AlixPartners, a global business consulting company, released a survey of “China's auto parts companies in 2009†on April 16 in Shanghai. It stated that more than 50% of the parts and components companies indicated that the expected net profit rate in 2010 will be less than 5%. More than 40% of the respondents will face serious liquidity problems in 2010. In the next 12 to 18 months, several companies will even face the risk of closure. The survey comes from interviews with executives from dozens of state-owned, private and multinational auto parts companies.
Bao Lingge, general manager of Bakken Business Consulting Asia Pacific, said that compared with foreign counterparts, due to the low concentration of Chinese auto parts companies, the risk of shuffling is already high. At present, 86% of companies have started to strengthen management of receivables, and 79% of companies have increased financial liquidity by reducing inventory. Only 38% of the companies can successfully obtain shareholder capital injections or bank loans.
In addition, the export market, which occupies an important territory in the sales market of China's auto parts industry, experienced a sharp decline. Of the 928 billion yuan in sales revenue in 2008, 23% came from exports. However, the related amount in 2008 has dropped by 10% year-on-year, so 60% of the respondents believe that the decline in export demand is the most important challenge in the future.
However, despite the severe situation, companies are still concerned about M&A opportunities. 40% of suppliers said they are paying attention to domestic M&A opportunities, while 25% of companies insist on global mergers and acquisitions.
Roman said that when the mergers and acquisitions market and valuation of assets have begun to bottom out, together with the increasing pressure on competition within China's parts and components market, it is expected to see a significant increase in domestic and overseas mergers and acquisitions by Chinese companies, as well as executives interviewed. It expressed its intention to recruit a large number of domestic and foreign talents in a downturn of the market. According to reports, more than 60% of enterprises are optimistic about the use of mergers and acquisitions to improve the status of the industry and the use of working capital efficiency.
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