Foton Motor: New Energy Bus Becomes Bright Spot

Foton Motors is one of the largest and most important commercial vehicle manufacturers in China and has been ranked first in sales of commercial vehicle vehicles for five consecutive years. Under the new energy bus subsidy policy with greater intensity, the company's new energy bus will complete its industrialization ahead of schedule, and the new energy bus will become the company's new profit growth point.

Tianou V’s competitive advantage comes from its grasp of market characteristics. On the other hand, the commercialization of hybrid buses has already preceded similar companies. For example, in the large and medium bus industry in recent years, the large-scale inter-city bus between 10 and 12 meters has developed relatively rapidly in recent years, and many domestic enterprises have attached great importance to this market. In the 10-12 meter large-scale intercity bus market, the largest proportion is 12 meters, which has averaged around 40% over the years. The number of 12-meter large intercity buses is on the rise, and the share of road passenger transport is the largest, averaging about 75%. In response to this feature of the market, Foton introduced the new luxury model of this length, the BJ6126, and because the price is in the mid-to-high end, it is highly competitive in the market. On the other hand, as early as 2003, Fukuda has identified and implemented a development strategy for accelerating the development of new energy powered passenger cars. It is not the earliest among similar domestic companies, but commercialization should be the fastest. In October 2007, Futian Euro V Hybrid Bus officially started mass production and the target market was the high-end tourist bus market.

At present, Euro V hybrid buses have been recognized by users in major cities such as Guangzhou. In terms of production capacity, the current European V passenger car has double-shift production capacity with an annual production capacity of about 5,000 vehicles. However, from an overall point of view, since the official sales in 2005, despite the rapid growth, the absolute scale has not been a breakthrough growth. In 2008, it achieved sales of 2,548 vehicles. In the future, hybrid power will become an important growth point for the company. It is expected that the sales volume of large and medium buses in Futian from 2009 to 2010 will be 2,800 units and 3,200 units respectively. The approximate market share was 2.47%, 3.65% and 5.13%, ranking after Yutong, Jinlong and Huanghai. According to the estimate of 50,000 yuan per vehicle profit, the company will contribute an operating profit of 42 million yuan in 2009.

Since 2003, the company has entered the research and development field of new energy vehicles, and has developed new energy and alternative fuel vehicles such as hybrid powertrains, fuel cells, and natural gas, and realized the commercialization of hybrid powertrains and fuel cell buses, establishing the country’s first new energy source. Automotive base -- Beijing New Energy Automobile Design and Manufacturing Industry Base. The main advantage of the company in new energy vehicles lies in the development of a new energy automotive product that meets market demand and is reliable.

It is expected that the company's earnings per share for 2009-2010 will be 0.53 yuan and 0.57 yuan respectively, and the range of relatively reasonable valuation is 14.30-17.65 yuan, taking into account the company's subsequent performance improvement, especially the company's real profit growth will be reflected after 2010. , Maintain the company's stock "recommended" investment rating.

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