Shanghai Aerospace Automobile Electromechanical Co., Ltd.(SAAE) Business Report FY2011
Business Highlights
Financial Overview |
(In million yuan) |
| 2011 | 2010 | Difference(%) | Factors | |
| Sales | 2,387.16 | 2,488.50 | (4.07) |
- Influenced by macro-control of the State in 2011 and the withdrawal of encouragement policies of automobile consumption |
| Operating profit | (115.13) | 149.71 | - |
- Decrease in the price of new energy photovoltaic (PV) prodcuts leads to the decrease of the Company's profit |
| Ordinary profit | (78.01) | 167.65 | - | |
| Net profit | (109.13) | 133.67 | - |
Orders
- The Company became the first foreign-funded enterprise gone through BMW's PPAP audit of trial production. The Company will be an optional supplier of BMW; At the same time, the company won PSA (Peugeot)'s order for fuse boxes.(From the Company's 2011 annual report)
Divestiture
Restructuring
- The Company，which had announced establishment of a new company, Automotive Electronics Branch Company, by consolidating its three existing subsidiaries（Sensor Branch, which produces ABS sensors; Shuhang Electric Equipment Branch, which produces automotive-air-conditioner evaporator blowers; and Shanghai Xinguang Automotive Electrical Equipment Co., Ltd., which produces electronic parts.）in Jinqiao, Shanghai, has now decided to make Shanghai Xinguang Automotive Electrical Equipment, one of the three subsidiaries, its wholly owned subsidiary prior to the integration. Based on negotiations between SAAE and Shanghai Liuli Enterprise Development Co., Ltd., which currently holds a 30 percent share in Shanghai Xinguang Automotive Electrical Equipment, Shanghai Liuli Enterprise Development has agreed to withdraw from the joint venture business, reducing its capital. (From an announcement by the company, February 17, 2011)
Divestiture
- The Company will sell all its shares in Air-conditioner International (Shanghai) Co., Ltd. which is now included in the company's consolidated financial statements, and pull out of the business conducted at the subsidiary. (From an announcement by the company, April 29, 2011)
R&D
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.- The Company will establish a state-level facility to conduct research and development of automotive technology. The company is intending to spend more than 70 million yuan in research and development activities at the new R&D center each year, planning to develop electronic power steering systems and oxygen sensors, starting in 2011. (From a press release, November 19, 2010)
- In the high-end auto parts and new materials industry, the Company made progress in EPS systems, brushless motors, lightweight parts. The Company debuted the miniature short-range pure electric vehicle developed jointly with Tongji University at the 2012 Beijing auto show. (From the Company's 2011 annual report)
Investment Activities
Capital Investment Projects for 2011 |
(In million yuan) |
| Project | Amount invested in FY2011 |
| Developing EPS power steering | 12.46 |
|
Developing automotive oxygen sensor |
8.12 |
|
Developing air conditioner controller |
3.36 |
|
Developing brushless motor |
5.16 |
|
Developing active wheel speed sensor for BMW F30/F35 |
4.73 |
|
Developing central electrical appliances of BCM and PCB |
1.51 |
|
Developing ABS |
1.24 |
|
Developing BCM |
1.47 |
|
Developing active sensor |
4.11 |