vm-jxibkryicw(be)

Report
Nov.30th – Dec.4th, 2009
1
Content
PRC Auto Industry 2009 3Q Overview
DFG 2009 3Q Business Overview and
DFG 2009 1H Financial Performance
Outlook of DFG and PRC Auto Industry in 2009
2
PRC Auto Industry 2009 3Q Overview
3
Strong Growth of PRC Auto Industry in 2009 3Q:
Robust Growth of PV and Steady Recovery of CV
Industry sales volume & Growth
1200
Small emission PV: the major growth driver
34.24%
600
1000
25.32%
800
21.84%
242.1
262.5
249.4
80%
72.46% 70%
520.98
500
400
55.02%
359.89
378.91
60%
50%
204
600
400
180.1
200
327.1
300
178.7
13.53%
397.1
517.6
629.8
724.2
675.6
2006
145.15157.9
200
2007
2008
1-9 2009
Sedan<1.6L
7.21%
7.15%
7.00%
7.08%
29.51%
29.23%
31.43%
32.75%
1-9 2009
cross over
YOY growth
Steady recovery of CV
7.29%
7.00%
40
70%
36.39%
39.11%
35
25
50%
20
40%
15
63.28%
63.62%
61.57%
60.16%
56.32%
53.89%
33.74
10
16.28
12.53
6.33
10%
0
1.07
0.78
2009.1
2005
eastern coastal cities
2006
2007
mid-west provinces
2008
2009 1-8
three provinces of northeast
4
26.9
28.02
25.3
22.02
5
0%
31.67
29.06
20%
2004
32.21
30
60%
30%
Sedan1.6L<=2.5L
CV sales volume
90%
80%
10%
0%
Sedan
Mid-west China picks up market share
100%
20%
8.78%
1-9 2008
PV sales volume
30%
142.33
82.53
0
0
2005
40%
232.15
100
6.7%
2004
37.49%
14.67
11.27
6.15
2.98
2.97
1.83
2
3
CV
6.3
3.09
4
HD-Truck
5
12.93
12.02
11.24
5.61
2.67
5.37
1.97
5.37
1.81
6
MD-Truck
7
LD-Truck
14.64
12.89
6.61
2.24
5.69
2.01
8
9
DFG Business Overview & financial performance
5
DFG: Strong Business Performance in 3Q of 2009
DFG PV growth higher than
industry average
Strong performance of new models
7
Unit:0,000
6.1
Unit:0,000
6
700
5
581.81
600
5.54
4.36
4
500
427.79
400
3
300
2
200
1
53.94
100
0
0
Syphy
PV(traditional PV) industry
2008 1-9
0.82
0.45
74.35
DFG PV
hatchback
Elysee
C4
Spirior
S30
sales volume
2009 1-9
Constant expansion and optimization of
distribution network
Utilization rate maintains at higher level
Unit:0,000
131.2
131.2
100%
2500
111.7 85.84%
89.40%
80.53%
80.30%
80% 2000
94.5 80.03% 95.88
105.65
140
120
100
80
60
75.63
71.6 59% 74.5
59.82
58.6
60% 1500
40% 1000
42.24
40
20%
20
0%
0
2004
2005
2006
2007
2008
Prodution
2282
2083
21862322
2008
1H2009
1219
628 699
0
2005
1H2009
Utilization Rate
2056
1897
500
6
Production Capacity
2066
2006
2007
CV Distribution Network
PV Distribution Network
DFG: Major Business Units Record
Remarkable Performance
Dongfeng Nissan PV Company
Most Shining Star in the market
Unit:0,000
18
40
35.05
37.2
60%
52.08%
50%
40%
30%
28.92%
20%
10%
0%
27.19
30
15.75
20
20.35
29.22%
33.59%
10
0
2005
Dongfeng Honda Co., benefits from bestselling models
2006
2007
2008
Dongfeng Nissan annual sales volume
1-9 2009
Unit:0,000
16.4
12.7
14
8.06
12
10
6.34
8
6
2.62
2.55
4
2
8.13
8.34
7.07
2007
2008
1-9 2009
3.79
2.62
0
2005
YOY growth
Dongfeng Peugeot Citroen Company:
Sees clear signs of recovery
Unit:0,000
18.62
18
16
2006
4.5
Unit:0,000
4
14
3
12
2.5
10
2
8
1.5
6
1
4
0.5
2
3.66
3.92
3.53
0
3.23
2.93
2.91
2.9
5
6
7
2
0.99
2009.1
0
