吉利(175)07年四月份個「Sales Unit(銷售量)」按年下跌。同期，其他較具實力車廠(一汽、上汽、東風)全部錄得增長(9%至17%不等)。
07年頭四個月計，吉利「Sales Unit」僅按年上升3%，但東風(489)同期間按年大升23%; 以日本車為主的廣汽甚至按年大升82%。有點可以肯定，算入大約4%至9%降價因素，吉利個「Sales Amount」可能巳倒退。
岩岩出埋07年五月份個「Sales Figures」，吉利五月份既「Sales Unit」僅按年上升3.2%。換句說話，頭五個月既生意唔會好得去邊。07年頭5個月生意係差(相對06年頭5個月生意)，就當下半年追番上黎，都實Underperform俾D對手。
如果睇番06年頭5個月生意，吉利當時係比05年同期錄得強勁增長。似乎07年好難再有高增長。中國汽車業，都係搵D有實力既龍頭為妙; 論財力、「R&D」能力、產品競爭力，同埋經驗，人家牌面點計都係佔優。
想「偷雞」，唔係成日都咁易......
註: 全部數據以「Bloomberg」同「CAAM」數據為準
18 則留言:
I have same feeling as you, as Geely does not have high growth as Cheyl and Dongfong. However I also take a calculation for its 2007 result. I think it will has a bright future.
First when I looked at its sale figure., this is poor. and I want to sold all 175 share. ,but I have caluclated its sale pattern and predict its profit margin %, and Investment income from London Black Cab stock. I still hold and buy more 175, and now I get ~500K share. and maybe increase if I have more cash.
Please have a look on my analysis
as I aint am expert as your professions.
Sale Unit
Dec05 17888 Dec06 20409 +14%
Jan06 18708 Jan07 20009 + 7%
Feb06 12942 Feb07 13067 + 0%
Mar06 16788 Mar07 18059 + 7%
Apr06 14346 Apr07 16066 +12%
May06 15170 May07 15649 + 3%
Jun06 13999 Jun06 Unknown
First Its sale figure is so bad.
And let look at its sale pattern, Geely has 4 kinds of hit model, ie Ulion, FreeCrusier, Kingkong and latest Vision., which can be found in www.geelyauto.com.hk
Dec05-Jun06 Dec06-May07
Ulion 29% na
FreeCrus 37% 34%
KingKong 1% 26%
Vision na 3%
Then Look at the price of 4 models
range Rmb/K mean
Ulion 35-43.8 39.4
FreeCrus 49-65 57
Kingkong 59.8-75.8 67.8
Vision 74.8-103.8 89.3
In 2006,Geely's net car income is just ~hkd40,000 with profit margin 7.9%, and profit per car is HKD3160. and which near mean price of Ulion.
Ulion and FreeCrus are old model and still on market. KingKong start Jun06 and Vision start on May2007.
In half year, the net car income should be range between FreeCrus RMB 57000 and KingKong RMB67800. ie let say RMB 60,000. and the profit margin% should be ~10%. (rmb6,000 per car, a double)
Whole year, the net car income cont raise, maybe up to 70,000 and higher profit margin to ~12%.
(rmb 8,400 per car, 260% growth)
If 175 keep car sell 180,000 per year. The net income maybe +200% to 265%.
Moreover, dont forget there was an investment income from London Cab stock, which 175 hold 5.7M share @ GMB 2.5 Nov2006, . and those share is up and up to 52 highest GMP 9.5 and now Keep at GMP 8.55.
(8.55-2.5) x5.7M x15.5= HKD535M
www.manganese.com
I still dont like its debt though exact amount I dont know how to calculate, Please tell me if you have time to find.
benathk:
Thanks for your details analysis, but I may still have several concerns regarding the automaker:
1) The company previously targeted at 07 unit sales of around 240K units; reaching 180K units already missing the target, which should be worse than the company's forecast. Total sales units reached 83K units for 5 months in 2007, or merely 35% of the yearly forecast.
