Table of Content:
1 Three Characteristics of Auto Parts Industry Development.............................................................4
1.1 Auto Parts Industry Developed Independently ............................................................................4
1.2 Modular Supply Strengthens .......................................................................................................6
1.3 Polarization of Auto Parts Industry ..............................................................................................7
2 Governmental Policies ........................................................................................................................9
2.1 Automobile Industry Development Policy ....................................................................................9
2.2 Notice of Opinions on Auto Industry Structure Adjustment of National Development and Reform
Commission ................................................................................................................................... 11
2.3 The 11th Five-year Development Plan of Auto Industry ............................................................12
3 Growth Pace Surpasses Complete Car, the Profitability Stabilizes and the Export Becomes a
Bright Spot ...........................................................................................................................................14
3.1 Supplemental Market Continues to Grow, and Maintenance Market has a Large Potential to
Develop..........................................................................................................................................14
3.2 Growth Rate of Revenue and Profit Higher than that of Completed Vehicles and Hopefully
Continuing......................................................................................................................................16
3.3 Stable-prone Profitability, Strong Ability to Control Expense......................................................18
3.4 Growth Rate of Parts Export Hopefully to Maintain 25 to 30 Percent........................................21
4 Analysis of Listed Companies in Auto Parts Industry ....................................................................27
4.1 Enterprises with Product Structure Optimized...........................................................................27
4.1.1 Prominent Advantage of Fuyao Glass Industry Group Co., Ltd in Supply Chain............27
4.1.2 Modularized Supply of Goods of Ningbo Huaxiang Electronic Co., Ltd to Enhance its
Competitiveness.....................................................................................................................28
4.2 Enterprises with Rapid Export Increase/Large Proportions – Fuyao Glass Industry Group Co.,
Ltd, and Wanfeng Auto Wheel Co., Ltd ...........................................................................................29
4.2.1 Fuyao Glass Industry Group Co., Ltd: Export Market, especially International OEM
Market, is Seeing Rapid Growth..............................................................................................30
4.2.2 Wanfeng Auto Wheel Co., Ltd: Export Revenue Accounts for more than 70% of Total ..30
4.3 Enterprises with Assets Integration/Acquisition & Merger – Qingdao Yellow Sea Rubber Co., Ltd,
AEOLUS Tyre Co., Ltd, Ningbo Huaxiang Electronic Co., Ltd and WanXiang QianChao Co., Ltd..31
4.3.1 Qingdao Yellow Sea Rubber Co., Ltd: Shareholder Structure Reform Promises to Inject
the Capitals .............................................................................................................................32
4.3.2 AEOLUS Tyre Co., Ltd: Change of Big Shareholder Drives its Performance to Grow....32
4.3.3 Ningbo Huaxiang Electronic Co., Ltd: Be Bigger and Stronger via M&A and
Recombination ........................................................................................................................33
4.3.4 WanXiang QianChao Co., Ltd ........................................................................................33
4.4 Investment Opportunity Brought by Industry Policy Change – Weifu High-technology Co., Ltd 33
4.5 Influence of Raw Material Price Change on Auto Parts Enterprises Profitability .......................34
5 Industry Risks ...................................................................................................................................36

5.1 Periodicity Risk of Industry........................................................................................................36
5.2 Competition from Foreign-invested/Joint Venture Auto Parts Companies.................................36
5.3 Unable to Enter Global Supplemental System Effectively .........................................................36
5.4 Exchange Rate and Resource Price Fluctuation, and Policy Change.......................................37
5.5 Restriction of Export Regions’ Law and Code, and Trade Barriers ...........................................37
Chart Index:
Automobile Industry Chain ................................................................................................................4
Development Mode Evolvement of Auto Parts Companies...............................................................6
Tower Supply Relation of Auto Parts Industry ...................................................................................7
Relevant Orientation of Automobile Industry Development Policy on Auto Parts Industry ..............10
Relevant Orientation of Notice on Auto Parts Industry .................................................................... 11
Relevant Orientation of the 11th Five-year Development Plan of Auto Industry on Auto Parts Exports
................................................................................................................................................13
China’s Auto Output and Growth Rate, 1990-2006 .........................................................................14
China’s On-Road Vehicle Amount, 1998-2006................................................................................15
Proportion of Component Enterprises to Complete Vehicle Enterprises by Income and Profit,
1998-2006...............................................................................................................................16
Growth in Revenue of Completed Automobile and Parts Enterprises, 2002- Feb 2007 ..................17
Growth in Profit of Completed Automobile and Parts Enterprises, 2002-Feb 2007.........................17
Gross Profit Margin, Period Fee Rate and Pre-tax Profit Margin of Completed Vehicles and Parts,
1998-2006...............................................................................................................................18
Gross Profit Margin, Period Fee Rate and Pre-tax Profit Margin of Parts Enterprises, 1998-2006 .19
Rate of Operation Expense, Administrative Expense and Financial Expense of Parts Enterprises,
1998-2006...............................................................................................................................20
Import and Export Value of the Parts Industry, 1996-2006..............................................................22
Growth Rate of Import and Export Value of China’s Parts Industry, 1997-2007Q1 .........................22
Revenue from Export to the Total Revenue of the Parts Industry, 1998-2006.................................23
Proportion of Different Product to Total Export Value of Parts, 2006 ...............................................24
Multinationals Increasing their Purchase in China ..........................................................................25
Automotive Float Glass Production Lines of Fuyao Glass Industry Group......................................28
Fuyao Revenue Constitution (%) by Region, 2002-2006 ................................................................30
Raw Materials of Key Auto Parts Listed Companies .......................................................................35

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