Investment Rating - The report does not explicitly state an investment rating for the automotive finance industry Core Insights - In 2023, the automotive production and sales in China maintained a growth trend driven by the increase in new energy vehicles and automotive exports, with production and sales reaching 30.16 million and 30.09 million units respectively, representing year-on-year growth of 11.6% and 12.0% [2][3] - The automotive finance companies experienced fluctuations in operations due to declining production from manufacturers and increased competition among financial institutions, leading to a rise in non-performing loan rates [2][3] - The financing channels for automotive finance companies remain limited, primarily relying on the issuance of asset-backed securities and financial bonds, as well as loans from financial institutions [2][3][9] - The capital adequacy ratio of automotive finance companies is generally above regulatory requirements, indicating minimal short-term pressure for capital replenishment [9][12] Industry Operational Data Review - In 2023, automotive finance companies issued retail loans for 6.3685 million vehicles, amounting to over 541.706 billion yuan, with new car loans accounting for 543,040 vehicles, representing 18.04% of national automotive sales [3][5] - The total asset scale of 25 automotive finance companies was 964.818 billion yuan at the end of 2023, a year-on-year decrease of 2.46% [3][5] - The retail loan balance of automotive finance companies was 746.625 billion yuan at the end of 2023, a decrease of 4.92%, with new energy vehicle loans increasing to 165.334 billion yuan, a rise of 627.99 million yuan [5][6] Asset Quality Overview - The non-performing loan balance for automotive finance companies was 50.64 billion yuan at the end of 2023, with a non-performing loan rate of 0.58%, indicating a stable asset quality [6][12] - The provision coverage ratio for non-performing loans was 472.60% at the end of 2023, exceeding regulatory standards [6][12] Capital Supplementation and Financing - From 2021 to 2023, three automotive finance companies completed capital increases in 2021 and 2023, with total registered capital increases of 56 billion yuan, 60 billion yuan, and 48 billion yuan respectively [9][12] - The capital adequacy ratios for automotive finance companies were 21.40%, 21.79%, and 23.31% at the end of 2021, 2022, and 2023 respectively [9][12] Regulatory Developments - On February 19, 2024, the National Financial Regulatory Administration introduced the "Automotive Finance Company Regulatory Rating Method," which includes governance, capital management, risk management, professional service capability, consumer rights protection, and information technology management as key evaluation factors [18][19] - The regulatory rating results will reflect the operational status, professional service capability, risk management ability, and risk level of automotive finance companies, guiding regulatory resource allocation and supervision [19][20] Credit Rating Distribution - As of June 2024, there were 10 entities in the automotive finance industry with outstanding bonds, of which 9 had an AAA credit rating and 1 had an AA+ rating [20][21] - There were no changes in credit ratings for bond-issuing entities during the reporting period [20][21]
2024年上半年汽车金融行业信用观察
新世纪资信评估·2024-09-16 08:06