--> The market will sell the share for such!
2) Average ASP may not rise at an extent as you might imagine. Despite its effort in pushing more higer ASP automakers since 2005/2006, average ASP does not have sign of increase significantly. Instead, we see overall ASP still decline modestly in 2006
--> This may imply fierce competition exists in the PRC auto market; I can tell you nearly all automakers in the PRC have been launching higher-end cars every year, which could only result in the slowering of average ASPs.
---> the sluggish sales figures tell us a big problem, which is people are less likely to consider Geely's mid-end vehicles. If they have more money, they prefer the foreign brands, such as Nissan, Toyota, Honda...etc Inother words, Geely's mid-end position is very-hard to be reinforced.
3) Following (2), we may foresee atmost modest increase in ASP, but very-slow sales units in 2007. Overall sales amount may not increase significantly.
4) Profit margin may not improve significantly as you might imagine. It is true that the margin moved up in 2006 due to the moving up of high-end cars. However, under sluggish car sales in 2007, what extent of margin expansion could you expect???
http://www.geelyauto.com.hk/Uploadfiles/uploadattachfile/200753012217755.pdf
In the latest presentation, (page 19), Geely CLEARLY STATES that "Margin Pressue Continues to Intensify", which may make your margin increase wish over-optimistic.
5) London-Cab business is set to be launched in 2008; but I could tell you, Geely may face one-off gross margin pressure from that segment in 2008, before it might yield appealing profits in 2009 (if any). To be honest, it's very hard to say whether the London-Cab business to be a good one at this moment. When the British sells something to you, the only advantage Geely got could be cost-advantage in China. However, it may still need to import the expensive European Engines which may dampen its margin......
6) In terms of valuation, it is not attractive. Historical P/E of 25x; assuming flat-to-moderate sales growth, or even another slight improvement in overall margin, 07 P/E could still be 20x to 23x.
The market buys Geely due mainly to its strong earnings growth. However, how much bottom-line could the automaker increase under flat sales, keen competitions as well as margin pressure??? Besides, London-cab business is still an uncertainty.
RMB6,000 profit per car that is too high, as I remember the Japanese & American brand car only have around 3,000- 5,000 profit per car.
Thank you, albert. 4am, you have such strong insight in 4am, a strong man,. Bravo.
Yup, maybe this is too earier to say Geely is sucess. But from the resource of China Car Master. http://blog.sina.com.cn/guojf
TOP 10 SALE VOL
MAY 07 APR 07
一汽大众~59900 一汽大众 ~40000
奇瑞 ~33800 上海大众 ~39000
上海大众~32900 上海通用 ~38000
上海通用~30100 奇瑞 ~28500
东风日产~20600 东风日产 ~26000
吉利 ~17700 广州本田 ~21000
广州本田~17600 长安福特 ~19000
长安福特~17200 长安福特 ~19850
东风神龙~16200 东风神 ~18000
一汽丰田~15200 天津一汽 ~17000
OUT OF TOP 10)吉利~16000
SALE VOL RISE
一汽大众, 奇瑞
SALE VOL DROP
上海大众,上海通用,东风日产,广州本田
长安福特,长安福特,东风神龙,天津一汽
AND Geely keep unchange. I know just compare 2 month data cannot provide strong statement and make a conclusion. I will be more focus on 3 to 6 months trends on whole China Market.
Moveover, I am strong disagree with one of your point. "If they have more money, they prefer the foreign brands, such as Nissan, Toyota, Honda...etc Inother words, Geely's mid-end position is very-hard to be reinforced."
Anti-Japan is still a social issue, due to this reason, Japanese brand cannot do well in China market. But the German/USA brand are more accepable for Mainland public.
For Geely profit margin, I still have confidence.
