When the president of Yuchai Group Gu Tangsheng recently accepted an exclusive interview with reporters, Yuchai predicted that the compound annual growth rate for the next five years would be 22%, 23%, and the overall growth rate for the next five years would be 2.5 times. “At this rate, to At the end of the second five-year plan, Yuchai will complete the goal of “rebuilding a Yuchai†and enter the ranks of one hundred billion yuan. Despite the high goals, Yuchai Group still maintains a cautious attitude. For the merger and acquisition plan that emerged in the European debt crisis, Gu Tangsheng said that it should be treated with caution. The greatest support of local governments is non-intervention From a labor farm 60 years ago to a large state-owned enterprise with an annual turnover of 40 billion yuan, if you use a few keywords to summarize Yuchai's 60 years, Gu Tangsheng, president of Yuchai Group, believes that it is "reform, innovation, And win-win." Behind these six words, there is also strong support from local governments. Gu Tangsheng told NetEase Finance that local government’s biggest support for Yuchai is not to intervene. “A lot of time the government is really responsible for the management of the enterprise. The more you die, the more control you have and the more constraints you have. What is the biggest support for Yuchai from the local government? Without these regulations, there is no limit to it, not too much. Intervention, I think this is very very rare, especially in such a remote place in the west, it can be so detached, so that the company to develop in this way, this is very rare." Said Tang said. In the next five years, it will increase 2.5 times and enter the ranks of 100 billion enterprises. In 2011, Yuchai achieved a breakthrough in operating income of 40 billion yuan, an increase of 8% year-on-year. However, for Yuchai, this is only the initial speed of the starting stage. Gu Tang told Netease Finance that “Yuchai’s CAGR is 22% and 23% for the next five years, and the overall growth rate for the next five years is 2.5. Times According to this speed, by the end of the “Twelfth Five-Year Planâ€, Yuchai will complete the goal of “rebuilding a Yuchai†and step into the ranks of one hundred billion yuan. In order to achieve this goal, Yuchai proposed the slogan is to create "two product chains, multiple industry groups." Gu Tang said that during the “11th Five-Year Plan†period, Yuchai has completed the layout of the industrial chain plan. The key to the “Twelfth Five-Year Plan†is to expand the scale and increase the market share on the basis of this layout. But the speed has come up. How can quality be guaranteed? Gu Tang said that between the two Yuchai pays more attention to the latter. “Yuchai is actually a company that pays more attention to the quality of its operations. In fact, as long as the business is of good quality, even in the coming “12th Five-Year Plan†period, a relatively large change will occur in the entire market. We will not be able to complete 100 billion, that is, 80 billion. 700 can't you?" How to ensure competitiveness in new areas? Gu Tang believes that the biggest competitive advantage of Yuchai comes from culture and mechanism. “We have a lot of backbones in Yuchai, and the proportion of local people is not more than half. Yulin's geographical location is so skewed. Talents from other places come here and they can sink and join in the construction of Yuchai, relying on It depends on this culture." Gu Tangsheng introduced that the core of Yuchai’s management mechanism is to use heroes and performers for performance. The backbone of many backbones is about 40 years old, and even early 30s. In such large-scale state-owned enterprises, even in the most market-oriented Yangtze River Delta region, it is rare. Overseas mergers and acquisitions should be cautious The outbreak of the European debt crisis has enabled Chinese companies to see opportunities for overseas mergers and acquisitions and has accelerated the pace of “going outâ€. In fact, Yuchai was one of the earliest Chinese enterprises to go global. As early as 1994, it was listed on the New York Stock Exchange of the United States and became the second stock of Chinese companies listed overseas. Gu Tang told Netease Finance that the steps taken at that time still had a very important impact on Yuchai today. The first listing financing solved the capital, and the second introduced the concept of corporate governance internationalization. Gu Tangsheng recalled that at that time, he still planned the economic system. At that time, many projects of Yuchai’s technological transformation had already been moved without even full approval. They needed financial support to find the project of the National Planning Commission at that time and run. Breaking the leg, the result is a sentence, "Your Yulin is not within the national planning area, the country's engine layout is not at your point, not a penny." Been forced to go to the market On the money, with foreign capital to money, to the stock market, capital market to ask for money. Although it has tasted the sweetness of overseas capital operations 20 years ago, it has become the forerunner for Chinese companies to “go globalâ€. However, Yuchai is still cautious about the goal of internationalization and is still cautious about overseas popular mergers and acquisitions. Gu Tangsheng believes that there are many successful examples of overseas mergers and acquisitions by Chinese companies, and there are many cases of failure. Chinese companies may be able to raise money, but for Chinese companies, the biggest challenge lies in the integration of corporate culture. "After your merger, you become his master. The relationship between you and him does not mean a simple relationship of cooperation and resource utilization. It is a management and managed relationship. This kind of cultural conflict, This kind of deep-seated conflict may lead you to mergers and acquisitions, and may be even worse than if you were to seek cooperation directly." Therefore, Yuchai’s “going out†strategy will be based on market and industrial layout, first to make a difference in market expansion, and then gradually to consider overseas acquisitions.
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