Light truck sales growth rapid increase in the third quarter net profit tripled

Recently, Jiangling Motors released the third quarter of 2009 performance report. The company's net profit in the third quarter was 336 million yuan, up 214.89% from the same period of last year. The gross profit rate was 28%, which was approximately 6 percentage points higher than the same period of last year. The company said that it was mainly due to the increase in sales volume and material costs.

In the first three quarters, Jiangling Motors sales revenue was 7.499 billion yuan, up 11.84% from the same period of last year; net profit was 769 million yuan, up 20.50% compared with the same period of last year. Earnings per share was 0.89 yuan, up 20.50% year-on-year. The return on net assets was 16.86%.

In addition, monetary funds increased by approximately RMB 1.714 billion compared to the end of last year, with an increase rate of approximately 113%, and the net cash flow from operating activities in the first three quarters increased by approximately RMB 2.17 billion, representing an increase of approximately 881% year-on-year, mainly due to sales volume. Growth, as well as the reduction of bills receivable and inventory, while at the same time the increase in accounts payable and advance receipts between suppliers and distributors.

From January to September, the company achieved a sales volume of 82,700 vehicles and a total output of 82,600 vehicles. The company's single-month sales have continued to rise since bottoming out in January and reached a historically high level in March. Although sales in August declined to a certain extent, sales of 11,335 vehicles were completed in September, a year-on-year increase of 56%, a 38% increase from the previous period, and a return to the peak of prosperity. Galaxy Securities stated that the policy of “light truck replacement and direct subsidies” and the sinking of sales channels and continuous improvement led to the rapid growth of sales of light trucks of Jiangling Motors. It will continue to be optimistic about the sales performance of the company in the fourth quarter. It is expected that sales volume will remain at more than 10,000 units in a single month.

Huatai Securities, on the other hand, said that domestic commercial vehicles have a good price/performance ratio, but subject to the ten-year agreement with Ford, the company’s Transit products have not been able to export. Now that the ten-year agreement period has passed and a major obstacle to the company’s product exports has been removed, Transit Light’s products are expected to open up new growth potential through exports in the future. In addition, the company will launch new products for various products in the future, which will help improve the company's performance growth potential in the coming years.

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