When the auto market is cold, it is hard for the head enterprises to say that it is easy.
Pictured: Screenshot of Denso Financial Report in Japan
Denso said in the financial report of the third quarter of fiscal year 20 19 (April 201February 9) that its consolidated revenue totaled 3,895 billion yen (about 35.46 billion US dollars), a decrease of 2.1%compared with the same period of last year. The comprehensive operating profit was 654.38+0627 billion yen (about 654.38+048 billion US dollars), down 33.2% year-on-year.
Pictured: screenshot of Bosch Financial Report
Compared with Denso, whose revenue and profit declined, Bosch's total sales in the past year were basically the same as those in previous years, reaching 77.9 billion euros (about 85.02 billion US dollars), with a profit before interest and tax of 3 billion euros (about 3.27 billion US dollars), down 43.4% year-on-year, and its profit rate before interest and tax was 3.9%, down 3.0% year-on-year.
As the main business that Bosch is proud of, the sales of the automobile sector reached 47 billion euros (about 510.3 billion US dollars), compared with the 44-45 billion euros (about 484,965.438+0 billion US dollars) predicted by Continental Group in 20 19, the performance of Bosch's automobile sector continued to lead. However, it is worth noting that Bosch laid off employees 1.7% globally in 20 19, which also reflects the impact of the "cold winter" in the automobile market.
Wolfgang, Chief Financial Officer of Continental Group? Sch？ Fer once said that the global production of passenger cars and light commercial vehicles will not increase significantly in the next five years. This means that for parts enterprises, the high growth welfare of the automobile industry is no longer, and the low tide is far from over. Transformation is the only way for traditional parts enterprises to break through.
As a result, we have seen Bosch, which has made great strides in the fields of autonomous driving and hydrogen fuel cells, Continental Group, which has independent powertrain business and reduced fuel system production capacity, and Denso, which has quickly entered new fields through joint ventures and mergers and acquisitions, and has continuously consolidated its product competitiveness through transformation and layout.
Holding a group to keep warm, the way to survive in mergers and acquisitions
The car market is going down, and the overall environment continues to be sluggish. Auto parts enterprises are facing unprecedented challenges and tests. More and more enterprises have joined the "self-help" camp to reduce costs and increase efficiency, laying off employees or even closing factories. But for some enterprises, "self-help" still can't satisfy their pursuit of the future, so the frequency of "holding a group to keep warm" is becoming more and more frequent.
On October 28th, 65438/KLOC-0, Borg Warner decided to spend $3.3 billion to acquire Delphi Technology, which is undoubtedly the most important event in the field of auto parts in 2020.
Pictured: screenshot of Delphi Technology Financial Report
Delphi technology, formerly known as Delphi automobile company. On 20 17 12, Delphi Automobile Company officially completed the spin-off, and its parent company was renamed Amber, focusing on cutting-edge technology businesses such as autonomous driving, data and car networking. The company that was spun off is called Delphi? Technologies follows Delphi's internal combustion engine, software control and electrification business. The latest financial report of Delphi Technology shows that the operating income in the new year is 4.36 billion US dollars, which is about 65,438+00% lower than the same period of last year.
Pictured: Screenshot of Borg Warner Financial Report
As for Borg Warner, the initial sales of $2010170 million was 3.4% lower than that of 20 18. After the merger, Borg Warner will reach 1.45 billion US dollars. Borgwarner said that the transaction will strengthen its electronic and power product portfolio, production capacity and scale, and integrate with Delphi technology, and will maintain its flexibility in the fields of internal combustion engines, hybrid power and electrical systems, so as to realize the synergistic effect of "1+ 1 > 2".
Osram has the same idea. 20 19, 165438+ 10, the Austrian semiconductor company AWS acquired the German lighting group OSRAM, and the dust finally settled.
Pictured: screenshot of Osram Financial Report
Gaston said that in the past quarter, the overall revenue of OSRAM increased by 0.5% to 873 million euros (about 950 million US dollars). The adjusted profit margin of EBITDA (profit margin before interest, tax, depreciation and amortization) is 65,438+03%, an increase of nearly two percentage points on a comparable basis. Among them, the performance of semiconductor business is particularly eye-catching, and the profit rate has rebounded significantly. The adjusted EBITDA (profit before interest, tax, depreciation and amortization) increased by about 22% in one year, reaching1.1.40 million euros (about1.20 million US dollars).
