二零 一一 年 中期業績報告 2011 Interim Results Announcement
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二零一一年中期業績報告二零一一年中期業績報告2011 Interim Results Announcement2011 Interim Results Announcement
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DFG Business and Financial Performance in 1H2011
Outlook of PRC Auto Industry and DFG Business Plan
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Industry Growth Back to NormalIndustry Growth Back to NormalDFG Maintains to be Industry LeaderDFG Maintains to be Industry Leader
3. 3%5. 7%
- 3. 7%
9. 5%
12. 7%
1. 9%
- 5. 0%
0. 0%
5. 0%
10. 0%
15. 0%
Auto I ndust ry Growth PV Growth CV GrowthI ndust ry DFG
2010 1H2010 2H2010 1H2011 YOY HOH
DFG Total 194.6 97.2 97.4 106.5 9.5% 9.3%
PV 141.8 68.6 73.2 77.3 12.7% 5.6%
DF Nissan PV 66.1 33.1 33.0 37.4 12.9% 13.3%
DPCA 37.3 17.5 19.8 19.4 10.9% -2.0%
DF Honda 26.1 12.8 13.3 11.7 -8.6% -12.0%
CV 52.8 28.6 24.2 29.2 2.1% 20.7%
DFCV Company 31.3 16.84 14.5 19.33 14.8% 33.7%
DFAC 30.1 14.84 15.3 16.74 12.8% 9.7%
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Current Capacity Being Made the Most Use of, Current Capacity Being Made the Most Use of, Utilization Rate Maintains at High LevelUtilization Rate Maintains at High Level
DPCA’s 2nd plant has completed construction, while construction of 3 rd plant is on the agendaDFNissan JV has managed to reduce the earthquake impact to the minimal level and is making the best use of its current capacity while the 2nd plant is under construction; Zhengzhou Nissan’s new capacity has been put into use.Dongfeng Honda’s capacity is in full use while 2nd plant is under constructionHDT new capacity has been put into useIn 1H2011, DFG utilization rate maintained above 100%
1H2011 Capacity(‘0000)
1H2011 Production(‘0000)
Utilization Rate
Whole Vehicle 192.8 103.5 107.4%
CV 57.1 27.7 97%
PV 135.7 75.8 111.7%
DF Nissan PV 51.9 35.9 138.3%
DPCA 44.4 19.4 87.5%
DF Honda 24.1 11.4 94.8%
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Constantly Improve Products’ Competitive Edge, Constantly Improve Products’ Competitive Edge, More Names on the Best Selling ListMore Names on the Best Selling List
NO.1
NO.2
TEANA
Model s Sol d over 50, 000 uni t s i n 1H2011
73026 75159
6475357912 59184
0
10000
20000
30000
40000
50000
60000
70000
80000
Teana New Sunny Syl phy C4 CRV
Sal es Vol .
Mainstream models
New Sunny
CRV
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DFG Maintained Good Business Performance in 1H2011DFG Maintained Good Business Performance in 1H2011 Unit:RMB100mnUnit:RMB100mn
2010 1H2010 2H2010 1H2011 YOY HOH
Sales Revenue
1223.95 618.53 605.42 637.06 3.0% 5.2%
PV Sales Revenue 881.43 424.03 457.4 443.29 4.5% -3.1%
CV Sales Revenue
334.18 187.69 146.49 187.91 0.1% 28.3%
Gross Profit
263.62 140.57 123.05 126.77 -9.8% 36.3%
EBIT145.16 85.93 59.23 79.1 -7.9% 33.5%
Net Profit 109.81 65.29 44.52 58.61 -10.2% 31.6%
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Profitability Maintained at High LevelProfitability Maintained at High Level
20. 3% 19. 9%
6. 4% 6. 3% 7. 0% 7. 2%9. 2%
11. 9%13. 9%
9. 8%12. 4%
43. 3%
22. 7%21. 5%
19. 1%16. 8%16. 5%17. 0%
14. 6%
4. 3%3. 8%
9. 2%7. 4%10. 6%
9. 0%6. 8%5. 6%5. 5%
29. 6%25. 2%
33. 9%
25. 3%
19. 9%20. 3%
17. 6%15. 8%
0. 0%
5. 0%
10. 0%
15. 0%
20. 0%
25. 0%
30. 0%
35. 0%
40. 0%
45. 0%
2005 2006 2007 2008 2009 2010 1H2010 2H2010 1H2011
GP Margi n EBI T Rate NP Margi n ROE
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Cost AnalysisCost Analysis
5. 7%
4. 1%4. 6% 4. 6%
4. 3%3. 7%
3. 4%2. 9% 2. 9% 2. 9%
2. 4%
4. 1%3. 8%4. 2%
4. 5% 4. 5%4. 8%
4. 7%
5. 2%4. 7%
1. 8%2. 1% 2. 3%
2. 1% 2. 0%2. 3% 2. 3%
1. 7% 1. 9%
4. 8% 4. 6% 5. 0% 4. 6% 4. 3% 4. 5%4. 9%
0. 0%
1. 0%
2. 0%
3. 0%
4. 0%
5. 0%
6. 0%
2005 2006 2007 2008 2009 2010 1H2010 2H2010 1H2011
Percentage of sal es cost Percentage of Admi ni st rat i on cost
Percentage of R&D Percentage of Labor Cost
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1806. 2
3000
1880- 1900
0
500
1000
1500
2000
2500
3000
3500
2010 2011 2015
2010 2011 2015
PRC Auto Industry OutlookPRC Auto Industry Outlook
• Steady national economy growth drives auto consumption;• Comparatively low penetration rate offers more room for future growth;• Private car consumption maintains strong growth momentum;• Tier 1 cities demand maintains stable, while Tier 2, 3 cities rapidly pick up• Government new energy vehicle policy guides industry future development .
New energy vehicle sales expects to account for 10% of industry total;• PRC auto industry expects to reach an annual sales of 30mn by the end of
12th Five Year Plan, indicating a CAGR of 10.7%
During the 12th Five-Year Plan period,
PRC auto industry aims to reach a CAGR of 10.7%
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DFG 12th Five-Year-PlanDFG 12th Five-Year-Plan
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50
100
150
200
250
300
350
400
450
2010 2011 20152010 2011 2015
According to DFG 12th Five Year Plan,
DFG aims to achieve a CAGR of13.1%
DFG will further increase investment to upgrade its R&D capability and expand production capacity. By 2015,DFG’s total production capacity will expand to 3.64mn units;DFG will continue to extend HDT and LCV high end product lineup and improve its MDT and small trucks product mix. Special efforts will be made to improve DFG own brand PV business while JVs will further develop JV local brands;DFG will upgrade core technology of new energy vehicles and press forward its industrialization ;By 2015, DFG total sales expects to reach 3.6 mn units, representing a CAGR of 13.1%.