I saw an extremely eye-catching analysis article titled "The market is gradually getting full of where the car is going." The article starts with a standard 4S shop built in a remote county. The analysis says that the sales reach of auto companies has now extended to At the end of the market, the “badlands†that have yet to be reclaimed are gradually disappearing. This seems to be a bit alarmist, but it does have some truth to think carefully, and does not say that from January to October this year, China's automobile production and sales increased by 7.9% and 6.58% year-on-year, a decrease of 5.7 and 6.9 percentage points respectively over the same period of the previous year. Just looking at the restrictions on purchases and restrictions that are implemented in various places for energy conservation and emission reduction, as well as the traffic congestion situation in various places, will also make us sweat the sustained and rapid growth of the Chinese automobile market. From these perspectives, automobile production cannot be regarded as permanent. The sunrise industry will gradually shrink as the car ownership continues to grow, but the automotive aftermarket is just the opposite. With the increase in car ownership in China, both automakers, Internet companies, and auto repair companies have expanded rapidly. The "digger" of the car aftermarket. The industry believes that the domestic automotive aftermarket development space is huge, and currently presents a market pattern of “swinging upâ€, and the trillion-dollar automotive aftermarket is still to be explored by all parties.
After the market investment has intensified, all parties have become the focus of 2014. On November 27th, the “China Automotive Industry Investment and Financing Strategy Forum†hosted by China Automotive Consulting Center Network, “2014 China Automotive Industry Investment and Financing Top Ten Events†In the selection and results release, the automotive aftermarket was specifically listed as a selection category. According to Xu Jinquan, CEO of China Automotive Consulting Center, the number of investment events in the automotive aftermarket has reached 67 this year, an increase of 10 times compared with 2013.
According to the Galaxy Securities Research Report, the overall industry profit of the automotive aftermarket can reach 40%-50%, and individual segments even reach 70% to 80%. According to Xu Jinquan, in the domestic automotive aftermarket, only the accessory market has a scale of more than 500 billion yuan, and the accessory sales companies rarely have a scale of more than 1 billion yuan. The market size is large enough, but the dispersion is also large. Such a market is bound to present a situation of “competitionâ€.
The huge market has attracted many companies to participate. The vehicle manufacturer SAIC Group has been active in the aftermarket of the automobile. One is to launch the “Cars to enjoy the networkâ€, and the other is to invest 1.4 billion yuan to establish the “A station†online, forming an online and offline linkage, relying on the Internet to establish independent sales. Service system. Insiders analyzed that this may be the biggest exploration of the whole vehicle group in this round of changes. SAIC's investment in the service industry also has the meaning of “market value managementâ€. SAIC, which has a good profit, has a P/E ratio of only five or six times. Without the investment of the service industry, the valuation of the OEM in the capital market is indeed low.
The potential of the automotive aftermarket is obvious to all. Traditional listed companies have a cross-border layout of the automotive aftermarket. Longji Machinery, an automobile brake component manufacturer, set up a M&A fund in Tianjin this year, and later acquired a 27% stake in Cheyi Information for 25.93 million yuan. China's largest steel rolling wheel manufacturer - Jingu shares invested 25 million yuan, the Cape of Good Hope pilot fund invested 15 million yuan, participated in the Dow Fast Sharing Company, a start-up company that provides traffic data collection and analysis services, currently In the development of a hardware product called contextual car hands-free. Although stocks have risen, industry investors have doubts about the long-term value of such cross-border investments.
The post-market involves a wide range of used cars into the focus of the focus on the used car market in China began to "heat up." In the Chinese car exchange cycle, after the peak of car sales in 2010-2011, the peak of Chinese car replacement and used cars followed. Used car autos have become an area of ​​investment in venture capital. Youxin’s investment of 260 million US dollars is a very large investment scale in the automotive aftermarket. Car Easy Shooting also received $50 million in financing.
UCAR Eslite, which combines hypermarkets and Internet trading platforms, has received nearly 10 million US dollars of round-round financing from IDG Capital; China Ping An has invested millions of yuan in Cheongwang to provide O2O network car purchase mode, and C2B-driven car-mounted treasures have been acquired. Gobi invested in the million-dollar A round of financing, as well as the second-hand car finance company "Feng Zhixing" was acquired by China Credit, and the used car market is forming a new industrial ecological chain.
According to Xu Jinquan's analysis, the investment opportunities in the automotive aftermarket are more focused on after-sales. The most noteworthy is the automotive aftermarket in China's aftermarket, the aftermarket of more than 500 billion yuan, and the few top-selling parts companies in China rarely exceed 1 billion yuan in scale. Therefore, the market size is large enough, but the dispersion is very large. The key barrier is the lack of auto parts database caused by vertical monopoly. The service and accessory transactions are separated in the limited models that are familiar to them. Since 2005, China has 136 labels, more than 17,000 models, 3000-6000 parts per car, and at least 50 million SKUs (number). I believe China will definitely create one of the most cattle cars in 2015. Accessories data service provider.
The author believes that in the face of the automobile market becoming more and more full, car companies or other investors may wish to tilt their eyes to the automobile aftermarket, which may have unexpected gains. After all, people will drive after the vehicle is sold. A series of services such as maintenance, trading, insurance, etc., which brings unlimited development space to the aftermarket. From this point of view, the aftermarket is more like a permanent sunrise industry, no matter how the saturation of the automobile market is achieved. The degree will only become more and more vital.
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