Because from www.people.com.cn
www. auto.people.com.cn/BIG5/1049/5821986.html
At the first time when i read this article on 5 Jun, I had a question liked yours ," Margin Pressue Continues to Intensify". or maybe this is fake data. You know everything can happen in internet. But this is 人民日报 中国共产党 people.com.cn, if this is fake, I cannot be read this article now. The article had been posted for 1 week. So I think this is true.
Its profit can have sudden rise this 6 months.
Ben
"Margin Pressue Continues to Intensify" comes from Geely's official website, inside its latest presentation. I seldom depend on rumour for my analysis.
Toyota's sales in the PRC up at least 70% YOY for first 4 /5 months in 2007; the PRC people are more rational than you may imagine. Higher quality, after-sales service, branding and better FUEL-EFFICIENCY --> all these explaining why Japanese cars become more and more popular in China.
Geely's sales should be poor in 2007; the automaker has started upgarding its product-mix since 2005; and I see no more very-significant margin improvement in 2007, or afterward amid keen competition.
--> In other words, its mid-end vehicles are less competitive in the market; and its market share is likely to shrink in 2007.
Forget to tell you, London-Cab business may also involve severe restructuring cost (i.e. laiding off the expensive British workers should not be a easy job, Good Luck!!)
我覺得吉利1~4月的Sales差，係特別做出來的。
目的：
(1) 保持Profit Margin，別人減價多、促銷活動多，銷量就好。你唔減，銷量自然差
(2) 特顯5~6月的高增長。 有新車出，當然想『氣勢如虹』。
整體上同意Albert所講，銷量會低於預期。
London-Cab Business, 唔知這個『李老闆』同那個『李老闆』的功力差幾遠。 吉利的『李老闆』係鄉下大，另一個『李老闆』就習慣同英國、美國人打交道，真係一個大考驗。 唔知這招『項莊舞劍』，會唔會插襯自已。
Albert thanks your analysis.
Some iBank head wont neglect such resource,' Geely Group gain 2891% more from people.com.cn , though it doesnt come from latest offical site.
And they wont sold their geely stock insteads. Within this one month, Morgan stanley buy >3% more Geely stocks, there should be some kinds of reasons, that I dont know, as those ibankers are more easier to acquire news.
The four big shareholder almost hold 75% of Geely shares, they are Mr Li 52.4%, TOSCA 8.03%(UK Hedge Fund), UBS 8.15% and Morgan Stanley 8.08%.
benathk:
Thanks for your sharings & analyses as well!!
李书福的“抠门”生活
吉利集团董事长李书福不仅有着“汽车狂人”的别号，甚至被业内人士指为“汽车疯子”，其直率敢为的性格早已为外界所熟知，然而，李书福的“抠门”却是常人难以想象的。
作为一个有着7000多名员工的汽车公司的董事长，李书福是中国富豪排行榜上的常客，然而这么一位“正宗大款”，却如杨二嫂所说的那样“愈有钱，愈小气”！
记者在吉利采访时就曾多次目睹李书福穿件工作服到职工食堂吃饭的情形，不喝酒，陪客人也就两三个小菜，若不是事先认识，没准就可能把这位穿工作服在厂里到处转悠的富翁当成工厂的保安。
也许当成保安还算可以的了，有时甚至连保安都不愿与他为伍。最近，吉利王先生给记者发来的一封邮件让记者大开眼界。
