Foton Motor (600166)'s 2007 net profit increased 6.4 times year-on-year (2006), Zhongtong Bus (000957) increased nearly 4 times year-on-year, and the 2007 commercial vehicle listed company has disclosed that it has delivered a beautiful report card. However, analysts believe that as there is no macroeconomic environment supporting the rapid growth of the industry in the past year, the growth of commercial vehicles may be reduced.

Last year's rapid earnings growth

In 2007, it was a bumper year for the entire automotive industry. While the sales growth of automobiles slowed from 25.3% in 2006 to 22%, profits increased by 65%, and the total profit reached a new high in 5 years, far exceeding. 100 billion yuan, the prosperity of the automotive industry also attributed to the contribution of commercial vehicles, in 2006 the sales growth of the commercial vehicle industry was only 14%, while in 2007 reached 22.3%, the growth rate rarely exceeds passenger cars.

In the automotive manufacturing industry, the 2007 annual report has basically been issued by commercial vehicles. Overall, the commercial vehicle segment of the auto industry is still in a period of rapid development, and the overall vehicle profits are outstanding. Jiangling Motors, Foton Motors, Zhongtong Bus, and JAC The auto companies, such as Ningbo Huaxiang, which mainly operate commercial vehicles and modified vehicles, have performed well. The main business income and net profit have both increased substantially.

Compared with 2006, Foton Motors and Zhongtong Bus have made great progress. Among them, Futian Automobile, the first to disclose annual reports, achieved a main business income of 27.865 billion yuan in 2007, an increase of 40.53% year-on-year; a net profit of 388 million yuan, a year-on-year increase of 642.88%, and a per-share return of 0.479 yuan, a year-on-year increase of 506.33%; The passenger car's net profit and earnings per share all increased by about 4 times year-on-year.

Jiangling Motors (000550), although not so rapidly growing, has a 21.52% return on net assets and ample cash flow. Its monetary fund balance reached 2.107 billion yuan at the end of the year; Jianghuai Auto's 2007 net profit was 372.62 million yuan, a year-on-year decrease of 15.12%, and profits declined. The main reason is that the company’s sedan project has a large up-front cost, and its commercial vehicle business segment is still growing.

The listed companies that have not yet disclosed the report also forecast their achievements in 2007. Heavy truck leader China National Heavy Duty Truck (00951) expects 2007 net profit to increase 1.5 times to 2 times year-on-year, medium and large passenger coach Yutong (600066) expects net profit to increase by 50%.

“The growth of commercial vehicles in 2007 was mainly driven by investment demand.” Tang Jun, a researcher at GF Securities Automotive Industry, told the reporter that “Bus is mainly for the implementation of public transportation and highway construction, while the freight train is the development of modern logistics industry. The demand for high-capacity capacity has boosted the development of heavy-duty trucks, as well as weight-based toll collection. Almost 20 provinces and cities have implemented standards for toll-by-weight in the past year, which has also led to an accelerated upgrading of trucks."

As a commercial vehicle for production data, investment demand has significantly increased its growth. Last year, the national investment in fixed assets was 1,372.39 billion yuan, an increase of 24.8% over the previous year and an acceleration of 0.9%.

Foton Cummins Engine Company established

The Beijing-based Foton Cummins Engine Co., Ltd. (BFCEC), the first Chinese-foreign joint venture company of Beijing Foton Motor Co., Ltd. (Fukuda Automobile Co., Ltd.), was formally established and held a grand opening ceremony at the headquarters of Foton Motor in Changping, Beijing. After the completion of this engine joint venture, the annual production capacity will reach 400,000 units, making it the largest engine manufacturer in China.

Beijing Foton Cummins Engine Co., Ltd. is invested by Beiqi Foton and Cummins Co., Ltd. in a 50-50 ratio. The total investment is more than RMB 2.7 billion. The main products are Cummins' latest generation 2.8-liter and 3.8-liter inline 4-cylinder high-pressure direct injection type. Light-duty diesel engine, suitable for light trucks, pickups, SUVs, MPVs, small construction machinery, off-highway equipment, and power systems. It is worth noting that the two engines to be put into production are completely new products that have never been put into operation in any place including the United States. It is a high-performance light-duty diesel engine developed by Cummins for European and other international markets. Euro IV and above emission standards.

Futian Cummins Engine Works is located on the north side of the headquarters of Foton Motor Company in Changping District, Beijing. It is expected to be completed in September 2008. The first batch of 3.8L engine products can be mass-produced in May 2009. The 2.8L engine product is in 2009. 9 Monthly mass production. With the deployment of this large-scale engine manufacturing company in Beijing, and the existing 100,000 production bases of Foton Aoling Power, the Beijing region already has an annual production capacity of 500,000 engines.

This year's growth rate is expected to slow down

“The overall growth of commercial vehicles this year should have decreased relative to last year. From January to February this year, it can be seen that the growth rate of commercial vehicles is significantly slower than last year.” Tang Jun, researcher at GF Securities Automotive Industry, said, “But still The trend of growth will be maintained because the products are facing renewal, as well as the construction of urbanization in China and the continuous improvement of transportation networks. The demand for commercial vehicles should have a steady growth. Large passenger cars and heavy trucks are still growing at a higher sales rate. Commercial vehicle plates."

