Lingyun Industrial Corporation Limited Business Report FY ended Dec. 2022
Financial Overview |
(CNY millions) |
FY ended Dec. 31, 2022 | FY ended Dec. 31, 2021 | Change (%) | |
Sales | 16,688.81 | 15,749.99 | 5.96 |
Operating income | 719.34 | 697.19 | 3.18 |
Ordinary income | 723.12 | 702.62 | 2.92 |
Net income | 603.79 | 545.52 | 10.68 |
Orders
-The Company announced that its subsidiary, Chengdu Lingyun Automotive Parts Co., Ltd. (Chengdu Lingyun), has received the mass production approval for the BYD V67/VB1 battery case tray frame beam project and obtained 12 pieces of 2 types of BYD FinDreams products that have the same sectional profile, with a full-lifecycle sales revenue estimated at CNY 120 million. Concurrently, the company has expanded its aluminum bumper product lineup and obtained 4 pieces of 4 types of aluminum bumper products for passenger vehicles, with full-lifecycle revenue estimated at CNY 216 million.(From a Lingyun Corp. press release dated February 27, 2023)
-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)
R&D expenditure |
FY ended Dec. 31, 2022 | FY ended Dec. 31, 2021 | FY ended Dec. 31, 2020 | |
R&D expenditure (CNY millions) | 622.30 | 543.22 | 511.35 |
R&D expenses as a percent of Sales (%) | 3.73 | 3.45 | 3.78 |
-As of Dec. 31, 202, the Company had 1,685 R&D staff, accounting for 16.42% of the total staff.
R&D Facility
‐The Company announced that the company and Suzhou Automotive Research Institute of Tsinghua University (TSARI) signed a cooperation agreement on the Joint Innovation Center of Advanced Automotive Technology, and inaugurated the innovation center. After having discussions about autonomous driving technology, EV battery life cycle management technology, and auto thermal management system technology, the two parties reached consensus on the cooperation. (From a press release dated March 13, 2023)
-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.
Patents
-In 2022, the Company had completed 216 patent applications, including 37 invention patents. (From the Annual Report 2022)