Yesterday, BOCI International released its report, giving Foton Motor (600166) a "hold" rating for the first time. The report pointed out that at present, Foton Motor has covered a full range of commercial vehicle series products, and has successfully extended from light trucks to medium- and heavy-duty trucks and large and medium-sized buses. Among them, the medium-to-heavy truck business has grown rapidly, and the proportion of the company’s sales revenue and net profit has been increasing.
The report pointed out that the company also hopes to upgrade its low-end light truck products to the mid-to-high end. The company launched the mid-range Ao Ling light truck in 2004 and launched the high-end Omar in 2006. Foton Motor entered the medium and large passenger car market at the end of 2004 and launched the brand Foton Euro V. In addition, with the introduction of the Sapu in 2004, the introduction of the Legend of Fukuda in 2005, and the launch of Mpike and Didi in 2007 and 2008, the company has entered the fields of pickup, SUV and MPV.
However, the report also objectively pointed out that the implementation of the Euro III emission standard improved the performance in the first half of 2008, but caused low sales in the second half of the year. Taking into account the impact of the macroeconomic slowdown and more period costs may be confirmed at the end of the year, the fourth quarter earnings per share may turn negative.
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