Performance is in line with expectations. In 2009, the company achieved operating income of 44.84 billion yuan, an increase of 49.1%; and a net profit of 1.04 billion yuan, an increase of 200%.
The growth in performance was mainly attributable to: 1) Revenue growth from sales growth, sales of 602,000 units in 2009, an increase of 47% year-on-year; 2) Lower prices of raw materials such as steel (4157, -15.00, -0.36%) led to a gross margin of 08 The 8.1% in the year increased to 11.2%. 3) The income tax rate of 15% will be imposed in 09-11.
Light truck: The Foton Cummins Engine Project will help the company develop the high-end market for light trucks. In 2009, it achieved sales of 384,000 light trucks and continued to maintain its market share (24.6%). The Foton Cummins Engine Project, which holds 50% of its shares, began production. With the expansion of production and sales, Ouma with Cummins engines will help the company expand its market share in high-end light trucks.
Medium and heavy trucks: The completion of the private placement project will solve the capacity bottleneck. In 2009, the company sold 84,600 heavy trucks, an increase of 41.8% year-on-year. The major investment projects of the private placement will be the construction of technical upgrading of GTL heavy trucks and heavy truck components. If completed, it will effectively solve the current tight production capacity. The project of establishing a medium/heavy truck joint venture with Daimler is proceeding smoothly.
Dazhong Bus: New energy is a bright spot. Despite the small profit contribution of Dazhong Bus, as a breakthrough of the company's new energy strategy, in 2009, it sold a total of 925 Futianou V new energy buses with a revenue of more than RMB 1 billion, making it the highest domestic company in terms of income from new energy vehicles.
Maintain the overweight recommendation. The company is currently in a strategic transition period from the pursuit of share to share and efficiency, with high performance flexibility. With the company's capacity expansion in the light truck and medium and heavy truck markets and the increase in the share of high-end products, the company's operations are expected to reach a new level.
View related topics: Beiqi Futian, Futian Automobile brand value of 22.157 billion yuan
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