中国汽车行业调研报告_02

ChinaAutoSector23July200461PricepressureseemsinevitableInsummary,webelievedownwardpricepressureonautomobileswillformamedium-termtrend,duetothefollowingfactors:??Exceptionallyhighprofitabilityprovidesroomforpricecuts.AccordingtotheStateDevelopmentandReformCommission,averageprofitabilityfortheautomobileindustrywas28.45%in2002,comparedwithoverseasautocompanies?averagenetmarginofaround5%andthehighestnationalmarginof10-15%.GMestimatesitsownmarginataround10%,whichisstilldoubletheglobalaverageofaround5%.GManditsJVpartnerinChinaearnedahandsomeUS$2,267pervehiclelastyear.IntheUS,bycontrast,GMearnedonlyUS$145pervehicle.In2003,thetopthreeprofitearningcarmakershadaveragevehicleprofitofRMB39,671(US$4,780),RMB34,253(US$4,127)andRMB20,669(US$2,490),respectively.??Overcapacity.AccordingtoareportfromtheStateInformationCentreissuedi