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The market watched the Fed's interest rate reform. Hong Kong stocks performed repeatedly and softly. The Hang Seng Index fell to at least 24,369 after opening 95 points earlier in the morning and narrowed down after mid-afternoon, closing down 22 points to close at 24,576, with a turnover of 80.5 billion yuan. The major cities in the Mainland raised interest rates and US interest rates, coupled with a number of concerns raised in order to guard against short-term market conditions, may need to cover the gap between 24,537 and 24,750 and try 24,000.
Dongfeng Motor (0489) earned 1.945 billion yuan in net profit in the first half of this year, an increase of 75% compared to the same period in 2006. Even after deducting the deferred tax return, net profit also increased by 42% to 1.58 billion yuan, maintaining rapid growth.
Dongfeng's sales target for the entire year ranged from 90 to 950,000 vehicles, and the proportion of passenger cars and commercial vehicles sold was 7 to 3. Its commercial vehicles maintain its leading position in the Mainland. In the future, it will strive to expand the lighter trucks that are more competitive, further enhancing after-sales services and developing rural and overseas markets. The current production capacity of commercial vehicles is 345,000 vehicles.
In the first half of the year, the total sales of Dongfeng reached 460,000 units. During the period, the raw material prices increased by 4%, which has a greater impact on commercial vehicles. The price increase of raw materials is expected to be only 1% in the second half of the year. In addition, demand in the passenger car market has rebounded to some extent. Sales volume all showed a certain growth. It is estimated that the Mainland will not reproduce the irrational price reduction situation in 2004. The auto industry will see a steady decline in selling prices. The company’s car price reductions for the full year are budgeted to be between 3% and 5%. Dongfeng expects to launch two or three models of passenger vehicles in the second half of the year to maintain its sales performance. In the short term, it will invest nearly RMB 10 billion in its own brand passenger car project. As for the parent company's research and investment in its own brand project, if it is mature and profitable, it will also consider injecting into the listed company. At present, the parent company's new construction base will be built after 18 months, according to the current new single batch of new projects in the Mainland. The production capacity ranges from 12 to 150,000 vehicles.
According to the data from the Stock Exchange, Templeton Asset Management increased its holdings of 1414.46 million H shares on the 28th of last month, raising its shareholding from 4.89% to 5.38%. In addition, Da Mo is also very good at Dongfeng. It has been pointed out that the cooperation with Regal Automotive in heavy vehicles and potential A-share listing will enhance the value of Dongfeng and improve the market sentiment. It is expected that the compound growth of its earnings in the next three years can be achieved. 24.5%, target price is 5.8 yuan. The forecast price-to-earnings ratio is only 15 times, it is actually attractive level, but technically it is already in the overbought zone. We can consider waiting for it to fall back to 5.2 yuan before it buys low, and it is the medium and long-term investment target (current price is 5.52 yuan).
China Coal Growth Jinsheng Sheng 21 yuan
As for China Coal Energy (1898), net profit reached RMB 2.649 billion in the first half of this year, which almost doubled and its profit rose sharply. One of the reasons for this is the nearly 400 million yuan gain in the value of investment in financial assets; Interest income rose sharply, allowing other income to reach 298 million yuan, compared with only 87.45 million yuan in the same period last year.
Excluding the increase in core earnings, China Coal’s coal output also increased by 17.8% to 43.39 million tons, of which 39.05 million tons of raw coal was produced, an increase of 26%. In addition, the coal sales structure continued to be optimized, and coke production also rose to 1.25 million tons in the first half of this year, an increase of nearly 60%. Goldman Sachs pointed out that China Coal can improve its long-term prospects by increasing production capacity and controlling costs. It increased its profit forecast for 2007-09 by 12% to reflect the basic upward trend in coal prices; the local market for coal Strong demand is expected to help its contract coal price in 2008 to record a 10% growth, and the economies of scale will also help improve company operating efficiency.
We maintain our “Buy†rating and raise our target price to RMB 21. After the announcement of the results, the stock price has been continuously sought after. We have reached new highs yesterday. We saw a high of 18.56 yuan yesterday and the market reversed once again rose by 6.6% to a current price of 18.52 yuan. There is still room for 13.4% increase.