We are optimistic about the development prospects of the heavy truck industry and construction machinery industry that are closely related to infrastructure investment in the medium to long term.
The principal activities of the company and its subsidiaries are: research, production and sales of engines and their parts, heavy-duty vehicles, heavy-duty truck axles, gearboxes and other auto parts.
We judge that the core competitiveness of the company is the production and sales of engines, and that other businesses are just extensions of the industrial chain. Therefore, the judgment of the value of the company’s investments should focus on the development of the engine business.
In 2008, the total sales volume of the company’s engines was 295,717 units, an increase of 20.75% over the same period of the previous year, including 197,751 engine sales for heavy trucks, an increase of 30.37% over the same period of the previous year, exceeding 19.29 percentage points for heavy truck sub-sectors, with a sales ratio of 66.74%, and a market share of 36.51. %.
Sales of engineering machinery engines were 88,302 units, a year-on-year increase of 3.80%, which was lower than the 8% increase in sales of construction machinery. Sales volume accounted for 29.86%, and other engine sales were 10064 units, with sales volume accounting for 3.40%.
In 2008, facing the severe operating environment, it was not easy for the company to obtain such operating results. The company's operating income plan for 2009 was 35.2 billion yuan.
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