有一次，李书福来到位于北京的一个下属企业视察，在公司大厦的门前被保安给拦住了，保安之所以不让他进楼门，是因为这座大厦“谢绝民工进出”。
而作为在他身边工作的人员，陪董事长出门已不是什么美差，相反成了一件令人头痛的事。
在外工作，李书福爱去茶楼谈点事，去茶楼当然得喝茶，但落坐茶楼的李书福从来不点茶水和饮料，总是来杯免费的白开水，留给陪同人员的只有尴尬：不点饮料，茶楼不可能都喝白开水；点茶水吧，老板都没花钱，这可不是谁埋单的问题。
有一次，王先生随李书福去北京办事，跑了一大圈，走了很多地方，到晌午时，大家都饥肠辘辘，按照李书福的惯例，挑了一家小面馆，一人要了一碗面条，风卷残云之后一结帐，两碗面条30元！李书福便很不满：“你们价格太高了吧，一碗面也就值3块钱，你们卖15元，简直是暴利！”
王先生透露，吉利员工很难见到李书福买500块以上的衣服，让秘书去买西装时，还特别强调“要300块钱一套的”。平时，李书福总喜欢穿一件黄不拉叽的夹克；在厂区干脆就穿工作服，以至来算来算去，李书福似乎只有一套稍好点的西服，这是他在非常重要的场合才穿的“形象服”。
有一次，李书福破天荒穿了一件“皮尔·卡丹”的衬衫，王先生惊讶问道：“李总也穿名牌啦！”李笑答：“从下面的商店买的，30元一件！”
不仅自己“抠门”，李书福还常以此告诫对员工：作为一个民营企业，我们的原始资本积累都来源于血汗劳动，勤俭节约本是应该的。不能好了伤疤就忘了疼，有了点钱就忘了本。
李书福解释道，如果我每天山珍海味地大吃大喝，中国有句老话叫“上行下效”，既然老总一顿饭可以吃个几千元，作为中层干部，一顿饭吃个几百元应该不是问题，依此演绎下去，吉利集团不就成了滋生腐败的摇篮？吉利一直倡导造“老百姓买得起的汽车”，反对汽车暴利；那么，在生活方面节约点，这些费用没有转移到汽车成本上，汽车价格不就下来了嘛。
This is too funny, 佩服佩服, his character liked 巴菲特
今天見到段新聞，赫了一跳。 開始明白，為甚麼有對沖基金睇中吉利。 為宰羊作準備...
-------------------------------
http://auto.tom.com/2007-06-13/0D57/10808739.html
吉利原型电视剧《岁月风云》亮相上海滩
6月12日，以吉利集团汽车发展历程为原型的电视剧《岁月风云》的全体主创人员集体亮相上海滩，为该剧的上映做宣传。
该剧负责人介绍，《岁月风云》就是以吉利集团汽车发展历程为原型塑造的。
.............
TVB组成了刘松仁、佘诗曼领衔的六生六旦豪华阵容，先后辗转内地、香港、加拿大等地拍摄外景。目前该剧已经拍摄完成，将于6月30在中央电视台八套黄金档播出，TVB及海外各地华语市场将在8月播映，预计全球14亿华人可以欣赏到该剧，这部58集的长篇巨作也将成为华语电视史上新的里程碑。
-------------------------
This is a very old news la.
Using Baidu.com to find info/news about geely, you will amazing huge of good news for its. and then make change on China Auto Market.
This is really. Dont just believe of CitiGroup, Morgan Stanley/ 1st Boston .. such ibanker research anymore. just believe them 10% only.
For all Auto H share in Hk, except Geely/ ,they use >1000M (yes, it is 1000M) to build a new Car Plant. for 200-300K per years. wa, how much for the interest spent on such development,, maybe 1M USD per month. How is the effect on annual report. <--- The ibank wont tell you. Geely just use their 10-15% to build same kind of New Car Plant. Geely is so save the cost.
R&D, Auto H share (except Geely) no company has their own intelligence property on Gear/Engine..etc. They just buy the design or final products. Do you remember every China made DVD player need to pay usd 1 dollar to Japan because of Intelligence property.
When will toyota/nissan/Volk/BMW need china auto companies paid for its intelligence properties??
Their is good link for you.
溫家寶 on Geely coverpage.
http://www.geely.com/news/detail/24140.html
Free 3 months TV advertisement for Geely.
58 chapter TV show 《岁月风云》in China.~3months free advertisment for geely vision, also plus more other car/radio/newspapers media advertisment show.. How many Chinese brothers watch the latest Geely car Vision??
