Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Business Report FY ended Dec. 2021
Financial Overview |
(CNY millions) |
| FY ended Dec. 31, 2021 | FY ended Dec. 31, 2020 | Rate of Change% | Factors | |
| Sales | 7,909.45 | 7,322.72 | 8.01 |
-Due to the impact of COVID-19, main raw material prices, labor costs, and manufacturing costs increased significantly, and profits decreased due to an increase in research and development funds. |
| Operating profit | 1,080.30 | 1,366.98 | (20.97) | |
| Ordinary profit | 1,078.18 | 1,364.83 | (21.00) | |
| Net profit | 949.44 | 1,159.54 | (18.12) |
Strategic alliances
-The company announced that it signed a letter of intent for cooperation on smart onboard lighting business with Huawei Technologies Co., Ltd. (Huawei) in Dongguan, China. The two parties will jointly build end-to-end capabilities of smart automotive lighting from design to production and delivery, driving the development of the smart automotive lighting industry and building smart automotive lighting solutions that can secure a leading position in the industry. Moreover, the two companies will have other business cooperation in the field of smart onboard lighting. (From a press release dated February 17, 2022)
Capital Investment Status
- Completed construction of Phase 2 of Xingyu Intelligent Manufacturing Industrial Park Integrated Factory and Phase 3 of Logistics Center
- Xingyu Serbia Factory: In progress. Projects for European OEMs will gradually enter the batch production phase from 2022.
R&D projects
- DMD-based smart headlight module
- Smart headlamp module based on Micro LED
- HMI Gesture Recognition Indoor Light, Matrix Indoor Light
- Smart RGB ambient lighting
R&D Expenditure
| FY ended Dec. 31, 2020 (CNY millions) |
FY ended Dec. 31, 2020 (CNY millions) |
FY ended Dec. 31, 2019 (CNY millions) |
|
| R&D Expenditure | 387.75 | 308.58 | 230.01 |
| Ratio of R&D expenses to operating income(%) | 4.90 | 4.21 | 3.78 |
| Number of company's R&D personnel (person) | 1,493 | 1,065 | 933 |
| The proportion of the number of R&D personnel in the total number of the company (%) | 18.98 | 15.68 | 13.53 |
R&D System
-Xingyu Automotive Electronics & Lighting R&D Center is located in Qinling Road, Xinbei District, Changzhou. Its production plant was completed and it launched commercial operations in 2020. The center serves as a comprehensive platform for global research and development activities on automotive lamps and electronics.
Patents
-It currently holds 978 valid patents; of which 78 are invention patents.
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 capital increase, Jilin Xinyu’s total capital increased to CNY 185 million. (From press releases dated April 28, 2021)
Awards
-The Company announced that it received FAW-VW’s “Excellent Partner Award at the 2022 FAW-Volkswagen Supplier Partner Conference. Xingyu Lighting also also received the "Overcoming Difficulties, Exemplar Award" from China FAW at the China FAW’s 2022 Hongqi Supply Chain Partner Conference. (From press releases dated January 10 and January 11, 2022)