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Driven by the increase in vehicle sales volume and the significant increase in gross profit margin, Foton Motor's net profit in 2009 increased by nearly 200% year-on-year. The proportion of the company’s revenue in the medium-to-heavy truck business still has room for further improvement. At the same time, the light truck and new energy bus business will still benefit from the promotion of policies.
In 2009, Foton Motor sold a total of 602,000 vehicles, an increase of 47% year-on-year, which corresponds to a growth rate of 49.1% in operating revenue. At the same time, the gross profit margin of the company's automobile manufacturing was 11.17%, which was 3.14 percentage points higher than that in 2008. Among them, the gross profit ratios of light trucks, medium-heavy trucks, and light passengers were 11.88%, 10.34%, and 9.16%, respectively, 4.21 and 3.16 more than those in 2008. And 3.28 percentage points. The two favorable factors formed a resonance, pushing the annual profit growth rate by nearly 200%.
The repair of medium and heavy trucks will continue to drive profitability. In the fourth quarter of 2009, Foton Motor achieved operating income and net profit of 127 and 340 million yuan respectively, which was an increase of 1.6% and 33.9% from the third quarter. An important driver of significant earnings growth is the continuous restoration of the medium and heavy truck business. In 2009, the company sold 85,000 heavy-duty trucks, an increase of 42% year-on-year, and a market share of approximately 9.5%. The gross profit of the business contributed approximately 37%, which is 16% lower than the 53% in 2008, and is therefore expected to remain in 2010. There is room for improvement. At present, the project application report of the company and Daimler’s establishment of a medium/heavy truck joint venture company is still under the examination and approval of the National Development and Reform Commission. If the joint venture is successfully implemented, the company’s medium and heavy truck business in 2010 will generate profit contribution through investment income, and it will inevitably be short-term. Weakened, but long-term product competitiveness is worth looking forward to. In addition, the company announced on January 6 that it will start a private placement fundraising to invest in the two technological transformation and key parts and components related to the construction of the key projects. According to the proposal, the company will issue non-public offerings of not more than 160 million shares to the actual controller Beijing State Administration Center and other specific investors at a price of not less than 17.76 yuan. The proceeds of the fund-raising will be mainly invested in the GTL heavy truck technical renovation project and heavy trucks The components will be upgraded horizontal construction projects. The planned investment of the two projects will be 2.08 billion yuan and 420 million yuan respectively. Among them, GTL heavy truck technical transformation project will be mainly used for the production of Auman ETX, H2 heavy trucks and new GTL heavy trucks after completion of the project, the construction period of the project is 2 years, the project will be put into production in the 4th year, and will be added after implementation. Production capacity of 60,000 heavy-duty trucks such as GTL. The construction of key heavy-duty components and parts enhancement projects will focus on the Auman high-end heavy-duty trucks, and will focus on upgrading the technical level of stamping and tooling production for important parts (frames, bodies) of heavy-duty trucks. After the completion of the project, it still maintains an annual production capacity of 60,000 vehicles. However, the specific production capacity structure will be transformed from the 60,000 medium- and low-end heavy-duty trucks before the transformation to 28,000 high-end heavy trucks and 32,000 low-end trucks. Medium and heavy trucks, the project construction period is 2 years, and the 3rd year is up to standard.
The light truck and new energy bus business will benefit from the strengthening of stimulus policies. According to the latest policy, with the exception of the one-year extension of the automobile-to-country policy, the allowance for scrapped old cars or “yellow-standard vehicles†and redemption of light trucks in 2010 was adjusted from the previous 5,000 yuan to 9,000 yuan, and the substantial increase in subsidies will make The light truck products with lower bicycle prices have benefited significantly. In 2009, Foton Motor's sales of light trucks (including micro-cards) totaled 478,000 units, a year-on-year increase of 45%, and the company’s market share in the standard light truck market was 24.6%. Further strengthening of the policies will effectively dispel the market for the company's light-card business. Concerns about the policy turning point in 2010. In addition, the pilot cities for the demonstration and promotion of new energy buses will be expanded from 13 to 20, which will also bring more potential demand for the company. At present, the company has occupied a certain share in the field of new energy passenger cars. Under the impetus of orders for new energy passenger cars, sales of 09 young passengers and large and medium-sized passengers of the company were 2.1 and 0.4 million, respectively, a year-on-year growth rate of 55% and 57%. Far beyond the overall level of the industry. However, it is worth noting that since the core parts and components mainly rely on outsourcing, the actual profitability of the company's new energy bus business is not outstanding. In 2009, the gross profit margin of the company's Dazhong Ke business was 13.54%, a substantial reduction of 5.56 over 2008. The percentage point indicates that the current profits of new energy vehicles are not in the assembly of the vehicle.
The annual report shows that Foton Motor achieved operating revenue of 44.84 billion yuan in 2009, an increase of 49.1%; total profit of 1.28 billion yuan, an increase of 310.4%; net profit attributable to shareholders of listed companies was 1.037 billion yuan, an increase of 199.9%; diluted per share Earnings 1.13 yuan.
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