Yixin Group Limited (2858.HK)

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1 Yixin Group Limited (2858.HK) Yixin Group (2858.HK) Auto dealers Rating NA Industry View NA Issue date 6 Nov 2017 Close app 9 Nov 2017 Listing date 16 Nov 2017 Offer price HKD Source: Company data,cash CASH Research 7 Nov 2017 Potential upside for China s car density: According to the Frost & Sullivan Report, the automobile density in China, or the number of automobile ownership units per 1,000 persons, was as of December 31, 2016, which is significantly lower than that of the United States. Driven by the increasing consumption power resulting from China s urbanization process and growth of disposable income per capita, increasing volume of used automobile retail transactions, and further penetration of sales channels into lower-tier cities, the automobile market in China is expected to expand further. The value of China s automobile retail transactions is expected to increase from RMB3.8 trillion in 2016 to RMB5.2 trillion in 2021, representing a CAGR of 6.5%. Figure: Market size of automotive retail transactions in China Strong growth in online automobile retail transaction: According to the Frost & Sullivan Report, the volume of online automobile retail transactions was 1.0 million in 2016, representing a CAGR of 60.3% from 2012 to Such volume is estimated to reach 5.4 million in 2021, representing a CAGR of 39.2% from 2016 to Consistent with this trend, the value of online automobile retail transactions also has been increasing rapidly since 2012, reaching RMB100.7 billion in 2016, advice, offer, invitation, advertisement, inducement, recommendation or representation of any kind or form whatsoever. While the information contained herein has been obtained from sources believed to be reliable, CASH or its affiliates do not represent that it is accurate or complete and it should be relied upon. CASH hereby expressly disclaims all liabilities arising out of or incidental to the accuracy and completeness of the contents and information herein contained. The contents and information in this document is subject to change without prior notice to you. Trade in securities covered by this report may be made only in those jurisdictions where the securities are qualified for trading. This document may not in whole or in part be reproduced or furnished to any person other than the addressee without written consent from CASH and CASH shall not be liable to any such third parties for loss arising from any unauthorized distribution. Securities dealing services are provided by Celestial Securities Limited, a corporation licensed to conduct Type 1 (dealing in securities) regulated activity under the Securities and Futures Ordinance. -1-

2 representing a CAGR of 65.5% from 2012 to Such value is estimated to reach RMB568.1 billion in 2021, representing a CAGR of 41.3% from 2016 to 2021, due to increasing penetration of Internet and mobile Internet, diverse services available online, increasing acceptance by consumers and merchants and stable growth of the automobile market. In terms of transaction volume, the top five players accounted for 51.2% of the market in 2016, Yixin ranked the first in the market in 2016 with a market share of 18.7%, which is expected to be a major beneficiary amid industry growth. Figure: Market size of online automobile retail transactions in China Ample room for rising consumer auto finance penetration rate: The consumer auto finance penetration rate in China has been increasing but is still lower compared to more developed markets. The volume of automobile retail transactions involving auto finance arrangements in China increased from 3.3 million in 2012 to 9.6 million in 2016, with a consumer auto finance penetration rate of 30.5% in 2016, as compared to 82.0% in the United States. The consumer auto finance market in China is expected to grow while the volume of automobile retail transactions completely funded with cash is expected to be stagnated, primarily due to the emergence of diverse and innovative consumer auto finance solutions available on the market as well as increasing acceptance of auto finance by consumers. According to the Frost & Sullivan Report, in 2021, the volume of automobile retail transactions involving auto finance arrangements in China is expected to reach 26.3 million, with a -2-

3 consumer auto finance penetration rate of 58.4%, while the value of automobile retail transactions involving auto finance arrangements in China is expected to reach RMB3.4 trillion. Figure: Market size of automobile retail transactions involving auto finance arrangements in China Figure: Penetration rate of automobile retail transactions involving auto finance arrangements in China -3-

4 Competitive advantage in online automobile retail transaction platform: Yixin is the largest online automobile retail transaction platform in China as measured by the volume and the value of automobile retail transactions in 2016, according to the Frost & Sullivan Report. For the year ended December 31, 2016, Yixin facilitated over 190,000 automobile retail transactions with an aggregate value of the underlying automobiles reaching over RMB18 billion. Its scale enables the Company to provide consumers with more product and service choices with competitive terms, as well as to negotiate with the business partners for better terms. Integrated omni-channel operational capabilities: Its online platform integrates the online channels, transaction service teams, and dealership stores within the auto dealer cooperative network. In September 2017, its online channels had approximately 51 million MAUs. As of June 30, 2017, its transaction service teams are comprised of a call center primarily focusing on lead conversion and customer support, and its local service teams staffed with over 3,300 employees, focusing on on-site services covering over 300 cities in China. As of June 30, 2017, the auto dealer cooperative network is comprised of over 15,000 dealership stores across over 300 cities in over 30 provinces or equivalent regions in China Embracing automobile Retail Transaction Ecosystem: The Company has nurtured a consumer centric automobile transaction ecosystem in which consumers, automakers, auto dealers, auto finance partners, and aftermarket service providers could better interact and transact with each other. This end-to-end automobile retail transaction ecosystem therefore forms a self-reinforcing virtuous circle that enhances user loyalty. Powerful major shareholders: Yixin had been invested by Tencent (700.HK), JD.com (JD.US), Baidu (BIDU.US), holding 24.3%, 12.7% and 3.02% of shares respectively. Results review: The Company s total revenues increased from RMB48.0 million in 2014 to RMB1.5 billion in 2016, representing a CAGR of 456.8%. (The total revenues in 1H17 grew by 240.4% to RMB1.6 billion) The adjusted operating profit increased from RMB2.1 million in 2014 to RMB150.6 million in 2016, representing a CAGR of 747.1%. (Adjusted operating profit in 1H17 grew by 413.6% to RMB350.2 million). While the Company recorded a net profit of RMB65k, it had a net loss of RMB28.2 million, RMB1.4 billion and RMB6.1 billion for 2015, 2016 and the six months ended -4-

5 June 30, 2017, respectively. Key Risks: (1) The group s limited operating history and historical adjustment of businesses make it difficult for investors to evaluate its business and prospects. (2) Most of the group s financing lease contracts have been outstanding for a relatively short period and are not fully seasoned. The asset quality of the group s self-operated financing business may further deteriorate as the finance receivables season or as the group s product mix evolves. (3) The development of the group s self-operated financing business is capital intensive. Restrictions in the group s capital raising arrangements and inability to obtain additional financing in the future may materially and adversely affect the group s business, results of operations and financial condition. Background Yixin Group (2858.HK) is the largest online automobile retail transaction platform in China as measured by the volume and the value of automobile retail transactions in 2016, according to the Frost & Sullivan Report. The group operates its business in two segments by leveraging its online platform: (i) transaction platform business, where the group primarily facilitate automobile purchase transactions by consumers, facilitate auto loans to consumers offered by the group s auto finance partners, provide value-added services such as sales of vehicle telematics systems to auto dealers, and provide advertising and subscription services for automakers, auto dealers, auto finance partners and insurance companies; and (ii) self-operated financing business, where the group primarily provide consumers with auto finance solutions through financing leases and operating leases. -5-

6 Figure: Yixin's revenue breakdown in 1H17 Source: Company data, CASH -6-

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