current position:Home>Mergers and acquisitions of parts enterprises continue to be hot, and big fish eat big fish frequently

Mergers and acquisitions of parts enterprises continue to be hot, and big fish eat big fish frequently

2021-08-26 14:32:50 Netease automotive industry

With the transformation of automobile intelligence and electrification, it has gradually entered the deep water area , Market competition is becoming increasingly fierce , To fight this crucial battle , Tradition Tier1 We are no longer satisfied with the past “ Big fish eat small fish ” The game of , Instead, they began to turn their attention to the same type of enterprises , Try to pass “ Big fish eat big fish ” Quickly build more comprehensive business capabilities .

For example, BorgWarner bought Delphi 、 ZF buys wilberco 、 Infineon buys cypress , And the ongoing Qualcomm 、 Magna's bid for Weining . Follow this trend , Recently, Faurecia has also taken a milestone step on the road of transformation —— Merge with Hella .

8 month 16 Japan , Faurecia and Hella both released the news , Make sure that Faurecia will pay per share 60 o element Buy Hella from the holding family at a price of 60% Shares of . meanwhile , Faurecia also announced a voluntary public tender offer , Per share 60 The price of the euro ( The total quotation is 60.96 euro , Including each Haila share 0.96 Expected dividend in euros ) Acquire the remaining shares of Hella . Global No 7 Big automotive technology suppliers were born .

It is reported that , The two companies will be established after the merger 6 Big business department , Automotive electronics 、 lighting 、 The seat 、 interior 、 Green action and wisdom , And the original after-sales business of Haila 、 The new life cycle value management business unit comes from the combination of special application business . In this transaction , Haila's total valuation is 67 Billions of euros , It can be said that Faurecia has implemented one of the largest mergers and acquisitions in recent years . As part of the deal , The joint shareholders of Haila will retain the listed parent company by means of reverse shareholding 9% Equity of .

Before that , In Virginia 15% In non freely tradable shares , Four historical shareholders Exor The group 、 Peugeot 1810、Bpifrance、 dongfeng The shareholding ratio of automobile group is 5.5%、3.1%、2.4% and 2.2%. It is still unclear about the future equity distribution system of the new company , But it is certain that the former Haila holding family will continue to occupy a pivotal position in the new company in the future .

Spend a lot of money on Haila , What the hell is Faurecia trying to do ?

It's important , It must be business collaboration , Especially in the two business areas of intelligent cockpit and intelligent driving , It can well enhance the comprehensive competitiveness of Virginia , At the same time, strengthen its electrification layout .

Combing the business lines of the two companies can find , Facing the tide of electrification and intelligence , Their layout is highly complementary .

Before the merger , Faurecia has four major business departments —— Car seat system 、 Green smart travel system 、 Automotive interior system and Gele automotive electronics , Among them, seat system and green smart bank business are the main profit sources of Faurecia .

For example, in the first half of this year , The sales of Faurecia's seat business and Lvdong Zhixing's business reached respectively 29.67 Million euro and 20.4 Billions of euros , Year-on-year growth 34.1% and 29.4%; The operating profit is 1.96 Million euro and 1.98 Billions of euros , The operating profit margin is 6.6% and 9.7%, It is obviously superior to interior decoration and Gele electronics . Even last year, it was hit by the epidemic , The above two businesses are still realized 1.91 Million euro and 2.01 Operating profit of € billion , The operating profit margin reached 3.4% and 5.3%.

at present , Faurecia is also vigorously deploying hydrogen energy system solutions , To this end, it has jointly established a hydrogen energy travel joint venture with Michelin SYMBIO, Focus on R & D 、 Production and sales of hydrogen fuel cell systems , Again this year 2 Acquired srinda anko in June , Further enabling the development of China's hydrogen energy travel market .

One of the main business directions of Hella before the acquisition is also energy saving and electrification business , Include DC/DC converter 、 Battery management system 、 On board charging system and its application to light hybrid vehicles 48V PowerPack etc. , These can be matched with Faurecia's battery pack system 、 Hydrogen storage system and electric reactor system constitute a complete electrification solution , Full energization includes pure electricity 、 All new energy vehicles including hybrid and fuel cells .

In terms of intelligence , At present, Faurecia's strategic layout mainly focuses on Intelligent cockpit and auxiliary driving , In terms of intelligent cockpit , Faurecia is an undisputed global leader . But in terms of intelligent driving , And Bosch 、 Continental, 、 Compared with ZF et al , Faurecia still has a certain gap .

