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The main products Hing Man steel ring of steel wheels, inner tubes can be divided according to whether the steel wheels and tubeless steel wheels, inner tubes. Among them, the main supporting tubeless wheels in the heavy truck, medium and large passenger cars and the economy on the micro Ke; a tube steel wheel, also known as the wheel, mainly applied to construction machinery, trucks and agricultural vehicles. At present the main wheels of steel in the low end configuration in the commercial vehicle and passenger car, the car s lightweight development, selection of light materials such as aluminum, magnesium alloy, high strength steel and other alternative is now widely used in steel reduce body weight, payload can increase the rate of increase in fuel economy. Compared with steel wheels, aluminum wheels, light weight, high accuracy, but the price is about 3 times the wheels of steel, so aluminum wheels in the car on the main assembly; and steel wheels are by virtue of its [link widoczny dla zalogowanych] safety performance, a balance indicator Good, inexpensive and processing advantages of low waste, mainly used in commercial vehicles, passenger vehicles and construction machinery in the low end, the short to medium term, there is no alternative to steel wheels aluminum wheels risks.

Hing Man Wheel OEM Wheel is the market leader. According to China Automobile Industry Yearbook (2009 Edition) Statistics, 2008, the company s second production of steel wheel industry. Xing tires are the [link widoczny dla zalogowanych] number one key is to do AM market, OEM market, the company is the leading steel ring. Wheel of total 2009 sales of the company 9.02 million, up 54 , higher than the automobile industry sales growth, market share was 15 . The company s main customers are Foton Motor, Chang an Automobile, the five levy car, Shenyang Jinbei, Dalian forklifts, Daewoo Heavy Industries, which Fukuda, Chang an, the five signs. OEM market and the AM market share of around 7:3. Domestic and export company in 2008 the proportion of the domestic auto market for the 2.9:1,2009 years due to the hot and foreign financial crisis, as well as capacity planning, the company fart foreign orders to ensure that the domestic OEM market, has resulted in the export ratio of 5.3:1 . 2,011 in 2010 the company will release new capacity and gradually [link widoczny dla zalogowanych] solve the capacity bottlenecks, three years after the final production capacity will reach 20 million, to join the international leading supplier of steel wheels ranks.

Tubeless steel wheels replace steel wheels with inner tubes trends contribute to improvement in gross margin. Tubeless steel wheels, relatively light weight and does not happen there is the danger of tire puncture, so has the fuel economy and safety features, have the advantage of the wheel inner tube, high strength, low cost, in poor condition, low speed running Under an advantage. Therefore, agricultural vehicles and construction machinery in general use tire wheel, the wheel does not exist to be replaced with the risk of [link widoczny dla zalogowanych] inner tubes, but in high end heavy truck, medium and large customers, with the improvement of road conditions and overloading of the reduction in tubeless wheel advantages, there are alternatives with tube wheel trend. According to the figures disclosed in the 2009 annual report, tubeless steel wheels and steel wheels, inner tubes gross margins were 22.36 and 12.53 , tubeless steel wheels replace steel wheels with inner tubes trend will increase the company s consolidated gross product interest rates.

Steel price increases, Hing Man Wheel switching costs have on the ability of OEMs. Hing Man steel ring products such as raw material costs constitute 70 of the cost of steel, paint and other accessories, 5 , 5 depreciation, wages represent about 12 , the rest as a driving [link widoczny dla zalogowanych] force and others.

2009 and first quarter 2010 product gross margin for the 15.46 and 15.79 , more stable. Wheels, the most important parts of a vehicle is directly related to traffic safety and driving comfort, the supporting system into the vehicle factory certified and testing needs, [link widoczny dla zalogowanych] there are some barriers to entry; vehicle plant for their own safety and the manufacturers will be considered honorary Wheel excellent selection of quality suppliers, so that when steel and other raw material prices, the steel ring factory has the capacity of the downstream transfer of costs to gross profit margin to remain stable. In particular, such as Hing Man Wheel OEM market leading enterprise products in short supply, [link widoczny dla zalogowanych] has been up against capacity constraints, ability to be more of this shift.

Wheel of technology content of production is not low. Currently on the market generally felt [link widoczny dla zalogowanych] that [link widoczny dla zalogowanych] the structure of steel ring simple manufacturing process is relatively simple, in fact, steel ring as an important driving auto parts, on driving safety and comfort is very important to the smooth, beat on the track, beating other axis reflects the flatness and cylindrical indicator of the level required more stringent, the need for design and manufacturing processes to do security.

Hing [link widoczny dla zalogowanych] Man Wheel 2007 2 009 years of research into the proportion of total revenues were 2.35 , 2.38 and 2.68 .

Raise investment projects and raise the project is finished over the company s production capacity will ease the bottleneck.

Companies raise investment projects is 200 million sets of high strength lightweight steel wheels, tubeless construction project, its dimensions of 22.5 inch diameter, mainly used in heavy trucks and large and medium high end customers, the market penetration in Europe and the United States has been 95 , while in the country, large and medium customers in the OEM market is already widely used, but in the heavy truck usage is very low. Foreign markets, the company s large size tubeless rims have made third party certification, as long as productivity, sales quickly; the domestic market, due in large size heavy truck tubeless rims with lower utilization rates, as is also facing a huge incremental market. The short [link widoczny dla zalogowanych] term, the project based products to the international market, mainly supporting dragon domestic passenger cars, buses and heavy trucks Fukuda. The project has now entered a [link widoczny dla zalogowanych] stage of purchase of equipment installation, commissioning will be completed in the third quarter production.

Hing Man Super raise steel ring for the 4 million project car wheel production projects with a total investment of 300 million yuan, the product is high quality steel wheels car locally, the annual sales income of 340 million yuan. The project is expected to be put into operation on the first half of 2011.

Hing Man Wheel of non fund raising projects, 2 million tubeless wheel, the main market for light vehicles, micro off will be in production in 2010. The above project is finished, the new capacity by 2010, four million in 2010 and then the new capacity 4 million, up 16 million of capacity to address capacity bottlenecks, according to the company bore, three years to reach production capacity Hing Man Wheel 20 million. Sign has been in short supply in our products, the project will soon put into production over production for the foreseeable revenues and profits within three years will maintain high growth.

Earnings forecasts and investment ratings:

Capacity since 2009, the company has been very tight and OEMs to the months of high incidence to goods, the company in order to maintain client stability, give up the foreign orders, even if it is still only part to meet the needs of OEMs. The next three years, the company increased production capacity will help the company seize the rapid growth of the domestic car market and the international transfer of auto parts to China, the trend of big opportunities; the company s large size items and car tubeless wheel projects, will help companies to increase product structure, to achieve high end product strategy. The next three years, the company s revenue and earnings growth will remain high, estimated EPS for 2010 2011 were 0.51 yuan and 0.65 yuan, taking into account its high growth, given the Recommended investment rating.
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