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In 2016, accomplished fixed asset investment in the rubber industry was CNY 182.245 billion, a YOY increase of 8.18%, reversing the decline in 2015. Among them, the investment in the rubber industry decreased by 2.38% YOY to CNY 58.693 billion, declining for the third consecutive year.
The development of the tire industry is driven by the fast growth of China's automobile industry. The tire industry is a crucial sub-sector of the rubber industry. In 2016, there were 4,000 enterprises in Chinese tire manufacturing industry and the main business income was CNY 1,034.469 billion, up by 2.61% YOY. Total export value was USD 44.35 billion, down by 8.11% and profits were CNY 64.739 billion, up by 5.89% YOY. In 2016, the production volume of automobile tires increased by 7.9% YOY to 610 million. Among that, the production volume of radial tire was 565 million, up by 9.7% YOY and accounting for 92.6%; that of bias tire was 45 million, down by 10%. In the production of radial tire, TBR tires amounted to 121 million, up by 10% YOY; PCR tires were 444 million, up by 9.6% YOY.
According to CRI, characterized by high energy costs and mass pollution, the rubber industry faces upgrading of industrial structure in coming years. On August 7, 2016, Ministry of Industry and Information Technology of the People's Republic of China and Ministry of Finance jointly issued the Action Plan on Reduction of Volatile Organic Compounds (VOC) in Key Industries. The tire industry and the shoemaking industry were the focused industries to reduce VOCs. It was regulated that in 2018, green products with low VOCs or non-VOCs would take up over 40% of total tire production. In order to cope with industrial upgrading and international trade barriers, China has initiated the shift of the tire industry to Southeast Asia. In general, given the advantages of cost and industry chains and strong domestic demand, the tire industry in China will continue to grow in the next few years.
In this report, CRI analyzes 90 tire and rubber enterprises listed in A-share market in China.
The report is composed of two parts: the first part is enterprise profiles and the second part is the operation status of these enterprises in the recent decade (presently 2006 to 2016, we will update it to the latest as time goes by).
The operation status is demonstrated from the following perspectives: (1)financial indexes, such as earnings per share, book value per share (BPS), sales per share, net cash flow per share, return on net worth and debt to asset ratio; (2) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (3) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (4) indexes on the balance sheet, such as liquid asset, fixed asset, current liability, non-current liability, capital reserve and shareholders' equity.
(1) Financial Indexes
- Earnings per Share
- Book Value per Share (BPS)
- Sales per Share (SPS)
- Net Cash Flow per Share from Operations
- Net Cash Flow per Share (CNY)
- Return on Net Worth
- Net Profit Margin on Total Assets
- Return on Invested Capital (ROIC) (%)
- Gross Profit Margin on Sales (%)
- Net Profit Margin on Sales (%)
- EBIT Margin (%)
- EBITDA Margin (%)
- Debt to Asset Ratio (%)
- Total Asset Turnover (times)
- Cash/Operating Income Received from Sales of Goods or Services
- YOY Growth Rate of Operating Revenue (%)
- YOY Growth Rate of Operating Profit (%)
