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Data:2009-12-12 2:34
Source: World Bank-based investment
Recent international crude oil prices since 2003, the longest continuous time in a decline in low margin compared with the highest point down nearly 20%. The relaxation of international tension, a large oil field found in Gulf of Mexico and the U.S. economic growth and put level is a major factor in the recent decline in oil prices. Crude oil as a basis for energy and chemical raw materials, their prices on the manufacturing industries, especially direct and significant impact on downstream industries. In the role of crude oil prices continued to decline, some industry will benefit because of lower cost. In addition to the most direct benefit from the refining business, aviation and water transport industries, the decline in crude oil prices will also reduce the production cost of synthetic rubber and natural rubber prices drive down, but also for the production and sale of the automotive industry has brought a certain degree of stimulus. Therefore, the fall in oil prices for the tire production in terms of a double positive, significant cost reductions, the downstream industry, the growth in demand, so we recommend investors focus on China's tire industry leader 600469G Fengshen.
A positive innovation to expand brand G Fengshen (600,469): The company is a large 520 key enterprises, domestic fifth Daquan steel radial truck tire manufacturers and the biggest OTR tire manufacturers, the products include 7 series more than 500 specifications varieties, with an annual output capacity of more than 500 million sets. "Henan", "Fengshen" brand has a high market visibility. The company has been committed to technological innovation and technological progress Shi strategies to market-oriented, efficient production of marketable products, and enhance business processes, operational quality and efficiency, enhanced cost management and cost control, enhance the company's core competitiveness, with remarkable results. Recently, G Fengshen absorbing, digesting foreign advanced heavy-duty all-steel radial tire production technology, based on technical research and development on its own strength, has successfully developed 23.5R25 radial steel works. The advent of the product to enable the company become the country's few independent research and design and has all steel radial tire project, one of intellectual property rights, and further consolidated the G Fengshen engineering tire in the tire industry leading position nationwide. It is reported that steel radial tire project is a tire family of high-tech products, as compared with the bias construction tire mileage can be increased by 30%, and fuel may be reduced by 10% or more, and has abrasion resistance, puncture bar, the load intensity large, long life, safe and comfortable driving, and high economic efficiency. The same time, the smooth radial tire 23.5R25 steel works offline, but also for the tire industry in Henan Province has filled a gap.
Benefit from continued growth in consumer demand to upgrade the downstream At present, China is at a new round of high-speed growth period, the upgrading of consumption structure, brings a number of high-growth industry groups, automobile, engineering machinery industries such as the rapid development of the downstream tire industry driven continue to grow steadily, the industry faced with capacity and demand for the "double expansion" of the situation. According to China Petroleum and Chemical Industry Association statistics, in 2005 China's tire production of 318.199 million (including part of the motorcycle tire), an increase of 28.3%, of which exports 91.8 million tires. From a macro point of view, although China's economic growth rate will slow down, but will remain 8% ~ 9% growth rate. By 2010, China's expressways will be about 5.5 million km, auto output will reach 10 million more cars will increase to 62 million. According to China's roads, cars, transportation industry development plan, by 2010, China's total demand for tires is about 300 million (excluding exports). According to the China Rubber Association, predicted that the increase in vehicle production will allow growth in tire demand in the next five years to reach 8% level. G Fengshen is bound to have benefited from a favorable product sales to ensure the future sustainable growth.
And mechanical speed up the expansion of overseas markets leading dance company has been dedicated to expanding the scale of operations to improve profitability and market competitiveness. In 2005 on the company's new 1.2 million sets of all steel radial tire project and 15 million sets of engineering tire two projects will put into operation in 2006 year 15 million sets of engineering a radial tire project plans to invest 090 million yuan has been accumulated into 5369 million, is currently in pilot production. 700,000 sets of light truck radial tire project plans to invest 230 million yuan has been invested total 62.0569 million yuan, is expected to pilot production by the end of December 2006. Acquisition of the controlling shareholder of 500,000 sets of radial truck radial tire production line and associated facilities are being planned for completion by 2006. If the above plan can be successfully implemented, to 2007, the company radial tire production capacity will reach 2.55 million units. These are G Fengshen will be important in the next two years, profit growth point. The company is also actively expand their overseas markets, expand exports in 2005, exported 1.418 billion yuan revenue, an increase of 113.90%. Meanwhile, the company is the country's three engineering machinery manufacturer Guiliu Gong, Ha Long industrial workers and a major supplier. One Guiliu Gong loader tires per year for 70% of the demand, the demand Xiagong loader tires 80%, Lung 90% of industrial loader tires supplied by the company. Of the State Council issued the equipment manufacturing industry to accelerate the revitalization of a number of observations, from a policy, capital and technology and other aspects have to be supported on the equipment manufacturing industry, the equipment manufacturing industry key enterprises will be the formation of significant long-term positive, but the rise of the equipment manufacturing industry has also raised the business matching demand for the product, with the downstream industries thrive, the company will be its main beneficiaries.
At the same time from April 1 onwards, China's tax rate of 10% of bias tires down to 3%, radial tires continue to implement tax policy. August 31 automobile tire company has won an anti-dumping lawsuits, and South Africa will give the company a zero rate of car tires, and this is automobile tire anti-dumping cases in an unprecedented victory, also shows that the company's production and management in line with international standards, product quality, international customers with high quality and efficiency to win recognition. From the view of the recent trends in the secondary market, institutional holdings of the company's signs are clear. As of June 30 statistics, a total of 23908 shareholders, a decrease of the end of 3617 Biyijiduo. The top ten shareholders of tradable shares held by the company a total of 633.92 million shares, accounting for 5.23% of the outstanding shares of the company, chips concentration has improved significantly. The Unit is currently at the bottom of the region in history, has been to build a W at the end, moving averages into a long arrangement, the market outlook is expected to continue upward.
