Automotive industry: Transfer from high-end sales structure to improve profitability – Automotive – Filtration and Separation Industry
Investment points First half of the automobile production and sales high. June, production of 1,153,100 cars, up 4.18% chain, rose 37.73 percent year on year. Car sales 1.1421 million, the chain increased by 2.0%, up 36.48 percent year on year. June auto sales total 6,098,800, up 17.69 percent. Though sales in June was slightly lower than in April, but significantly higher than 5,6 month of vehicle sales in 2008, resulting in total sales increased rapidly over the previous year. We believe that the booming auto production and sales during the first half, indicating reduced purchase tax, road maintenance fees abolished, government subsidies and other auto industry has achieved initial progress in the revitalization plan, focused on the release of car demand.
High emission passenger growth was evident. Subject to purchase tax and consumption tax (hereinafter referred to as the two tax) impact of the month, 1-3 passenger vehicle sales of 1.6 liters less displacement increased significantly, from 1.6 to 2.5 liters displacement car sales are subject to certain inhibition. In April, the two will affect the gradual decline, from 1.6 to 2.5 liters displacement car sales have gradually warmed. Further establish the trend in June, especially from 2 to 2.5 liters displacement range of passenger car sales pick up significantly. We think that low-emission passenger vehicles on high-emission passenger cars in the phenomenon of market squeeze will continue, but the trend will slow down, the next 1.6 liters less displacement of basic passenger cars accounting for 70% fluctuations in.
Heavy truck up gradually narrowed down, in the second half growth clear. Before the June truck sales rose 1.73% cumulative, each sub-model, in addition to heavy card, the card, light truck, micro cards are rising year on year, the largest increase over the previous year micro card, has reached 41.83 percent. Cumulative decline in heavy truck sales up 27.71%, decline was gradually narrowed. Along with the further implementation of infrastructure projects and national policies to encourage consumption of heavy trucks gradual implementation of the future heavy truck sales will gradually out of the woods, the relevant profits of listed companies also appear to resume growth. The second half of heavy trucks in 2008 than a low base, is expected in July, the heavy truck sales growth year on year growth to a larger. Also with the higher price of crude oil, heavy truck fuel economy advantage will become more apparent. If the level of future economic recovery than expected demand for heavy trucks will be even stronger.
Gasoline and diesel price adjustment is expected to be frequent. National Development and Reform Commission issued 28 subsolar lower oil prices on notice. Announced at 0:00 on the 29th in domestic gasoline and diesel prices decreased 220 yuan per ton. The Development and Reform Commission to adjust gasoline and diesel prices in the international crude oil prices continued to decline in July issued by the context. Oil prices have gone through 5 since the beginning of the revision, which reduced 2 times, up 3 times. State the price adjustment is not high, it has little effect on the cost of automotive fuel. But in 2009 than the rise since the decline in oil prices, the accumulation of increased motor fuel costs, automobile fuel-efficient cars consumers have to transition needs. Crude oil prices adjusted according to frequent state gasoline and diesel prices in the future as the oil price volatility is expected that such adjustments will continue to exist.
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