Jiangling Motors released the 2008 annual report last week. The annual report shows that in 2008, the company sold 95,171 vehicles in total, an increase of 0.12% over the same period of last year; operating income of 8.587 billion yuan, an increase of 1.56% over the same period of last year; and a net profit of 784 million yuan, a year-on-year increase of 3.31%. The stock returns 0.91 yuan. The non-operating income of the company in 2008 increased by 160 million yuan year-on-year, of which the vast majority benefited from government funding support. For the company's 2009 sales revenue forecast of about 10 billion yuan, some institutions are cautious and call it a long-term strategic product.
Last year sales increased only 0.1%
Jiangling's main products are Transit (Forum Forum) commercial vehicles, light trucks, pickups, SUVs, vans and other products. In 2008, the sales volume was 95,171 units, which was a year-on-year increase of 0.1%, of which the sales of light trucks, transit vehicles, and pickup trucks were 38,290, 27,472, and 26,073 units, respectively, and the year-on-year growth rates were -1%, 3%, and 9%, respectively. 96%.
The annual report shows that starting from the third quarter of 2008, the cost of raw materials such as steel increased, the growth rate of the auto industry began to slow down, and the company's performance began to decline significantly. Among them, sales revenue in the third quarter of 2008 was 2.121 billion yuan, down 1.79% year-on-year; net profit was 107 million yuan, down 52.73% year-on-year. In 2008, sales revenue reached 8.587 billion yuan, an increase of 2% over the previous year. However, the vehicle price reduction partially offset the increase in revenue due to increased sales volume and sales mix. In 2008, net profit after deducting non-recurring gains and losses was 637 million yuan, a year-on-year decrease of 14.64%; in 2008, the company achieved a market share of about 1% in the Chinese automobile market, a decrease of 0.1 percentage point from the previous year; The auto market has achieved a market share of about 2.6%, down 0.1% from the previous year.
Jiangling Motors stated that the main reason for the decline in performance was that in 2008, the company faced many serious external challenges. The rare ice and snow disasters in the south China in the first quarter, the Wenchuan earthquake in May, and the global financial crisis in the second half of the year have had a major impact on the company's operations. On the supply chain, rising raw material and energy prices have placed the company at unprecedented cost pressures. Various types of products of the company continue to face the pressure of market share brought by low-price competitors.
Light truck products are expected to grow by 6% this year
Jiangling Motors Corporation stated that in 2009, it will focus on the maximization of localization of parts and cost reduction; make full use of existing product platforms to generate new revenue growth points; introduce new products; increase production capacity to an appropriate level, and change The market forecast is consistent. And proposed that this year's sales revenue target is 10 billion yuan, is expected to grow 16.5%.
The automobile revitalization plan is expected to enhance Jiangling Motors’ 2009 corporate performance. Specifically, Jiangling Motors' light trucks and pickup trucks will benefit from the automotive revitalization plan. However, due to the main face of enterprise users, the Transit commercial vehicles have relatively weak demand in 2009, and sales are expected to decline slightly.
CICC also believes that it is expected that the automobile-to-country policy and the implementation of Country III emission standards for N1-type trucks will stimulate the growth of Jiangling light truck sales by 6%, and it is expected that the automobile-to-township policy will boost the sales growth of the young card industry in 2009 by 10%, while in July this year. Starting from the 1st, trucks under 3.5 tons (ie, N1 trucks, including some light trucks and all micro-cards) will implement the National III emission standards. As the cost will increase by about 10% to 15%, the light truck market will be expected to have advanced consumption in the first half of this year.
However, for Jiangling Motors’ proposed sales revenue target of RMB 10 billion this year, CICC believes that it seems difficult to complete at present, because the light truck market is expected to see a major increase in mainly the low-end market, while Jiangling Motors is light. Commercial vehicles are positioned in the high-end market with relatively stable demand and sales growth may be lower than the overall growth of the light-duty truck industry.
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