Futian Auman Heavy Trucks sold 9,092 vehicles in February 2011, with stable growth in light trucks
In 2010, Foton Motors achieved operating revenue of 53.492 billion yuan, a year-on-year increase of 19.30%, and net profit attributable to owners of the parent company was 1.646 billion yuan, a year-on-year increase of 58.68%. Futian was limited by capacity and its growth was below the industry average in 2010. Foton Motor products cover light trucks, heavy trucks, passenger cars, and SUV and MPV models. Futian light trucks are in the leading position and heavy truck sales are among the top. In 2010, affected by heavy truck capacity constraints and old light truck product issues, Futian completed a total sales of 682,300 vehicles, a year-on-year increase of 13.4%. Among them, the sales volume of light cards, medium- and heavy-duty trucks and chassis reached 537,800 units and 104,400 units respectively, representing an increase of 12.4% and 23.4% year-on-year, respectively, both lower than the industry average.
In 2011, due to the release of new production capacity, the heavy truck business exceeded expectations. Futian Auman No. 2 Plant has a designed production capacity of 80,000 units and an ultimate production capacity of 100,000 units. It is currently completed and put into production and is expected to gradually release its performance in 2011. In February, Futian Auman sold 9,092 units of heavy trucks and chassis, a 50.26% increase from the previous quarter and an increase of 57.36% year-on-year. Among them, the sales of semi-trailer vehicles reached 2,455 units, a year-on-year decrease of 19.88%, but the decline was noticeably narrower than in January; the sales volume of dump trucks was 6,637 units, a year-on-year increase of 158.5%. The Foton Auman Dump Truck segment has a good sales volume, and it is expected that the sales ratio of Futian Auman Dump Truck will be significantly increased in 2011, maintaining the sales volume of Futian Auman Heavy Trucks in 2011 of 135,000 units, an increase of around 30% from the previous year. Taking into account factors such as the increase in the construction of affordable housing and the increase in investment in the construction of water conservancy facilities, it is not precluded that the Futian Auman Heavy Truck exceeded expectations.
Futian light trucks are expected to maintain stable growth. Foton's light truck products are mainly low-end products. The cancellation of the auto-to-country policies will bring certain adverse impact on sales of Foton light trucks. However, in a comprehensive view, Foton has gradually formed high-, medium-, and low-end full-line light truck products represented by Omar, Ao Ling, and the era. It is expected that in 2011, Ouma and Ao Ling will be gradually developed with Futian Cummins engines. At the same time, the era of replacement products is expected to be listed in the second half of the year, the new P201 (pica) will also be listed in September, which will further stimulate sales of Foton light trucks. It is estimated that the sales volume of Fukuda's 2011 young card will reach approximately 620,000 units, which is a year-on-year increase of approximately 15%, and the market share will also increase.
Continuously tapping profit growth points, there is ample room for growth in the future. While consolidating its traditional businesses, Foton continuously explores and cultivates new profit growth points: (1) New energy auto business. Since the demonstration and promotion of 1,000 vehicles in 10 cities in 2009, Foton has been vigorously expanding its new energy bus business and has quickly been at the forefront of the industry. In 2009, the company sold a total of 925 new energy buses and had a revenue of more than RMB 1 billion. It is the company with the highest income from new energy vehicles in China. The follow-up company will use the new energy bus as an opportunity to gradually expand the new energy car business. (2) Export business. According to the company's "Twelfth Five-Year Plan", it will steadily expand overseas markets while stabilizing its domestic business in the next five years. In the future, five CKD plants will be built one after another. In 2011, the first overseas plants will be established in India. (3) Enter the concrete construction machinery industry. The company has completed the acquisition of the special-purpose vehicle business of Foton Heavy Machinery Co., Ltd., adding new mixers and pump trucks, and will gradually expand related businesses.
Concern: Risks of lower raw material prices due to lower-than-expected sales of heavy trucks, delays in the timing of new product launches, and over-expectations of inflation.
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