- YOY Growth Rate of Net Profit Attributable to Shareholders of Parent Company (%)
(2) Summary of Income Statement
- Gross Revenue (CNY, million)
- Total Operating Costs (CNY, million)
- Revenue (CNY, million)
- Operating Profit (CNY, million)
- Total Profit (CNY, million)
- Net Profit (CNY, million)
- Net Profit Attributable to Shareholders of Parent Company (CNY, million)
- Non-recurring Items (CNY, million)
- Net Profit Deducting Non-recurring Items (CNY, million)
- R&D Costs (CNY, million)
- Earnings Before Interest and Tax (EBIT) (CNY, million)
- Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (CNY, million)
(3) Summary of Balance Sheet
- Liquid Asset (CNY, million)
- Fixed Asset (CNY, million)
- Long-term Equity Investment
- Total Assets (CNY, million)
- Liquid Liability (CNY, million)
- Non-current Liability (CNY, million)
- Total Liability (CNY, million)
- Capital Reserve (CNY, million)
- Surplus Reserve (CNY, million)
- Undistributed Profit (CNY, million)
- Shareholders' Equity (CNY, million)
- Equity Attributable to Shareholders of Parent Company (CNY, million)
(4) Summary of Cash Flow Statement
- Cash Received from Sales of Goods and Services (CNY, million)
- Cash Flow from Operations (CNY, million)
- Cash Paid to Purchase Fixed Assets, Intangible Assets and Other Long-term Assets (CNY, million)
- Cash Paid for Investments (CNY, million)
- Cash Flow from Investments (CNY, million)
- Cash Received from Investors (CNY, million)
- Cash Received from Borrowings (CNY, million)
- Cash Flow from Financing (CNY, million)
- Net Increase of Cash and Cash Equivalents (CNY, million)
- Cash and Cash Equivalents, End of Period (CNY, million)
- Depreciation and Amortization (CNY, million)
Companies Mentioned
1 FAWER Automotive Parts Limited Company (000030.SZ)
2 Weichai Power Co., Ltd. (000338.SZ)
3 North Industries Group Red Arrow Co., Ltd. (000519.SZ)
4 Wanxiang Qianchao Co., Ltd. (000559.SZ)
5 Weifu High-Technology Group Co., Ltd. (000581.SZ)
6 Hengli Industrial Development Group Co., Ltd. (000622.SZ)
7 Xiangyang Automobile Bearing Co., Ltd. (000678.SZ)
8 Jiangnan Mould & Plastic Technology Co., Ltd. (000700.SZ)
9 Chengdu Tianxing Instrument And Meter Co., Ltd. (000710.SZ)
10 Steyr Motors Corp. (000760.SZ)
11 Huangshan Jinma Co., Ltd. (000980.SZ)
12 Chongqing Zongshen Power Machinery Co., Ltd. (001696.SZ)
13 Ningbo Huaxiang Electronic Co., Ltd. (002048.SZ)
14 Zhejiang Wanfeng Auto Wheel Co., Ltd. (002085.SZ)
15 Zhejiang Yinlun Machinery Co., Ltd. (002126.SZ)
16 Sichuan Chengfei Integration Technology Co., Ltd. (002190.SZ)
17 Shenzhen Terca Technology Co., Ltd. (002213.SZ)
18 Yunnan Xiyi Industrial Co., Ltd. (002265.SZ)
19 Tianrun Crankshaft Co., Ltd. (002283.SZ)
20 Zhejiang Asia-Pacific Mechanical & Electronic Co., Ltd. (002284.SZ)
21 Hunan Boyun New Materials Co., Ltd. (002297.SZ)
22 Shanghai Xinpeng Industrial Co., Ltd. (002328.SZ)
23 Xingmin Intelligent Transportation Systems (Group) Co., Ltd. (002355.SZ)
24 Shandong Longji Machinery Co., Ltd. (002363.SZ)
25 Xuchang Yuandong Drive Shaft Co., Ltd. (002406.SZ)
26 Zhejiang Wanliyang Co., Ltd. (002434.SZ)
27 ZYNP Corp. (002448.SZ)
28 Songz Automobile Air Conditioning Co., Ltd. (002454.SZ)
29 Zhejiang Jingu Co., Ltd. (002488.SZ)
30 Tianjin Motor Dies Co., Ltd. (002510.SZ)\
31 Henan Province Xixia Automobile Water Pump Co., Ltd. (002536.SZ)
32 Jiangsu NanFang Bearing Co., Ltd. (002553.SZ)
33 Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. (002555.SZ)
