Poor structural trends in the overall trend of the commercial vehicle industry


Up to now, the sales growth of passenger vehicles and commercial vehicles have both been negative year-on-year growth, reflecting the corporate level. The operating efficiency index of the major listed companies of the industry has been significantly deteriorating, the income growth has slowed down, and profitability has also been declining. Automobile manufacturers Faced with severe tests.

As a bulk, optional consumer goods, the demand for passenger cars will pick up later than the macroeconomic bottom. It is expected that the sales volume of passenger vehicles will be around 6 million vehicles in 2009, which is about 10% lower than the same period of last year. Meanwhile, due to the sharp decline in capacity utilization, 2009 The profitability of the passenger vehicle industry in the PRC may continue to decline. As an investment product, heavy truck demand may lead the early recovery of the economic cycle, while heavy trucks can directly benefit from large-scale infrastructure and fuel tax reforms. In 2009, the demand for heavy trucks will not drop sharply. At the same time, due to the sharp fall in steel prices, the profitability of heavy truck manufacturing companies is expected to improve significantly.

As the peak period for the purchase of passenger and bus vehicles has passed, the growth in passenger car sales has continued to be weak, and the diversion effect of railway development on passenger traffic is likely to intensify. In 2009, passenger car market demand will face a sharp decline, and the improvement of corporate profitability will also be more significant. limited. We believe that there are still very good structural opportunities for the auto industry in 2009. It is worthwhile to take a look at the bottom line from the fundamentals and the rebound in performance. From the perspective of thematic investment, we should focus on asset integration and new energy vehicles.
View related topics: increase millions every year, analyze the production and sales of automobiles (commercial vehicles)


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