Can anyone expect their feeling on Chinese made and Chinese design car??
Will they think this is good products and buy Vision.??
The reason of 2891% increase is revealed in this article:
——2007年1~4月汽车工业重点企业（集团）经济效益简析
作者：中国汽车工业协会 日期：2007-6-15
据2007年1~4月汽车工业重点企业（集团）主要经济指标快报显示，各主要经济指标与上年同比呈较快增长，增幅与一季度相比有所回落。
产出指标快速增长增幅回落
前四个月，汽车工业重点企业（集团）累计完成工业增加值725.26亿元，同比增长34.53%，增幅比一季度回落7.10个百分点；累计完成工业总产值3042.76亿元，同比增长28.66%，增幅比一季度回落2.78个百分点；累计完成工业销售产值2956.90亿元，同比增长27.27%，增幅比一季度回落0.92个百分点。
前四个月，汽车工业重点企业（集团）产销率为97.18%，比一季度提高1.15个百分点，产销衔接良好。
吉利集团仍保持主营业务收入增长率最高
前四个月，汽车工业重点企业（集团）实现主营业务收入继续呈快速增长，累计实现主营业务收入3191.02亿元，同比增长26.11%，增幅比一季度回落10.50个百分点。
从汽车工业重点企业（集团）实现主营业务收入的具体情况看，前四个月多数企业收入增速高于上年同期水平。从增长率来看，吉利集团在重点企业中仍为最高，达到193.08%，增幅与一季度基本持平；广州集团、重汽集团、东南公司和华晨集团实现主营业务收入增长率均超过60%，分别为76.33%、73.30%、67.77%和66.13%；奇瑞公司、江淮集团、上汽集团、东风公司、一汽集团、长安公司实现主营业务收入增长率也均在两位数以上，分别为40.81%、33.80%、23.59%、19.85%、17.87%和11.01%；南汽集团、北京公司和庆铃公司实现主营业务收入增长率在10%以内，分别为9.96%、5.04%和4.74%。从增长幅度上来看，北京公司、南汽集团、江淮集团、东南公司、东风公司、广州集团、庆铃公司和长安公司与一季度相比，增幅均有不同程度的提高，提高的幅度在0.2～12.32个百分点之间；华晨集团、一汽集团、上汽集团、吉利集团、奇瑞公司和重汽集团同一季度相比，增幅呈不同程度的回落，回落的幅度在1.08～44.86个百分点之间；哈飞集团和昌河公司实现主营业务收入的增长率同比仍为下降，分别下降了5.71%和9.24%，降幅与一季度相比均有加大（具体见附表）。
利润快速增长部分企业增幅回落
前四个月，汽车工业重点企业（集团）实现利润、利税总额同比呈快速增长，增幅比一季度有所回落。前四个月汽车工业重点企业（集团）累计实现利润总额181.02亿元，同比增长51.32%，增幅比一季度回落18.58个百分点；累计实现利税总额为394.45亿元，同比增长3.44%，增幅比一季度回落5.04个百分点。其中：主营业务税金及附加为99.59亿元，同比增长36.08%；应缴增值税为113.84亿元，同比增长10.76%。
从汽车工业重点企业（集团）实现利润的具体情况看，多数企业实现利润同比保持盈利，增长率超过两位数，增幅同一季度相比，部分企业有不同程度的回落。奇瑞公司、重汽集团和庆铃公司实现利润总额增长率均超过100%，分别为221.81%、215.06%和152.94%；增幅与一季度相比，庆铃公司提高了112.72个百分点，奇瑞公司和重汽集团分别回落了188.87个百分点和330.08个百分点。广州集团、上汽集团、南汽集团和北京公司实现利润总额的增长率也比较高，分别为71.07%、57.13%、53.63%和49.57%；增幅与一季度相比，北京公司提高了24.86个百分点，南汽集团盈利额继续增长，广州集团和上汽集团分别回落了16.46百分点和14.81个百分点。一汽集团、东风公司和长安公司实现利润总额增长率分别为34.60%、22.07%和16.23%；增幅同一季度相比，长安公司提高了12.40个百分点，一汽集团和东风公司分别回落了1.30个百分点和2.93个百分点。江淮集团实现利润总额增长率同比下降5.96%，降幅比一季度减缓13.42个百分点。华晨集团、吉利集团和东南公司实现利润总额同比由亏损变盈利；盈利额同一季度相比，东南公司呈小幅增长，华晨集团和吉利集团呈不同程度的下降。哈飞集团实现利润总额由正转负，昌河公司依然亏损，且亏损额比一季度有所加大。