But Osram was not satisfied. In his view, in order to seek a better future in the increasingly weak global economic environment, it is only necessary to accelerate the transformation to a semiconductor-based high-tech optoelectronic enterprise, and Ames said that the ultimate goal is to become a global leading supplier in the fields of sensing and optoelectronics, and the two goals are the same.
Based on this, Ames bid 4.6 billion euros for the second time to acquire all the shares of OSRAM at the price of 465,438+0 euros per share, and proposed that once the acquisition is successful, Munich, where OSRAM is headquartered, will become a global joint headquarters, and the existing company name and brand of OSRAM will remain unchanged. Before 2022, OSRAM employees will enjoy various benefits such as redundancy protection and successfully win the "heart" of OSRAM management. In this way, the two sides can go hand in hand and win together.
The general strike affected the upstream parts enterprises.
The year of 20 19 is undoubtedly a "nightmare" for all parts enterprises that put their main battlefield in the north American market. Since September 16, the strike organized by nearly 50,000 employees of General Motors has lasted for several weeks, and the workers' strike production has stopped, resulting in the daily economic loss of General Motors exceeding 654.38 billion US dollars.
Although it was revealed in the 20 19 financial report released by GM a few days ago, it still achieved a net profit of $6.7 billion despite challenges such as strikes and factory shutdowns. After taking into account the loss of $3.6 billion caused by the strike, the adjusted EBIT was $8.4 billion. However, it is worth noting that this strike still brought a heavy blow to the industrial chain.
Up to now, in the financial reports released by various parts companies, companies such as Lear and Amber have mentioned the impact of this strike.
Pictured: Screenshot of Lear's financial report
Among them, according to Lear CEO Ray? Scott said that its financial performance in the fourth quarter and the whole year was significantly affected by the long-term strike of its largest customer, General Motors, and its sales in the fourth quarter fell by 3% to $4.8 billion. In the past year, Lear's total sales decreased by 6% to $6,543.8+$09.8 billion.
Pictured: Screenshot of Amber Forte Announcement
As for Amber, the report shows that the strike of General Motors brought about adverse effects of about $654.38+300 million and $200 million in the fourth quarter and the whole year respectively, resulting in a decrease of 654.38+0.654 38+0% to $3.6 billion and a decrease of 9.8% in operating income to $388 million in the fourth quarter of 2065.438+09. The annual turnover decreased by 0.5% to $65.438+0.436 billion, the operating income decreased by 654.38+065.438+0.6% to $65.438+0.5 billion, and the income profit rate was 654.38+00.8%. However, thanks to its strong strength in software functions, computer platform and network architecture, Amber delivered more than $22 billion in new business orders in the past year, thus providing a strong strength for the sustainable and healthy development in the future.
Despite the decline in performance, Japanese companies have increased their investment in R&D.
As mentioned above, the double-digit decline in operating profit of Denso is not a case in Japanese parts enterprises. As we all know, Japanese cars have a close relationship with parts manufacturers, but in the past three quarters, except Toyota, the operating income and operating profit of Japanese car companies such as Honda, Mazda, Subaru and Suzuki have declined to varying degrees.
Pictured: screenshot of Aisin Seiki Financial Report
For this reason, according to the financial report of Aisin Seiki in the third quarter of fiscal year 2020 (2065438+April 2009-65438+February), during the reporting period, its * * * realized operating income of 287 18 billion yen (about 26 14 billion US dollars), a year-on-year decrease of 4.7. Operating profit decreased by 52.2% compared with the same period of last year to 77.2 billion yen (about 700 million US dollars).
Pictured: Toyota Textile Financial Report screenshot
In terms of Toyota Textile, in the past three quarters, * * * achieved operating income of 1058 1 billion yen (about 9.63 billion US dollars), a slight increase of 0.7% year-on-year; Operating profit decreased by 65,438+02.7% compared with the same period of last year to 39.96 billion yen (about 360 million US dollars).
