Tire four King Kong three performance changes face net profit fell 50%

Due to the prosperous purchase and sales, relevant companies in the auto sector continued to refresh the new high of profit growth. The net profit of the leading automaker Shanghai Automotive in 2010 doubled. However, several happy families have been guilty. Due to the sharp increase in the price of rubber, the 2010 annual report of the performance of tire-listed companies has changed. Tire "Four Diamonds", in addition to double-money shares, the net profit of Yan Tire A, Fengshen Co., Ltd. and S-Guitton all dropped by more than 50%, of which Tire Tire A had the largest decrease in pre-reduction, and net profit fell by 70%. .

Net profit fell by an average of 50%

Tire A's previously announced performance forecast announcement shows that net profit in 2010 was 111 million yuan, down 50%~70% year-on-year; S.Getter’s newly released 2010 annual report on February 19 showed that although 2010 operating income rose year-on-year, 36.44%, net profit has fallen by 63.81%; Fengshen shares expected the company's net profit in 2010 was 310 million yuan, down about 50% year-on-year.

Although Shuangqian shares had previously forecast that the profit in 2010 may have risen by more than 50% from 2010, a large part of the profit was not derived from the main business, but came from the transfer of the equity of the two companies in 2010 and net income of approximately 180 million yuan. yuan.

Rubber prices soared continuously

For the reasons for the sharp decline in corporate profits, listed companies have mentioned mainly the rise in the price of raw rubber. S.G.T. mentioned in its annual report that, although the tire industry was prosperous in 2010, due to factors such as high raw material prices, exchange rate fluctuations, global trade protection, and intensified competition in the domestic market, the downward trend in profits was inevitable. The gross profit margin of the company's main business during the reporting period was only 11.12%, a year-on-year decrease of 10.27%.

Since June 2010, rubber prices have risen suddenly. At that time, the 1105 natural rubber contract on the Shanghai Futures Exchange began to rise unilaterally from 20,000 yuan/ton, and by October 2010 it exceeded 30,000 yuan/ton; in 2011 On January 19, the price of rubber broke the mark of 40,000 yuan in one fell swoop, and the highest rushed to 4,350 yuan. However, due to the recent tensions in the Middle East, Shanghai's natural rubber prices have dropped and are still consolidating at high levels.

Since the cost of rubber accounts for approximately 50% of the total tire production cost, rubber prices are one of the most sensitive aspects of tire manufacturing companies. According to the statistics of the China Rubber Industry Association, the profits of tire companies in the country from January to November 2010 decreased by 22% year-on-year, and the industry-wide loss was nearly 50%.

Some analysts pointed out that from the current situation, the days of tire companies in 2011 may still be difficult. Because external easing policies have led to the continued proliferation of global liquidity, expectations for inflation may cause overseas rubber prices to continue to rise. China has become the world's largest natural rubber importer, and its foreign dependence on rubber has reached 70%. The cost pressure on tire companies may be even greater.

Rubber companies clearly benefit

Compared with the tires of tire companies, listed companies that use rubber as their mainstay have been rather comfortable. Hainan rubber market price

It has quadrupled, setting the title of the most cattle new shares. According to its previous notice, the performance in 2011 will increase by more than 80%, of which the important reason is that rubber prices have soared.

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