应收账款净额增幅上升产成品库存资金增幅下降
4月末，汽车工业重点企业（集团）应收账款净额为529.63亿元，同比增长28.28%，增幅比3月末上升17.67个百分点；4月末，汽车工业重点企业（集团）产成品库存资金为419.30亿元，同比增长24.12%，增幅比3月末下降10.89个百分点。
4月末，汽车工业重点企业（集团）应收账款净额、产成品库存资金占流动资产的比重为24.32%，比3月末上升0.47个百分点。
Notice this sentence:
华晨集团、吉利集团和东南公司实现利润总额同比由亏损变盈利...
UK investor raise its Interest
TOSCA hold over 9%. from 8% via Lehman Brothers.within 25May and 12 Jun. ~HKD 80M
Background, In Feb 2007, 335M(7%) out of 600M(12.5%) share is held by Tosca. There is 265M (5.5%) hold by other 5 investor.
So there is 15.5% belongs to UK related hedge fund.
Morgan Stanley 8.29%(with short)
UBS 8.15%
Mother 52.62%
Total 84.56%/
Just 15.46% in the market.
Dear all,
I believe the 中国汽车工业协会 will keep posting the profit increase of 175 in the following two months. Then, it would be easy to estimate its half-year profit.
best regards,
Lion
You can pay rmb 9500 to read its 中国汽车工业协会's reserach and stat, quite expensive/
产能增加 成本降低 汽车企业利润仍很高
在昨天的亚市汽车信息发布会上，中国汽车工业协会朱一平介绍了今年1到5月份中国汽车企业的经济效益分析。据2007年1-5月汽车工业重点企业（集团）主要经济指标快报显示，汽车工业重点企业（集团）经济运行发展态势良好，主要经济指标与上年同比继续保持较快增长势头，利润、利税总额与1-4月相比增幅攀升。
具体表现在以下四个方面
一、产出指标快速增长，增幅提高。前五个月，汽车工业重点企业（集团）累计完成工业增加值900.25亿元，同比增长35.49%，高于全国规模以上工业企业工业增加值增速水平（18.10%）17.39个百分点，增长额为235.81亿元，增幅比1-4月提高0.96个百分点；累计完成工业总产值3819.32亿元，同比增长30.47%，增长额为891.87亿元，增幅比1-4月提高1.81个百分点；累计完成工业销售产值3713.61亿元，同比增长30.10.%，增长额为859.20亿元，增幅比1-4月提高2.83个百分点。
前五个月汽车工业重点企业（集团）累计产销率为97.23%，同比下降0.28个百分点，比1-4月提高0.05个百分点，产销衔接良好。
二、主营业务收入保持较快增长，增幅稳步提高。前五个月，汽车工业重点企业（集团）累计实现主营业务收入3989.48亿元，同比增长26.44%，增长额为834.19亿元，增幅比1-4月提高0.33个百分点。