According to the monitoring data of Intelligent Automobile Research Institute of Gaogong ,2020 Domestic new car forward in ADAS Carrying scheme Tier1 The supplier market is still highly concentrated , Bosch 、 mainland 、 Electric installation 、 Amber f 、 ZF's five enterprises account for more than 90% share . Hella's radar sensor 、SHAKE Road condition sensor 、 Electric power steering 、 Camera software 、 Intelligent lamp solutions can help them narrow this gap .

Especially millimeter wave radar , It has been recognized as one of the core sensors of the automatic driving system. , Haila has a relatively stable market position in the field of millimeter wave radar , This will undoubtedly help Faurecia further expand its product line in the field of automatic driving , Speed up ADAS And autopilot process . It is predicted that , After the merger of the two enterprises , Based on the confirmed orders , The new company plans to 2025 Sales increased to more than 70 One hundred million yuan .

As for the intelligent cockpit , Haila has a wide range of cabin lighting product portfolio and human-computer interaction interior technology 、 Body electronics portfolio 、 Sensors and brakes are perfect for Faurecia's seats and interior , It is expected to provide more value-added imagination space for Faurecia to create a new driving experience .

More Than This , In Haila's business system , There are also two very important plates , They are after-sales business and special original supporting business , These two businesses can also bring nearly to Haila every year in the past two years 10 Sales revenue of 100 million euros . such as 2018/2019 The fiscal year , The revenue of after-sales market and special original supporting business reached 6.65 Million euro and 3.99 Billions of euros , Adjusted EBIT is 0.7 Million euro and 0.61 Billions of euros .2019/2020 The fiscal year , Affected by the epidemic , The revenue of these two businesses is still up to 5.6 Million euro and 3.43 Billions of euros , EBIT is 5100 Ten thousand euros and 2700 Thousands of euros . After the merger of HeLa and Virginia , It is reported that relevant businesses will be integrated into the new life cycle value management division , At that time, it is expected to further improve the overall performance of Faurecia , Become a new profit growth point for Faurecia .

In terms of market expansion , Faurecia and China 、 Priority channels for major vehicle manufacturers in Japan , After the merger, it is expected to bring new sales opportunities to Haila . meanwhile , Thanks to Hella's dominant position , Faurecia will also further enhance the customer relationship with German luxury car manufacturers . The customer relationship between the two and American vehicle manufacturers is complementary , This will benefit both sides .

Accelerate merger and integration , Become a leader in Automotive Technology

Over the past few years , around “ Zhixiang future cockpit ” and “ Win green and move the future ” Two major technical directions , Faurecia has been actively implementing strategic transformation . For this reason, Faurecia 2016 In, it successively acquired France Parrot、 China Jiangxi good helper 、 The Swedish Creo Dynamics、 Japan Gele and other companies , And a joint venture with Continental SAS The remaining 50% Shares of , And in 2019 year 4 The fourth largest business unit was officially announced in June —“ Foggia Gele automotive electronics ”, Leading Faurecia cockpit Electronics 、ADAS Etc .

According to Faurecia financial report data , Over the past two years, Gele electronics has been one of the key points of Faurecia's business transformation , It's really good in market development ,2019 year 、2020 Years and 2021 In the first half of the year, the amount of new orders reached 19 Billions of euros 、25 Million euro and 13 Billions of euros , It fully demonstrates the growth potential of the division . This year , Faurecia expects the sector to continue to maintain at least 25 EUR billion of newly acquired orders .

In terms of overall performance , Gele electronics has not really become the profit growth point of Faurecia . According to its financial report data ,2019 year 、2020 Years and 2021 year H1 Gele electronics realized sales respectively 7.71 Billions of euros 、7.27 Million euro and 4 Billions of euros , Operating profit is only 1200 Thousands of euros 、 loss 500 Million euros and losses 90 Thousands of euros , The operating profit margin is 1.5%、-0.7% and -0.2%. It means , Currently in Faurecia's business system , Gele electronics is still “ dragging ” Of , Especially compared with mature businesses such as green smart travel system and car seat system , The market needs to be further cultivated .

Of course , In fact, this is also related to the overall intelligent process of the current automobile industry . Intelligent cockpit in recent years 、ADAS And advanced automatic driving are getting better and better , The actual commercialization landing situation is not optimistic , Even assisted driving, which has begun to take shape , In the process of practical application, it still faces many pain points , These pain points have even been to some extent “ itself ” To the industry itself .

