JAC invested 837 million in wading heavy-duty trucks

On November 29, Jianghuai Automotive disclosed that its heavy-duty truck project, with a total investment of 837 million yuan, has been reviewed by the National Development and Reform Commission. This marks a significant step in the company’s expansion into the medium and heavy truck market. Earlier reports had suggested that Jianghuai was planning a truck project with an investment close to 1 billion yuan and had already received state approval. However, the company clarified that the actual investment stands at 837 million yuan. The project aims to produce 40,000 heavy-duty trucks annually, with 647 million yuan allocated for fixed assets and 190 million yuan for working capital. For the first time, Jianghuai provided projected financial returns. According to a report submitted to the National Development and Reform Commission by Dongfeng Design and Research Institute Co., Ltd., the project is expected to operate over a six-year production period. Once fully operational, the company anticipates an average annual sales revenue of 4.48 billion yuan, with an average annual profit of 334 million yuan and a post-tax profit of 224 million yuan. Wang Deian, an analyst from Guolian Securities' Automotive Industry Division, noted that Jianghuai's entry into the medium and heavy truck segment began in April 2005. Previously, the company focused on passenger car chassis and light trucks, making it a relative newcomer in the heavy truck sector. Regarding the impact on Jianghuai’s stock price, Wang said the project would not significantly affect the company as a whole. With a total investment of 800 million yuan, the project is relatively modest within the broader heavy truck industry. Additionally, it will take six years before the project reaches full production. Wang also highlighted that Jianghuai has revised its earnings estimates. Previously circulated figures in the securities industry did not align with the official announcement. For instance, sales revenue was adjusted from 6 billion yuan to 4.48 billion yuan, and net profit was reduced from 400 million yuan to 334 million yuan. After two days of gains, Jianghuai Automobile rose 2.79% along with the broader market, closing at 8.10 yuan on the previous trading day. This development signals the company’s growing ambitions in the heavy truck sector, despite the challenges of entering a competitive industry.

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