2010年6月
上海
June 2010, Shanghai
1
Contents
DFG Introduction
2009 PRC Auto Industry Overview
2009 DFG Business and Finance Performance
Outlook of PRC Auto Industry and DFG in 2010
2
DFG Introduction
3
PRODUCTION & HISTORIC MILESTONES
发展历程
2001 - 今
SALES(UNITS:10,000 VEHICLES)
销量单位 ：万辆
OPENNESS
开放发展
190(DFG:143)
2009
SELF-OWNED BRAND CAR LAUNCH
180
自主品牌轿车上市
170
1994 - 2000
160(DFG:105.8)
INOVATION&
ADJUSTMENT
改革调整
150
1981- 1993
140
130(DFG:95)
1969 – 1980
120
RAPID GROWTH
快速成长
INITIAL STAGE
艰苦创业
110
100(DFG:75)
2000
1993
90(DFG:59)
1986
80
60
1975
2.5T越野车
50
30
实现利润13.8亿
2003
JOINT VENTURE &
RECOGNIZATION
全面合资重组
建成10万辆生产能力
70
40
开展轻、轿建设
发展武汉基地
2005
OVERSEAS LISTED
整体海外上市
1978
5T民用车
1969
FOUNDATION
初创于十堰
20
10
0
4
DIVERSIFIED INTERNATIONAL CORPORATION
主要业务单元
NISSAN’S LARGEST OVERSEAS PARTNER
是日产在全球最大的海外合作伙伴
• 注册资本167亿人民币
• 2009年销售汽车94.4万辆
Dongfeng Motor Co.,Ltd
东风汽车有限公司
Dongfeng Peugeot Citroen
神龙汽车有限公司
PSA
Peugeot
Citroën
PSA’S STRATEGIC PARTNER IN PRC
是PSA集团在中国的战略伙伴
• 注册资本70亿元RMB
• 2009年销售汽车27万辆
Dongfeng Honda
东风本田汽车有限公司
COOPERATION LEVEL WITH HONDA
EXPANDING
与本田的合作程度不断深化
• 注册资本2亿美元
• 2009年销售汽车21万辆
Dongfeng PV Company
东风乘用车公司
公司成立于2007年7月，2009年7月推出第一款车
• 2009年销售汽车1.87万辆
5
NATIONWIDE BUSINESS LAYOUT
事业布局
朝阳
新疆
FOUR MAJOR BASES 四大基地
Wuhan Base: Headquarter, R&D Centre, PV,EV
SHIYAN
十堰
武汉基地：总部、技术中心、轿车、电动车
盐城
郑州
南充
上海
XIANGFAN
襄樊 WUHAN
武汉
杭州
柳州
十堰基地：中重型商用车、微型车、零部件、装备
Xiangfan Base: LCV, PV ,Engines
襄樊基地：轻型商用车、轿车、发动机
GUANGZHOU广州
云南
Shiyan Base: CV, Mini-Car, Parts, Equipments
深圳
Guangzhou Base: PV, Engines
广州基地：乘用车、发动机
6
2009 PRC Auto Industry Overview
Highlights of PRC Auto Industry in 2009
1. PRC auto industry has become the world’s largest auto
market in terms of sales volume
2. Benefiting from the government’s stimulus policies and the rising
disposable income, PRC PV market saw unexpected booming
3. PV consumption has transferred from 1st tier cities to midwestern cities due to break out of car demand in those areas
4. Local brand vehicles outperformed the market with sharp growth
of cross-type vehicles
5. SUV maintained higher growth due to individualized demand for
auto products
6. HDT sales was stronger than expected due to recovery of PRC
macro economy
4
2009 DFG Business and Finance Performance
2009 DFG Business and Finance Performance
1. DFG 2009 annual sales was 1,430,700 units, recording a new high
2. PV business achieved remarkable growth thanks to the strong
performance of its three major JVs
3. CV sales was also very strong, with combined sales of HDT
and MDT ranked NO.1 for 6 consecutive years
4. Dongfeng own brand PV was successfully launched, with sales in
line with expectation
5. Major models showed strong competitive edge; robust sales led to
capacity constraint
6
Fast growth of sales revenue
CV sales revenue
RMB Mn Yuan
Revenue
91758
100000
80000
60000
21982
20980
25000
70569
20000
52712
32673
8195
15000
40000
20000
Revenue of CV segment
RMB MN Yuan
13500
10000
39046
37896
12785
5000
8482
0
0
2008
2008
2009
1H
2009
1H
2H
2H
PV sales revenue
RMB MN Yuan
80000
70000
60000
50000
