The company's headquarters sold 188900 vehicles from January to September 2011, an increase of 10% over the same period last year. Of these, the Xiali series and Wei series sold 14.26 and 46300 vehicles respectively, up 5 per cent and 25 per cent respectively over the same period last year. The company's operating income in the first three quarters was 7.435 billion yuan, an increase of 12% over the same period last year. The revenue growth rate was higher than the sales growth rate, mainly due to changes in the sales structure; the sales gross profit margin in the first three quarters was 4.91%, an increase of 0.82% over the same period last year. From January to September, the company lost 663 million yuan at its headquarters, and lost 10 million yuan less in the same period last year.
The company's headquarters sold 48200 vehicles from July to September 2011, up 3% from the same period last year and down 18% from the previous month. The company's sales revenue in the third quarter was 1.976 billion yuan, up 13% from the same period last year, down 18% from the previous quarter. The company lost 294 million yuan in the third quarter, 50 million yuan more than in the third quarter of last year, and 138 million yuan in the second quarter, which is basically in line with expectations.
The company achieved an investment income of 772 million yuan from January to September 2011, a decrease of 192 million yuan compared with the same period last year. From July to September this year, the company achieved an investment income of 356 million yuan, an increase of 112 million yuan over the same period last year and 206 million yuan over the second quarter, indicating that Tianjin FAW Toyota recovered a good momentum in the third quarter.
Tianjin FAW Toyota is expected to make a profit of 3.5 billion yuan in 2011, valued at 35 billion yuan according to 10 times dynamic PE, and FAW Xiali holds a 30% stake worth 10.5 billion yuan. At the end of the third quarter of 2011, FAW Xiali belongs to the owner's equity of the parent company is 3.666 billion yuan, excluding Tianjin FAW Toyota's long-term equity investment of about 2 billion yuan is 1.666 billion yuan, according to 1 times the PB value is 1.666 billion yuan. FAW Toyota 30% equity plus the company's owners' equity value of 12.166 billion yuan, corresponding to 1.595 billion of the total share capital, the reasonable price per share is 7.63 yuan, we maintain the "recommended" rating of the company, the target price is 7.63 yuan.