34 Zhejiang Vie Science & Technology Co., Ltd. (002590.SZ)
35 Nanning Baling Technology Co., Ltd. (002592.SZ)
36 Zhejiang Century Huatong Group Co., Ltd. (002602.SZ)
37 Zhejiang Longsheng Auto Parts Co., Ltd. (002625.SZ)
38 Beijing WKW Automotive Parts Co., Ltd. (002662.SZ)
39 Xin Zhi Motor Co., Ltd. (002664.SZ)
40 Zhejiang Shibao Company Limited (002703.SZ)
41 Huaiji Dengyun Auto-parts (Holding)Co., Ltd. (002715.SZ)
42 Zhejiang Yueling Co., Ltd. (002725.SZ)
43 Chongqing Landai Powertrain Corp. Ltd. (002765.SZ)
44 Ningbo Shuanglin Auto Parts Co., Ltd. (300100.SZ)
45 Guangdong Hongteo Accurate Technology Co., Ltd. (300176.SZ)
46 Jiangsu Yunyi Electric Co., Ltd. (300304.SZ)
47 Tianjin Pengling Rubber Hose Co., Ltd. (300375.SZ)
48 Mianyang Fulin Precision Machining Co., Ltd. (300432.SZ)
49 Fuxin Dare Automotive Parts Co., Ltd. (300473.SZ)
50 Jiangsu Olive Sensors High-Tech Co., Ltd. (300507.SZ)
51 Sichuan Chuanhuan Technology Co., Ltd. (300547.SZ?
52 Wuxi Best Precision Machinery Co., Ltd. (300580.SZ)
53 Nanjing Aolian AE&EA Co., Ltd. (300585.SZ)
54 Zhejiang Meili High Technology Co., Ltd. (300611.SZ)
55 Dongfeng Electronic Technology Co., Ltd. (600081.SH)
56 Sichuan Hejia Co., Ltd. (600093.SH)
57 Changchun Yidong Clutch Co., Ltd. (600148.SH)
58 Harbin Dongan Auto Engine Co., Ltd. (600178.SH)
59 Liaoning Sg Automotive Group Co., Ltd. (600303.SH)
60 Lingyun Industrial Corporation Limited (600480.SH)
61 China Shipbuilding Industry Group Power Co., Ltd. (600482.SH)
62 Aerosun Corp. (600501.SH)
63 Guizhou Guihang Automotive Components Co., Ltd. (600523.SH)
64 Fuyao Glass Industry Group Co., Ltd. (600660.SH)
65 Shanghai Jiao Yun Group Co., Ltd. (600676.SH)
66 Ningbo Joyson Electronic Corp. (600699.SH)
67 HUAYU Automotive Systems Co., Ltd. (600741.SH)
68 Changchun Faway Automobile Components Co., Ltd. (600742.SH)
69 Shandong Binzhou Bohai Piston Co., Ltd. (600960.SH)
70 Ningbo Tuopu Group Co., Ltd. (601689.SH)
71 Changzhou Xingyu Automotive Lighting Systems Co., Ltd. (601799.SH)
72 Shanghai Lianming Machinery Co., Ltd. (603006.SH?
73 Shanghai Beite Technology Co., Ltd. (603009.SH)
74 Changshu Automotive Trim Co., Ltd. (603035.SH)
75 Shanghai Carthane Co., Ltd. (603037.SH)
76 Hangzhou XZB Tech Co., Ltd. (603040.SH)
77 Zhejiang Tiancheng Controls Co., Ltd. (603085.SH)
78 ADD Industry (Zhejiang) Corp. Ltd. (603089.SH)
79 Changzhou Tenglong Auto Parts Co., Ltd. (603158.SH)
80 Guilin Fuda Co., Ltd. (603166.SH)
81 Ningbo Shenglong Automotive Powertrain System Co., Ltd. (603178.SH)
82 Jiangsu Xinquan Automotive Trim Co., Ltd. (603179.SH)
83 Zhejiang Xiantong Rubber & Plastic Co., Ltd. (603239.SH)
84 Hmt (Xiamen) New Technical Materials Co., Ltd. (603306.SH)
85 Hunan Oil Pump Co., Ltd. (603319.SH)
86 Huada Automotive Technology Co., Ltd. (603358.SH)
87 Zhejiang Dehong Automotive Electronic & Electrical Co., Ltd. (603701.SH)
88 Hefei Changqing Machinery Co., Ltd. (603768.SH)
89 Ningbo Gaofa Automotive Control System Co., Ltd. (603788.SH)
90 Ningbo Jifeng Auto Parts Co., Ltd. (603997.SH)