子夜讀書心筆
寫日記的另一層妙用，就是一天辛苦下來，夜深人靜，借境調心，景與心會。有了這種時時靜悟的簡靜心態， 才有了對生活的敬重。
dtg:百倍租車股的背後
看看表現：
09年最低0.77,最高 84 漲幅超百倍。
先來看看年報：
公司過去幾年收入變化不大，成本下降的關鍵是 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.
詳細如下：
盈利的改善主要通過計提折舊的減少和融資費用的下降來實現的話，神州在擴張階段的這幾年之內要實現盈利應該是很難了。計提折舊的減少更多是通過延長汽車使用年限來實現吧？這神州的車大多是新購的，還沒到那個階段；融資費用下降需要通過經營現金流補充投資所需資金，神州現在這個擴張階段也難以實現。真是悲催啊！