从“60天账期”改革透视整零信任重塑

Investment Rating - The report does not explicitly provide an investment rating for the automotive industry or specific companies within it [1]. Core Insights - The introduction of the "60-day payment term" reform aims to alleviate the long-standing average payment cycle of 182 days in the Chinese automotive industry, which has been a significant strain on supply chain liquidity [1][7]. - The reform is expected to enhance supplier cash flow, optimize budget management for OEMs, and foster mutual trust and innovation within the industry [2][11]. Summary by Sections Event - On June 10-11, leading independent automakers and new-energy brands in China pledged to standardize supplier payment terms to no more than 60 days, following the revised Regulations on Ensuring Payment to Small and Medium-Sized Enterprises that took effect on June 1 [1][7]. Benefits of the "60-Day Payment Term" - Alleviating supplier cash-flow pressure by reducing settlement cycles to 60 days, which helps small and mid-tier parts suppliers lower financing costs and invest more in R&D and quality improvement [2][11]. - Optimizing OEM budget management through predictable payment schedules, which aids in financial planning and reduces risks associated with late payments [2][11]. - Strengthening mutual trust and driving innovation by establishing clear payment commitments that enhance collaboration and technology sharing between OEMs and suppliers [2][11]. Challenges Ahead - Many OEMs still have payables turnover exceeding 127 days, and existing payment schemes can extend actual receipt cycles to eight months, complicating the implementation of the 60-day term [3][9]. - The need for significant investment in process optimization and digital transformation may hinder smaller OEMs from fully adopting the reforms [3][9]. - The lack of a unified credit-rating and enforcement mechanism in the industry makes compliance with the new payment terms challenging [3][9]. - Ambiguities in contract interpretations regarding payment terms may lead to delays in acceptance and invoicing, affecting the actual execution of the reform [3][9]. - Effective regulatory and judicial coordination is necessary to ensure that penalties for late payments are enforced, preventing the new rules from becoming ineffective [3][9].