从汽车工业重点企业（集团）实现主营业业务收入的具体情况看，前五个月汽车工业16家重点企业（集团）有14家企业实现主营业务收入超过上年同期水平。其中：吉利集团、东南公司、广州集团、重汽集团和华晨集团实现主营业务收入同比均超过50%，增长率分别为175.44%、80.45%、76.43%、70%和56.98%，增幅与1-4月相比，东南公司的增幅较大，提高了12.68个百分点，广州集团与1-4月基本持平，吉利集团、重汽集团和华晨集团分别回落了17.64、3.30个和9.15个百分点；奇瑞公司、江淮集团、上汽集团、东风公司、一汽集团、长安公司、南汽集团、北京公司和庆铃公司实现主营业务收入的增长率分别为46.33%、32.52%、22.76%、20.72%、18.11%、15.16%、12.49%、7.65%和5.09%，增幅与1-4月相比，奇瑞公司、东风公司、一汽集团、长安公司、南汽集团、北京公司和庆铃公司均呈不同程度的提高，提高的幅度在0.24～5.52个百分点之间，江淮集团和上汽集团的增幅有所回落，分别回落了1.28和0.83个百分点。哈飞集团和昌河公司实现主营业务收入同比分别下降了12.64%和14.01%，降幅比1-4月分别加大了6.93和4.77个百分点。
三、利润、利税总额增幅攀升，多数企业超过两位数增长。前五个月，汽车工业重点企业（集团）盈利显著，利润、利税总额增幅攀升。前五个月汽车工业重点企业（集团）累计实现利润总额237.68亿元，同比增长65.81%，增长额为94.34亿元，增幅比1-4月提高14.49个百分点；累计实现利税总额498.95亿元，同比增长39.92%，增长额为142.36亿元，增幅比1-4月提高6.48个百分点。其中：主营业务税金及附加为123.19亿元，同比增长34.94%，增长额为31.90亿元；应缴增值税为138.08亿元，同比增长13.22%，增长额为16.13亿元。
从汽车工业重点企业（集团）实现利润总额的具体情况看，多数企业盈利水平显著，利润增长率超过两位数。其中：吉利集团、庆铃公司、奇瑞公司、重汽集团和广汽集团比较突出，实现利润总额增长率均超过三位数，分别为482.82%、181.60%、180.88%、148.44%和 141.64%，增幅与1-4月相比，庆铃公司和广州集团分别提高了28.66和70.57个百分点，吉利集团盈利额继续增长，奇瑞公司和重汽集团分别回落了40.93和66.62个百分点；上汽集团、北京公司和一汽集团实现利润总额增长率均超过50%，分别?9.19%、59.13%和52.89%、增福比1-4月分别提高了2.06、9.56和18.29个百分点；东风公司实现利润增长率也较快，同比增长达到30.11%，增幅比1-4月提高了8.04个百分点；长安公司和南汽集团实现利润总额增长率分别为15.68%和4.09%，增幅比1-4月分别回落了0.55和49.54个百分点；江淮集团实现利润总额增长率同比下降3.01%，降幅比1-4月减缓2.95个百分点；哈飞集团实现利润总额由负转正，同比下降27.45%；华晨集团和东南公司实现利润总额同比由负转正后，盈利额与1-4月相比，华晨集团有所增长，东南公司与1-4月基本持平。昌河公司依然处于亏损状态，亏损额比1-4月又有所加大。
四、应收账款净额、产成品库存资金增幅下降。5月末，汽车工业重点企业（集团）应收账款净额为515.28亿元，同比增长18.64%，增加资金占用80.97亿元，增幅比4月末下降9.64个百分点；5月末，汽车工业重点企业（集团）产成品库存资金为418.02亿元，同比增长19.03%，增加资金占用66.83亿元，增幅比4月末下降5.09个百分点。
5月末，汽车工业重点企业（集团）应收账款净额、产成品库存资金占流动资产的比重为23.61%，比4月末下降 0.61个百分点。
2007年07月11日 10时29分 TOM 汽车
主营业务收入增长175.44%,利润总额增长482.82%
Bad news 上半年吉利集团、南汽集团和哈飞集团实现利润总额同比分别下降了5.05%、12.50%和19.34%
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