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Guangzhou Automobile Group
China / Hong Kong Company Guide Guangzhou Automobile Group Version 6 | Bloomberg: 2238 HK Equity | 601238 CH Equity | Reuters: 2238.HK | 601238.SS Refer to important disclosures at the end of this report DBS Group Research . Equity 7 May 2019 Japanese JCEs leading growth H: BUY Last Traded Price (H) ( 7 May 2019):HK$8.14(HSI : 29,363) More clarity on JVs future strategy. Guangzhou Auto (GAC) and its Price Target 12-mth (H):HK$9.60 (17.9% upside) (Prev HK$17.86) Japanese JCE partners have agreed on key priorities to grow the business. The medium-term plans include capacity expansion and new A: HOLD model development (both traditional and new energy vehicles). Last Traded Price (A) ( 7 May 2019):RMB11.61(CSI300 Index : 3,721) Price Target 12-mth (A):RMB11.30 (2.7% downside) (Prev RMB21.71) Another key factor is that both partners have agreed to maintain the current shareholding structure, hence removing uncertainties. The Analyst Rachel MIU+852 36684191 [email protected] Japanese auto brands have gained market share from 15.6% in December 2016 to 19% in February 2019 aided by their product What’s New range, pricing, and proactive business strategy. Despite the tough • More clarity on development of Japanese JCEs, key 1Q19 auto market, GAC’s Japanese JCEs managed to chalk up strong earnings driver in the future volume sales growth and decent profit contributions to the group. • Self-brand going through short-term adjustment and Where we differ? We expect normalisation of Trumpchi sales to have should start to normalise in 2H19 a meaningful impact on earnings, on anticipation of a recovery in • Maintain BUY, TP revised down slightly to HK$9.60 the PV market in 2H19. -
200218 EV Volumes Monthly Xev Sales Tracker
Global xEV This is a sample version of our ~ 90 page Global xEV Sales Tracker. Sales Tracker The price is 7 500€ / year and includes 12 updates. December and Full Year 2019 Data Center subscribers have 20 % lower price Contact [email protected] for info EVVOLUMES.COM Table of Contents Executive Summary 3 World 6 China 29 USA 36 Europe 43 Norway 51 UK 58 France 65 Germany 72 Japan 79 About EV-volumes 86 xEV Sales Tracker December & FY 2019 2 19-02-2020 EVVOLUMES.COM 2.2 million EVs were sold in 2019, growing by only 11% compared to last year and still representing less than 3% of PV sales. USA were down, China stable and Europe significantly up. Countries • China – 1.2 million EVs (5.2% penetration) - up 6% - 80% BEV – BJEV EU-Series = most solD EV • Europe – 565k EVs (3.1% penetration) - up 45% - 64% BEV – Tesla MoDel 3 = most solD EV • U.S.A. – 320k EVs (1.9% penetration) - down 12% - 73% BEV – Tesla MoDel 3 = most solD EV • Germany – 106k EVs (2.9% penetration) - up 60% - 64% BEV – Renault Zoé= most solD EV • Norway – 79k EVs (56% penetration) - up 9% - 76% BEV – Tesla MoDel 3 = most solD EV • UK – 75k EVs (3.2% penetration) – up 24% - 51% BEV – Tesla MoDel 3 = most solD EV • France – 62k EVs (2.8% penetration) - up 35% - 70% BEV – Renault Zoé = most solD EV • Japan – 44k EVs (1% penetration) - down 18% - 53% BEV – Nissan Leaf = most solD EV OEMs • Tesla won the OEM crown once again in front of BYD anD BAIC with more than 360k EVs solD • VW Group is finally serious about EVs and will overtake BMW Group in 2020 to become the 1st European OEM Models • Tesla MoDel 3 won the EV crown once again with more than 300k units solD • More than 50k Tesla MoDel 3 were solD in December while there wasn’t any European EV in Top 10 xEV Sales Tracker December & FY 2019 3 19-02-2020 EVVOLUMES.COM China represented 58% of global BEV market in December while Europe kept its lead on PHEVs with 46% market share and South Korea on FCEVs with 55% market share (300 units). -
Sajtóközlemény Toyota Central Europe
SAJTÓKÖZLEMÉNY TOYOTA CENTRAL EUROPE INTEGRÁLT AUTÓÜZEMELTETÉSI PLATFORM KIFEJLESZTÉSÉBEN VÁLLAL RÉSZT A TOYOTA KÍNÁBAN Az új mobilitási szektor egy példa nélküli szövetség keretében egyesíti erőit az autóiparral: világ legzöldebb és leginnovatívabb autógyártójának tartott, a mesterséges intelligencia, az autonóm autózás és a robotika területén is vezető fejlesztőnek számító Toyota által is támogatott együttműködés kulcsterületei közé tartozik a járműértékesítés és lízing, a szolgáltatások, a finanszírozás, a flottaüzemeltetés és autómegosztás, illetve a járművek és iparági szabványok közös fejlesztése. A DiDi Chuxing vállalat és 31 autóipari beszállító cég, köztük a Lexus prémium márkát is jegyző, a környezetbarát hibrid elektromos meghajtás mellett az akkumulátoros elektromos és hidrogén üzemanyagcellás elektromos technológia fejlesztésében is élen járó Toyota bejelentette a DiDi Autóipari Szövetség (D-Alliance) létrejöttét. Ez az első alkalom, hogy az új mobilitási szektor erőforrásai és erősségei, valamint az autóipar kulcsfontosságú láncszemei ilyen formában egyesülnek, hogy közös járműüzemeltetési platformot fejlesszenek ki, amely minden szempontból alkalmazkodik a közelgő személy- és áruszállítási forradalomhoz. A partnerek hisznek abban, hogy ez a projekt kulcsfontosságú a felhasználó- és tulajdonos-központú autós ökoszisztéma létrehozása szempontjából, amelyben dominálnak az új energiát felhasználó járművek, az intelligens vezetési technológiák és a megosztott mobilitási megoldások. Cheng Wei, a DiDi Chuxing alapítója és vezérigazgatója -
