SAIC: 2009 net profit up ninefold

　　According to Beijing Times, the pioneer automaker, Shanghai Automotive Industry Corporation has released its 2009 annual report，which has shocked the whole automotive market. According to the company’s annual report (600104), its net profit rose ninefold to a record 6.592 billion Yuan and its sales target for 2010 is expected to exceed 3 million units.

　　The annual report shows that SAIC’s annual gross revenue has reached 139.636 billion Yuan, up 31.87% from a year earlier; Net profit achieved 6.592 billion Yuan, an increase of 904.61% over the previous year; and its earnings per share reached 1.006 Yuan.

　　The company plans to capitalize the capital reserve, every 10 shares for 3 shares, every 10 shares represents 0.5 Yuan (including tax).

　　In 2009, SAIC’s annual sales volume achieved 2.725 million units with a significant increase of 57.2% year on year. Therefore, SAIC has become the first domestic automaker with annual production and sales of over 2 million units in China. In the same year, the further growing advantage has been gained in SAIC so that the company’s market share accounted for 19.9%, up 1.4% over the previous year. Faw ranked the second after SAIC with sales volume of 1.96 million units, Dongfeng Motor ranked the third, whose sales volume is 60,000 units less than FAW.

　　Reporters have noticed that SAIC has already taken a lead from behind in terms of independent brands. The annual sales volume of Roewe and MG exceeded 90,000 units in 2009, with a significant increase of 153% year on year, far outpacing the sector’s average growth. SAIC has announced that its manufactory of independent brand vehicles has already made profits, but no specific profit figure has been given.

　　The company’s annual report also revealed, from January to March this year, the sales volume exceeded 890,000 units, with monthly sales of over 300,000 units, up more than 60% year on year. Especially the Tiguan SUV, which has been launched in March, has already received over 50,000 orders and most consumers have to wait up to 3 months to pick cars. Earlier, according to Hu Maoyuan, chairman of SAIC, the company sets 2010 sales target at over 3 million units. In 2009, SAIC was the eighth largest automaker in the world. If the targets realized, SAIC may make the world’s top 6. (Translator: Qinghua Serena)

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　　http://auto.sohu.com/20100402/n271274693.shtml