The export of the hottest JAC cars and cars booste

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Jac automobile: car exports boost strong earnings growth

this week, we attended the shareholders' meeting of JAC automobile, which considered and passed the reports of the board of directors, the board of supervisors and the 2010 annual report, and passed the proposal to apply for additional A shares. After the meeting, Mr. Zuo Yanan, chairman of the board of directors, Mr. Wang Min, Secretary of the board of directors, Mr. daimaofang, general manager of passenger car branch, and Mr. zhaohouzhu, general manager of commercial vehicle branch exchanged views with investors

the export of cars in Brazil is very smooth.

according to the general manager of the passenger car branch, 46 JAC 4S stores across Brazil opened for sale on March 18 this year. The sales situation in the past month was good. These stores sold about 150 Tongyue cars on average every day. At present, Brazil is convenient to handle 6000-7000 sets of zero order every month, and the company's monthly supply to Brazil is 3000 sets out of consideration of caution. Because the selling price of Tongyue car in Brazil is higher than we expected, its profitability is also stronger than that in China. At the same time, Heyue cars exported from Brazil are using low-cost technology to improve the performance of plastic packaging materials. Testing and verification work is under way, and fixed-point trial sales have been started. Heyue cars will also fully enter the Brazilian market in the second half of this year

the profit of the car project this year

we estimate that in the 2010 annual report, cars still dragged down the performance by about 300 million. With the end of early mold amortization and other expenses of Tongyue and Heyue, Tongyue car began to make profits in December last year, and Heyue began to contribute to its performance in April this year. The company sold 46575 cars in the first quarter, and we believe that 200000 cars will be sold in the whole year. The car project began to turn losses into profits three years after its launch

the profit of commercial vehicles is stable

the growth rate of JAC light truck in the first quarter of this year is the third in the industry, five points higher than the industry, and the sales volume this year will exceed 200000. The sales network of the company's light trucks is divided into three parts according to the high, medium and low end of the product line. A. the interfaces on the universal experimental machine controller are sold one by one, according to different customer groups of high, medium and low end, so as to realize the refined management of marketing and strengthen market competitiveness

the sales volume of Jianghuai heavy truck in the first quarter of this year increased by 62% year-on-year, and the growth rate of heavy clip industry was 8%, which was the first in the industry. Jac heavy trucks do two (highway, engineering) marketing, which is an important reason for the growth of JAC in recent years

due to the good sales momentum, the company's light and heavy truck prices have increased since March, which will effectively hedge the adverse impact of the rise in raw material prices, and the gross profit margin of commercial vehicles will remain stable

maintain the "recommended" investment rating

it is estimated that the company's annual EPS will be 1.40 yuan and 1.91 yuan respectively. Calculated from the closing price of 13.04 yuan on the previous trading day, the PE valuation is 9.3 times and 6.8 times. The valuation is low, and maintain the "recommended" investment rating

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