LONDON, UK / ACCESSWIRE / December 01, 2017 / Active-Investors issued a free report on SORL Auto Parts, Inc. (NASDAQ: SORL) ("SORL"), which is readily accessible upon registration at www.active-investors.com/registration-sg/?symbol=SORL as the Company's latest news hit the wire. On November 29, 2017, the Company announced that it has won major supply contracts from the Shanghai Municipal Transportation Commission. Sign up now for our free research reports at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, SORL Auto Parts most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
SORL is the exclusive supplier of electric air compressors to all buses for Shanghai's municipal bus route 71. The Company also supplies electric air compressors to all buses for Shanghai's first Bus Rapid Transit (BRT) system. Additionally, there are over 2,000 public buses in Shanghai's municipal transportation system currently using electric air compressors made by SORL.
SORL is Well Positioned to Benefit from Ongoing Urban Planning and Vehicle Upgrades
Commenting on the contracts, Mr. Xiaoping Zhang, Chairman and Chief Executive Officer (CEO) of SORL, stated that the Company continues to dominate the Chinese bus market, whether from an OEM, or from an aftermarket perspective. Since Shanghai is China's window to the world, SORL is proud that its products are among the most trusted products for Shanghai's municipal transportation. Zhang further added that, as the largest braking system provider to the Chinese commercial vehicle market, the Company is well positioned to benefit from ongoing urban planning and vehicle upgrades.
SORL Launched New Electric Air Compressors for Electric Buses in 2012
In July 2012, the Company launched a new generation of electric air brake compressors to be used in electric buses. SORL's new generation of electric air brake compressors, powered by an electric motor, helps in increasing fuel conservation and reducing pollution. The new compressors have an extended life span as it is far easier to make them start or stop working. An electric air compressor is a necessity for all electric buses with an air brake system. Air brake compressors used in traditional vehicles were powered by an internal combustion engine.
SORL Announced Q3 FY17 Results
SORL announced its unaudited financial results on November 15, 2017, for Q3 and the nine-month period ended September 30, 2017. During Q3 FY17, the Company's net revenue increased 59% to $101.3 million from $63.7 million in the same period of last year. For the reported quarter, the Company's gross profit increased 44.4% to $27.3 million from $18.9 million in Q3 FY16. For the reported quarter, the Company's gross margin decreased 280 basis points to 26.9% of revenue from 29.7% of revenue in the third quarter of 2016. During Q3 FY17, the Company's operating expenses increased 4.9% to $16 million from $15.2 million in the comparable period of last year.
SORL continued to capture market share in the Chinese commercial vehicle braking market with its new advanced products and attractive pricing. The Company's OEM sales soared 70.6% compared to a 28.0% increase in overall commercial vehicle sales, and a 31.8% sales growth in trucks. The Company's stringent cost controls and production efficiencies have enhanced its profitability during Q3 FY17.
About SORL Auto Parts, Inc.
Founded in 1982, SORL, a Sino-foreign joint venture, develops, manufactures, and distributes automotive brake systems and other key safety related auto parts to automotive original equipment manufacturers, or OEMs, and the related aftermarket, both in China and internationally. The Company's Chinese sales network consists of 26 authorized distributors and over 2,000 sub-distributors covering the following 7 regions throughout China. Headquartered in China, SORL has international sales centers in UAE, the United States, and Europe.
Stock Performance Snapshot
November 30, 2017 - At Thursday's closing bell, SORL Auto Parts' stock rose 4.39%, ending the trading session at $7.37.
Volume traded for the day: 845.14 thousand shares, which was above the 3-month average volume of 599.84 thousand shares.
Stock performance in the last month – up 57.48%; previous three-month period – up 62.33%; past twelve-month period – up 91.93%; and year-to-date - up 142.43%
After yesterday's close, SORL Auto Parts' market cap was at $140.47 million.
Price to Earnings (P/E) ratio was at 4.78.
The stock is part of the Consumer Goods sector, categorized under the Auto Manufacturers - Major industry. This sector was up 0.3% at the end of the session.
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email email@example.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.