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As a domestic fuel injection system supplier with comparative advantages, Weifu Hi-Tech's operations are closely related to the development of commercial vehicles. Although commercial vehicles fell into a downturn in the first quarter of 2009 due to the impact of the global financial crisis, the development of commercial vehicles has entered a normal state since the second quarter with the introduction of relevant national stimulus policies. In addition, in the first three quarters of 2009, Weifu Hi-Tech Co., Ltd. achieved a good operating performance through the strict cost management and control expenses when its main business revenue dropped by nearly 16% year-on-year.
In the first three quarters of 2009, Weifu Hi-Tech's total receivables decreased by nearly 4% year-on-year. Inventories fell by nearly 10% year-on-year, and all items coped with a year-on-year increase of nearly 11%. This indicates that in the face of severe market conditions, companies are actively responding. To ensure the continued development and stability. Combined with such indicators as inventory turnover, accounts receivable turnover, and operating cash flow, the overall business operations of the company are still relatively good. In addition, Weifu Hi-Tech's current debt ratio is only 41.70%, a year-on-year decrease of 5.74 percentage points, which is basically kept at a relatively low level. On the one hand, it shows that there is basically no pressure for capital demand at present, and on the other hand, it also shows that there is still ample room for utilizing relevant financial leverage.
Given that the rapid development of the automobile industry in 2009 was mainly driven by passenger vehicles, and commercial vehicles basically maintained a normal development trend, Weifu Hi-Tech's 2009 EPS was forecast to be around 0.53 yuan.
Considering that the development of the national economy in 2010 will likely continue to be driven mainly by investment, commercial vehicles will usher in opportunities. As one of the leading domestic automotive key components - fuel injection system production, Weifu Hi-Tech continues to expand gasoline fuel. The supporting services of the supply system have solid foundations for the steady development in the future. Therefore, on the basis of a comprehensive assessment of various influencing factors, the investment rating of Weifu Hi-Tech's “careful holding†will remain unchanged.