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Fuyao Glass Net Profit Increased By More Than 57% In 2010.

2011/1/13 15:31:00 66

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Fuyao Glass Net Profit In 2010

Fuyao Glass

(600660.SH) the announcement of the performance announcement on the evening of 12 may be expected in 2010.

Net profit

Year-on-year growth of more than 57%, the company achieved net profit of 1 billion 118 million yuan, earnings per share of 0.56 yuan.

The company said that growth in performance benefited from the rapid development of China's auto industry and automotive glass.

export market

And the optimization of corporate debt structure and the reduction of financial costs.

China Automotive Industry Association released the latest statistics show that, following the global attention in 2009, in 2010, China's automobile production and marketing exceeded 18 million vehicles, and won the world's first automobile market.

Fuyao has a market share of over 60% of China's auto glass market, and obviously benefited from the rapid development of the automotive industry.

CICC said that as the largest automotive glass producer in China, Fuyao Glass can fully benefit from the growth of domestic car sales.

At the same time, export OEM business has larger growth space.

Because the price of overseas competitors is limited, the price advantage of the company is obvious. After the gradual recognition of the performance and stability of the company's products, the export business of OEM in the past two years is expected to continue to double growth.

On the other hand, the company continues to enhance cost control and raise the yield, and the profit margin is expected to rise steadily.

The industry also pointed out that the main raw material of automotive glass is soda ash. The price increase of soda ash in recent years has brought the cost pressure to the company, and at the same time, the cost of labor and the appreciation of the renminbi are also factors that the company has to face.

In 1-9 months of 2010, the company achieved operating income of 6 billion 79 million yuan, an increase of 47% over the same period last year, and the net profit of the owners belonging to the parent company was 1 billion 319 million yuan, an increase of 114% over the same period last year, and the earnings per share were 0.66 yuan.

Fuyao Glass also announced that in January 11th, the company issued the first stage short-term financing certificate for 2011 in the national interbank bond market, issuing a total of 500 million yuan, with a term of 365 days, with an interest rate of 4.19%.

The funds raised are mainly used to repay bank loans and supplement working capital and reduce the cost of financing.

On the 12 day, Fuyao Glass closed up 2.15% and reported 10.45 yuan.