In the first half of 2010, Weichai achieved an operating income of 33.22 billion yuan, an increase of 110.3% year-on-year, and a net profit of 3.23 billion yuan, a year-on-year increase of 164.7%. The distribution plan is 10 to send 10.
Comments: Performance in line with expectations, heavy truck engine market share increased slightly year-on-year. In the first half of 2010, 222,000 heavy-duty trucks were sold, an increase of 118.7% year-on-year. The market share in the first half of the year was 38%, up by 1 percentage point year-on-year. Construction machinery engines are subject to capacity constraints and their market share has decreased slightly. In the first half of the year, sales of construction machinery engines reached 68,000 units, a year-on-year increase of 64.4%. The market share in the first half of the year was 18.99%, which was a slight decrease of 0.4 percentage points year-on-year, mainly due to capacity constraints.
The engine gross profit margin has improved. According to the report of the parent company, the gross profit rate of the engine in the first half of the year was 31.9%, which was 3.2% higher than the same period of last year, mainly due to: 1) the scale effect brought by the increase in sales volume; 2) the proportion of Guosan Engine (10-12 liters) The increase accounted for 67% of total sales in the first half of the year, an increase of 14.9 percentage points from the full year of 2009. Outstanding management capabilities, effective cost control. In the first half of the year, the fee rate was 8.5%, a year-on-year decrease of 1.2%.
Performance growth points: 1) Extend the product line, such as accelerating the localization of French Boduuan company's 16-liter or above engine, independently researching and developing WP5, WP7 bus, and China Card, and acquiring Yangchai to develop 2-3 litre light truck market 2) Grasp the growth of the market for heavy-duty engines for logistics, reduce the risk of fluctuations in fixed-asset investment, and 3) rely on excellent management capabilities to increase the control of costs.
Maintain holdings rating. In general, Weichai's semi-annual report has a splendid performance, a good momentum of growth, and outstanding management capabilities. It is a configuration type with both offensive and defensive characteristics within the industry.
Steel Fabrication Parts,Sheet Metal Fabrication,Metal Processing
Sheet Metal Fabrication Co., Ltd. , http://www.challmetal.com