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1. In the second half of the year, the development of the industry returned to the stable beginning of the year. Sales volume of heavy trucks (including non-integrated vehicles and semi-trailer tractors) jumped sharply and the industry sales were booming. This trend continued until May and cumulative sales from January to May were realized. 451,000 vehicles, an increase of 121% over the same period last year.
With the arrival of the traditional off-season in June-September, sales are expected to decline month by month, and the industry will return to stable growth in the third and fourth quarters, but the decline rate of high-end cars will be smaller than that of low-end cars.
The company stated that since 2003, the industry has been showing a stable growth pattern with an average annual growth rate of around 10% to 20%, with adjustments only in 2005 and 2008. However, in the long run, the trends in 2008 and 2009 are not universal and cannot be simply compared.
The long-term driving force for the development of the industry depends on factors such as a favourable macroeconomic situation, increased investment in fixed assets, and active logistics levels.
Regarding the industry’s concerns about inventory, the company stated that the company’s inventory is still in a reasonable range.
We expect the industry's annual sales to increase by about 34% year-on-year to 844,000 vehicles, which is higher than normal expectations.
2. Intensified competition in the industry, but the company's leading position is almost unaffected. According to statistics from the China Automotive Industry Association, in 2009, there were 28 domestic heavy-duty truck manufacturers with more than 14 tons. In this year and next year, 5-10 companies are expected to invest in heavy trucks. , but the company's leading position is barely affected. The main reason is:
(1) Industry competition has passed the “Warring States†era and entered a relatively stable pattern. The top 10 market share has reached 90%; (2) The company has accumulated considerable technical advantages; (3) Heavy truck industry belongs to funds , Talent-intensive industries, channel construction is very important, so it needs "big investment."
China National Heavy Duty Truck: Potential increase in profitability sales exceeds expectations