129773903177187500_57CICC: suffering under high base to find spare parts highlights
Investment highlights: this report from the performance point of view, prompted investors to focus on parts company with strong earnings growth to determine 1 quarterly investment opportunities in the vicinity. Parts: looking for lower cost and beneficiary of export growth. Under the influence of rising costs and slowing demand in 2011, parts and components industry profit before tax fell by 1% to 7.4%, has been recalled to the industry average, further downside risk is limited. 1-quarter decline in raw material prices will reduce the parts cost pressures
tera power leveling, while exports to North America a higher percentage of enterprises to benefit from the recovery in demand driven
tera gold, profitability is relatively good. Ding in shares as the main beneficiary of the falling costs and export recovery, 1 quarter is expected to significantly increased (20%). Fuyao glass while still subject to increased labor costs and high oil prices, but the cost under control better and motor make a profit is also forecast to reverse the declining trend last year, 1-quarter results are expected to be up (5%). Passenger cars: demand is relatively stable and split pattern continuing. Being dragged down compensation stock brought in 2011 with high base, 1 quarterSales may be flat or slightly down, 1 quarter dragged down performance. 1 quarter of SAIC is expected (5%) domain and China Auto (4%) robust performance with Shanghai VW and Shanghai GM sales profits will rise slightly; great wall motor (13%) by virtue of the H6 new pull profit will also increase slightly. The remaining corporate profits are expected to drop significantly. Faw FuDimension (-30%) while the 1-quarter results will fall, but mass Chengdu factory, and listed on the new Audi A6L will drive improved business conditions, to the good trend clearly. Truck: higher base industry under pressure, investment demand slump dragged down industry. Despite the decline in raw material costs, but weak final demand continued to drag on trucks 1-quarterProfit is expected Weichai Power (-37%), China National heavy duty truck (-40%), Jac (-50%) 1 will have rendered a marked decline in quarterly earnings; Foton by virtue of market promotion, strengthening the cost control and value of Daimler's assessment drive, 1 quarter grew by 210%~260%, performance goes far beyond the industry. Coach: leading business schoolCar demand, steady growth in profits. 1 per cent is expected in passenger sales were flat in the quarter
tera power leveling, leading enterprise of Yutong (29%) with school bus order pulling the still expected to be steady growth in revenue and profits. In small and medium enterprises operating under the background of the continued deterioration of the situation, high-end light passenger car maker jiangling Motors light passenger car sales are expected to decline by about 1 quarter of 10%, we expect that the company1 decline in quarterly net profit will be slightly 15%. Valuation and recommendation: launches world's first 125��c trend to better clear parts companies, vehicle configuration, SAIC group and jiangling motors. Parts has two stock ideas, first line of thought is to look for cost reduction and increase in export revenue market segment leader, Ding in the recommended shares and Fuyao glass; the second match is a strong car, and stable salesTo the good trend and clear varieties, such as automotive and Faw Fuwei China domain. For passenger cars the company, we remain optimistic about Europe's leading car companies, SAIC valuation is relatively undervalued; our appetite for more sales and profits in commercial vehicle company has the elastic up jiangling motors. Risk: macro-crunch time longer than expected; weakened demand causes price pressure is higher than expected in exportIncrease in trade barriers.
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