Table of contents
New car sales: Remain solid in 2013 6
High sales growth potential due to low penetration 6
Income growth is driving auto sales 8
Bigger dealer groups to lead network expansion 9
Expanding to inland regions and lower-tier cities 10
After-sales: Growing core business 12
Ageing PV population implies high growth potential 12
Stable growth of after-sales services 13
Diversifying value-added services 15
Mid-to-high end segment: Intensifying competition 16
Slowdown in PV sales 16
Rising inventory and declining prices 17
European brands to gain market shares 18
Luxury segment: Remains strong 20
Rising wealth strengthens luxury auto demand 20
Limited competition within the luxury segment 22
Proliferation of economy models 23
Baoxin Auto Group Ltd (1293.HK / 1293 HK) 25
Zhengtong Auto (1728.HK / 1728 HK) 39
Zhongsheng Group Holdings (0881.HK / 881 HK) 53