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2010年1月中国汽车零部件行业研究报告
EQUITY RESEARCH
INITIATION OF COVERAGE
January 21, 2010
Going Places: Initiate
CHINA/CHINA: INDUSTRIALS China Auto Parts Industry
The Fast-Track Development of Chinas Automotive
Industry
SUMMARY
While China is already the largest auto market by production and sales volume, our
research indicates that the Chinese automotive industry is still in its early stages of
development. Rising personal income, lower vehicle prices and better infrastructure,
as well as gradually increasing access to auto financing and after-sales services,
should continue to drive consumer demand for automobiles. These factors, coupled
with supportive government policy and a low base of car ownership, should sustain
industry growth of an average 10-15% per year through 2015. The strong growth
trajectory should benefit auto companies in general, and parts and components
makers in particular.
KEY POINTS
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