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The company's operating conditions gradually improved. In the first half of the year, the company realized a net profit attributable to the parent company owner of 88 million yuan, corresponding to an EPS of 0.15 yuan, of which -0.05 yuan in the first quarter and 0.21 yuan in the second quarter; benefiting from the improvement in the business climate of the commercial vehicle industry, the company's operating conditions also continued to improve.
The cost control effect is significant. In the first half of 2009, the company’s cost control achieved good results. The three expenses in the parent company's statements and consolidated statements were substantially reduced, and all of them achieved operational losses. This shows that the company’s management level has been significantly improved, and the company’s 2009 net The profit growth will mainly come from the parent company turning losses into profits.
Bosch's steam log business improved. In the first quarter of 2009, mainframe plants consumed high-pressure common rail products in stock. In the second quarter, demand returned to normal. The increase in the sales volume of heavy-duty trucks and semi-trailer trucks with a high proportion of high-pressure common rails also had a positive effect on demand. It is estimated that the net profit in 2009 will be 600 million yuan (0.85 billion yuan in 2008), and the national III standard will still be in the development stage. The ratio of medium-high pressure common rails for heavy trucks will gradually increase, and there is still room for improvement in earnings.
The company has long benefited from improved emission standards. The market is expected to increase the company's profit growth due to the increase of emission standards. We expect that the promotion of the national IV standard will be delayed. Delaying the implementation of emission standards will bring about a certain buffer time for the company's business transformation. In the future, the correlation between the company's business and Bosch Diesel Engines will gradually increase. Considering Bosch Diesel's higher technical level, the company will continue to be the biggest beneficiary of the improvement of emission standards in the long term.
The 09 and 10 years EPS are expected to be 0.69 and 0.83 yuan, respectively. We expect the company's net profit growth in 2009 will mainly come from the substantial improvement of its operations, and the 10-year profit growth will mainly come from the improvement in profitability of the heavy-duty truck industry to Bosch Automotive Diesel. The increase in profit from the emission standard upgrade will begin to show in 2011.
Maintain the "prudent recommendation-A" rating. Through controlling costs, the company's business will turn into a short-term profit, and its future business development direction will be through business transformation and new product development to provide comprehensive supporting services for Bosch Diesel; we are optimistic about the prospects of Bosch's development in China, long-term support for the company's business and investment income. The growth trend is relatively obvious; maintain the “prudent recommendation-A†investment rating, according to the 20 times PE valuation in 2009 is relatively reasonable, the target price is 14 yuan.