Lingyun Industrial Corporation Limited 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 | 15,749.99 | 13,539.74 | 16.32 | -In line with market trends for weight reduction and electrification, demand for thermoformed products, automotive piping systems, battery cases for New Energy Vehicles, and other mainstay products increased, resulting in higher sales. |
Operating profit | 697.19 | 502.82 | 38.66 | |
Ordinary profit | 702.62 | 501.29 | 40.16 | |
Net income | 545.52 | 393.93 | 38.48 |
Exhibiting battery cases at IAA Mobility 2021
-Waldaschaff Automotive GmbH (WAG), a German subsidiary of the Company, presented its latest products and technologies at the IAA Mobility 2021 in Munich. WAG displayed battery housing products for BMW's first pure electric vehicle, iX. (From a press release on September 22, 2021)
Acquisitions
-The Company completed the acquisition of 49.90% equity interest in Lingyun GNS Technology Co., Ltd. for CNY 259,480,000. After the completion of this acquisition, Lingyun GNS became a wholly-owned subsidiary of the Company. Lingyun GNS mainly produces thermoformed automotive components, which are mainly used in gasoline-fueled or New Energy Vehicles. (From a press release on September 15, 2021)
Orders
-The Company has received orders for aluminum door sills and side impact beams from a New Energy Vehicle manufacturer in China. Production will begin in May, 2023. (From a press release on June 10, 2022)
-The Company has been selected as a supplier of thermal management system piping and structural body parts by major NEV (New Energy Vehicle) manufacturers in North America. The thermal management system piping is used in energy storage units. Lingyun Industrial will supply the piping for 10 years, with production scheduled to start in September 2022. It will also supply high-strength steel structural parts for 5 years, starting production in September 2022. (From a press release dated April 27, 2022)
-At Lingyun's Suzhou Plant, production of aluminum alloy battery lower housing assemblies for Mercedes-Benz has begun. The company is also producing battery cases for Porsche, BMW, Mercedes-Benz, PSA, Great Wall Motor, and CATL. (From a press release on October 19, 2021)
R&D Expenditure |
(CNY millions) |
FY ended Dec. 31, 2021 | FY ended Dec. 31, 2020 | FY ended Dec. 31, 2019 | |
R&D Expenditure | 543.22 | 511.35 | 486.25 |
Ratio of R&D expenses to Sales (%) | 3.45 | 3.78 | 4.13 |
-As of Dec. 31, 2021, the Company has 1,607 R&D staff, accounting for 16.30% of the total staff.
R&D Facility
-Established Lingyun Central Research Institute in Shanghai. Conducts R&D in areas such as battery cases, high-strength and lightweight crash prevention solutions, new technologies related to long fibers, and low permeability and low emission automotive tubing systems.
-Centered around the Lingyun Central Research Institute, research and development is conducted at a research center in Wuhan and a total of eight other centers, including new energy, automotive safety technology, thermoforming, and automotive tubing systems.
“Lingyun-Baosteel” Advanced Automotive Steel Joint Laboratory was established
-The Company announced that it has signed an agreement with Baoshan Iron & Steel Co., Ltd. (Baosteel) to establish the “Lingyun-Baosteel” Advanced Automotive Steel Joint Laboratory. They agreed to focus on reducing the weight of automotive steel and to promote research and development of high-strength steel and aluminum alloy materials and their application in automobiles. (From a press release on September 28, 2021)
Patents
-In 2021, the Company had completed 239 patent applications, including 47 invention patents. (From the Annual Report 2021)