【出版时间及名称】:2009年12月中国轿车行业研究报告
【作者】:德意志银行
【文件格式】:PDF
【页数】:50
【目录或简介】:
Table of Contents
Unstoppable growth in 2009 ............................................................ 3
2009 harvest outlook positive ...................................................................................................3
Expect stable growth for 2010 ......................................................... 4
Risk of negative growth does not seem imminent ...................................................................4
We expect PV sales to grow by 14% in 2010 and 12% in 2011...............................................6
What would make the sky blue?...............................................................................................6
Margin trend is likely to remain stable in 2010..........................................................................7
Stock implications............................................................................. 8
Forecast raised on higher sales and margin assumptions ........................................................8
PE valuation likely to stay above mid-cycle on improved outlook .............................................8
Near-term top pick is Dongfeng................................................................................................8
Risks.................................................................................................. 11
Demand slowdown could still happen....................................................................................11
Pricing could become less rigid in 2010 .................................................................................11
Company pages ............................................................................... 13
Dongfeng Motor .............................................................................. 14
Denway Motors ............................................................................... 20
Geely Auto........................................................................................ 26
Brilliance China ................................................................................ 34
BYD ................................................................................................... 40


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