大众汽车成本分析和利润预测(PDF 28)

Table of contents
1 Overview: Weaker Chinese margins a risk for 2004 earnings
3 Chinese profitability under pressure as pricing falls
7 A weaker China result could prevent 2004 earnings growth
10 Cost base may be sticky and difficult to cut fast enough
12 Some indications of inventory build in China
14 Financials: 2004 consensus estimates may be too high
19 Disclosures
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