FAWER Automotive Parts Limited Company Business Report FY ended Dec. 2022

Financial Overview

(CNY millions)
FY ended Dec. 31, 2022 FY ended Dec. 31, 2021 Rate of change Factors
Sales 12,570.52 12,828.20 (2.01)

-Factors such as the impacts from COVID-19, the shortage of semiconductors, and the rising cost of raw materials negatively impacted the company's performance.

Operating income 447.22 744.16 (39.90)
Ordinary income 457.62 845.96 (45.91)
Net income 468.47 778.35 (39.81)

 

New companies

-The Company announced that its radiator division signed a letter of intent for a joint venture with Dongfeng Motor Parts and Components Group Co., Ltd. (DFPC) and its subsidiary Dongfeng MAHLE Thermal Systems Co. Ltd. (Dongfeng MAHLE). The parties plan to discuss cooperation possibilities centered around the existing business of Fawer’s radiator division and to establish a joint venture jointly funded by Fawer and Dongfeng MAHLE. The project aims to enhance the company's thermal system business through leveraging the technical and market advantages of each party involved. (From a press release dated October 13, 2022)

-The Company announced that it plans to set up a die casting subsidiary with a registered capital of CNY 90 million. Fawer will hold 100% of the shares. The subsidiary will engage in the development, manufacturing, and sales of aluminum alloy die casting products. (From a press release dated August 27, 2022)

-Established FAWER Smart Energy Technology Co., Ltd. as a wholly owned subsidiary to engage in the waste battery recycling business. (From the Annual Report 2022)

 

Restructuring

-The Company announced that in order to integrate resources in the sectors of intelligence and networking and optimize the organizational structure, it intends to merge the assets, business and personnel of its electronics branch into Fulscience Automotive Electronics Co., Ltd., its subsidiary. Upon completion, the branch will be eliminated. (From a Fawer SZSE announcement dated October 27, 2022)
 

Orders

-The Company announced that its electric systems branch has obtained new orders for inverter projects. To meet the increased customer deman, Fawer plans invest an additional CNY 26.2 million in its electric system branch for the new inverter projects. (From a press release dated September 30, 2022)

Other orders are as follows.

Customer Product Customer Product
FAW Toyota 312D brake pump bracket, 429D damper, 115D steering gear, etc. BYD Dampers, fasteners
NIO Chasses Hiphi Chasses
Wenjie Damper, round spring, sway bar CATL Passenger car battery housings

Aiways

Steering

Li Auto

Steering Columns
GM LS6 water pump VW 1.5T electric water pump
MAZ-MAN drive shaft

 

R&D Facilities

The Company has 14 R&D centers across China. Ten of these are provincial class technology laboratories and nine are laboratories accredited by the Chinese Academy of Sciences. R&D centers have been established in Changchun, Liaoyuan, Jilin, Liaoyang, Dalian, Shanghai, Suzhou, and Wuhan. The Company established Fu-Ou Ji-Ren (Shanghai) Automotive Technology Co. It focuses on electronic control and software development, laying the foundation for developing electrification conversion of core components such as electric chasses, heat pump air conditioning and control systems, electric drive systems, and electric pumps.
 

R&D Expenditure

(CNY millions)
FY ended Dec. 31, 2021 FY ended Dec. 31, 2021 FY ended Dec. 31, 2020
R&D Expenditure 443.33 380.02 242.28
Ratio of R&D expenses to Sales (%) 3.53 2.96 2.18

-As of Dec. 31, 2021, the Company has 997 R&D staff, accounting for 12.7% of the total staff.
 

Patent

-The Company currently holds 157 property rights to patents and utility models. Of these, 54 are patents for inventions. (From the Annual Report 2022)

MarkLines Customer Support

9:00 a.m. - 5:30 p.m. Mon.-Fri. (excluding national holidays)
japan Japan
Nagata-cho, Chiyoda-ku, Tokyo, Japan
+81-3-4241-3907
USA USA
Southfield, Michigan, USA
+1-248-327-6987
MEX Mexico
León Guanajuato, Mexico
+52-477-796-0560
DEU Germany
Frankfurt am Main, Germany
+49-69–904-3870-0
CHN China (Shanghai)
Huangpu District, Shanghai, China
+86-21-6212-6562
CHN China (Shenzhen)
Nanshan District, Shenzhen, Guangdong
+86-755-2267-1725
THA Thailand
Klongtoey, Bangkok, Thailand
+66-2-665-2840
IND India
Gurgaon, Haryana, India
+91-124-4048779