Silver Wheel shares: EGR cooler is expected to explode
Silver Wheel announced the 2008 annual report: operating income of 98.268 million yuan, an increase of 17.36%; net profit of 435.4 million yuan, an increase of 27.49%.
The company also disclosed the first quarter of 2009: operating income of 167.07 million yuan, a year-on-year decrease of 30.32%; net profit of 9.98 million yuan, a decrease of 0.24%.
1, Common with the truck industry
The company's main products, oil coolers and intercoolers, are mainly used in engine systems and automatic transmission systems. They are widely used in the fields of automobiles, construction machinery, ships and other power machinery. Overall, the company's income level is highly correlated with the development of the truck industry.
The impact of the global financial crisis on the Chinese automobile industry became apparent in the fourth quarter of 2008, and domestic auto OEMs have lowered their production and sales targets. The company as a component company attached to the automotive industry has also been subject to greater impact, and orders declined significantly in the fourth quarter.
2. Significant contribution from new products
The company's revenue growth rate in 2008 was higher than that of the truck industry during the same period, mainly due to the contribution of new products. among them:
The cooling module sold 37.95 million yuan, an increase of 115.69%; EGR cooler product sales were 42.26 million yuan, an increase of 2952.19%. In terms of sub-regions, the company's domestic market sales are better than overseas markets. Its self-employed exports amounted to 246.55 million yuan, an increase of 6.63%; domestic sales amounted to 72,9362 million yuan, an increase of 22.86%.
3, steady increase in profitability
In 2008, the increase in the price of raw materials such as steel caused most auto companies' gross profit levels to decline. However, the company's consolidated gross profit margin in 2008 increased by 2.50 percentage points. We analyze there are two reasons:
The first is cost improvement. The company's product gross profit margin is affected by nickel (more than 65% of the cost of stainless steel), copper, aluminum and other metal prices. The high raw material prices in 2007 dragged down the profitability of the company. In 2008, the prices of nonferrous metals such as copper, aluminum and nickel fell, which eased the company’s cost pressures and improved the gross profit level.
The second is the contribution of new products. The operating margin of new EGR cooler products introduced during the reporting period was 51.67%, which was much higher than the profitability of traditional products.
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