Pictured: screenshot of F-TECH financial report
During the reporting period, Honda Auto Parts Company F-TECH achieved operating income of 65.438+06.469 billion yen (about 65.438+05 billion US dollars), down 6.2% year-on-year; Operating profit decreased by 37.3% compared with the same period of last year to 2.894 billion yen (about 30 million US dollars).
In order to recover the decline, the news provided by Mizuho Securities in Japan in June 20 19 shows that in order to keep up with the development trend of the new four modernizations of the automobile industry, by March 2022, the total R&D expenditure of the former 16 automobile parts enterprises in Japan, including Denso, Aisin Seiki and Toyota Industries, will double that before 10, reaching.
Interestingly, this institution also said that the huge investment of R&D cannot guarantee that such parts enterprises will continue to maintain their core competitiveness in the next 10 year. This means that at the moment of global automobile industry transformation and upgrading, whether to increase R&D will face great challenges. But they also know that if you don't sail against the current, you will retreat if you don't advance. Only by accelerating the transformation can we get rid of the word "drip".
Automotive Chip, the Competition between NXP and Infineon
Since the continuous promotion of the new four modernizations of automobiles, automotive electronics has become the hottest field except new energy. However, just a few days ago, the American Semiconductor Industry Association (SIA) announced that in the past year, the global semiconductor industry revenue was US$ 465,438+US$ 0,265,438 +0 billion, which was 65,438+0% lower than that in 2065,438+08, and reached 2006,5438+.
Pictured: screenshot of NXP's financial report
On February 3rd, NXP announced that the revenue of 20 19 decreased by 6% year-on-year to US$ 8.88 billion. Revenue in the fourth quarter fell 4% year-on-year to $2.3 billion. Among them, its automobile industry business income in the past year * * * achieved revenue of 4.265438 billion US dollars, down 7% year-on-year; Revenue in the fourth quarter was 1 1 billion USD, down 1% year-on-year.
Pictured: Infineon Financial Report screenshot
Infineon's latest quarterly financial report released on February 5th shows that the revenue in the first quarter of fiscal year 2020 (201912) decreased by 2.7% year-on-year to 19 16 million euros (about 2.09 billion US dollars). Among them, due to the decline in global automobile consumption demand, automobile (ATV) revenue decreased by 2% year-on-year to 830 million euros (about 900 million US dollars).
The growth in the big environment is weak, and their performance in the semiconductor field and automobile chip field is higher than the overall performance of the market, which also means that the industry is gradually moving from free competition to oligopoly competition, most of the profits are in the hands of individual head enterprises, and the industry will accelerate integration.
According to Gai Shi Automobile, in 20 19, the biggest news in the field of semiconductor chips was that Infineon Technology Co., Ltd. (hereinafter referred to as Infineon) acquired Cypress Semiconductor Company at US$ 23.85 per share, thus Infineon became the first in the field of automotive chips in the world or surpassed NXP.
However, it is worth noting that just a few days before Infineon acquired Cypress, NXP took it. 1.76? A billion dollars? Marvell？ what's up WiFi？ Connected business, and launch new products and solutions on this basis, according to NXP CEO Richard? Clemmer said, "With the mass production of this new product, we hope to help NXP achieve long-term growth".
The competition in the field of automobile chips is becoming increasingly fierce. No one can predict who is stronger or weaker between NXP and Infineon. Only by constantly promoting and expanding new businesses and new fields can we win a broader future in the context of increasingly declining environment.
Summary: Life is hard. After more than ten months of cold winter in the automobile market, it has already become a * * * knowledge in the automobile circle. And in the financial report expectations of various companies, it is said that global automobile production may not improve in 2020 or even in the next 3-5 years. The pneumonia epidemic in China is rapidly spreading to the global automobile supply chain, or further accelerating the integration of the automobile industry. The so-called parallel crisis will start badly in 2020, or it will stimulate more enterprises to seek innovation and change, thus accelerating enterprise transformation, broadening business scope and winning more seats in future market competition.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.