1. Production and sales are still at the bottom. In January 2008, the company did not publish production and sales data. From the perspective of the group, sales in January decreased 52% year-on-year and 40% year-on-year. The main reason for the decline in sales was that the month of the Spring Festival was the traditional low season for sales of heavy trucks, taking into account working days. The difference was that the average daily sales in January were basically the same as in December.
The sales volume in the month of March will increase in the month of March, and will be substantially warmer in March. Before the 15th of the lunar month (February 9th), the heavy trucks are in the off-season, so the heavy truck sales in February will still be low, but we believe that with the arrival of the peak sales season in March, the start of large-scale fixed-asset investment projects, 3 Heavy truck industry will usher in a substantial warming month.
3.09 sales fell 15%, a slight increase in performance. It is expected that the company's heavy truck sales in 2009 will reach 68,000 units, a year-on-year decrease of 14%. Due to the sharp decline in the prices of steel and other raw materials, after fully considering the decline in product prices caused by intensified market competition, we believe that the company's product gross margin will be 9.1. The percentage rose to 9.54%. In the case of a decline in sales volume, the company's 2009 performance will still increase slightly.
4. Adjust company earnings forecasts, maintain Buy rating, and target price of 26 yuan. Adjust the company's 08-10 EPS1.42, 1.35, 1.9 yuan to 1.25,1.3,1.84 yuan, maintain Buy rating, target price from 20 yuan to 26 yuan.
View related topics: China National Heavy Duty Truck Breaks Monthly Sales Record for National Heavy Truck Industry
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