2009 results in line with market expectations
International and domestic markets go hand in hand, revenue-scale new heights. In 2009 the company seize the opportunities of international and domestic markets, actively marketing and distribution, achieved sales growth of the domestic OEM automotive glass, 52.2%, export value growth of 8.98% of good results, full-year revenue rose by 6.3%, better than the industry average.
Multiple factors have led to substantial growth in net profit of 354.4 percent. As the energy consumption and 180 million yuan provision for depreciation of inventory write-offs because the company current operating costs in the case of revenue growth declined 12.1%, thus significantly enhancing driving gross margin of 11.3 percentage points to 42.2%. In addition, the sale of the assets of Hainan float result operating income increased, decreased rate of the three charges, in 2008 420 million provision for impairment leading to low profit base, but also substantial growth in 2009 net profit of the main reasons.
The rapid development of auto glass business, the future will further focus resources on core business
Auto glass sales to grow rapidly. In 2009 the company sold the domestic OEM automotive glass market growth of 52.2%, 48.3% higher than the growth rate of automobile production, contributed to the sales growth of 26.5% to 5.18 billion yuan. We believe that sales growth was higher than income growth on the one hand because of lower raw material costs to bring prices down, partly because in 2009 a faster growth of domestic passenger cars in low-end, down the structure of the company sales lead lower average selling prices.
Reduce the float glass production can lead to reduced income. By the float glass production capacity by about 680 thousand to 800 thousand tons of influence, in 2009 the business's revenues declined 29.2% to 1.62 billion yuan. About 60% of the company's current production of float glass available to the Group's automotive glass as the original film, self-sufficiency rate of 90% of the future with the completion of technology projects, self-sufficiency rate will be further increased.
The future will be concentrated on automotive glass business. After 2008 the company discontinued four architectural float glass production line, 09 years and transfer the production lines Fuyao Hainan to recover funds, and further concentration of resources, more focus on the automotive glass business. 2010, the company will accelerate the technological transformation of Fuqing three-float, for in August before the production, which further reduce costs, enhance the glass of the original film's internal supply capacity.
International and domestic markets go hand in hand, revenue-scale new heights. In 2009 the company seize the opportunities of international and domestic markets, actively marketing and distribution, achieved sales growth of the domestic OEM automotive glass, 52.2%, export value growth of 8.98% of good results, full-year revenue rose by 6.3%, better than the industry average.
Multiple factors have led to substantial growth in net profit of 354.4 percent. As the energy consumption and 180 million yuan provision for depreciation of inventory write-offs because the company current operating costs in the case of revenue growth declined 12.1%, thus significantly enhancing driving gross margin of 11.3 percentage points to 42.2%. In addition, the sale of assets of Hainan float result operating income increased, decreased rate of the three charges, in 2008 420 million provision for impairment leading to low profit base, but also substantial growth in 2009 net profit of the main reasons.
The rapid development of auto glass business, the future will further focus resources on core business
Auto glass sales to grow rapidly. In 2009 the company sold the domestic OEM automotive glass market growth of 52.2%, 48.3% higher than the growth rate of automobile production, contributed to the sales growth of 26.5% to 5.18 billion yuan. We believe that sales growth was higher than income growth on the one hand because of lower raw material costs to bring prices down, partly because in 2009 a faster growth of domestic passenger cars in low-end, down the structure of the company sales lead lower average selling prices.
Reduce the float glass production can lead to reduced income. By the float glass production capacity by about 680 thousand to 800 thousand tons of influence, in 2009 the business's revenues declined 29.2% to 1.62 billion yuan. The company is now about 60% of the float glass production available to the Group's automotive glass as the original film, self-sufficiency rate of about 90%, the future technology projects with the completion of self-sufficiency rate will be further increased.
The future will be concentrated on automotive glass business. After 2008 the company discontinued four architectural float glass production line, 09 years and transfer the production lines Fuyao Hainan to recover funds, and further concentration of resources, more focus on the automotive glass business. 2010, the company will accelerate the technological transformation of Fuqing three-float, for in August before the production, which further reduce costs, enhance the glass of the original film's internal supply capacity. We are high quality suppliers, our products such as LED Spot Lamps Manufacturer , LED FloodLights Manufacturer for oversee buyer. To know more, please visits LED High Bay Lights.
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