In the first half of 2009, Aeolus achieved operating revenue of 2.473 billion yuan, a year-on-year decrease of 29.2%; net profit of 130 million yuan, a year-on-year increase of 54.96%; and earnings per share of 0.346 yuan, an increase of 5.49% year-on-year. "Overweight" rating.
In the first half of this year, the gross profit margin of Aeolus's main business was 13.45%, the highest since 2006. The gross profit rate of skew tyres was 17.84%, which was 12.56 percentage points higher than that of the same period of last year. The gross profit rate of radial tyres was 18.55%, which was an increase of 3.66 percentage points from the same period of last year. Fengshen Co., Ltd. achieved a high gross profit margin in the first half of the year because the price of rubber fell significantly compared with the same period of last year, and prices of other raw materials also declined.
Analysts pointed out that Aeolus is currently facing the following favorable conditions. The first is the support of relevant policies of the automobile industry. With the introduction of the series of domestic policies for stimulating domestic demand and the promulgation of the “Reform and Revitalization Plan for the Automotive Industryâ€, the production and operation situation of tire companies is improving. Followed by the warming up of the auto industry, in the first half of 2009, due to the recovery of the auto market, major tire manufacturers in the country resumed normal production one after another, tire inventory decreased significantly, and investment projects in the tire industry started one after another. Third, as the main raw material for tires, domestic rubber prices have been kept at a relatively low level, which is conducive to the company maintaining a high gross margin.
The future growth of Fengshen Stock Co., Ltd. increased the production capacity of radial tires and the increase in sales brought about by the rebound in the market. The 150,000 engineering radial tires under construction of the company can be put into production this year; in the second half of the year, the company will start construction of 5 million sets of radial passenger car projects for passenger cars. After the completion of the project at the end of next year, the company's radial tire production capacity will reach 9.6 million sets per year.
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