SAIC H1 2010 profits up 300%

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    patpending

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    SAIC H1 2010 profits up 300%

    Post by patpending on Sun Aug 22, 2010 12:39 pm

    MGE reports that SAIC's half-year results are announced on 26 August. Based on a July filing with the Shanghai Stock Exchange, a massive rise in SAIC's H1 profit is expected - "up 300%?" - and sales up 44% to 1.77m vehicles.


    Last edited by patpending on Thu Aug 26, 2010 2:37 pm; edited 1 time in total
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    Windy
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    Re: SAIC H1 2010 profits up 300%

    Post by Windy on Thu Aug 26, 2010 5:39 am

    patpending wrote:MGE reports that SAIC's half-year results are announced on 26 August. Based on a July filing with the Shanghai Stock Exchange, a massive rise in SAIC's H1 profit is expected - "up 300%?" - and sales up 44% to 1.77m vehicles.
    The 26th August has arrived, and profits are up by more than 300% Shocked


    Shanghai Automotive: net profit up by more than 3 times

    First half of 2010, achieved total revenue of 147.62 billion yuan (up 139.7 percent), net profit of 5.871 billion yuan, an increase of 3.1 times. Earnings per share were 0.689 yuan, net assets per share 5.64 yuan.

     1. Shanghai GM growth rate, Group market share decreased slightly. 1.776 million vehicle sales (up 44.9%), decreased 0.38 percent market share of 19.7%. Shanghai Volkswagen sold 450,000 (up 43.5%), lower than the domestic passenger car industry growth (up 48.2%); Shanghai GM sold 480,000 (up 66.2%). SAIC-GM-Wuling sold 680,000 (up 29.7%), lower than the growth rate of domestic micro-car industry (up 42.9%); SAIC own brand sales of 80,000 vehicles (up 99.4%).

    2. Shanghai GM, SAIC income YingYing Jian table model to improve margins. Since February 1, 2010 from Shanghai GM joint Jian statements included in the scope and improve the company's main revenue YingYing mode and level of profitability. 2010H1 Shanghai Automotive (600 104) to achieve operating income of 147.1 billion yuan automobile manufacturing (up 140%); gross profit increase of 6 percentage points year on year. Shanghai GM contributed 51.7 billion yuan for the company's operating income, excluding the scope of co-Jian report changes, total revenue increased 55.8% over last year, slightly higher than the volume growth of SAIC.

    3. Net profit of 5.87 billion yuan, an increase of 3 times, mainly due to: 1) Shanghai Automotive Group sales up 44.9%; 2) sales growth in own brand products corresponding increase in the marginal contribution rate, independent brands rose 191.5 percent net profit ; 3) 09H1 company Ssangyong provision for the impairment of 1.182 billion yuan.

    4. Own brand sales doubled, but the losses take some time. Own brand Zhuo surface: 2010 Roewe 550 in the continuous hot-selling new products based on the Roewe 350 and MG6, Zhong further enrich the product line, in the first half compared with its own brand sales increased by 99% over the same period last year. Parent company income statement, revenue grew 1.22 times 9.98 billion, an increase higher than the growth in own brand sales, gross margin increased 0.48 percentage points to 19.5%. Excluding investment income loss of 800 million yuan after the parent company, last year the losses amounted to 1.04 billion yuan (including impairment of assets brought about by dragons 5.4 billion). Completely turn around their own brands still need to wait for headquarters to further enhance sales of the scale.

    5. The traditional automotive accumulation for the development of new energy to lay a solid revenue base. In the traditional automotive technology and capital accumulation deep, obvious advantages for the development of new energy vehicles receive a solid foundation. With A123 Systems Hong Kong Limited was established car pool system with power Cockroach new impetus to the joint venture Shanghai Jie Cockroach Pool Systems, Inc. (51%). A123 is a field of technology in the Cockroach pool system enjoys a high reputation Jian leading U.S. companies, the number of annual output of 1 million Cockroach pool and several tons of core material powder is Song. The company also shares Dresdner Shanghai Automotive Technology Co., Ltd. (10%), the company opened a substitute for income or to gradually replace the traditional internal combustion engine technology and pure oil Cockroach Cockroach drive technology. Business areas include power system open collection, system integration and Cockroach drive gearbox match open entry and sale of three Zhuo surface. In addition, SAIC also fuel Cockroach pool technology shares leading source for Dalian and Shanghai, the new fuel Cockroach Pool Vehicle Power Systems Limited.

