In 2009, the company achieved sales revenue of 44.840 billion yuan and net profit of 1.037 billion yuan, an increase of 49.12% and 200.18% year-on-year, in line with expectations.
In 2009, sales of heavy trucks increased by 41.8%, and sales revenue increased by 58.0%. The increase in the price of triple card cycling in the country and the recovery of the heavy truck market since the second quarter of 2009 were the main factors. Optimistic 2010 expects the semi-trailer tractor market to be cautiously expected for the complete and non-integrated vehicle market. Since Foton's complete vehicle product lasted only four months last year, we still expect sales to increase by 13.3% and sales revenue to increase by 13.04% throughout the year.
09 Young card sales increased by 16.5% and sales revenue increased by 40%, mainly due to the rapid growth of engineering light trucks. In 2010, as rural urbanization will still be the focus of national economic work, we expect Futian to be the main beneficiary, with both light truck sales and sales revenue exceeding 20%.
In 2009, sales volume of large and medium-sized passengers increased by 57%, of which traditional large and medium-sized passengers increased by 21%, far higher than the industry level. The sale of 925 new energy buses is also leading the country. The recovery of traditional large and medium-sized passenger markets in 2010 is a high-probability event. The sales growth of Futian's traditional large and medium-sized passengers should not be lower than in 2009, and we expect the sales of new energy buses to double.
The significant increase in 2009 results was mainly due to the substantial drop in raw material costs, and the gross profit margin climbed sharply by 3 percentage points to a record high of 11.18%. In 2010, with the rebound of raw material cost prices, we expect the gross profit margin to drop slightly. However, we judge that the company is currently shifting from the pursuit of scale to the pursuit of efficiency, and the most direct change brought about by changes in product pricing strategies is that the company will make the necessary trade-offs in profitability and market share, rather than simply abandoning the benefits of the past. Pursue the scale. However, whether changes in product pricing strategies can be accepted by the market still need to be followed. We are optimistic about this and expect the company's consolidated gross profit margin to maintain 10.37% in 2010.
We believe that the company is currently in the process of improving its R&D capabilities, expanding its industrial chain, etc., in order to achieve a shift from “staking concessions†to “increasing connotationâ€. There are uncertainties during this period, but we believe that companies have a greater chance of achieving this growth. The transformation of the strong, the domestic real commercial vehicle group is the first major or surfaced.
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