dtg:百倍租车股的背后
看看表现：
09年最低0.77,最高 84 涨幅超百倍。
先来看看年报：
公司过去几年收入变化不大，成本下降的关键是 vehicle depreciation and lease charges 的下降
During 2011, expenses declined 4.0% compared to 2010. The Company had lower net vehicle depreciation and lease charges primarily due to lower
depreciation rates per vehicle resulting from continued favorable conditions in the used car market, mix optimization through a more diversified fleet and
improved remarketing efforts. Selling, general and administrative expenses decreased primarily due to lower merger-related costs. Net interest expense
decreased primarily due to lower average vehicle debt and lower interest rates. Additionally, the Company experienced increases in the fair value of
derivatives in 2011 and 2010 of $3.2 million and $28.7 million, respectively.
Net vehicle depreciation and lease charges decreased $28.2 million. As a percent of revenue, net vehicle depreciation expense and lease charges were 17.5%
in 2011, compared to 19.5% in 2010.
The decrease in net vehicle depreciation and lease charges resulted from the following:
Ø Vehicle depreciation expense decreased $44.4 million, primarily resulting from a 16.1% decrease in the average depreciation rate due to
continued favorable used vehicle market conditions, partially offset by a 4.8% increase in the average depreciable fleet.
Ø Net vehicle gains on disposal of risk vehicles (reductions to net vehicle depreciation and lease charges), which effectively represent revisions to
previous estimates of vehicle depreciation charges by reducing vehicle depreciation and lease charges, decreased $16.2 million from a $63.1
million gain in 2010 to a $46.9 million gain in 2011. This decrease in gains on vehicle dispositions resulted from approximately 17,700 fewer
units sold in 2011, partially offset by a higher average gain per unit in 2011 as compared to 2010.
Net vehicle depreciation and lease charges decreased $126.9 million. As a percent of revenue, net vehicle depreciation expense and lease charges were 19.5%
in 2010, compared to 27.6% in 2009.
The decrease in net vehicle depreciation and lease charges resulted from the following:
Ø Vehicle depreciation expense decreased $98.5 million, primarily resulting from a 19.8% decrease in the average depreciation rate due to
significantly improved conditions in the used car market, extended vehicle holding periods, fleet consisting of various vehicle manufacturers and
of more diversified vehicle types, and process improvements made by the Company in vehicle remarketing practices, coupled with a 2.0%
decrease in the average depreciable fleet.
Ø Net vehicle gains on disposal of risk vehicles (reductions to net vehicle depreciation and lease charges), which effectively represent revisions to
previous estimates of vehicle depreciation charges by reducing vehicle depreciation and lease charges, increased $28.0 million from a $35.1
million gain in 2009 to a $63.1 million gain in 2010. This increase in gains on vehicle dispositions resulted from more units sold during 2010
and a higher average gain per unit as compared to 2009, attributable to a stronger resale market in 2010 compared to 2009.
Ø Lease charges for vehicles leased from third parties decreased $0.4 million in 2010.
详细如下：
盈利的改善主要通过计提折旧的减少和融资费用的下降来实现的话，神州在扩张阶段的这几年之内要实现盈利应该是很难了。计提折旧的减少更多是通过延长汽车使用年限来实现吧？这神州的车大多是新购的，还没到那个阶段；融资费用下降需要通过经营现金流补充投资所需资金，神州现在这个扩张阶段也难以实现。真是悲催啊！