Abstract: In the first half of 2009, the overall commercial vehicle frustration situation, Foton Motors, Jiangling Motors has shown a steady growth, both with a year-on-year increase of more than 10% of net profit, becoming a touch of “floating red†in the downturn. In the first half of 2009, the overall commercial vehicle frustration situation, Foton Motors, Jiangling Motors has shown a steady growth, both with a year-on-year increase of more than 10% of net profit, a drop in the doldrums of "floating." Fukuda and Jiangling have increased their net profit in the first half of the year On the 26th, Foton Motor's mid-year report announced that it achieved 19.89 billion yuan in revenue in the first half of the year, an increase of 6.17%, net profit of 453 million yuan, an increase of 32.32%, of which the main business net profit of 439 million, an increase of 60%. The 2009 mid-year report released by Jiangling Motors showed that the operating income was 4.722 billion yuan, an increase of 2.99% year-on-year, and the earnings per share was 0.50 yuan, excluding the company's land relocation subsidy of 164 million yuan in the same period last year, regardless of non-recurring gains and losses. In the first half of the year, the company's net profit attributable to its parent company increased by 10.11% year-on-year. The actual sales also showed that the sales volume of Foton and JMC products in the segment market also performed soundly. According to the data, Foton Motors sold 287,700 complete vehicles in the first half of this year, an increase of 14.5% over the same period of last year. In particular, light truck sales increased more significantly, up 19.2% year-on-year. The Foton Motors spokesperson said that due to the country’s 4 trillion new loans this year, it has increased the economic liquidity and boosted the sales of construction vehicles; at the same time, the car-to-country policy boosted consumer confidence and created a good development for the automotive industry. In the market environment, the company’s new energy buses, light trucks, and utility vehicles benefit directly from the product. This contributes a lot to the profitability of Foton Motor's main profit business. However, sales of heavy trucks in the first half of the year decreased by 16.8% year-on-year, while sales of light passengers increased by nearly 30%, but their contribution to earnings was not significant. In the first half of the year, sales volume of large and medium-sized customers dropped by about 10%, but it was better than the industry average. In the first half of the year, Jiangling Motors sold a total of 53,327 vehicles, which represented a year-on-year increase of 2.55%. Among them, 22,352 units of JM C series light trucks were sold, up 6% year-on-year, and 16,761 units of JM C series pickups and SU Vs were sold, up 3% year-on-year. The industry's overall decline dragged down 14,372 Ford Transit commercial vehicles, down 4% year-on-year. Xinda Securities Xing Haizhi analysis, the cautious expansion policy brought about by the low growth of business scale led to Jiangling companies operating cash flow and payable liabilities significantly The reduction is also the main reason why the company's asset structure and quality continue to improve during the industry's trough. However, the positioning of mid- to high-end light trucks failed to share the benefits of the “automobile to the countryside†policy. The delay in the company's product upgrade and its delays have not yet been completed, which is also the key to its further increase in sales. Based on the influence of the product structure and brand value of Futian and JMC, some securities analysts are conservative about their market growth in the second half of the year. The trend is still uncertain in the second half of the year For the development of the second half of the year, both Futian and JMC indicated that they are still mainly stable. Fukuda and Jiangling related parties all agreed that the subsidy for redemption of the auto-to-country policy was changed to direct subsidy and the subsidy policy for replacement of old and new cars will both promote the sales of the light truck industry. Futian and JMC are important manufacturers of light trucks and will surely be among them. Obviously benefited. In addition to favorable policies, the company's own development has also become an effective support for its performance in the second half of the year. Fukuda expects investment income from Cummins’ new engine production and heavy truck joint ventures. Guoxin Securities' analysis of Futian Automobile's mid-year report concluded that the large number of migrant workers returning home in the second half of the year will bring about a strong demand for production vehicles, and logistics vehicles will generally pick up in the second half of the year, which will lead to a booming commercial vehicle market. However, Sun Muzi, an automotive analyst at Anson Securities, has a conservative attitude toward Fukuda’s trend in the second half of the year. Firstly, from the perspective of the entire industry, the commercial vehicle environment is not optimistic and the market segments are declining. This is a repressive factor for Foton Motors, which is profitable for commercial vehicles. Secondly, from the perspective of Foton sales, light trucks dominate the major markets, and Foton light trucks dominate the mid-to-low-end market. This market was driven by policy preferences in the first half of the year, but the influence of policy support in the second half of the year is declining. This is an inevitable result. . Third, from the point of view of market consumption, consumers choose commercial vehicles to value brands and reputations. From the very limited profitability of Foton’s high-end products, Omarco, it can be seen that Futian should really take a strong position in the commercial vehicle market. It is not something that can be achieved within half a year. Fourth, with the sharp increase in raw material prices, whether the investment income brought by Foton’s highly valued heavy truck joint ventures is sufficient to support profitability in the second half of the year is also a problem. Xu Caihua, an analyst at Guodu Securities, believes that Jiangling Motors has a relatively stable development and a relatively high capacity utilization rate. It does not follow the path of rapid expansion. As a producer of medium and high-end light trucks, it has always been in the mid-to-high end defensive position and is unlikely to produce low-end light trucks. The overall market share is unlikely to expand. Cinda Securities analysis, Jiangling's risk factors are mainly due to the new product can not achieve the expected sales, as well as strategic constraints in the company's future products due to the subsequent discontinued growth caused by decreased expectations. 1. High quality imported Compressor energy saving and low noise.Compressor brand Embraco and Danfoss is available for customers to choose. Showcase Refrigerator,Freezer Showcase,Display Refrigerator Showcase,Supermarket Showcase Refrigerators ShanDong XiMaiD Commercial electrical appliance Co. 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