Stanphyl Capital Management LLC Stanphyl Capital GP, LLC Stanphyl Capital Partners LP
Stanphyl Capital Management LLC Stanphyl Capital GP, LLC Stanphyl Capital Partners LP Friends and Fellow Investors: For June 2018 the fund was down approximately 13.8% (no that is not a misprint- please see the paragraph below) net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 0.6% while the Russell 2000 was up approximately 0.7%. Year-to-date the fund is down approximately 16.2% while the S&P 500 is up approximately 2.6% and the Russell 2000 is up approximately 7.7%. Since inception on June 1, 2011 the fund is up approximately 67.4% net while the S&P 500 is up approximately 134.7% and the Russell 2000 is up approximately 113.7%. Since inception the fund has compounded at approximately 7.6% net annually vs 12.8% for the S&P 500 and 11.3% for the Russell 2000. (The S&P and Russell performances are based on their “Total Returns” indices which include reinvested dividends.) As always, investors will receive the fund’s exact performance figures from its outside administrator within a week or two; meanwhile I continue to waive the annual management fee until the entire fund regains its high- water mark. The fund was absolutely massacred this month, and it was primarily due to our large short position in Tesla, to which I added on each new piece of negative news, much of which was indicative of the kind of outright fraud (see below) that would immediately send a “normal stock” into a death spiral, and yet for most of the month Tesla’s stock kept levitating. -
Automotive Industry Weekly Digest
Automotive Industry Weekly Digest 25-29 January 2021 IHS Markit Automotive Industry Weekly Digest - Jan 2021 WeChat Auto VIP Contents [OEM Highlights] Great Wall to reshape brand image with new models 3 [OEM Highlights] VW begins sales of ID.4 CROZZ in China 4 [Sales Highlights] Chinese new vehicle sales contract 2% during 2020; demand rebound expected in 2021 6 [Sales Highlights] VW Group reports sales decline of 9.1% in China during 2020 8 [Technology and Mobility Highlights] Huawei develops smart roads in Wuxi that communicate with driverless vehicles 10 [Technology and Mobility Highlights] Geely teams up with Tencent to develop smart car technologies 10 [Supplier Trends and Highlights] DENSO collaborate with AEVA to develop next-generation FMCW lidar system 12 [Supplier Trends and Highlights] Freudenberg Sealing Technologies develops new DIAvent valves for safer lithium-ion batteries 12 [GSP] India/Pakistan Sales and Production Commentary -2020.12 14 [VIP ASSET] Stellantis: Scale Creates Opportunity 16 [VIP ASSET] Stellantis expects scale to support strong brand stable, investment into new tech 17 Confidential. ©2021 IHS Markit. All rights reserved. 2 IHS Markit Automotive Industry Weekly Digest - Jan 2021 WeChat Auto VIP [OEM Highlights] Great Wall to reshape brand image with new models IHS Markit perspective Implications Great Wall has delivered satisfactory sales results during 2020 despite the disruption from the coronavirus disease 2019 (COVID-19) pandemic. The automaker's sales rose by 5% to more than 1.11 million vehicles during 2020 on the back of strong demand for its new models, including the Haval H6 and the Pao pickup. The sales volumes of 1.11 million units exceeded the company’s target set for the year, which was 1.02 million units. -
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 -
Annual Report 2019
Contents Corporate Profile 2 Corporate Information 4 Our Products 6 Business Overview 13 Financial Highlights 32 CEO’s Statement 33 Management Discussion and Analysis 36 Directors and Senior Management 48 Directors’ Report 56 Corporate Governance Report 74 Independent Auditor’s Report 86 Consolidated Balance Sheet 92 Consolidated Income Statement 94 Consolidated Statement of Comprehensive Income 95 Consolidated Statement of Changes in Equity 96 Consolidated Statement of Cash Flows 97 Notes to the Consolidated Financial Statements 98 Five Years’ Financial Summary 168 02 NEXTEER AUTOMOTIVE GROUP LIMITED ANNUAL REPORT 2019 Corporate Profile Nexteer Automotive Group Limited (the Company) together with its subsidiaries are collectively referred to as we, us, our, Nexteer, Nexteer Automotive or the Group. Nexteer Automotive is a global leader in advanced steering and driveline systems, as well as advanced driver assistance systems (ADAS) and automated driving (AD) enabling technologies. In-house development and full integration of hardware, software and electronics give Nexteer a competitive advantage as a full-service supplier. As a leader in intuitive motion control, our continued focus and drive is to leverage our design, development and manufacturing strengths in advanced steering and driveline systems that provide differentiated and value-added solutions to our customers. We develop solutions that enable a new era of safety and performance for traditional and varying levels of ADAS/AD. Overall, we are making driving safer, more fuel-efficient and fun for today’s world and an automated future. Our ability to seamlessly integrate our systems into automotive original equipment manufacturers’ (OEM) vehicles is a testament to our more than 110-year heritage of vehicle integration expertise and product craftsmanship. -
Annual Report 2019 年報
China ZhengTong Auto Services Holdings Limited Auto China ZhengTong (Incorporated under the laws of the Cayman Islands with limited liability) (根據開曼群島法律註冊成立的有限公司) 中國正通汽車服務控股有限公司 ANNUAL REPORT 2019 ANNUAL REPORT www.zhengtongauto.com 年報 ANNUAL REPORT 2019 年報 CONTENTS 2 Company Profile 73 Independent Auditor’s Report 3 Five Years’ Financial Summary 81 Consolidated Statement of Profit or Loss 6 Chairman’s Statement 82 Consolidated Statement of Profit or Loss and Other Comprehensive Income 10 Management Discussion and Analysis 83 Consolidated Statement of Financial Position 26 Corporate Governance Report 85 Consolidated Statement of Changes in 35 Environmental, Social and Governance Equity (ESG) Report 86 Consolidated Cash Flow Statement 55 Directors’ and Senior Management’s Profiles 87 Notes to the Consolidated Financial Statements 58 Directors’ Report 184 Corporate Information COMPANY PROFILE China ZhengTong Auto Services Holdings Limited China ZhengTong Auto Services Holdings Limited (the “Company” or “ZhengTong” or “ZhengTong Auto”, and together with its subsidiaries, the “Group”) is the leading 4S dealership group in China focusing on dealership of luxury and ultra-luxury branded automobiles such as Porsche, Mercedes-Benz, BMW, Audi, Jaguar and Land Rover, Volvo, Infiniti and Cadillac. The Group also operates dealership stores of middle market brands, such as FAW Volkswagen, Buick, Nissan, Toyota, Honda and Hyundai. The Group has developed a forward-looking strategic network covering developed regions and fast growing provinces in China so as to lay down a solid foundation for rapid growth of the Group in the future. As at 31 December 2019, we operated 135 dealership outlets in 41 cities across 17 provinces and municipalities nationwide not only covering the developed automobile market of some of the affluent first-tier and capital cities, but also effectively expanding to second and third-tier cities and regions with rapid growth and low automobile penetration. -
Master's Degree in Language, Economics and Institutions of Asia
Master’s Degree In Language, Economics and Institutions of Asia and North Africa Curriculum Language and Management to China Final Thesis The Italian Automotive Industry after Covid-19 emergency: internationalization strategy for the new electric Fiat 500 in China Supervisor Prof. Alessandra Perri Assistant supervisor Prof. Anna Morbiato Graduand Benedetta Baciarlini 874706 Academic Year 2019/ 2020 不到黄河心不死 Index 前言 .................................................................................................................... 1 Introduction ...................................................................................................... 3 Chapter 1 The Italian Automotive Industry and Covid-19 impact ............ 5 1.1.The Italian Automotive industry .................................................................. 5 1.1.1.The Automotive industry's positioning on the Italian market ............ 5 1.1.2.Technological evolution ..................................................................... 8 1.1.3.Made in Italy, synonym of quality ................................................... 10 1.2.The supply chain ......................................................................................... 12 1.2.1.Global value chains ......................................................................... 12 1.2.2.The supply chain and the role of suppliers ....................................... 15 1.2.3.Outsourcing and modularity ............................................................. 17 1.3. Covid-19 impact and how to recover -
China Autos Driving the EV Revolution
