文档介绍：Comment Page 1
Equity Research
Asia/Pacific
Industry
China Autos & Auto Parts
Kate Zhu Monthly May 19, 2005
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Jerry Lou April 2005 Sales Update
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Global Auto & Auto Parts Group
MSCI AUTOMOBILES & COMPONENTS • Total vehicle sales rose % YoY in April, % YoY YTD
MSCI AC Asia Pac F x Jp Weight % Vehicles sales in April retained the growth pace of March with a % YoY increase.
On a MoM basis, sales fell by 8% due to seasonality mercial vehicles, in line
with historical trends.
• Truck sales increased % YoY in April, % YoY YTD
Growth continued to be led by light trucks and mini-trucks, where sales increased by
17% and 28% in April. Heavy duty trucks (> 8 tons loading capacity) slid by % in
April with top manufacturers FAW and Dongfeng sales dropping significantly by 23%
and 22%. Sales of trucks with above 15 ton loading capacity, led by China Heavy
Duty Trucks Group, grew by 16% YoY in April with YTD sales reaching 38% YoY.
• Bus sales drop % YoY in April but rise 5% YoY YTD
Bus sales slid by % YoY after a strong month in March. The long bus, middle bus
and light bus segments all recorded negative growth of %, % and %,
respectively, while minibus sales went up by %.
• Car sales rose % YoY in April but fell % YoY YTD
VW sales dropped by 39% YoY but improved by % on MoM thanks to better sales
in FAW-VW. GM turned to positive growth of 7% YoY, although YTD sales still fell
24% because of the sluggish sales in the first two months. Asian OEMs continued to
outperform but at a slower pace. Honda, Hyundai and Nissan sales volume increased
by 10%, 87% and 60%, respectively, in April. Toyota turned back to a positive 24%
YoY growth after the sluggish performance in March, with its new Crown model
having a meaningful volume contribution of almost 3,000 units.
• margin worsened to % in 1Q 20