The main business income grew rapidly. During the reporting period, the demand for light trucks and heavy trucks increased rapidly due to policies such as increased investment by the state, direct subsidy to the countryside, and cancellation of road maintenance fees. As the company’s light truck products have leading edge in the low-end market, heavy-duty trucks are on the highway. The freight industry is competitive. In 2009, the company's light truck business and heavy truck business revenue increased by 39.9% and 58% respectively year-on-year. The rapid growth of main business income is one of the important driving factors for the rapid growth of the company's profitability.
The gross profit of the main business has been greatly improved. The company's comprehensive gross profit margin increased significantly from 8.1% in 2008 to 11.2% in 2009. Among them, the gross profit rate of light truck products increased significantly from 7.7% in 2008 to 11.9% in 2009; the gross margin of heavy truck products From 7.2% in 2008 to 10.3% in 2009, the net sales revenue of light truck products increased from 46,400 in 2008 to 55,700 in 2009, an increase of 20.1% year-on-year; The 196,900 in 2008 increased to 21.6 million in 2009, a year-on-year increase of 9.7%. We believe that in addition to the significant drop in the price of raw materials, the increase in the proportion of higher-priced high-end products is also a very important driving factor in the substantial increase in the gross profit level of the company. The significant increase in the gross profit level of the company is the most important driving factor for the company's 2009 profitability increase.
In 2009, the company's profitability has a high quality. In 2008, the company's net profit was 345 million yuan, and the operating cash balance was -417 million yuan. In 2009, the company's net profit was 1.037 billion yuan, and the operating cash balance was 4.088 billion yuan. In 2009, the company's profitability has a high quality.
The company is expected to complete the transformation of the growth model. We noticed that during the reporting period, the company’s main sources of profit: the average price of net bicycle sales for its light truck business and heavy truck business has increased. This has made an important contribution to the growth of the company’s gross profit. We believe that the increase in the average sales price of the company's products indicates that the proportion of sales of high-end products continues to increase. With the increase in the proportion of high-end product sales, the sensitivity of the company's profitability to raw material prices will decline, and the company's profit growth model will shift from simply relying on sales growth to relying on product added value. In particular, the company and Daimler Group will form a joint venture company. The joint venture company will receive Daimler-Benz's engine technology and vehicle technical support. The company's heavy-duty truck product technology is expected to obtain qualitative improvement, laying the foundation for the company to become a top-notch commercial vehicle company. solid foundation.
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