Automotive professionals are not optimistic about Wuliangye entering the automotive industry

Although the news that Wuliangye Group entered the vehicle manufacturing industry has not yet been formally announced, most analysts in the interview with reporters are not optimistic about the prospects of Wuliangye Motor Manufacturing Co., Ltd., mainly because of doubts about its management, technology and other aspects. Capabilities, whether it can win a place in the competitively motivated auto manufacturing industry.

An analyst in the automobile industry made it clear that he does not favor Wuliangye to enter the automotive industry. He said that it is very difficult to make a complete vehicle. Even a few hundred-year-old plants abroad are currently in a difficult position, and domestic market competition is fierce. Wuliangye does not have any management experience in automobile manufacturing, and it has no technical advantage. Even the operating mechanism is not as flexible as some domestic private enterprises. The most prominent possibility is that the funds are abundant, but the actual current market is not short of money. What is missing is a good project. "I basically couldn't find a reason to be optimistic about Wuliangye's repairs," he said. For the joint venture with Brilliance, the analyst believes that it will not bring obvious advantages, and this double-headed equity arrangement may lay a hidden danger in the future.

Even if it does not consider future vehicle manufacturing, analysts believe that the company's acquisition of the engine business is not optimistic, because the acquisition is mainly gasoline engine assets, and now the auto manufacturers are mainly self-provisioned engine, outsourcing the engine It is mainly based on Aerospace Mitsubishi, which will still rely mainly on matching assembly plants.

At the same time, as far as Wuliangye has already operated its automotive mold manufacturing business for more than two years, it is difficult to obtain huge profits in the short term. Because the automobile mold belongs to the industry encouraged by China's policies, currently the four major automobile mold productions have been formed mainly by FAW Mold Manufacturing Co., Ltd., Dongfeng Automobile Mold Co., Ltd., Tianjin Automobile Mold Co., Ltd. and Sichuan Chengfei Integrated Technology Co., Ltd. Bases, private mold companies and joint venture mold companies are also rapidly emerging. The number of companies in the industry has reached more than 3,000. However, even the largest FAW mould company with the largest, most technologically advanced and most competitive core competitiveness in the industry achieved profitability in 2004 after six years of development. However, there is currently no annual income in the industry exceeding 1 billion yuan. Yuan enterprises.

Increased uncertainty

Wuliangye Group's above-mentioned series of moves into the auto industry do not seem to have direct links with listed companies. The main players in the specific operations are Push Company. However, G Wuliangye may not be able to fully traverse the Group’s major manufacturing industry, because Pushhua is the key link between Wuliangye and the Group’s interests.

Today's Push Company was formerly known as the Yibin Plastic Bottle Cap Factory with a net worth of just over 20 million. In the late 1990s, after the listed company repaid 300 million yuan of debt on its behalf, it replaced it with Wuliangye Group and has since changed its name. For “Wuliangye Group Global Plastic Co., Ltd.” and “Push Corporation”. A few years ago, Wang Guochun had talked to the media about the reason for the name Pash. He said: "Public is Putin, even Bush. A Russian President and a U.S. President. Do you want to (if) two superpowers to engage in this enterprise? It should be said that the vitality is very strong. I hope it is the strong one."

From the current data, Push Corporation is already the most profitable subsidiary of Wuliangye Group other than listed companies. By the end of 2005, its net assets reached 747 million yuan. In 2005, its main business income was 3.679 billion yuan, and its net profit was 458 million yuan. . However, before the acquisition of engine assets, the company attracted widespread market attention, but mainly due to its long-term and huge amount of related-party transactions with Wuliangye, which Wuliangye said it planned to acquire a few months ago.

People in the industry believe that this plan may have to be shelved, because Push Company seems to be playing a more important role in the Wuliangye Group's entry into the auto industry. In addition, there are rumors that in the face of the pressure exerted by the agency, G Wuliangye has stated that it will not participate in the construction of the car, and the integration of Push Corporation may also be changed from an equity acquisition to the acquisition of part of the assets.

The reporter asked the secretary of the listed company about this matter. He said Wuliangye's acquisition of Pushh has not entered the operational phase, and he is not clear about the current situation of Pushh.

However, investors' worries about the possible impact of Wuliangye Group's vehicle makers are hard to reduce even if G Wuliangye says it will not be involved in the auto industry. Perhaps one of the analysts pointed out that the key to the problem is that "a large number of connected transactions and actual control relationships have closely linked the Group and the listed companies. If the future development of the Group's automobile industry is not smooth, it will inevitably not rely on profitable and stable liquor business. This will undoubtedly increase the uncertainties for listed companies, he said.