1 2010 年 6 月 上海 june 2010, shanghai. contents 2009 dfg business and finance performance...
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2010 年 6 月 上海 June 2010, Shanghai
Contents
2009 DFG Business and Finance Performance
Outlook of PRC Auto Industry and DFG in 2010
2009 PRC Auto Industry Overview
2
DFG Introduction
3
DFG IntroductionDFG Introduction
4
1969 – 1980INITIAL STAGE
艰苦创业
1981- 1993RAPID GROWTH
快速成长
2001 - 今OPENNESS开放发展
SALES(UNITS:10,000 VEHICLES)
销量单位 :万辆
实现利润 13.8亿
1969
19752.5T越野车
5T民用车1978
建成 10万辆生产能力
1986
1993
开展轻、轿建设发展武汉基地
FOUNDATION初创于十堰
2003 JOINT VENTURE & RECOGNIZATION全面合资重组
2000
0
10
20
30
40
50
60
70
80
90(DFG:59)
100(DFG:75)
110
120
1969 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2008
130(DFG:95)
2009
140
150
160(DFG:105.8)
170
180
190(DFG:143)
1994 - 2000INOVATION&ADJUSTMENT改革调整
2005 OVERSEAS LISTED整体海外上市
PRODUCTION & HISTORIC MILESTONES
发展历程
2009 SELF-OWNED BRAND CAR LAUNCH自主品牌轿车上市
5
Dongfeng Motor Co.,Ltd东风汽车有限公司
Dongfeng Motor Co.,Ltd东风汽车有限公司
Dongfeng Peugeot Citroen神龙汽车有限公司
Dongfeng Peugeot Citroen神龙汽车有限公司
PSA’S STRATEGIC PARTNER IN PRC 是 PSA 集团在中国的战略伙伴• 注册资本 70 亿元 RMB • 2009 年销售汽车 27 万辆
Dongfeng Honda东风本田汽车有限公司
Dongfeng Honda东风本田汽车有限公司
COOPERATION LEVEL WITH HONDA EXPANDING 与本田的合作程度不断深化• 注册资本 2 亿美元• 2009 年销售汽车 21 万辆
NISSAN’S LARGEST OVERSEAS PARTNER 是日产在全球最大的海外合作伙伴 • 注册资本 167 亿人民币 • 2009 年销售汽车 94.4 万辆
PSA Peugeot Citroën
Dongfeng PV Company东风乘用车公司
Dongfeng PV Company东风乘用车公司
公司成立于 2007 年 7 月, 2009 年 7 月推出第一款车• 2009 年销售汽车 1.87 万辆
DIVERSIFIED INTERNATIONAL CORPORATION主要业务单元
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FOUR MAJOR BASES 四大基地
Wuhan Base: Headquarter, R&D Centre, PV,EV
武汉基地:总部、技术中心、轿车、电动车
Shiyan Base: CV, Mini-Car, Parts, Equipments
十堰基地:中重型商用车、微型车、零部件、装备
Xiangfan Base: LCV, PV ,Engines
襄樊基地:轻型商用车、轿车、发动机Guangzhou Base: PV, Engines
广州基地:乘用车、发动机
SHIYAN十堰
XIANGFAN襄樊 WUHAN
武汉
GUANGZHOU 广州
朝阳
新疆
南充
云南柳州
郑州盐城
杭州
上海
深圳
NATIONWIDE BUSINESS LAYOUT事业布局
2009 PRC Auto Industry Overview2009 PRC Auto Industry Overview
Highlights of PRC Auto Industry in 2009Highlights of PRC Auto Industry in 2009
1. PRC auto industry has become the world’s largest auto 1. PRC auto industry has become the world’s largest auto market in terms of sales volumemarket in terms of sales volume
2. Benefiting from the government’s stimulus policies and the rising 2. Benefiting from the government’s stimulus policies and the rising disposable income, PRC PV market saw unexpected boomingdisposable income, PRC PV market saw unexpected booming
3. PV consumption has transferred from 13. PV consumption has transferred from 1stst tier cities to mid-western tier cities to mid-western cities due to break out of car demand in those areas cities due to break out of car demand in those areas
4. Local brand vehicles outperformed the market with sharp growth 4. Local brand vehicles outperformed the market with sharp growth of cross-type vehicles of cross-type vehicles
5. SUV maintained higher growth due to individualized demand for 5. SUV maintained higher growth due to individualized demand for auto productsauto products
6. HDT sales was stronger than expected due to recovery of PRC 6. HDT sales was stronger than expected due to recovery of PRC macro economymacro economy
4
2009 DFG Business and Finance Performance2009 DFG Business and Finance Performance
2009 DFG Business and Finance Performance2009 DFG Business and Finance Performance
2. PV business achieved remarkable growth thanks to the strong 2. PV business achieved remarkable growth thanks to the strong performance of its three major JVsperformance of its three major JVs
3. CV sales was also very strong, with combined sales of HDT 3. CV sales was also very strong, with combined sales of HDT and MDT ranked NO.1 for 6 consecutive yearsand MDT ranked NO.1 for 6 consecutive years
4. Dongfeng own brand PV was successfully launched, with sales in 4. Dongfeng own brand PV was successfully launched, with sales in line with expectation line with expectation
1. DFG 2009 annual sales was 1,430,700 units, recording a new high1. DFG 2009 annual sales was 1,430,700 units, recording a new high
5. Major models showed strong competitive edge; robust sales led to 5. Major models showed strong competitive edge; robust sales led to capacity constraint capacity constraint
6
Revenue of PV segment
24649 30200
23991
38664
0
1000020000
3000040000
50000
6000070000
80000
2008 2009
1H 2H
Revenue of CV segment
127858482
819513500
0
5000
10000
15000
20000
25000
2008 20091H 2H
Fast growth of sales revenueFast growth of sales revenue
PV sales revenuePV sales revenue
CV sales revenueCV sales revenue
RMB MN YuanRMB MN Yuan
RMB MN YuanRMB MN YuanRevenue
37896 39046
3267352712
0
20000
40000
60000
80000
100000
2008 20091H 2H
70569
91758
48660
68864
20980 21982
RMB Mn YuanRMB Mn Yuan
7
Gross profit and Gross MarginGross profit and Gross Margin EBIT & EBIT RateEBIT & EBIT Rate
