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Bao Linge, general manager of Beacon Business Consulting Asia Pacific, said that compared with foreign counterparts, due to the low concentration of Chinese auto parts companies, the risk of shuffling has been great. At present, 86% of enterprises have begun to strengthen receivables management, and 79% of enterprises have increased financial liquidity by reducing inventory. Only 38% of companies that can successfully obtain shareholder capital or bank loans.
In addition, the export market, which has an important territory in the sales market of China's auto parts industry, experienced a sharp decline. Of the industry sales revenue of 928 billion yuan in 2008, 23% came from exports. However, the relevant amount in 2008 has dropped by 10% year-on-year, so 60% of respondents believe that the decline in export demand is the most important challenge in the future.
However, despite the grim situation, companies are still concerned about M&A opportunities. 40% of suppliers said they are paying attention to domestic M&A opportunities, and 25% of companies insist on global M&A.
Luoman said that when the M&A market and asset valuation have begun to bottom out, and the competitive pressure within the Chinese parts market is increasing day by day, it is expected to see a significant increase in Chinese companies’ M&A activities at home and abroad, as well as interviewed executives. It indicates that the market is in a downturn and recruits a large number of domestic and foreign talents. According to reports, more than 60% of enterprises are optimistic about improving the status of the industry and the efficiency of working capital through mergers and acquisitions.
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Half of China's auto parts companies have a net profit margin of less than 5%
AlixPartners, a global business consulting firm, released the “2009 Outlook for China Auto Parts Enterprises†survey in Shanghai on April 16th, saying that more than 50% of its parts and components companies indicated that their expected net profit margin in 2010 will be less than 5%. More than 40% of the companies surveyed will face serious liquidity problems in 2010, and in the next 12 to 18 months, several companies may even face the risk of bankruptcy. The survey was conducted by executive interviews with dozens of state-owned, private and multinational auto parts companies.