As the tire company with the highest domestic maintenance market share, the promotion of 4 trillion investment projects is in line with the domestic sales market of Tire Tire.
Tire tires and industry sources told reporters that the company's products were in short supply in the first half of the year. Coupled with the sharp drop in the prices of raw materials such as rubber, the gross profit rate of Yanbi tires has further increased, and its performance has increased significantly. This trend will continue in the second half of the year.
Foreign trade sanctions such as anti-dumping continued, international demand declined, and domestic tire exports fell sharply. In the first half of the year, Nine tires A achieved a net profit of approximately RMB 111.5 million, a year-on-year increase of 100% to 150%.
Statistics from the China Rubber Industry Association show that the major economic indicators of the tire industry in China have fallen at a double-digit rate year-on-year, with one-third of companies losing money. However, anti-macro-economic growth in the first half of this year has even surpassed that of the Double-Credit Group and Qingdao Double Star in the same industry.
Outstanding fundamentals and growth in performance have caused institutional concerns. According to the latest research report compiled by WIND, 3 of 14 brokerage firms “buy†and 9 “overweightâ€, with only 2 neutral ratings.
As of the end of the first quarter, Huitianfu Value Select held 1.2 million shares for the first time, ranking third in the circulation of shareholders; Huatai Insurance General Insurance Product -020C-CT001 held 600,000 shares of shares, ranking seventh. The number of tires has increased from 6.5 yuan at the beginning of the second quarter to 13.80 yuan on August 3, an increase of up to 112.3%.
Provincial office sales growth varies
KGI Researcher Wang Zhilin revealed that the sales structure of Yu Tire products is reasonable and the repair market with a high gross profit margin accounts for 95% of the total: Tire loading tires are all used for maintenance, and engineering tire repairs account for about 80%. The pulling effect of 4 trillion investment on the economy has gradually emerged this year. Starting in March, all tire companies have reached full-load production, and production and sales have increased. All steel, semi-steel radial tires and bias tires are in short supply.
In April, the daily sales volume of all-steel radial tires was around 6,500 sets/day, and the tire industry will enter the traditional off-season in July and August. However, our reporter learned from the offices of the provinces in the country that tires, in addition to individual provinces, tires Sales growth during this period was still higher than in the first half of the year. If the economy continues to stabilize in the second half of the year, there will be greater sales growth.
According to a report by the Guizhou media on July 14, in the first half of this year, the tires' industrial output value was 2.396 billion yuan, a year-on-year increase of 13.24%; sales revenue was 2.351 billion yuan, an increase of 7.95% year-on-year; profits and taxes were 268 million yuan, a year-on-year increase. .
é»” Tire insiders told reporters that in the first half of the company's all-steel radial tire sales increased by 20% year-on-year, "all steel meridian growth levels can basically represent the company's overall sales."
A person from the Yunnan Tire Office revealed that at present, 30% of the company's products are sold in the southwest region. The Yunguichuan is the market share of the top three provinces in the country, among which, Yunnan ranks the third, the first half of the first half year sales growth is estimated at 30% -40%, due to the relatively closed southwest market, affected by the economic environment, the second half Yunguichuan The market will also receive greater sales growth. In April, the growth rate of investment in highway construction in the western region reached more than 90%, which was about 40 percentage points higher than the national average.
The market share of the Guangdong market ranks in the top four in the country. According to sources from the provincial office, from October to the end of December last year, the market suffered a large impact and began to increase substantially after the Spring Festival this year. The current growth is relatively stable, with an increase in sales in the first half of the year at 10% - 20%. In July and August, sales were still relatively good. According to the normal delivery of the company and the soundness of dealer stocks, the general environment continued to improve in the second half of the year and the year-on-year growth stability was not a problem.
The Henan market ranked in the 5th and 6th places was relatively flat. Office sources pointed out that sales are similar to last year, with little increase, from 15% to 20% in the first half of the year. The main reason is that in recent years, the industrial structure of Henan has undergone major changes: the proportion of industry exceeds that of agriculture and it has grown rapidly, and it has been greatly affected by the economy. Sales in the second half of the year depend on industrial stability.
The Shanxi market, which has an annual sales amount of over 100 million yuan, has been hit hardest. According to sources from the provincial office, Shanxi Province has a single industrial structure, mainly coal-fired iron. In recent years, the increase in coal mine consolidation efforts in Shanxi Province, the market fell sharply, sales shrank at 35% -50%. In the first half of this year, the Shanxi market did not grow and it is expected that there will be no improvement during the year.
In addition to the above provinces, Handan Tire also achieved better sales growth in Jiangsu and Zhejiang.
Insiders pointed out that overall, the development of heavy industries such as North China and the coastal provinces are greatly affected by the economic environment; the southwestern market is in the region with the most intensive investment of RMB 4 trillion, and will benefit from the post-disaster reconstruction in Sichuan. In the coming months, Still able to maintain a better sales situation.
The export shock is weak
Statistics from the China Rubber Industry Association show that in the first half of this year, China's tire exports have fallen by a large margin, ranging from 26% to 29% in January-April, and down to around 16% in May-June. The export situation is not optimistic.
On June 18 this year, the US International Trade Commission made a definitive damages ruling on China's passenger vehicle and light truck tire special protection case. In response, the China Rubber Industry Association pointed out that once the United States implements a special quota reduction plan, China’s tire exports The volume will also decline by about 12%, which will reduce the growth rate of the rubber industry by 5 to 6 percentage points.
However, the decline in international tire demand caused by the financial crisis, and the recent case of special protection for tires in the United States, are only "a little bit".
The senior executive of Tire Tyre Import and Export Company told the reporter that most of the company’s overseas exports are in the Americas, and Africa also has a part. In similar listed companies, the company’s exports are relatively small, accounting for only about 20% of sales revenue (20% of the radial tire production in the industry is basically used for export, and 15% of twill tires are used for export), and the overseas market continues to be sluggish. There is "a little impact" on the company.
The Tire Office staff also confirmed to reporters that the tire exports only accounted for 20%-25%, and mainly used special tires. Yan Xiaoyan, a representative of Tire Tire Securities, said that since the beginning of this year, the impact of anti-dumping on the company has not changed. The US special security case currently does not see any impact on sales. The aforementioned high-level tire import and export company executives also said that the impact has not yet appeared.
As one of the four mandatory responding companies for the US anti-dumping and anti-subsidy merger investigation in 2007, on December 10, 2007, the US Department of Commerce announced a preliminary ruling that the anti-subsidy tax rate for defective tires was 3.13% and the anti-dumping tax rate was 16.35%. At the beginning of July 2008, the final decision was that the tire countervailing duty rate was 2.45% and the anti-dumping rate was 4.08%.
黔 Tire Financial Report showed that in 2008 the company’s foreign market sales revenue was only 829 million yuan, a year-on-year decrease of 5.39%; the domestic market sales revenue reached 3.545 billion yuan, a year-on-year increase of 13.64%. The company's wholly-owned subsidiary responsible for exports, Guizhou Tire Imp. & Exp. Co., Ltd. recorded a net profit loss of RMB 748,700 in 2008. It can be seen that the international impact on Tire tires is indeed weak.
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