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China Automotive Systems, Inc. Business Report FY ended Dec. 2023
Financial Overview |
(USD millions) |
| FY ended Dec. 31, 2023 | FY ended Dec. 31, 2022 | Change (%) | |
| Sales | 576.35 | 529.55 | 8.84 |
| Net income | 42.74 | 22.34 | 91.32 |
Subsidiary performance (Fiscal year ended December 2023)
| Company | Details |
|---|---|
| Jingzhou Henglong Automotive Parts Co., Ltd. |
-Henglong mainly engages in providing passenger vehicle steering systems. Net sales for Henglong were USD 271.5 million for the year ended December 31, 2023, compared with USD 246.6 million for the year ended December 31, 2022, representing an increase of USD 24.9 million, or 10.1%. The increase was mainly due to increased sales volume of products used in passenger vehicles. |
| Shashi Jiulong Power Steering Gears Co., Ltd. |
-Jiulong mainly engages in providing commercial vehicle steering systems. Net sales for Jiulong were USD 69.9 million for the year ended December 31, 2023, and basically flat y/y with USD 70.1 million for the year ended December 31, 2022. |
| Wuhu Henglong Automotive Steering System Co., Ltd. |
-Wuhu mainly engages in providing vehicle steering systems to Chery Automobile Co., Ltd., “Chery”, one of the major automotive manufacturers in China. Net sales for Wuhu were USD 37.9 million for the year ended December 31, 2023, compared with USD 42.2 million for the year ended December 31, 2022, representing a decrease of USD 4.3 million, or 10.2%. The decrease was mainly due lower sales volumes of products used in passenger vehicles from Chery. |
| Hubei Henglong Automotive System Group Co., Ltd. |
-Hubei Henglong mainly engages in providing vehicle steering systems to Stellantis N.V. and Ford. Net sales for Hubei Henglong were USD 115.9 million for the year ended December 31, 2023, compared with USD 126.7 million for the year ended December 31, 2022 representing a decrease of USD 10.8 million, or 8.5%. The decrease was mainly due to lower sales volumes of products used in passenger vehicles from Ford. |
| Hubei Henglong & KYB Automobile Electric Steering System Co., Ltd. |
-Henglong KYB mainly engages in providing passenger vehicle EPS products. Net sales for Henglong KYB were USD 148.0 million for the year ended December 31, 2023, compared with USD 121.1 million for the year ended December 31, 2022, representing an increase of USD 26.9 million, or 22.2%. The increase was mainly due to increased sales volumes of EPS products used in passenger vehicles. |
| CAAS Brazil's Imports and Trade in Automotive Parts Ltd. |
-Brazil Henglong mainly provides steering systems to Fiat in Brazil. Net product sales for Brazil Henglong were USD 48.3 million for the year ended December 31, 2023, compared to USD 39.3 million for the year ended December 31, 2022, representing an increase of USD 9.0 million, or 22.9%. The increase was mainly due to increased demand from Fiat in Brazil. |
| Others |
-Net product sales for other customers was USD 112.1 million for the year ended December 31, 2023, compared with USD 92.9 million for the year ended December 31, 2022, representing an increase of USD 19.2 million, or 20.7%. The increase was mainly due to increased sales volumes from Wuhan Jielong. |
R&D Facilities
| Facilities | Year established | Details |
| Hubei Henglong Group Shanghai Electric R&D Co., Ltd. | 2015 | -The business range includes: design and sales of automotive parts and automotive electronic products; technology development and technical services in the automotive field. |
| Qingyan Technological Automotive Intelligent Technology Research Institute Co., Ltd. | 2016 | -Intelligent manufacturing, intelligent inspection and intelligent vehicle related activities. -Established cooperation relationships with Chinese automobile and transmission manufacturers such as Changan Automobile, Beiqi Yinxiang, Tsingshan Transmission, Landai Powertrain, GAC, Chery, Geely, JAC, Wanliang, and Xingrui. |
| Hubei Jingzhou Auto Parts Industry Technology Research Institute Co., Ltd. | 2021 | -Engaged in auto parts and accessories manufacturing, technical services, and technology development. |
R&D Expenditure |
| FY ended Dec. 31, 2023 | FY ended Dec. 31, 2022 | FY ended Dec. 31, 2021 | |
| R&D expenditure (USD millions) | 29.18 | 36.11 | 28.23 |
| R&D expenses as percent of Sales (%) | 5.06 | 6.82 | 5.67 |
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