Building on principles One-Asia Research | August 21, 2020 China Autos Driving the EV revolution Hyunwoo Jin [email protected] This publication was prepared by Mirae Asset Daewoo Co., Ltd. and/or its non-U.S. affiliates (“Mirae Asset Daewoo”). Information and opinions contained herein have been compiled in good faith from sources deemed to be reliable. However, the information has not been independently verified. Mirae Asset Daewoo makes no guarantee, representation, or warranty, express or implied, as to the fairness, accuracy, or completeness of the information and opinions contained in this document. Mirae Asset Daewoo accepts no responsibility or liability whatsoever for any loss arising from the use of this document or its contents or otherwise arising in connection therewith. Information and opin- ions contained herein are subject to change without notice. This document is for informational purposes only. It is not and should not be construed as an offer or solicitation of an offer to purchase or sell any securities or other financial instruments. This document may not be reproduced, further distributed, or published in whole or in part for any purpose. Please see important disclosures & disclaimers in Appendix 1 at the end of this report. August 21, 2020 China Autos CONTENTS Executive summary 3 I. Investment points 5 1. Geely: Strong in-house brands and rising competitiveness in EVs 5 2. BYD and NIO: EV focus 14 3. GAC: Strategic market positioning (mass EVs + premium imported cars) 26 Other industry issues 30 Global company analysis 31 Geely Automobile (175 HK/Buy) 32 BYD (1211 HK/Buy) 51 NIO (NIO US/Buy) 64 Guangzhou Automobile Group (2238 HK/Trading Buy) 76 Mirae Asset Daewoo Research 2 August 21, 2020 China Autos Executive summary The next decade will bring radical changes to the global automotive market. -
Global Hybrid & EV Bulletin
Global Hybrid & EV Bulletin Subscribe April 2021 here © 2021 LMC© 2021 Automotive LMC Automotive Limited, All Limited, Rights AllReserved. Rights Reserved. Hybrid & EV Bulletin, April 2021 Introduction LMC Automotive has been tracking and forecasting global sales of electrified vehicles (xEV) for more than ten years through its established Global Hybrid & Electric Vehicle Forecast. This service is published quarterly and provides forecasts extending 12 years into the future. More recently, in response to customer requests, we have added the Battery and eMotor Module. However, as the world embarks on what appears to be a steep acceleration in the demand for electrified vehicles, leading to their domination at a not-too-distant time, the need for a more frequent snapshot of the global situation has become increasingly evident. That is the purpose of the new Global Hybrid & EV Bulletin. This monthly publication contains comprehensive market and technology level sales data for electrified vehicles plus important sectoral information that has come to light during the month. Actual Data provided Data are timely - each release of the bulletin in the third week of the by JATO Dynamics month contains sales data up to and including the preceding month. and national automotive This is supplemented by concise and insightful commentary on market industry associations developments in electrification as well as information which will help users to interpret what is really happening right now and to direct their thinking in the short term on the xEV sector. For those needing to keep a close eye on how the global xEV market is developing, the Global Hybrid & EV Bulletin is essential reading. -
Report on Emerging Automakers in China in 2018 (Corporate Reach & Connectivity Functions)
Report on Emerging Automakers in China in 2018 (Corporate Reach & Connectivity Functions) November 2018 STUDY GOAL AND OBJECTIVES METHODOLOGY This report provides the industry executives with strategically signifisignificantcant Both primary and secondary research methodologies were used competitor information, analysis, insight and projection on the in preparing this study. Initially, a comprehensive and exhaustive competitive pattern and key companies in the industry, crucial to the search of the literature on this industry was conducted. These development and implementation of effective business, marketing and sources included related books and journals, trade literature, R&D programs. marketing literature, other product/promotional literature, annual reports, security analyst reports, and other publications. REPORT OBJECTIVES Subsequently, telephone interviews or email correspondence TtblihTo establish a compre hiftlhensive, factual, annua lldtddtlly updated and cost- was conducted with marketing executives etc. Other sources effective information base on market size, competition patterns, included related magazines, academics, and consulting market segments, goals and strategies of the leading players in the companies. market, reviews and forecasts. To assist potential market entrants in evaluating prospective INFORMATION SOURCES acquisition and joint venture candidates. The primary information sources include Company Reports, To complement the organizations’ internal competitor information and National Bureau of Statistics of