Shanghai Aerospace Automobile Electromechanical Co., Ltd. Highlights 2009

Business Highlights

Financial Overview

(In million yuan) 2009 2008 Difference(%) Factors
Sales 1,310.29 1,228.88 6.6% - The government's economic policy stimulus program contributed to increasing sales.
Operating profit
89.69 21.27 321.7% -The parent company sold 500 million shares of Guotai Junan Securities Co., Ltd., which resulted in a gain on investment of 77.48 million yuan.
Ordinary profit 112.63 43.75 157.4%
Net profit 93.79 34.51 171.8%

In 2009, the Company well succeeded in receiving OEM parts orders from European automobile manufactures such as Shanghai VW, Shanghai GM, and PSA Peugeot Citroen Group. Automotive parts sales sufficiently increased.

- Shanghai Xinguang Automotive Electrical Equipment, a subsidiary of the Company, has been working on a joint project with Dongfeng-Peugeot-Citroen Automobile since April 2008 to develop a circuit breaker box for six terminals. The company, at the request of Dongfeng-Peugeot-Citroen Automobile, has now advanced the supply launch date for these circuit breakers from the end of March to the beginning of February 2009. (From a press release, January 4, 2009)

- Since its design plan for the ZP11 fuse box, which Shanghai Xinguang Automotive Electrical Equipment is developing through its first joint project with SAIC Motor, passed a council screening in December 2008, the company began prototype production of the fuse box. (From a press release, January 15, 2009)

-Shuhang Electric Equipment Branch, a subsidiary of the company, won a contract to develop condenser cooling fan assemblies for four of Shanghai VW's vehicle models, namely, the Santana 3000 MT, the Santana 3000 AT, the Passat MT, and the Passat AT. (From a press release on February 13, 2009)


-Since 2006, General Motors has been working on its project to develop global platforms for the new Epsilon II and the Delta II vehicle models in order to shorten development lead-time and reduce costs. Shanghai Delphi Automotive Air Conditioning Systems Co., Ltd., which is a joint-venture company between Delphi and the company, joined the project for the first time, developing a range of major automotive parts. After receiving approval from its customers, Shanghai Delphi Automotive Air Conditioning started mass production of the new products, which have now become a major part of the company's business operations. (From a press release, May 26, 2009)


-Shanghai Xinguang Automotive Electrical Equipment Co., Ltd. a subsidiary of the Company, was designated as a supplier of AP-12 fuse boxes by Shanghai Automotive. The company will start producing them at the end of October.The company is looking forward to this business becoming a steppingstone to its continued activities in developing body control modules (BCMs). (From a press release, April 9, 2010)

Relocation of the Subsidiary

-Shanghai Xinguang Automotive Electrical Equipment Co., Ltd., a subsidiary of the company, has moved it operations to Jinqiao, Pudong District. Based on this latest development, Shanghai Aerospace now has its production and development operations in two locations, namely Jinqiao and Beicai. (From a press release, October 30, 2009)


R&D Structure

The Company conducts R&D activities for air conditioners, solar energy, and composite materials at respective research centers specially designed to cover each area.

Product Development

-In May 2009 Shanghai City announced its new energy and high technology promotion program, which includes government financial support for activities involving R&D and commercialization of major components for new-energy vehicles. As a result, the company which had applied for financial assistance to support its project for developing EPS power-steering systems, was approved to receive a grant over 7 million yuan. The company will borrow a total of 3.55 million yuan at no interest by the end of this year, and will borrow the remaining amount, also at no interest, to use in processes aimed at commercialization. (From an announcement by the company, September 24, 2009)

Investment Activities

Capital Investment Projects for 2009

Project Amount invested in FY2009
(in million yuan)
Expanding R&D facility 48 Under construction