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Day before the wheels would have been anti-dumping investigations

IPO tomorrow to accept the United States April 19 review anti-dumping investigations of Chinese products, steel wheels

    Xiamen Day Wheel Group Co., Ltd. (hereinafter referred to as "day on the wheel") IPO (Initial Public Offering) for tomorrow to accept the CSRC issuance examination committee for review. Investors concerned that the last two years at the wheel on the wide fluctuations in performance, our products today is to accept the U.S. anti-dumping investigation, the information or a negative impact on the company's IPO.

    Day the wheel listing prospectus, the company's 2009 net profit fell 0.1% surge in 2010 net profit was 172.4%. According to the China Association of Automobile Manufacturers, 2009 and 2010, automobile production in China increased by 48.30%, respectively, 32.37%. Market analysts said that at the wheels for the automotive parts manufacturer, its performance with the vehicle production and sales volume growth should match the performance of volatility at the wheel is not unusual.

    Moreover, according to the prospectus at the wheel, the U.S. Department of Commerce has decided to April 19 steel wheels originating in China (18-24.5 inches in diameter) anti-dumping subsidy investigations, are still under investigation.

    Deputy General Manager at the wheel Zhongbo An Post to accept an interview yesterday, said anti-dumping investigation into the incident rather sudden, the company's tire exports to the U.S. tariffs have not increased, the specific impact is hard to say.

    Analysts claimed that, despite the production of wheels on the proportion of exports to the United States is not large, but still anti-dumping investigation brings uncertainty to the performance of the company and its adverse impact on market valuations.

    Income before market surge

    Day the wheel is an automotive parts manufacturer, the main products for the steel structure, load drum. The 5,300 shares of common stock to be issued, fund-raising 6.0075 billion for the expansion of steel, truck tire production capacity, after the company's total issued share capital of 212 million shares.

    2008-2010, at the wheel load drum operating income was 397 million, 325 million, 548 million yuan, accounting for the proportion of main business income was 51.72%, 57.8%, 57.9%. If you raise the tender of production, the company will add an annual capacity of tubeless truck 300 million sets of steel wheels, steel truck steel wheel sets annual capacity of 50 million, steel production capacity 50,000 tons. And last, the wheel load on the drum at a capacity of 3.6 million sets of products, of which 2.1 million steel wheel tubeless truck sets. If the listing successful, the company truck steel wheel production capacity is expected to nearly double.

    Data show that in 2008, 2009, 2010, at the wheel, respectively, operating income of 806 million yuan, 6.09 billion yuan, 1.07 billion, attributable to shareholders of listed companies net profit of 30,702,600 yuan, 30,673,500 yuan, 83,552,000 yuan . 2009 net profit fell 0.1%, but the surge in 2010 net profit was up 172.4 percent.

    For the performance fluctuations, explained at the wheel, due to the international financial crisis, some of steel plant projects pushed by customers after the implementation of the contract, the corresponding second half of 2008 led to the company, core business revenue in the first half of 2009 were 350.509 million yuan, 206.2792 million yuan, respectively, than the same period last year decreased by 8.06%, 50.63%. But with the global economy started to recover, the company second half of 2009, the first half of 2010 were the main business income of 356,979,300 yuan, 432,877,800 yuan, an increase over the previous year were 1.85%, 109.85%, the business quickly resume growth trend.

    However, according to data released by China Association of Automobile Manufacturers, 2009, China produced a total of 13,791,000 vehicles, sales of 13,644,800, an increase of 48.30%, respectively, and 46.15%. 2009, significant increase in car sales, making China's first officially overtaken the United States as the world's largest car market. In 2010, China's annual auto sales to 18.06 million, continue to sit tight in the first throne of the world, an increase of 32.37%.
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