Industry statistics show that a total of 371,500 commercial vehicles were sold this year, an increase of 21.26% year-on-year, slightly lower than last year. Analysts pointed out that the main reason is that the National III standard will be formally implemented on July 1 this year. This will be achieved through heavy truck blitz consumption, and this growth rate will certainly not be maintained in the second half of the year. In addition, in terms of promoting the largest investment demand for commercial vehicles, given the increase in inflationary pressures and rising interest rates, investment growth will drop significantly.

This year's bad news for commercial vehicles is still relatively high. Steel prices have risen sharply. Commercial vehicles that use more steel have been the first to bear the brunt. Emission standards have been raised from State II to State III to increase the cost. The national macro-control and the gradual implementation of a tight monetary policy have led to a decline in consumer confidence and a slowdown in demand. In 2008, company sales pressure will increase; at the same time, due to continued rising energy prices and labor costs, companies will face rising costs in the future. , Market pressure on profitability decline.

Fukuda Motors (600166), the largest commercial vehicle company with the largest domestic production and sales volume, is not so optimistic about this year's judgment. In its 2007 annual report, it predicts that it will realize a profit of 310 million yuan this year, which is nearly half that of last year’s 460 million yuan. Fu Jing Automobile party secretary and news spokesman Zhao Jingguang told this reporter that the cost is expected to rise by 1.3 billion yuan this year.


Manufacturer's main business income year-on-year growth Net profit year-on-year growth Earnings per share (yuan)

Jiangling Motors (000550) 84.56 10.46% 7.59 20.71% 0.88

Foton Motors (600166) 278.65 40.53% 3.88 642.88% 0.479

Jianghuai Automobile (600418) 143.61 31.93% 3.28 -15.12% 0.27

Zhongtong Bus (000957) 13.33 32.13% 0.27 397.47% 0.112

Xingma Automobile (600375) 21.17 20.24% 0.40 26.77% 0.21


Wuling N300 will be launched next month

Entering the "Asian Light Passenger" Market

"The same is the case of buying a microcar. Why not buy a bigger one? It can both load more goods and draw more people." This is a common idea for consumers who want to buy micro-customers. In order to meet this demand, SAIC General Motors Wuling will launch a brand new micro-substance, the N300, at the 2008 Beijing International Auto Show. The car is nearly 4 meters long and has a displacement of 1.2 liters. It is equipped with a SAIC-GM-Wuling B-series engine. The biggest highlight of this engine is the With a peak power of 52.2 kilowatts, which is characterized by high power consumption and low fuel consumption, the N300 vehicle's load-bearing space has been further enhanced to open up the currently slightly blank "Asian light passenger" market.

"Asian light passenger" is blank

For a long time, the traditional minibus has a captain of about 3.8 meters, and the length of light passengers is about 4.8 meters. The 3.8 to 4.8 meters of the “Asian light passenger” market has always been a blank. In recent years, under the birth of new market demand, the “Asian light passenger” market has begun to get rid of “absurdity”. In terms of size, the N300, which is a “big facet”, targets the “Asian light passengers”. Since the body size and the engine itself have been greatly improved, the price is expected to be more expensive than the original Wuling micro face. The lowest price is above 50,000 yuan.

Analysts believe that because Wuling has a 40% or more share in the mini-vehicle market and it plays a decisive role in the industry, the N300 may open up an “Asian light passenger” market. In fact, the “Avan” market has emerged from the development trend of micro-customers. The development of mini-vehicles is now the third generation. The length of mainstream products is about 3.8 meters, and the displacement is about 1.3 liters. The price is generally around 40,000 yuan. As the user's requirements for vehicle load capacity continue to increase, the products that can be selected have two directions: one is miniaturized light passengers, and the other is large-scale micro-customers. However, because of the factors of price and use cost, it is impossible for micro-customer users to abandon micro-customers to purchase small-scale customers, thus prompting micro-customers to continue to develop in the direction of large-scale development.

One of the reasons why Dawei Ke is favored by the market is that it can save consumers the cost of large-scale vehicles. Since Dawei Kejia has a certain degree of substitution effect for light passengers, micro-substances are much cheaper than light passengers' toll fees and road maintenance fees. , And micro-off because of low-emissions purchase tax is also relatively low, but also for consumers to save part of the acquisition costs, the cost advantage also promotes consumers more willing to buy large-scale micro-car.

Longer version effect

In fact, the trend of micro-oriented development of “Asian light passengers” can be seen from the ever-increasing number of extended micro-facets. Only last year, many mini-vehicle manufacturers introduced extended-length mini-cars. SAIC-GM-Wuling and Changan were among the earliest companies that introduced extended-length mini-vehicles to the market, and both companies' extended-length mini-vehicles achieved better results in 2007. Big sales, leading products for the market segment. “Wuling’s extended version of Wuling has achieved very good sales since its launch in 2007. The cumulative sales volume for the entire year exceeded 100,000 units. The market demand for large-scale micro-customers exceeds our expectations. Therefore, we plan to introduce even larger models to meet the demand. The demand of the market.” SAIC-GM-Wuling’s head of marketing told reporters.

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