1-9 2008
CRV
Dongfeng CV sales rebounds MOM
3.5
14.09
7.78
4.57
CIVIC
20
14.85
16
1-9 2009
2
3
4
DFG CV monthly sales volume
DPCA sales volume
7
8
9
Steady Growth of Sales Revenue,
with Improved Product Mix
Sales Revenue Steadily Grows
Unit: MN Yuan
39500
39046
39000
38500
37896
38000
37500
37000
1H2008
1H2009
Revenue
CV Sales Revenue
PV Sales Revenue
Unit: MN Yuan
Unit: MN Yuan
35000
30000
30200
14000
24649
12785
12000
25000
10000
20000
15000
8000
10000
4000
5000
2000
8482
6000
0
0
1H2008
1H2009
1H2008
1H2009
revenue of CV segment
Revenue of PV Segment
8
Constant Improvement of Profitability
EBIT and EBIT Rate
Gross Profit and Gross Margin
Unit: MN Yuan
Unit: MN Yuan
6000
15000
17.0%
10000
6096
9815 16.5%
11881
16.8%
17.90%
6975
8206
14.6%
5000
0
2005
2006
2007
Gross Profit
2008
20.0%
18.0% 4000
16.0%
14.0% 2000
12.0%
10.0%
0
1H2009
5190
6.4%
6.3%
7.4%
2670
2005
2006
3000
2000
4.3%
3250(持续性净利润)
5.5%
3.8%
1601
6.70%
25000
8.0%
2606
15000
4.0%
2081
2.0%
5000
0
0.0%
0
2006
Net Profit
2007
2008
1H2009
EBIT Rate
12207
15.80%
20.30%
17713
21366
2007
2008
14288
17.60%
23583
23.20%
20.70%
10000
1000
2005
2008
Unit: MN Yuan
20000
6.0%
5.7%
3524
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
ROE(Recurring)
Unit: MN Yuan
4000
2007
EBIT
Net Profit and NP Margin (Recurring)
4040
9%
3029
Gross Profit Margin
5000
4131 7.0%
2005
1H2009
NP Margin
2006
Shareholders` Equity
9
ROE
1H2009
24.0%
22.0%
20.0%
18.0%
16.0%
14.0%
12.0%
10.0%
Outlook of DFG and PRC Auto Industry in 2009
10
Outlook of PRC Auto Industry in 2009
Constant Increase of Consumer Affordability
>3000
2553
945
1041 1135
1273 1490
1739
中西部高速增长
80.0%
70.0%
60.0%
2052
50.0%
40.0%
30.0%
20.0%
10.0%
-20.0%
1H09GDP增速
1-8月乘用车上牌数增速
Sales Volume Forecast for 2009
Great Growth Potential for PV in China
Unit / per thousand
people
单位:万辆
1400
1000
1200
1200
800
1000
600
800
575.8
621.6
2005
2006
879.2
938.1
2007
2008
600
400
400
200
200
0
0
China
America
Japan
Korea
Total Industry Sales Volume
Penetration Rate Per thousand People in 2007
11
2009E
吉林
黑龙江
辽宁
西藏
青海
宁夏
甘肃
新疆
重庆
云南
陕西
内蒙
四川
江西
安徽
湖南
湖北
海南
0.0%
-10.0%
广西
Per Capita GDP -China
2008
福建
2007
河北
2006
浙江
2005
江苏
2004
山东
2003
广东
2002
上海
2001
天津
2000
北京
Unit:US$
3500
3000
2500
2000
1500
1000
500
0
Break-out Demand in Mid-west Regions
DFG 3Q Sales & Business Arrangements for 2009
1-9 2009
1-9 2008
YOY Growth
1003997
814772
23.22%
PV
743495
539422
37.83%
CV
260502
275350
-5.39%
Dongfeng Nissan PV Company
372041
244634
52.08%
Dongfeng Peugeot Citroen Co.
186208
140922
32.14%
Dongfeng Honda Auto
Company
148495
126347
17.53%
8164
--
--
DFG Total
Dongfeng Own-brand PV
Sales target for Dongfeng Nissan JV is 850,000 units, among which
Dongfeng Nissan PV Co., expects to sell 474,000 units, to challenge 500,000
DPCA Expects to sell 246,800 units
PSA Peugeot Citroën
Dongfeng Honda Auto Company aims to sell 200,000 units
DFG 2009 sales target is 1.3 mn units, among which PV: 965,000; CV 335,000 units
12

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