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Jiangling auto products have strong competitiveness in the high-end light commercial vehicle market. In the context of the overall rapid growth of the Chinese auto market in the first half of the year, the company’s product sales have grown rapidly and its market share has increased. Jiangling Motors is a typical representative of domestic high-end light trucks and European light passengers. In the first half of the year, the company sold 88,363 vehicles, an increase of 66% year-on-year, including 34,157 trucks, 28,979 pickup trucks and SUVs, and 25,227 Ford Transit commercial vehicles.
The company will seek a breakthrough in SUV business. Jiangling’s own SUV Sheng Sheng is expected to be put into production in the second half of the year, and its N500 project with a total investment of approximately 598 million pickup trucks and SUV series will also be put into operation in the second half of 2011. As the most potential market segment in the passenger car market, the company will increase its investment in SUV business, and will also actively seek to introduce Ford's SUV models to China. It is estimated that by 2011, the company's SUV business will have greater improvement. We estimate Jiangling Motor’s 2010-2012 EPS to be 2.01, 2.19, and 2.48, respectively, giving it an overweight rating.