Shanghai Automotive (600104) is currently the largest manufacturer of car parts in China. The 2003 annual report showed that the company's main business income for the year was 6.892 billion yuan, an increase of 44.5% year-on-year; total profit was 1.66 billion yuan, an increase of 44.6% year-on-year; net profit was 1.517 billion yuan, an increase of 41.7% year-on-year. The annual report also announced the distribution plan for the year 2003. The company plans to send 3 shares for every 10 shares and pay 1.50 yuan (including tax).
The continuous growth of Shanghai Automotive's performance has benefited from the rapid growth of China's passenger car industry. In 2003, the sales of passenger cars in China reached 1.971 million, an increase of 75.28% year-on-year, especially Shanghai Volkswagen and Shanghai General Motors, which accounted for more than 70% of the company's total revenue. The annual sales of sedan cars were 396,000 and 201,200, respectively, and the company’s auto parts business was very obvious. On the other hand, although the company prudently considered the full provision of long-term investment impairment charges of 396 million yuan for Southern Securities, due to the huge contribution of Shanghai GM, the investment income in 2003 still reached 1.317 billion yuan, accounting for 86.88 total corporate profits. %. In the future, through the acquisition and integration of relevant auto parts companies, the company will strengthen the systematic and modular supply of parts and components, and expand and strengthen the parts and components business, thereby achieving cost reduction and improving the company's overall profitability. At the same time, in 2003, the company further improved the company’s asset quality by accruing impairment provision and writing off bad debt losses, which laid the foundation for the company’s sustained and stable development.
In addition, Shanghai General Motors produced 324,400 vehicles in 2004, an increase of 58% year-on-year, which will further increase its profit contribution to the company. Although the company will continue to increase the construction of its own brand in 2004, it is unlikely that the Yizheng automobile, which is the company’s vehicle production base, will undergo a major change from the current situation.
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