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Table of contents
Stock ratings ........................................................................................................................6
Targeting the major league ..................................................................................................7
Autos and auto parts go hand-in-hand ............................................................................7
The last frontier in China’s outsourcing story...................................................................9
M&A is the way ..................................................................................................................12
Consolidating auto parts industry faces less hurdles.....................................................12
Overseas acquisitions highly encouraged .....................................................................13
Dealing with near-term challenges.....................................................................................15
Trade tensions...............................................................................................................15
Renminbi appreciation...................................................................................................16
Raw materials cost inflation...........................................................................................17
Where we want to be .........................................................................................................19
Component makers can see continued rerating............................................................19
Commercial vehicles versus passenger vehicles ..........................................................19
Domestic sales versus export........................................................................................20
OEM versus replacement market ..................................................................................20
Tier-one supplier versus tier-two/three supplier.............................................................20
Independent supplier versus captive supplier................................................................20
Top picks in the sector...................................................................................................22
Appendix I: Companies ......................................................................................................29
China Metal International – Recovery on all fronts ........................................................30
Fuyao Glass Industries Co. Ltd – From domestic tier-one to global tier-one.................36
Hyundai Mobis – Maturing, but still healthy ...................................................................42
Johnson Electric Holding – Rolling slowly .....................................................................48
Minth Group Ltd – Top notched.....................................................................................54
Norstar Founders Group Ltd – Moving up the tiers .......................................................60
Weichai Power Co. Ltd – A bumper year.......................................................................66
Xingda International Holdings – Gaining approvals from global majors ........................72
Xinyi Glass Holdings Co. Ltd – Well-timed upstream expansion...................................78
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