China Heavy Duty Truck produced 5,100 heavy trucks in May, down 36.25% year-on-year; 6132 heavy trucks were sold, a decrease of 49.31% year-on-year. From January to May this year, the company produced a total of 35,800 heavy trucks, a year-on-year decrease of 37.05%. From January to May, it sold 32,600 heavy trucks, a 36.9% decrease year-on-year.
According to the financial indicators of the first quarter of this year, Sinotruck's main business revenue decreased by 23.27% year-on-year, and net profit decreased by 85.92% year-on-year. Although the performance declined sharply, some analysts still believe that sales of the company fell sharply in anticipation in April. The decline has gradually narrowed since May. As China National Heavy Duty Truck Group is one of the leading players in the domestic heavy truck industry, it is faced with a good situation in which raw material costs have dropped significantly this year, and there is still room for improvement in future performance.
Judging from the 2011 financial statements, the revenue of 27 billion yuan will steadily occupy more than 60% of the weight of heavy trucks, loaders, dump trucks, and mining machines. At the same time, it will continue to increase its share in certain natural gas and other fields, promising future acquisitions. Expansion accounted for the trend of good sites.
China National Heavy Duty Truck Group is the largest manufacturer of domestic heavy-duty trucks with a capacity of more than 15 tons. The company's 2012 target is to provide 105,000 vehicles for production and sales, and a sales revenue of 27 billion yuan. The company's major shareholder, CNHTC Group, owns more than 760 models of various types and has formed the most complete spectrum of truck product series in China. The specific goal of the Group's 12th Five-Year Development is to work hard to build a million-level enterprise, and by the end of the “Twelfth Five-Year Planâ€, sales revenue will reach 200 billion Yuan.
In July 2009, Sinotruk and German Man Corporation (MAN) conducted long-term strategic cooperation at the technical and capital level. According to the agreement, MAN will license its advanced truck and engine technology to China National Heavy Duty Truck and China in an exclusive license way in China. Related subordinate companies and cooperated with Sinotruk to produce and sell "technical-upgraded" trucks based on this technology; at the same time, through subscription of convertible bonds of the company's approximately 599 million new shares and approximately 91 million shares purchased from Sinotruk Group The company acquired approximately 25% of China National Heavy Duty Power.
Mann is a leading industrial group in European transport-related engineering. It is the world's third-largest heavy-duty truck manufacturer. It is a global truck technology-leading industrial group. It produces trucks, passenger cars, diesel engines and turbines, and ranks among these industries. Leading position, especially in heavy trucks and engines, has a high reputation and strong competitiveness. On June 6, China National Heavy Duty Truck Group held its second working conference in 2012. General Manager Cai Dong made an important speech and made arrangements for the current production and operation.
Cai Dong said that since the heavy truck industry as a whole has fallen this year, the entire commercial vehicle industry, especially the heavy truck industry, is facing a severe test of survival. However, on the whole, during the first five months of this year, China National Heavy Duty Trucks basically resisted the extremely harsh market situation, and all aspects of work are basically conceived in our stage.
At the same time, however, we also heard the voice of doubt: First of all, at the macroeconomic level, interest rate cuts or falling oil prices all represent a significant decline in China's economy, and downstream demand for heavy trucks will drop sharply. Moreover, in the face of the downturn in China’s economy, the management’s adjustment measures are not the same as in 2008: In 2008, a 4 trillion stimulus plan was launched, which drove domestic investment in fixed assets and led to heavy-duty trucks in 2009–2010. Downstream demand is strong, and the significant increase in the company's 2009-2010 performance is based on this.
In 2012, management vigorously accelerated China’s economic transformation and launched seven strategic new industries. At present, there is no new “trillion†investment plan because the entire market is not short of money – visible from the Treasury Index. In a word, the money flows into the national debt, and it is unlikely that the central bank will print money on a large scale.
To put it another way, even if the management introduced the so-called 2.0 trillion 4 trillion stimulus plan, it will also shrink dramatically. There will be no more madness in 2009-2010 and the CPI will rise. As such, the price of raw materials in the upper reaches of the company will increase. , Downstream demand will not be as strong as 2009-2010, because no one will replace the newly bought heavy truck in 2 years, heavy trucks are not cars, heavy trucks are pulling goods to make money, think about it, on the one hand, The price of upstream materials has risen. On the one hand, downstream demand is not buoyant. The days of heavy trucks may be even more difficult.
Secondly, after the acquisition of Mann by German Volkswagen, it is not known whether it still supports the heavy truck. The important partners of German Volkswagen in China are FAW and SAIC. Sinotruck pinned its hopes on Suedeka who cooperated with Man, but this product is very poorly positioned in the Chinese market, the price is high, nobody is afraid of buying, and the price is low, it is not profitable. For example, the taxi industry in China , Are they modern or Santana, who would rent out with Beijing Benz or BMW Brilliance? Even if there are also people who earn money and make no money, the same reason, who will use 40 tens of thousands of vehicles to pull coal or pull mine?
Again, from the industry point of view, the current heavy truck industry has a serious excess capacity, China National Heavy Duty Truck does not have a monopoly and obvious technical advantages; heavy truck performance in the first half of 12 is expected to decline by 50% -100%, July, August and September It is the traditional off-season sales season for the heavy-duty truck industry. Since the start-up projects were started in the first half of the year, the trucks exchanged were basically changed in the first half of the year, and the performance of heavy-duty trucks in the second half of the year is unlikely to have a big improvement.
It is estimated that the performance of CNHTC in the next 2-3 years will not be greatly improved. The entire heavy truck industry will also undergo a large-scale reshuffle, and the competition will become more intense and cruel. The second startup of heavy trucks is said to be the case. Need money, heavy cash flow is not ideal, may need to refinance.
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