China Automotive Systems, Inc. (CAAS) 2009年年度报告「NASDAQ」.pdf

1、CAAS 2009 ANNUA REPORT 1 Dear Shareholders,The 2009 year marked a new era for the Chinese automotive industry and China Automotive Systems.China became the largest vehicle market in the world in 2009 while our Company captured the largest market share in the growing automotive steering market in Chi

2、na.Total vehicle output in China was 13.8 million units and total vehicle unit sales reached 13.6 million units,increases of 48.3%and 46.2%compared to 2008 according to the China Association of Automobile Manufacturers.We continued our growth trend by again outperforming the market as our steering g

3、ears for passenger vehicles grew by 60.4%,for commercial vehicles gears grew by 46.8%and steering pumps rose by 57.7%in 2009.For the 2009 year,annual net sales were$255.6 million,up 56.6%or$92.4 million from 2008.Sales growth was generated by Chinas economic expansion leading to higher income levels

4、 and greater passenger vehicle sales.The governments stimulus and investment in the national infrastructure generated greater commercial vehicle sales in China.Gross profit in 2009 increased by 53.8%to$72.7 million with income from operations up 122.6%to$37.7 million and net income rose by 88.3%to$2

5、3.4 million,or diluted EPS of$0.78.As of December 31,2009,cash and equivalents were$43.5 million and stockholders equity rose to$132.8 million.For 2009,working capital rose to$61.0 million and net cash flow from operations was$35.0 million.Competition is pressuring OEMs in all markets to seek the be

6、st value systems.We supply leading Chinese brands that require high-quality components and systems.OEM competition outside of China helped lead to our first exports to the award-winning Jeep Wrangler in mid-2009 for the large North American market.Our first OEM contract with Chrysler Jeep has create