Analysis on the debt repayment situation of listed passenger car companies in the third quarter of 2011

According to data compiled by Gasgoo.com, as of the third quarter of 2011, the average debt-to-equity ratio of China's 10 listed passenger car companies (referring to the main vehicle-listed companies mainly consisting of passenger vehicles) was 58.5%, and the average current ratio was The quick ratios are 1.15 and 0.91, respectively, which are lower than the conventional values ​​of the current ratio and quick ratio (the current ratio is 2.0 and the speed ratio is 1.0). Then how are the debt repayments of these companies specific? This article briefly analyzes them.

In terms of asset-liability ratio, from the viewpoint of asset-liability ratio, among the 10 listed companies for passenger cars, the highest asset-liability ratio is the hippocampal company, which is 68.3%; followed by Shuguang (67.1%), BYD (63.4%), and GAC. Changfeng (61.3%).

Shanghai Automotive and FAW Xiali's asset-liability ratio in the third quarter was also higher than the average asset-liability ratio (58.5%), which was 59.3% and 58.9% respectively.

The asset-liability ratios of the other four companies were all lower than the average asset-liability ratio (58.5%), among which FAW Car and Great Wall Motor had the lowest asset-liability ratios, which were 45.5% and 48.9% respectively; the asset-liability ratios of Changan Automobile and Lifan were 55.9 respectively. % and 53.6%.

Current ratio From the perspective of the current ratio, the flow rates of the 10 listed passenger vehicle companies were all less than 2.0, of which 6 companies had current ratios between 1.0 and 2.0, and the other 4 companies had current ratios below 1.0.

The six companies with current ratios of 1.0-2.0 are Haima, FAW Car, Lifan, Great Wall, Shanghai Automotive and Shuguang. Among them, the current ratio is higher than 1.5 with the hippocampus shares, FAW Car and Lifan shares, the current ratio were 1.85,1.53 and 1.52; Great Wall Motor, Shanghai Automotive and Shuguang shares flow ratio between 1.0-1.5, respectively, 1.44, 1.25 and 1.14.

The four companies with current ratios below 1.0 are Changan Automobile, FAW Xiali, BYD, and GAC Changfeng. Among them, Chang'an Auto's current ratio was 0.90; the flow ratios of FAW Xiali, BYD, and GAC Changfeng were both below 0.8, which were 0.74, 0.64, and 0.61, respectively.

Judging from the quick ratio in the quick ratio, the top quick-moving ratio among the 10 listed passenger car companies is Haima Shares, which stands at 1.57. Followed by Great Wall Motors, it was 1.23.

The FAW Car, Lifan shares and Shanghai Auto Quickstart ratios were also higher than 1.0, which were 1.17, 1.16, and 1.03 respectively.

The quick ratios of other companies are all below 1.0. Among them, the quick ratio of Shuguang and Changan Automobiles is between 0.5-1.0, which is 0.81 and 0.68 respectively; the quick-moving ratios of FAW Xiali, BYD, and GAC Changfeng are both below 0.5, which are 0.42, 0.39 and 0.37, respectively.

Only from the debt to debt ratio, current ratio and quick ratio (including but not limited to):

1. Haima Motors has the highest long-term debt repayment risk (the highest debt-to-asset ratio), but has the strongest short-term solvency (the highest liquidity ratio and quick ratio). The hip-hop car quick ratio is as high as 1.57 and the use of funds is not reasonable. Its financial report shows that as of the end of the third quarter, current assets were 7.799 billion yuan, of which currency cash reached 5.227 billion yuan.

2. Compared with other companies, FAW Car, Great Wall Motors and Lifan have better solvency: The three companies have a relatively low debt-to-asset ratio, while the current ratio and quick ratio are relatively high; GAC Changfeng, BYD and FAW Xiali’s debt repayment situation is relatively poor: the three companies’ asset-liability ratios are relatively high, and the current ratio and quick ratio are both low.

Note: 1. Geely and GAC Group did not release the third quarter financial report.