Net Profit and NP Margin (Recurring)Net Profit and NP Margin (Recurring) ROEROE (( RecurringRecurring ))
单位:百万元单位:百万元 单位:百万元单位:百万元
单位:百万元单位:百万元 单位:百万元单位:百万元
82069815
11881
17484
609614.6%
17.0% 16.5%
19.10%
16.8%
0
5000
10000
15000
20000
2005 2006 2007 2008 2009
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
Gross profit Gross profit margin
2670 30294131
51058459
6.4% 6.3%7.0% 7.2%
9.2%
0
2000
4000
6000
8000
10000
2005 2006 2007 2008 2009
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
EBIT EBIT Rate
16012081
6250
39553250(持续性净利润)
3.8%4.3%
5.5% 5.6%
6.8%
0
1000
2000
3000
4000
5000
6000
7000
2005 2006 2007 2008 2009
0.0%1.0%
2.0%3.0%4.0%
5.0%6.0%
7.0%8.0%
Net profi t NP margi n
1220714288
17713
22055
27284
15.8% 17.6%
20.3%
19.9%
25.3%
0
5000
10000
15000
20000
25000
30000
2005 2006 2007 2008 2009
10.0%
15.0%
20.0%
25.0%
30.0%
Shareholders` Equity ROE
8
11
7
0
2
4
6
8
10
12
2008 2009
Receivebles turnover days
13.0
34.5
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
2008 2009
EBIT Interest Coverage Ratio
7209
17369
02000
400060008000
10000
120001400016000
1800020000
2008 2009cash and cash equivalents
EBIT Interest Coverage RatioEBIT Interest Coverage Ratio Strong Increase of Cash and Cash EquivalentsStrong Increase of Cash and Cash Equivalents
Accounts Receivable Turnover DaysAccounts Receivable Turnover Days Inventory Turnover DaysInventory Turnover Days
58
43
010203040506070
2008 2009Inventory turnover days
单位:百万元单位:百万元
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Outlook of PRC Auto Industry and Outlook of PRC Auto Industry and DFG Business Plan for 2010DFG Business Plan for 2010
Outlook of PRC Auto Industry in 2010Outlook of PRC Auto Industry in 2010
1. PRC auto market will maintain its fast development momentum1. PRC auto market will maintain its fast development momentum
2. There is tremendous growth potential in 22. There is tremendous growth potential in 2ndnd , 3 , 3rdrd tier cities due to constant tier cities due to constant increase of residents’ disposable income and break out of car demandincrease of residents’ disposable income and break out of car demand
3. Local brands continue to maintain a higher growth due to improved 3. Local brands continue to maintain a higher growth due to improved quality, brand image and increased number of first-time buyersquality, brand image and increased number of first-time buyers
5. CV market still benefits from fixed asset investment from the 5. CV market still benefits from fixed asset investment from the government; auto export picks up with recovery of global government; auto export picks up with recovery of global economyeconomy
6. PRC auto market remains to be the most competitive market 6. PRC auto market remains to be the most competitive market worldwide with constant new model launches from major playersworldwide with constant new model launches from major players
4. PRC auto industry will further benefit from the fast development 4. PRC auto industry will further benefit from the fast development of used car and auto financing businessof used car and auto financing business
11
DFG Business outlook for 2010DFG Business outlook for 2010
1. DFG will maintain its fast growth momentum and expect new 1. DFG will maintain its fast growth momentum and expect new breakthrough in sales volume in 2010breakthrough in sales volume in 2010
2. DFG will launch more new models to satisfy consumers’ increasing 2. DFG will launch more new models to satisfy consumers’ increasing demand for diversified auto productsdemand for diversified auto products
4.DFG will continue to optimize its distribution network and further 4.DFG will continue to optimize its distribution network and further expand its sales networks in 2expand its sales networks in 2ndnd and 3 and 3rdrd tier cities tier cities
7. DFG will continuously enhance its management and operation capability 7. DFG will continuously enhance its management and operation capability so as to maintain a leading profitabilityso as to maintain a leading profitability
5. DFG will further strengthen its CV business so as to consolidate its 5. DFG will further strengthen its CV business so as to consolidate its leading position in HDT and MDT marketleading position in HDT and MDT market
6. DFG will strive to improve its innovation and R&D capability, and further 6. DFG will strive to improve its innovation and R&D capability, and further strengthen the competitive edge of its own brand PV business and the strengthen the competitive edge of its own brand PV business and the development of its new energy vehicle businessdevelopment of its new energy vehicle business
3. DFG will steadily expand production capacity based on product 3. DFG will steadily expand production capacity based on product arrangementarrangement