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According to statistics from the China Automotive Industry Association, since the first quarter, the sales growth of passenger cars in China has been significantly higher than that of the same period of last year; the decline in the number of trucks showed a slight increase; the decline in the number of non-integrated vehicles and non-completed passenger vehicles has slowed down significantly; the performance of semi-trailer tractors remains low The entire commercial vehicle industry is showing signs of recovery. Foton Motors' leading position in the commercial vehicle sector remains solid, with its commercial vehicle sales ranking first in the industry. From a quarterly report, the company's main business earnings have improved from the previous quarter, and the business has gradually come out of the previous lows. In terms of business structure, the company's industrial chain is well-organized, and its six major industries can create complementary synergies. The continued strength of the company in the new energy field also deserves market attention.
According to the quarterly report, Foton Motor topped the list with 173,100 units, ahead of second-placed Dongfeng Motors with nearly 40,000 vehicles, and the third-ranked JAC commercial vehicle sales nearly doubled. In Foton's 173,100 commercial vehicles, sales of heavy trucks in core products reached 27,437 units, an increase of 8.7% year-on-year, far exceeding industry growth. The company’s market share reached 11.3%, up 2.1% from the same period last year.
In terms of operating income, according to the annual report, Foton Motor achieved operating revenue of RMB 8.4 billion in the first quarter. According to the same caliber last year plus the Auman business, Foton Motor achieved operating revenue of RMB 13 billion in the first quarter, which was basically the same as RMB 13.5 billion in the same period of last year. From a profit perspective, Foton Motor’s profit in the first quarter was RMB 220 million, which was the same as last year. In addition, Auman’s business was approximately RMB 350 million, which was approximately RMB 140 million lower than the operating profit of RMB 490 million in the same period of last year (excluding 1.15 billion yuan in mergers and acquisitions after the Auman joint venture). According to the analysis, the operating costs of the new plant will have a decisive impact on the profit of Foton Motor in the first quarter. However, as the Beijing Multi-Function Vehicle Factory and the Ouhui Bus No. 2 Plant have gradually entered into formal operation during the run-in period, they are expected to play a positive role in the subsequent profit enhancement of Foton. In addition, it is worth noting that Foton Motor’s overseas exports have grown rapidly in recent years, with exports growing by 17.8% in the first quarter, and overseas businesses’ contribution to Foton’s vehicles is gradually increasing.
According to industry insiders, due to the recovery of the industry and the optimization of the company's business structure, the period in which the company's main profit earners have fallen behind has passed. In the future, the company is expected to benefit from the continued recovery in the heavy truck market and the expansion of the mid- to high-end light truck market. At the same time, in the next few years, the company's annual asset appreciation will be confirmed as the non-operating income scale will reach 300-500 million yuan, which will increase the company's performance. The BOCI International Research Report predicts that the 2013-14 EPS of the company will be 0.38 yuan and 0.43 yuan. Ping An Securities believes that in the first quarter, Foton Cummins Engine sales reached 23,000 units, an increase of 33%. It is expected that the company's investment income in 2013 will mainly come from Foton Cummins.
While fully developing commercial vehicles, Foton Motor also attaches great importance to the development of related industries by utilizing the resources and advantages formed by the full range of commercial vehicle development.
It is reported that currently in the Foton Motor Group, automobile and new energy vehicles, construction machinery, new energy, finance, modern logistics, information technology services and other six industries together constitute a gold industry chain with complementary advantages, resource sharing, and mutual support.
Foton Motors stated that heavy machinery is based on the business of the development of the medium and heavy trucks; the new energy battery is the core component of new energy vehicles; the financial industry has a strong marketing support role for the automotive business; and the modern logistics business is based on the transportation and simultaneous feeding of automobile vehicles. In the automotive business, the information technology service industry uses automobiles and new energy vehicles as vehicles to realize intelligent, information, and networking of automobiles, significantly increase the proportion of information technology in the automotive business, and increase the premium price of automobiles.
New energy is the future development direction of the automotive industry, and Fukuda's performance in this area has been praised by the industry. At present, there are more than 6,000 Futian new energy vehicles operating worldwide, including 3,908 pure electric vehicles. The average number of orders has increased by more than 70% every year, making it the world’s largest manufacturer of pure electric vehicles.