Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Business Report FY ended Dec. 2017
Financial Overview |
(in million yuan) |
| FY ended Dec. 31, 2017 | FY ended Dec. 31, 2016 | Rate of Change | Factors | |
| Sales | 4,255.42 | 3,346.89 | 35.64% |
-The production and marketing of China’s passenger vehicle maintains steady growth. |
| Operating profit | 557.57 | 381.56 | 18.80% |
- |
| Ordinary profit | 558.27 | 399.04 | 17.83% | |
| Net profit | 469.00 | 349.36 | 18.93% |
Termination of cooperation
-Changzhou Xingyu Automotive Lighting Systems Co., Ltd. said on August 18, 2017, that its wholly-owned subsidiary, Changzhou Xingyu Automotive Intelligent Electronic Technology Co., Ltd. has suspended talks with Jiangsu IoT Technology Development Co., Ltd. regarding new investment. Changzhou Xingyu Automotive Lighting Systems said on July 26, 2016, that Changzhou Xingyu Automotive Intelligent Electronic Technology would acquire a 20% stake in Jiangsu IoT Technology Development at the cost of Chinese yuan (CNY) 20 million. After the preliminary agreement, Changzhou Xingyu Automotive Intelligent Electronic Technology has been in contact with various parties to discuss the matter but failed to reach an agreement on further details and decided to suspend the discussion. (From a corporate announcement on August 18, 2017)
Contract
-In 2017, the Company undertook 72 new lighting projects, and 104 new lighting projects realized mass production.
-The Company announced that it has been chosen by BMW as a global supplier of rear combination lamps for the F45/F46 (development code). The company will deliver the products to Germany. (From an announcement by the company on August 4, 2016)
R&D Facility
-The Company has a R&D Technology Center.
-In 2016, the Company established wholly-owned subsidiary "Changzhou Xingyu Intelligent Automotive Electronic Technology Co., Ltd." to conduct intelligent driving technology.
-In 2017, the Company has 669 R&D staff, 15.61% of total employees.
R&D Expenditure
| FY ended Dec. 31, 2017 (million RMB) |
FY ended Dec. 31, 2016 (million RMB) |
FY ended Dec. 31, 2015 (million RMB) |
|
| R&D Expenditure | 179.31 | 135.63 | 102.69 |
| Ratio of R&D expenses to operating income | 4.21% | 4.05% | 4.16% |
Capital investment project |
(in million yuan) |
| Project | Budget | Investment in 2017 | Project status (%) |
| 房屋建筑物(吉林星宇) | 500.00 | 7.35 | 22.46 |
| 汽车车灯生产及配套项目(佛山星宇) | 210.78 | 57.73 | 41.06 |
| 汽车电子和照明研发中心 | 710.75 | 3.89 | 0.55 |
| 智能制造产业园 | 865.32 | 0.95 | 0.11 |
Project Change
-In December 2017, the Company announced that due to the changes of production distribution of FAW-Volkswagen Automobile Co. Ltd, the Company would change the expansion projects of original Changchun manufacturing base in Jilin Province. After making changes, the project name shall be the Intelligent Manufacturing Industrial Park of Xingyu Lighting Co.,Ltd, whose total investment is 865 million Yuan; the project will be located at Changzhou Airport Industrial Park, covering an area of 55,000 square meters, and constructed by Xingyu Co.,Ltd. The construction period will be 24 months, after the completion of the project, it will form an annual output of 2.4 million head lamps and 4.3 million rear combined lamps, and it is estimated that the increasing annual sales income is expected to 1.636 billion Yuan and the total annual profit will reach 268 million Yuan. (From the Company Announcement on December 14, 2017)
-Changzhou Xingyu Automotive Lighting Systems Co., Ltd. said on August 16, 2017, that the company is going to build new production facilities in Xinbei, Changzhou, instead of Changchun, Jilin. The company was to construct a new plant in the Economic and Technical Development Zone in Changchun with a total investment of Chinese yuan (CNY) 805 million in order to meet the needs of its primary customers, FAW-Volkswagen, and the market. However, responding to FAW-Volkswagen’s decision to revise its production plan, Changzhou Xingyu Automotive Lighting Systems decided to have the new plant in Changzhou, Jiangsu. Also, it intends to bid on a site of 23,014 square meters in the north of the new Changzhou plant so that it can build a research and development center for automotive electronics and lighting technology with a total investment of CNY 711 million. (From a corporate announcement on August 16, 2017)