From May to May, the profit of the entire vehicle industry improved significantly, and both revenue and profit increased year-on-year. In January-February 2009, the sales revenue of auto vehicles decreased 13.47% year-on-year, and profit dropped 58.74%. The so-called “increment does not increase profits†in the market; however, the vehicle income in January-May increased by 1.5% year-on-year, and the profit was yoy. The decrease was 11.1%. Although the profit still declined, the decline rate narrowed substantially. If we separately calculate the vehicle income and profit level from March to May, the revenue from March to March will increase by 11.11% year-on-year, and the profit will increase by 5.55% year-on-year. The overall vehicle profitability will improve significantly and the profit growth in the second half will be confirmed.
The gross profit margin and profit margin of the entire vehicle have increased significantly. The gross profit margin and profit margin of the entire vehicle in January-February 2009 were 13.86% and 2.69%, respectively. From January to May, gross profit margin and gross profit of the entire vehicle increased to 15.61% and 5.98%, respectively. The level of gross profit margin has reached the level of May 2008 (15.92%), and the level of profit margin has been close to the level of November 2007 (5.93%), indicating that the profit recovery of the industry is significant (see Figure 2 for details).
Parts profitability has also improved. In January-February 2009, parts and components revenue decreased by 5.5% year-on-year, and profit decreased by 42.6% year-on-year; parts and components revenue rose by 2% year-on-year from January to May, with profits falling 10.4% year-on-year, and the decline rate narrowing substantially. The gross profit margin increased from 13.5% in January-February to 13.8%, and the profit margin increased from 3.7% in January-February to 5.7%. In 1Q09, OEMs mainly digested their inventory. With the end of destocking, vehicle manufacturers will increase the procurement of parts and components. In the second half of the year, the profit of parts and components manufacturers will improve significantly; and if the European and American countries and other countries in 3Q09, the automobile production schedule With the growth, the export of parts and components will be restored, and the leading company of parts and components deserves special attention.
In the second half of the year, the industry's earnings will be positively determined. Judging from the current demand for cars and stock levels, from January to May, there was still poor sales and production, and the output was lower than the sales volume. Although the difference between production and sales was narrowing, due to the existence of poor production and sales, the demand remained good; in addition, the inventory of manufacturers and distributors was still in The lower level and lower inventory level will support the not-to-be-off season of the sedan in 2009, and the gradual recovery of mid- to high-end models, with the monthly increase in the proportion, also supporting the profitability of sedan; the demand for commercial vehicles in the second half of the year will be better than that in the first half of the year, including heavy trucks. The recovery of light trucks will be more apparent. As the demand for cars continues to improve and the demand for commercial vehicles has improved, it is expected that the positive growth of profitability in the second half of the year will be determined.
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