In recent days, , Head player in the field of intelligent electric vehicles tesla and Wei to It has been pushed to the forefront of public opinion because of the driving assistance system .

Tesla 8 month 16 It was reported that it was encountering NHTSA Safety investigation , Co involved 76.5 Ten thousand vehicles . The reason is that in many previous Tesla fatal accidents , Several accident vehicles have been proved to be open Autopilot, This makes NHTSA Yes Autopilot The security of the .

Wei to NOP The pilot assisted driving system is also being tortured by users' trust . The cause is 8 month 12 Japan , Famous entrepreneur Lin Wenqin drives Wei to ES8 Parameters picture ) Unfortunately, he was killed in a car accident . Although the results of the investigation into the accident have not yet come out , But there are obviously many dissatisfied voices on the Internet , That is, it is considered that enterprises confuse users' audio-visual in the publicity of assisted driving and automatic driving . at present , The follow-up to the accident is due to one 《 Weilai car owner yes NP/NOP Joint statement on systematic cognition 》 Continuous fermentation , It evolved into 500 Man to man 9000 Discussion on the owner's identity of Weilai .

Actually , This is not just a trust crisis between Tesla and velai , It is also a trust crisis in the whole field of automatic driving . Due to the lack of relevant standards , Artificial exaggeration of driving assistance system in Enterprises 、 The phenomenon that consumers over rely on or even abuse driving assistance functions is common in the market . This lack of respect for technical facts , After accumulating some negative emotions of users , The end result is to hurt the whole industry .

But as the general trend of the industry , Parts enterprise layout intelligent cockpit 、 Automatic driving is imperative , Moreover, the performance loss is actually a problem that many new technologies will face in the early stage of popularization , It's not the faugians' problem .

Especially for those enterprises that focus on advanced automatic driving , Due to the uncertain prospect of mass production in the short term , The realization is expected to be more negative . For example, recently , Daimler and Bosch terminated the cooperation of autonomous taxi , Bosch general manager Harald Kr?ger Say frankly , The challenge of developing robot taxis for urban traffic is greater than many people think . Even if they entered the game earlier Waymo and Cruise, After years of testing , So far, no service has been widely used by the public .

But apart from being tough , In fact, there is no other way . Mergers and acquisitions can help enterprises quickly reserve new technologies , It has become a common practice in the industry . Based on this, it was compiled by PwC 2019 year 7 Month to 2020 year 7 M & A transactions in the world's top ten auto parts industry in June , Many of them are related to automatic driving 、 Electric vehicles are related to interconnection .

Therefore, after the establishment of Gele automotive electronics business department , Faurecia continued to acquire Canadian start-ups IRYStec Software、 Slinda anko 、 Automotive lighting company designLED Products And Haila and other enterprises this time , And work together Aptoide、 Michelin 、 Xuyang industry 、 BAIC has established several joint ventures . More Than This , Faurecia also returned this year 2 In June, it sold its sound insulation and soft interior business to Pelzer group , To further focus the cockpit electronics 、 Frontier technology fields such as hydrogen energy travel .

These mergers and acquisitions not only further improve Faurecia's product system from the solution , It can also produce significant synergies in performance , Driving profitability , Improve cash flow growth . It is reported that only through the merger with Haila , It is estimated that it is expected to make automotive electronics 、 lighting 、 The seat 、 The sales of interior decoration and the five business divisions of Lvdong Zhihang exceeded 30 Billions of euros . To 2025 year , The sales of the new company may reach 330 More than 100 million euros , More than twice the average market growth rate , EBITDA margin will exceed 15.5%, The operating profit margin is over 8.5%, Net cash flow in 2022 reach 10 More than 100 million euros , Let Faurecia really become a leader in rapid growth automotive technology .

At present ,“ Four modernizations ” Change to midfield , In order to occupy more favorable position in the field of intelligent new energy vehicles , Major parts giants have started a new round of offensive , While splitting traditional businesses with relatively low profits , The other side competes to acquire or set up a joint venture in intelligence 、 New technology companies in electrification , To focus more on the core business direction .

According to PwC's previous prediction ,2020 It is estimated that there may be more than 200 M & A transactions , and 2021 The number of transactions is expected to exceed 250 pen , At the same time, the number of bankruptcy of parts enterprises will also break the record , Reaching a new peak . With the occurrence of this series of mergers , On the one hand, it exacerbated the polarization of the market , On the other hand, it also promotes the rapid formation of intelligent new energy vehicle supply chain .

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