In 2013, the company achieved operating income of 2,110 billion yuan, a year-on-year decrease of 9.06%, and realized net profit attributable to shareholders of listed companies of 1,292 billion yuan, an increase of 16.22% over the previous year, and net profit after deduction of 1,252 billion yuan, an increase of 13.92% over the previous year. Earnings per share during the reporting period were 1.52 yuan, in line with our expectations. Dividend of 1.5 yuan (tax included) for every 10 shares. In 2013, Dongfeng Yueda Kia Motors sold 546,700 vehicles, achieved operating income of 53.78 billion yuan, a year-on-year increase of 15.68%, and realized a net profit of 4.16 billion yuan, contributing to the company's investment income of 1.04 billion yuan, an increase of 6.69%; the road business achieved revenue of 4.183 billion yuan, a year-on-year increase of 3.57%, a year-on-year decrease of 13.43%, and a total net profit of 487 million yuan; the textile company lost 100 million yuan, reduced losses over the previous year 22.13%; the tractor company's consolidated loss was 19.23 million yuan, a year-on-year loss reduction of 48.71%; Ulanqu Coal Company achieved a net profit of 15.65 million yuan, a year-on-year decrease of 70.86%; Nanwei Fiber Technology lost 33.48 million yuan, a year-on-year loss of 1.65%. The third plant of the automobile company was completed and put into operation in January 2014, and the production capacity will reach 730,000 vehicles. New production capacity+new models help automobile companies achieve steady growth in performance. The rule of exempting tolls on holidays has been around for more than a year. The negative impact compared to 2014 will no longer be felt, and losses on the Ningyang Expressway will gradually narrow. The company's 2014-2016 EPS is predicted to be 1.75 yuan, 1.99 yuan, and 2.24 yuan, respectively. Based on today's closing price of 10.25 yuan, the company's 2014 dynamic PE was only 5.86 times, maintaining the company's “recommended” investment rating. Risk warning: The level of competition in the automobile industry has exceeded expectations; further policies introduced by the country to reduce or abolish expressway tolls will also have a major negative impact on the company.
悦达投资(600805)年报点评:汽车公司新产能竣工投产
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