In 2009, Weifu Hi-Tech's traditional diesel business profit (excluding the headquarters) will experience a substantial decline. The profit growth will be mainly due to the turnaround of the headquarters and the growth of related passenger vehicle business.

After implementing the national IV standard, the SCR system will be the first choice for the mid- and heavy-duty commercial vehicle aftertreatment system. With long-term cooperation with various diesel plants and the cooperation of Bosch common rail systems, Weifu Lida is expected to lead the competition in the SCR exhaust processor market in the Phase IV national stage.

Weifu Hi-Tech Headquarters is expected to turn a profit

At present, the high-power mechanical pumps of Weifu High-tech Headquarters are mainly used for the State II engineering machinery and EGR heavy-duty trucks, and the low-power mechanical pumps are mainly used for light trucks. In 2009, due to emission upgrades, the high-power mechanical pump business was hit hard. It is expected that sales of PW2000 will decline by about 60% to 70% in the first half of the year, PW pumps will drop by about 30% to 35%, and Type A pumps will drop by about 30%. Sales revenue will also decline significantly. The remaining low-end S-type mechanical pump injector business and three dual-parts business are also expected to decline by about 20%. In the first half of the year, the prices of small pumps and large pumps did not change much. Due to the substantial decrease in procurement costs, the adverse effects of the decline in capacity utilization were compensated to a certain extent. In the context of a sharp drop in sales, the Department focused on internal potential exploration and adopted a series of measures including streamlining personnel. Therefore, we estimate that relying on cost control, the Department should not suffer losses in the first half of the year.

As Weifu Hi-Tech Co., Ltd. started slowly in EGR support, it is currently supporting Cuming, Xichai, and Weichai. The expansion of EGR market share in the second half of the year will be the focus of work. With the increase in the ratio of semi-trailer tractors in the heavy truck market in the second half of the year, the growth of engine sales of companies such as Weichai will be faster, and at the same time further consider the increase in its market share, it is expected that the sales revenue in the second half of the year will grow by a certain margin. Will achieve low profit. In 2008, the loss of the headquarters exceeded 200 million yuan, and the only improvement in the profit brought by this one is 0.38 yuan per share.

Most other businesses fell

Weifu Automobile & Diesel has been the main source of profit for the company in the past, but with the implementation of the heavy truck III standard in July 2008, sales of its PS7100 pump, the main profit product, have fallen sharply, and its annual net profit has dropped by 87% year-on-year. In the first half of the year, the PS7100 was mainly based on digested inventory, and sales volume is expected to decline by about 70%. At present, the main operation of Weifu Gas Chai has been transferred to Bosch's supporting common rail pumps. The company strives to achieve basic coverage of major varieties by the end of the year or early next year. It is estimated that Weifu Diesel will have a loss for the whole year of 2009. With the improvement of common rail pump supporting business and P-type injector business in 2010, profitability will rebound.

As the most important source of Weifu's profitability, Bosch Diesel has a loss of nearly 130 million yuan due to near-stop production in the first quarter. It is estimated that the second-quarter profit will exceed 110 million yuan, and the total loss for the first half of the year will be about 1,000 to 20 million yuan. In the second half of the year, as Bosch's tractor-trailer sales rebound, the market share of Cummins, Xichai, and Weichai will increase, and the proportion of common rail in the industry will increase significantly. Overall, this year's performance is expected to drop sharply. Weifu Jinning's performance will be affected by the delay of light truck nation III standard, and it is expected that its annual business performance will drop by about 40%. After 2010, relying on light trucks and light passengers to control the VE pump market, performance will rebound significantly. However, Zhonglian Electronics will benefit from the strong sales of the sedan market and will become the main source of profit for the first half of the year. We expect 2009 earnings to increase by 50%.

Recreating Weifu SCR System

Weifu Lida currently focuses on purifiers and operates mufflers. Customers focus on own brands. In 2008, a total of 350,000 sets were sold, and 350,000 sets were expected to be sold in the first six months of this year, with a growth rate exceeding 70%. After implementing the national IV standard, we judged that the SCR system will be the first choice for the heavy-duty commercial vehicle aftertreatment system. At present, Weifu Lida is the only domestic supplier of domestic systems. Its independent SCR catalyst technology is mature, and it can complete all processes of dosing, carrier, catalyst, and subassembly. Compared with imported and joint venture products, Weifu Lida is expected to mass-produce after production. The price is only 50% of the former.

With the long-term cooperation relationship between Weifu Hi-Tech and various diesel plants, and with the cooperation of Bosch common-rail systems, we expect Weifu Lida to lead the competition in the national IV stage SCR exhaust processor market. After 2011, it is estimated that annual sales of medium- and heavy-duty commercial vehicles will reach 1 million. Assuming that 60% to 70% use the SCR system, Lida’s market share will reach 40%, unit price will be 10,000 yuan per unit, and the net interest rate will be 10%. The annual sales revenue will reach 2.4 billion yuan and net profit will be 240 million yuan. This has not taken into account the needs of the maintenance market. In the future, Weifu's traditional mechanical pump business may gradually disappear, relying on the promising SCR business, a “new Weifu” is being bred.

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