Tayron 179.428 20.235 786,7% 23 Volkswagen Magotan 169.242 228.990 -26,1% 24 Audi A4L 167.689 167.923 -0,1% 25 Roewe RX5 166.114 224.819 -26,1% 26 BMW 5-series L 163.500 146.604 11,5% 27 Roewe i5 158.945 66.533 138,9% 28 Baojun 510 158.201 361.403 -56,2% 29 Mercedes-Benz E-Class L 157.504 146.032 7,9% 30 Mercedes-Benz C-Class L 154.614 156.567 -1,2% 31 Honda Crider 154.053 113.108 36,2% 32 Buick GL8 148.121 144.308 2,6% 33 Honda XR-V 147.203 168.250 -12,5% 34 Mercedes-Benz GLC 142.857 118.350 20,7%
    [Show full text]
  • QYT AUTO PARTS CO., LTD Email: [email protected] ; [email protected] Whatsapp: +86 13634216230
    QYT AUTO PARTS CO., LTD Email: [email protected] ; [email protected] WhatsApp: +86 13634216230 QYT no. Description Corss Ref. Application TOYOTA;LEXUS (SC0001‐SC0300) TOYOTA CAMRY ACV40 06‐12,CAMRY ACV50 12‐,CAMRY2.4/3.0 03‐,PREVIA ACR30 2.4L 00‐06,PREVIA ACR30 (34M);BYD S6/S7,TANG; SC0001 CONTROL ARM 48068‐33050 CHANGAN RAETON;LIFAN 820;LEXUS ES300/MCV30 01‐06,ES350/ES240 07‐,RX270/RX350 08‐ TOYOTA CAMRY ACV40 06‐12,CAMRY ACV50 12‐,CAMRY2.4/3.0 03‐,PREVIA ACR30 2.4L 00‐06,PREVIA ACR30 (34M);BYD S6/S7,TANG; SC0002 CONTROL ARM 48069‐33050 CHANGAN RAETON;LIFAN 820;LEXUS ES300/MCV30 01‐06,ES350/ES240 07‐,RX270/RX350 08‐ SC0003 CONTROL ARM 48068‐06230 TOYOTA CAMRY 18‐ SC0004 CONTROL ARM 48069‐06230 TOYOTA CAMRY 18‐ SC0005 CONTROL ARM 48790‐06040 TOYOTA CAMRY 18‐ SC0006 CONTROL ARM 48770‐06040 TOYOTA CAMRY 18‐ GEELY YUANJING,YINGLUN; SC0007 CONTROL ARM BYD F3/F3R/G3/G3R/L3;LIFAN 620;TOYOTA COROLLA GEELY YUANJING,YINGLUN; SC0008 CONTROL ARM BYD F3/F3R/G3/G3R/L3;LIFAN 620;TOYOTA COROLLA BYD F3/F3R/G3/G3R/L3; SC0009 CONTROL ARM 48069‐12290 LIFAN 620;TOYOTA COROLLA;GEELY HAIJING,YUANJING,YINGLUN 48069‐12290, BYD F3/F3R/G3/G3R/L3; SC0010 CONTROL ARM 48068‐12220 LIFAN 620;TOYOTA COROLLA;GEELY HAIJING,YUANJING,YINGLUN BYD SURUI,BYD G5;ZOTYE Z300/Z500/SR7/DMX5;LIFAN 720;TOYOTA SC0011 CONTROL ARM 48068‐02180 COROLLA 07‐/VERSO 11‐/LEVIN 14‐ 48068‐02180, BYD SURUI,BYD G5;ZOTYE Z300/Z500/SR7/DMX5; SC0012 CONTROL ARM SATISFACTION48069‐49025 LIFAN 720;TOYOTA COROLLA 07‐,VERSO 11‐,LEVIN 14‐ TOYOTA REIZ/CROWN; SC0013 CONTROL ARM 48610‐0N010 LEXUS GS300/350/430
    [Show full text]
  • 3D Cars Models Catalogue (On September 30, 2021)
    3D cars models catalogue (on September 30, 2021) Abarth 001 Abarth 205a Vignale berlinetta 1950 AC Shelby Cobra 001 AC Shelby Cobra 427 1965 002 AC Shelby Cobra 289 roadster 1966 003 Shelby Cobra Daytona 1964 004 AC 3000ME 1979 Acura 001 Acura TL 2012 001 ATS GT 2021 002 Acura MDX 2011 003 Acura ZDX 2012 004 Acura NSX 2012 005 Acura RDX 2013 006 Acura RL 2012 007 Acura NSX convertible 2012 008 Acura ILX 2013 009 Acura RLX 2013 010 Acura MDX Concept 2014 011 Acura RSX Type-S 2005 012 Acura TLX Concept 2015 013 Acura Integra 1990 014 Acura MDX 2003 015 Acura Vigor 1991 016 Acura TLX 2014 017 Acura ILX (DE) 2016 018 Acura TL 2007 019 Acura Integra coupe 1991 020 Acura NSX 2016 021 Acura Precision 2016 022 Acura CDX 2016 023 Acura NSX EV 2016 024 Acura TLX A-Spec 2017 025 Acura MDX Sport Hybrid 2017 026 Acura RLX Sport Hybrid SH-AWD 2017 027 Acura MDX Sport Hybrid with HQ interior 2017 028 Acura RLX Sport Hybrid SH-AWD with HQ interior 2017 029 Acura RDX Prototype 2018 030 Acura ILX A-spec 2019 031 Acura MDX 2014 032 Acura MDX RU-spec 2014 033 Acura RDX RU-spec 2014 034 Acura Type-S 2019 035 Acura NSX 1990 036 Acura RDX A-spec 2019 037 Acura ARX-05 DPi 2018 038 Acura RDX 2006 039 Acura MDX A-Spec 2018 040 Acura TLX Type S 2020 041 Acura TLX A-Spec 2020 042 Acura MDX A-Spec US-spec 2021 AD Tramontana 001 AD Tramontana C 2007 Adler 001 Adler Trumpf Junior Sport Roadster 1935 AEC 001 AEC Routemaster RM 1954 002 AEC Routemaster RMC 1954 Aermacchi 001 Aermacchi Chimera 1957 Aeromobil 001 Aeromobil 3.0 2014 Agrale 001 Agrale 10000 Chassis Truck
    [Show full text]