Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Business Report FY ended Dec. 2020
Financial Overview |
(CNY millions) |
| FY ended Dec. 31, 2020 | FY ended Dec. 31, 2019 | Rate of Change% | Factors | |
| Sales | 7,322.72 | 6,091.80 | 20.06 |
-External factors that contributed to the year-on-year increase include increased production by OEMs and the buoyant Chinese market, while internal factors included the expansion of production capacity. |
| Operating profit | 1,366.98 | 948.03 | 32.07 | |
| Ordinary profit | 1,364.83 | 948.31 | 32.47 | |
| Net profit | 1,159.54 | 789.53 | 29.80 |
Strategic alliances
-The China Automotive Technology Research Center Corporation (CATARC) signed a strategic cooperation agreement with the Company. They will collaborate on automotive industry standards, technical regulations, product testing, certification services, key infrastructure technology, product development, information services, research on software science, big-data development, decision support, and research on vehicle safety and appraisal technology. (From an August, 11 2020 press release)
Capital Investment Status
- Seongwoo Intelligent Manufacturing Industrial Park: construction completed of integrated production plant and distribution center
- Hoshiu Serbia Production Plant: currently installing electrical machinery and equipment
- R&D center: scheduled to be operational in the third quarter of 2021
R&D Expenditure
| FY ended Dec. 31, 2020 (CNY millions) |
FY ended Dec. 31, 2019 (CNY millions) |
FY ended Dec. 31, 2018 (CNY millions) |
|
| R&D Expenditure | 308.58 | 230.01 | 180.58 |
| Ratio of R&D expenses to operating income(%) | 4.21 | 3.78 | 3.56 |
| Number of company's R&D personnel (person) | 1,065 | 933 | 789 |
| The proportion of the number of R&D personnel in the total number of the company (%) | 15.68 | 13.53 | 15.59 |
Patents
-978 valid patents at present. Of these, 78 are patents for invention.
R&D System
-Xing Yu Automotive Electronics & Lighting R&D Center is located in Qinling Road, New Taipei District, Changzhou. Its production plant was completed and it launched commercial operations in 2020. The center will serve as a comprehensive platform for global research and development activities on automotive lamps and electronics. The opening ceremony of the center was held on May 30, 2020. (From April 8, 2019; and May 30, 2020 press releases)
Investment in China
-The Company invested CNY150 million in Jilin Xinyu Automotive Lighting Systems, a wholly owned subsidiary, to increase the subsidiary’s capital and speed up its business development. After the investment is completed, Jilin Xinyu’s total capital will be increased to CNY 185 million. (From an April 28, 2021)
Investment outside China
-The Development Agency of Serbia reported that Chinese company Xingyu Automotive Lighting Systems is building a EUR 60 million car lightning plant in the city of Nis. The company intends to hire 1,000 employees and to export products mainly to Germany, France, and Slovakia. The plant is expected to be completed in February 2021. (Development Agency of Serbia press release on June 9, 2020)