Recently, we conducted surveys on large-scale heavy truck dealers in a certain region in the country, and conducted in-depth exchanges on the development of the heavy truck industry in the form of conference calls with managers of each brand region. The main points are as follows:

First, terminal sales have improved slightly, but the signs are not significant.

The company's heavy truck dealerships mainly focus on North China and Northeast China, mainly including Shanxi, Inner Mongolia, Hebei, and East China. The sales volume of mid-to-downstream sales of heavy trucks, such as transportation of coal, steel, mines, and other resources, and mine operations accounted for approximately 70% of the total sales volume. Therefore, the demand for iron and steel, coal, and mining has a significant impact. The company felt that September 2012 was the worst in the year, and current terminal sales started slightly. From the perspective of user structure, the proportion of old users changing cars is about 2/3, and the proportion of newly added users in two consecutive years from 2011 to 2012 is in a significant downward trend.

Second, sales of heavy trucks in 2013 are relatively optimistic. Sales growth in key regions may be expected to exceed 30%.

The company's overall expectations for the heavy truck market next year and the next year. Mainly because of three aspects: 1. After the 18th National Congress of the People's Republic of China, there are expectations for the new leadership economic policy. 2. The emergence of LNG vehicles has improved the profitability of end-users. At present, the quality of LNG heavy trucks of many manufacturers has reached a stable stage. LNG heavy trucks will continue to be hot in areas with sufficient gas stations. 3, the national IV standard switch will make new and old models reshuffle, good update.

Third, the major brand terminal library sales ratio is less than 1 month, has been lower than the historical average level, enter the end of inventory.

The company is a regional large-scale system distributor, and the current inventory level is at a historically low level, and there is no pressure phenomenon as before.

Fourth, from the current terminal research situation, this year, the proportion of scrapped demand has risen, and the ratio of dealers to book sales is at a historically low level. We estimate that even if we do not consider the turbulence of emission upgrades, the new demand will grow at zero compared to this year. In 2013, the sales volume will reach approximately 720,000 vehicles, an increase of 16% year-on-year.

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