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On March 28, the annual report of China National Heavy Duty Truck was finally released. The annual report shows that last year, the company sold a total of 105,600 vehicles, a year-on-year decrease of 7.97%; the total sales revenue for the year totaled 26.058 billion yuan, a year-on-year decrease of 9.84%; the net profit attributable to shareholders of listed companies was 362 million yuan, a year-on-year decrease of 46.13. %.
According to the analysis of China National Heavy Duty Truck (000951), sales and profits suffered “Waterloo†last year, mainly because of the complex and volatile macroeconomic situation in China, and the overall decline in the domestic auto industry, which ultimately affected the development of the entire heavy truck business.
Guohua Junan analyst Chen Huanyu said, "Last year, the macroeconomic environment was not optimistic, and fixed asset investment was limited. This is the case for heavy-duty trucks, which rely mainly on the development of construction vehicles. Sales volume and profits are bound to be affected."
“The overall economic environment last year will continue into this year. Therefore, I predict that sales and profits of CNHTC will continue to decline in the first half of the year and will increase slightly in the second half of the year, but this year will still show negative growth.†Chen Huanyu judged.
China National Heavy Duty Truck believes that “in 2012, China’s heavy trucks will still face many difficulties, and heavy truck sales may decline slightly or be equal to last yearâ€. Therefore, China National Heavy Duty Truck has set a sales target of 105,000 units this year and plans to achieve sales revenue of 27 billion yuan.
Sales profits are falling
In 2011, the Chinese auto industry ended its rapid development for many years, and it came to a "slam brake." According to the data released by the Automobile Industry Association, China's automobile production and sales in 2011 were 18,419,900 and 18.5051 million, respectively, an increase of 0.8% and 2.5% year-on-year, respectively, and year-on-year growth rates of production and sales were down 31.6 and 29.9 percentage points from 2010 respectively. Among them, the passenger car market maintained steady growth, and the commercial vehicle market declined more significantly.
According to statistics, in 2010, commercial vehicles produced a total of 3,933,600 vehicles, which was a year-on-year decrease of 10.0%. In the year, a total of 4.0327 million vehicles were sold, a year-on-year decrease of 6.3%. The year-on-year growth rate was 38.1 percentage points and 36.2 percentage points lower than that of 2010 respectively.
“Not only the downturn in the automotive industry has affected the heavy truck market, but the changes in the policy environment have also brought about a significant impact on the heavy truck industry.†An insider of Sinotruck told the Daily Economic News reporter.
It is understood that in January 2011, the Ministry of Industry and Information Technology and the Ministry of Public Security jointly issued the "Circular on Further Strengthening the Supervision and Registration of the Conformity of the Production of Road Motor Vehicles," requiring that from April 1, 2011, 16 tons or more. The tractors require the installation of ABS at the factory.
Subsequently, the Ministry of Transport issued the "Limits and Measurement Methods for Fuel Consumption of Passenger Vans". It is stipulated that the fuel consumption of road freight transport vehicles with a total mass of more than 3,500 kg shall meet the standards for fuel consumption of road transport vehicles. This has to some extent limited the production and development of many heavy truck manufacturers.
“For heavy-duty trucks, which are heavily dependent on construction vehicles, fixed asset investment and the operating rate of the project are critical to their sales,†said Chen Huanyu.
Subsequently, the "Notice on Relevant Issues Concerning Further Improvement of the Real Estate Market", which limits fixed investment, was announced last year. This has a greater impact on China's heavy truck.
Due to the impact of macroeconomic policies and the limited investment in fixed assets, Sinotruk's sales and profits both fell last year. According to the company's annual report, it sold a total of 105,600 vehicles last year, a year-on-year decrease of 7.97%; the total sales revenue for the year was 26.058 billion yuan, a year-on-year decrease of 9.84%; the net profit attributable to shareholders of listed companies during the period was 362 million yuan. Yuan, a year-on-year decrease of 46.13%; basic earnings per share of 0.86 yuan.
2012 or continued sluggish
In 2012, China's heavy-duty truck market is still not optimistic. Sales of many companies are still falling, and heavy-duty trucks are among them. According to data released by China National Heavy Duty Truck, the company sold a total of 8,118 heavy trucks in February, down more than 20% year-on-year.
It is understood that in this year's "two sessions," China has reduced its GDP growth rate from 8% last year to 7.5%, down 0.5%. "This means that domestic demand and investment will also be reduced. This is equivalent to the heavy truck market. Aggravate the problem," the industry analysts said. At the same time, as China's heavy-duty truck market is approaching saturation, in order to gain a share in a small market, business competition will become more intense.
According to statistics, as of the end of 2011, China's heavy truck companies have reached about 30, and there are more than a dozen companies ready to enter.
Some experts predict that if these enterprises are put into production at full capacity, the production capacity will reach 2 million vehicles, which is too much for the current heavy truck market with annual sales volume of less than one million vehicles.
In the face of continued sluggish heavy-duty truck market and more intense competition, China National Heavy Duty Truck has set a sales target of 105,000 vehicles this year and plans to achieve a sales income of 27 billion yuan, which is no significant increase compared to last year.