    6. Profit forecasts and investment recommendations. Us to improve the company's profit forecast for 2010, 2011, earnings per share were 1.34 yuan, 1.54 yuan. According to the closing price on August 25, PE of 11.6 times, 10 times, PB2.77 times, to maintain "highly recommended" rating.

    Source: http://stocks.fivip.com/commend/20100826/8149995.html
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    Re: SAIC H1 2010 profits up 300%

    Post by patpending on Thu Aug 26, 2010 2:30 pm

    "independent brands rose 191.5 percent net profit" - so MG/ Roewe (SAIC Motor) net income for H1 2010 is nearly 3 times what it was in H1 2009.

    I wonder how much development cost is being capitalised?

    I think this must be the funniest autotranslate I have ever read:

    With A123 Systems Hong Kong Limited was established car pool system with power Cockroach new impetus to the joint venture Shanghai Jie Cockroach Pool Systems, Inc. (51%).

    ...the company opened a substitute for income or to gradually replace the traditional internal combustion engine technology and pure oil Cockroach Cockroach drive technology. Business areas include power system open collection, system integration and Cockroach drive gearbox match open entry and sale of three Zhuo surface. In addition, SAIC also fuel Cockroach pool technology shares leading source for Dalian and Shanghai, the new fuel Cockroach Pool Vehicle Power Systems Limited.

    you imagine these cockroaches in a toilet under the bonnet all doing synchronised swimming:

    http://www.youtube.com/watch?v=Pb2si7fClqA

    now THAT's what I call alternative propulsion!

    lol!
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    Re: SAIC H1 2010 profits up 300%

    Post by Windy on Wed Oct 13, 2010 4:08 am

    Record Profits in the third quarter and a stable fourth quarter

    Better operation of the third quarter, a record earnings

    The first half of 2010 EPS was 0.69 yuan, 0.34 yuan in the first quarter, second quarter, 0.35; press announcement estimated third-quarter net profit of the company should be 36.7 billion yuan, corresponding to EPS of 0.43 yuan, a record high level of profitability, we The main reason is that the third quarter the company continued to optimize product structure, while gross profit margin is better.

    Company expects fourth quarter in stable condition

    From our company's Roewe, MG, Shanghai GM and Shanghai Volkswagen dealer field research learned that the current situation is better in sales of major products, price cut is still small, and mainly borne by the dealer price, companies profits are sustainable; expected Fourth quarter EPS was 0.44 yuan, a slight increase over the third quarter.

    We are optimistic about the company own-brand Roewe and MG's development prospects, the future, as new models, product lines will continue to improve, costs and expenses substantially diluted, independent brand is expected to losses in 2011; joint venture, Shanghai GM, Shanghai Volkswagen brand prominent, better product mix, in the high-end sedan market continue to highlight the advantages.

    We expect the next two years will remain stable earnings growth trend

    Better short-term operation of the company, there is still much room to improve future profitability, mainly its own brand of losses from joint venture and the steady growth of the brand profitable business continues to develop overseas markets, we expect the company in 2010, 2011 EPS, respectively, for the 1.56 and 1.85 yuan;

    Target price of 23.4 yuan to give

    Taking into account the status of the company leading the industry and the future sustainability of steady growth in earnings, we believe that at 15 times 2010 EPS estimates relative to a reasonable target price of 23.4 yuan, increased investment rating to "strongly recommended-A".

    Risk Warning

    Raw material price increases affect the company's profits; company independent brand sales and earnings below expectations.
    Source: http://money.163.com/10/1013/09/6IS7I91200251LK0.html

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