1、This report does not constitute a rating actionChina Industrials:Bumpy Post-Pandemic RecoveryLive Webinar And Q&A Thursday,February 16,2023Claire YuanDirectorCorporate RatingsStephen ChanAssociate DirectorCorporate RatingsDanny HuangSenior DirectorCorporate RatingsChina Industrials 2023 Outlook Is a

2、 Mixed BagICEInternal combustion engine.EVElectric vehicle.E&CEngineering and construction.eEstimate.Source:China Association of Automobile Manufacturers,S&P Global Ratings.China AutoChina Auto Sales To See Modest GrowthChina LV Sales To Grow Up To 2%In 2023Note:LVLight vehicles include passenger ve

3、hicles and light commercial vehicles.eEstimate.mil.Million.Sources:China Association of Automobile Manufacturers,WIND,S&P Mobility,S&P Global Ratings.-10%-5%0%5%10%15%20%0510152025302016201720182019202020212022 2023eUnits(mil.)China light vehicle sales(left scale)Year-on-year change(right scale)Rate

4、d Carmakers 2023 Sales Target Looks Challenging2022 sales(in mil.units)YoY changes2023 sales target(in mil.units)*YoY changesChina FAW Group Co.Ltd.(A/Stable/-)3.2-8%4.025%Dongfeng Motor GroupCo.Ltd.(A/Negative/-)2.5-11%3.022%Geely Automobile HoldingsLtd.(BBB-/Negative/-)1.48%1.715%Zhejiang Geely Ho

5、lding GroupCo.Ltd.(BBB-/Negative/-)2.34%N.A.N.A.Beijing Automotive GroupCo.Ltd.(BBB/Stable/-)1.5-16%N.A.N.A.*Issuer projections.YoYYear on year.N.A.Not available.Sources:Company data,S&P Global Ratings.Chinas light-vehicle unit sales could grow by up to 2%in 2023,following an increase of about 1%in

6、2022.The modest increase reflects improving consumer sentiment and the end of central government stimulus in 2023.Rated carmakers have high expectations for the year,targeting sales growth of 15%-25%.Our base case assumes that their unit sales will grow by low to mid-single digits.Electrification Th