Xingma Automobile will carry out major asset restructuring
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According to the assets held by Xingma Automobile's controlling shareholder Huashen Building Materials Industry Co., Ltd. and the higher-level controlling shareholder Xingma Automobile Group, we believe that it is highly likely that the controlling shareholders will inject Valin Electric into the listed company. The aspect can solve the large-scale connected transactions that have long plagued listed companies, and thus restore the refinancing function of Xingma Auto. At the same time, it can also make Star Horse occupy a more favorable position in the process of automobile industry integration in Anhui Province.
For listed companies, if the company is injected into a listed company, it can significantly reduce the company's chassis purchase costs and significantly increase company performance. According to the 2008 annual report of Xingma Automobile, the company's purchase of chassis from Hualing Automotive in 2008 amounted to RMB 880,690,900, which accounted for approximately 70% of the company's chassis purchase amount. The entire automobile chassis purchase cost accounted for approximately 67% of the company's main operating cost.
In 2009, the sales of Valin Motors was significantly better than the sales of the heavy trucks. In January-September, 12,936 units were sold, an increase of 32% year-on-year. Not only did it exceed the total sales volume of last year, it was also significantly higher than the 4.8% sales growth of the entire heavy truck industry over the same period. From January to September, the sales revenue of Valin Motors was RMB 3.186 billion, which was equivalent to 1.4 times that of Xingma Automobile. Since the gross margin of the heavy-duty vehicle industry is about 8-12%, and the current gross profit margin of Xingma Automobile is basically the same, if the company is injected into the listed company as a whole, the profit of Xingma Automobile will increase exponentially.