Commercial vehicle semi-annual report results floating red heavy-duty companies leading the market


The disclosure of the semi-annual report of listed companies in 2010 has been completed, and the commercial vehicle sector has delivered a satisfactory midterm exam paper. Most of the commercial vehicle companies have achieved a major outperformance, including Weichai Power's operating income of 33.2 billion yuan, an increase of 110% over the same period of last year, and a net profit of 3.234 billion yuan, an increase of 164.7% over the same period of last year, and the earnings per share of 3.88. Yuan (a 163.95% increase over the same period of last year) won the championship of earnings per share in the interim report.

Recently, the "Commercial Automotive News" reporter called several senior commercial vehicle securities analysts, to hear what they see from these gratifying answers.

Heavy truck companies lead the market

In the first half of this year, heavy truck companies took the lead in commercial vehicle companies. The operating income of the heavy truck companies grew at a rapid rate, and their growth rate was faster than the sales growth. The gross profit rate of various companies increased significantly. China National Heavy Duty Truck's net profit reached 710 million yuan, an increase of 111% over the same period of last year. Foton Motor achieved a net profit of 1.147 billion yuan in the first half of the year, a year-on-year increase of 153%, which exceeded the level of 1.037 billion yuan last year. The gross profit margins of both companies have increased by nearly two percentage points.

Guoxi Junan Automotive Industry Analyst Chen Xiwei believes: "In this regard, thanks to the rapid growth in sales of heavy trucks, the heavy truck market in the first half of this year sold 582,400 vehicles, an increase of 112% year-on-year, and sales in half a year exceeded 90% of the total annual sales in 2009. On the other hand, due to the high-end trend of heavy-duty trucks, the profit rate of heavy-duty bicycles has been increased. It is understood that in the first half of this year, the average price of heavy truck trucks of Sinotruk reached 270,000 yuan, an increase of nearly 20,000 yuan over the whole year of 2008. .

After experiencing abnormally high growth in the first half of the year, the entire heavy truck industry will return to normal in the second half of the year, and the growth rate will decline. A senior analyst at a securities company told the "Commercial Automotive News" reporter: "As the explosive growth of heavy truck sales, the supply of core components is in short supply, which has had a certain impact on the production and sales of some manufacturers. This has made some manufacturers aware of the diversity of suppliers. The importance of self-provisioning and core components has taken place and actions have been taken.Although at present, some core component manufacturers have earned enough money, but their matching rates have begun to decline and will eventually reach a relatively stable level. ratio."

High-end trend of light vehicles is obvious

The performance of light-car companies is lower than that of heavy-duty companies. Jiangling Motors, for example, realized operating revenue of 7.676 billion yuan in the first half of this year, an increase of 62.5% over the same period of last year, and a net profit of 1.042 billion yuan, an increase of 140.8% over the same period of last year. Earnings per share of 0.56 yuan.

Although the light truck market is not as fast as the heavy truck, its stability is better than that of heavy trucks. Because there is a rigid demand for light trucks in urban logistics, and “cars go to the countryside” has a huge positive effect on light trucks, and in the fourth quarter, it is a peak season for light trucks. Light-duty truck companies will maintain steady growth in the medium to long term.

Jiangling, Qingling and other automobile companies that attack the high-end market are clearly superior to the industry average. According to a senior analyst at a securities company, “The high-end trend of light passenger and light truck products is intensifying. The sales of related products such as JMC, Qingling, and Nanjing Iveco have grown significantly faster than the industry average. High-end light trucks represent the brand Qingling, Jiangling's sales growth during the first half of the year was 51%, faster than the industry's growth of 38%. Sales volume of mid-to-high-end light passengers brands Jiangling and Nanjing Iveco were 77% and 51%, respectively, faster than the industry's 39% growth. According to reports, this trend is mainly due to the continuous improvement of urban and rural roads in China, and the use of light trucks is gradually expanding. The value of light trucks is gradually reflected. Users pay more attention to the carrying capacity and quality of products when purchasing products; The tax levy and road maintenance fee were cancelled, users were more concerned about the economics of vehicles, and purchases were more inclined to comprehensively consider the purchase cost and the use cost.

Accelerated recovery of large and medium buses

In the past two years, large and medium-sized passenger cars have experienced a long period of downturn due to the financial crisis and the competition of the public railways. However, the passenger transport companies have gradually explored ways to deal with these two years of operation. They have changed the mode of operation by developing small pieces of express delivery, opening new businesses, and expanding new lines, and have found new ways to make money. In addition, as the country vigorously develops public transport in the second and third-tier cities, passenger car companies have gradually emerged from the downturn, and the recovery of the large and medium-sized passenger car industries has become evident. A number of securities analysts said in an interview that the fourth quarter is the traditional strong sales season of the passenger car market, and large and medium-sized passenger cars are expected to continue the hot trend.

In the first half of this year, Yutong Bus produced a total of 15,000 large and medium-sized passenger vehicles, an increase of 54.59% year-on-year, and its market share increased to 23.90%, an increase of 1.44 percentage points from the same period of last year. Yutong Bus achieved operating revenue of 5.525 billion yuan in the first half of the year, an increase of 55.75% compared to the same period of last year, and achieved a net profit of 362 million yuan, an increase of 88.06% over the same period of last year. Gross profit margin increased from 16.46% in the same period last year to 17.03%.

The concentration of large and medium-sized bus markets is further enhanced, and Yutong’s share in this market is expected to continue to increase. In his view, companies with economies of scale are more competitive when competing with high-speed trains and other transportation systems. In foreign markets, companies with economies of scale have better development in building sales channels and fostering export markets.

In recent years, new energy booms have swept the rivers north and south. Almost every bus company is conducting research and development of new energy buses. However, from the mid-year report of each company, the new energy bus did not make the company’s statements more attractive. Bai Yu said: “The new energy concept still has no obvious effect on bus companies. There is still a long way to go in the industrialization of new energy buses. To go, the speed of progress depends mainly on the support of the central and local governments for new energy buses and subsidies."

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