微客利润下降、轿车利润趋薄将使公司04年业绩比上年同期有所下滑,2005年上半年业绩仍不容乐观,我们给予公司短期“中性”的评级;考虑到2005年下半年及以后利润率较高的长安工业园产品销量和销售比重不断提高、长安铃木和长安福特产能扩大和新产品不断推出,公司业绩将逐步好转,我们给予公司长期“推荐”的评级。 Weaker profit margins, thin profit margins will make the company’s 2004 earnings decline over the previous year, the first half of 2005 is still not optimistic about the performance, we give the company short-term “neutral” rating; taking into account the second half of 2005 and After the higher profit margins Changan Industrial Park product sales and sales continue to increase the proportion of Changan Suzuki and Changan Ford capacity expansion and the introduction of new products, the company performance will gradually improve, we give the company a “recommended” rating.