40000
30000
20000
10000
0
Revenue of PV segment
68864
48660
38664
23991
24649
30200
2008
2009
1H
2H
7
EBIT & EBIT Rate
Gross profit and Gross Margin
单位：百万元
单位：百万元
20000
15000
10000
17.0%
14.6%
6096
8206
16.5%
9815
11881
16.8%
20.0%
17484
10000
19.10%
18.0%
8000
16.0% 6000
5000
0
2005
2006
2007
2008
Gross profit
Gross profit margin
14.0%
4000
12.0%
2000
10.0%
0
9.2%
6.4%
2670
5000
4000
3000
2000
3.8%
1601
4.3%
5.5%
3250(持续性净利润)
5.6%
3955
2081
1000
0
2005
2006
2007
Net profit
2008
NP margin
8459
8.0%
6.0%
3029
4.0%
0.0%
2005
2009
2006
2007
EBIT
2008
EBIT Rate
2009
ROE（Recurring）
8.0%
6.8% 7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
2009
6250
6000
4131
7.2%
5105
2.0%
Net Profit and NP Margin (Recurring)
7000 单位：百万元
6.3%
7.0%
10.0%
单位：百万元
27284
30000
22055
25000
20000
15000
10000
30.0%
12207
15.8%
14288
17713
20.3%
25.3%
20.0%
19.9%
17.6%
25.0%
15.0%
5000
0
10.0%
2005
2006
2007
Shareholders` Equity
2008
2009
ROE
8
Strong Increase of Cash and Cash Equivalents
EBIT Interest Coverage Ratio
单位：百万元
40.0
20000
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
34.5
35.0
30.0
25.0
20.0
15.0
13.0
10.0
5.0
0.0
2008
17369
7209
2008
2009
cash and cash equivalents
2009
EBIT Interest Coverage Ratio
Accounts Receivable Turnover Days
12
Inventory Turnover Days
11
10
8
7
6
4
2
0
2008
2009
Receivebles turnover days
70
60
50
40
30
20
10
0
58
43
2008
2009
Inventory turnover days
9
Outlook of PRC Auto Industry and
DFG Business Plan for 2010
Outlook of PRC Auto Industry in 2010
1. PRC auto market will maintain its fast development momentum
2. There is tremendous growth potential in 2nd , 3rd tier cities due to constant
increase of residents’ disposable income and break out of car demand
3. Local brands continue to maintain a higher growth due to improved
quality, brand image and increased number of first-time buyers
4. PRC auto industry will further benefit from the fast development
of used car and auto financing business
5. CV market still benefits from fixed asset investment from the
government; auto export picks up with recovery of global
economy
6. PRC auto market remains to be the most competitive market
worldwide with constant new model launches from major players
11
DFG Business outlook for 2010
1. DFG will maintain its fast growth momentum and expect new
breakthrough in sales volume in 2010
2. DFG will launch more new models to satisfy consumers’ increasing
demand for diversified auto products
3. DFG will steadily expand production capacity based on product
arrangement
4.DFG will continue to optimize its distribution network and further
expand its sales networks in 2nd and 3rd tier cities
5. DFG will further strengthen its CV business so as to consolidate its
leading position in HDT and MDT market
6. DFG will strive to improve its innovation and R&D capability, and further
strengthen the competitive edge of its own brand PV business and the
development of its new energy vehicle business
7. DFG will continuously enhance its management and operation capability
so as to maintain a leading profitability