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"The unsalable vehicle sales have a direct impact on the return of parts and components companies. The cash flow of parts and components companies is not good," said the securities industry. In the first half of the year, the cumulative production and sales volume of automobiles nationwide were 2,677,100 units and 2,559,600 units respectively. Compared with the Chinese Automobile Industry Association’s forecast at the beginning of the year that this year's production and sales will exceed 5.3 million units, there is clearly a certain distance. Industry insiders lament that the entire vehicle sales experience winter, but the parts companies that depend on the whole vehicle will probably fall ill as the vehicle faces a cold. The pressure to pay more for a few months and the cash flow will mean that for small businesses, it will mean life and death, and it will also be a fatal blow to large companies. Triangular debts between vehicle and component companies have been eased in the past two years. The current rules and regulations are that the entire vehicle company pays quarterly payments to parts and components companies. Of course, for some brand companies with better brands and larger scale, it may only last for one month. However, for small-scale parts companies, it is often more than three months before they make payments. However, in the first half of this year, vehicle manufacturers generally delayed payment for parts and components, and the current cycle is four. month. "A veteran of the parts and components is quite helpless. The first quarter cash flow significantly reduced cash flow is an important basis for evaluating the company's profitability, ability to withstand risks and future development prospects, and the company that best reflects the company's ability to continue operations and future development prospects is the company Cash flow generated by operating activities The reporter randomly checked the cash flow statements of several listed company parts and components, and found that the net cash flow generated from the operating activities of several parts and components companies in the first quarter of 2004 was significantly less than the three after 2003. In the quarter, even some companies had a negative cash flow. Molding Technology (000700), the company's full name is Jiangnan Mould Technology Co., Ltd., mainly engaged in automotive parts, plastic products, molds, steel doors and windows, etc. Second quarter of 2003 The net cash flow generated from operating activities was 95,468,900 yuan, in the third quarter was 11,748.14 million yuan, and in the fourth quarter was 32,216,400 yuan, compared with 11,495.6 million yuan in the first quarter of 2004; To Qian Chao (000559), Company Wanxiang Qianchao Co., Ltd. is mainly engaged in the manufacture, development and sales of auto parts and related electromechanical products.The net cash flow from operating activities in the second quarter of 2003 was 99.778 million yuan, and the third quarter was 201.8476 million yuan in the fourth quarter was 252.7345 million yuan, while in the first quarter of 2004 it was -101.8526 million yuan; Changchun East (600148), the company's full name was Changchun Yidong Clutch Co., Ltd. Production and sales of various types of automobile clutches such as heavy, medium, passenger, light, sedan, and micro, etc. The net cash flow generated from operating activities in the third quarter of 2003 was RMB 8,848,800, and the fourth quarter was 9,671,400. Yuan, while in the first quarter of 2004 was RMB-100.016 million, in the second quarter - RMB 108.902 million; Fuyao Glass (600660), the company's full name was Fuyao Glass Industry Group Co., Ltd., which mainly manufactures automotive glass, Decorative glass and other industrial technologies Glass and glass The net cash flow generated from operating activities in the second quarter of 2003 was 163,836,200 yuan, 253,303,700 yuan in the third quarter, and 334,364,600 yuan in the fourth quarter, compared with 7,508 in the first quarter of 2004. 222,200 yuan.The whole vehicle unsalable parts and components enterprises were forced to pass through each of the above parts and components enterprises in the first quarter of 2004 the cash flow was significantly less than in 2003, and in the actual interview, the reporter discovered that it has been a long time but has been gradually resolved The old problem - the "triangular debt." "It is normal for the whole vehicle to press our payment because the status is short and there is no way to fight with them. He dragged us back and we pressed the second-tier suppliers. In any case, we are better than the second-tier suppliers as a first-tier supplier. "A person related to an engine plant said. The reporter also found a second-tier supplier. They said that payment is often used in such a way that the main plant pays him a sum of money, and the main plant does not pay us." Instead, this customer pays, and this customer often pays us cash or not. It is an acceptance bill, the acceptance bill may be settled in 2 months, or it may be settled in half a year. If it is only at the end of the year, we have to The acceptance bill was handed over to the raw material supplier and the reporter felt that this kind of debt relationship was not just a triangle. Whether it was a few angles of debt or not, due to the strengthening of state management in recent years, this contradiction was not very prominent, and vehicle companies and parts and components The companies also reached a win-win consensus, and the automaker realized that delaying and dragging down parts and components companies would not be beneficial to the automaker itself, but the spare parts companies' cash flow was very poor, and it was always a headache for parts companies' veterans. Li Jintao, chairman of Liaoning Shuguang Automotive Group Co., Ltd., was asked: "Why do you want to do a complete vehicle when parts are doing very well? "Li Jinxi said:" One of the reasons is that the vehicle cash flow is better than parts. “A FAW manager once said that from the perspective of the history of Chinese auto companies operating for decades, the problems in the operation of auto companies are mostly caused by cash flow problems first. This reminds people of the reorganization days of FAW. After the auto industry, faced with severe exhaustion of cash flow from ST Charlie, high bank debt, monthly sales receipts and return of bank interest are not enough, in order to ensure the cash flow of listed companies, ST Xiali receives payments and downstream distributors from upstream suppliers. The repayments underwent a tough reform, in which the supplier changed the original payment system to the supplier in January to the June payment, and only extended the account period, and in the first quarter of 2003, the cash flow on the Xiali stock account was alive. In the face of poor sales and poor cash flow, the entire vehicle company can also extend the payment for the parts and components companies, and the parts and components companies must also go downgraded. Is it really true that the upstream enterprises can withstand it? Test Source: China Economic Information Network
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