Shanghai Jiao Yun Group Co., Ltd. Business Report FY ended Dec. 2014
Business Highlights
Sales for FY2014 |
(million yuan) |
FY ended Dec. 31, 2014 | FY ended Dec. 31, 2013 | Rate of change | Factors | |
Sales | 8,935.49 | 8,381.28 | 6.61% | -Sales increased year-on-year as a result of increase of market share by developing new products and cooperating with car maker in new projects. |
Operating profit | 338.06 | 330.85 | 2.18% | |
Ordinary profit | 459.40 | 431.75 | 6.40% | |
Net profit | 355.55 | 339.02 | 4.88% |
-The revenue of auto parts manufacturing and after-sales service in 2014 reached 5,948 million yuan, increased 7.7% year-on-year.
Recent Development
-Shanghai Jiaoyun Auto Power Components Co., Ltd., a subsidiary of the Company, announced that it has been producing shift systems for Changan Ford’s F6 automatic transmissions. The shift mechanism includes four major components that were developed in China for the first time. (From news releases issued by multiple sources on June 16, 2014)Contracts
-In 2014, the Company won 7 contracts of the designated projects, including the products of the body system for the new generation Regal and LaCrosse of Shanghai GM.Business Plan for Next Year
-In 2015, the Company plans to reach CNY 9.39 billion sales. (From the Company's 2014 annual report)R&D
R&D Expenditure
FY ended Dec. 31, 2014 (million yuan) |
FY ended Dec. 31, 2013 (million yuan) |
FY ended Dec. 31, 2012 (million yuan) |
|
R&D Expenditure | 78.19 | 94.08 | 80.79 |
Ratio of R&D expenses to operating income | 0.88% | 1.12% | 1.03% |
R&D Activities
-In 2014, the Company has been accelerating the construction of enterprise technology center.-In 2014, there are 58 new product development projects, 25 of which had been completed the development. Among them, the projects of the E2 stamping body parts and the connecting rods for NGC 1.0T engines have been in the stage of product development. (From the Company's 2014 annual report)
Investment Activities
Investment Activities in FY2014 |
(million yuan) |
Project | Planned amount of investment | Amount invested in 2014 | % so far invested of the total planned investment amount |
CF6 automatic transmission system project for Shanghai GM | 340.20 | 0.02 | 95% |
Expand capacity of GF6 automatic transmission shift systems | 113.27 | 3.79 | 87% |
L850 and GEN3 engine connecting rod assembly expansion project | 79.3 | 0.84 | 99% |
Project of connecting rod assemblies for small-displacement engines | 114.84 | 3.79 | 98% |
Project of connecting rod assemblies in Yantai Plant | 176.42 | 2.81 | Infrastructure has been basically completed, the device is still in the purchase progress |
Ford Project (supply for Ford) | 103.25 | 16.77 | 81% |
High speed automatic passenger car body molding production technical transformation project | 259.62 | 134.89 | 64.91% |
The project of car body assembly production base | 299.96 | 103.83 | 35.07% |
Project K211 of Shanghai Jiaoyun Auto Parts Co., Ltd. Wuhan Branch | 25.88 | 14.08 | 98% |
The balance shafts supplied to Great Wall | 11.15 | 0.91 | 96% |
Project SGM OMEGA of threshold plate assembly | 11.11 | 4.22 | 95.38% |
The project of E2 car body parts | 88.79 | 54.41 | 79% |
The GFX project | 24.26 | 2.46 | 10.13% |
The production technical transformation project of F101 automotive power system | 49.77 | 0.06 | 0.12% |
The D266 project | 31.98 | 9.08 | 100% |
The 318 project | 19.41 | 3.57 | 100% |
Investment in China
-The Company announced that the board had decided to establish a new plant for Yantai Zhongrui Automobile Parts Co., Ltd., its wholly owned subsidiary. It planned to invest approximately CNY 102.37 million to set up a factory on 1,200 square meters of land. The factory would produce connecting rod assemblies for NGC engines. The construction project began in August 2014. The plant is expected to start mass production in January 2017 and to commence full-scale operations by 2020. Its annual production capacity is expected to reach 1.5 million units on a three-shift system. (From a press release on September 22, 2014)-Shanghai Jiaoyun Auto Power Components Co., Ltd., a wholly owned subsidiary of the Company, announced that it would invest CNY 220.45 million to retool its factory in the Pudong New Area to make GFx automatic transmission components. The project began in August 2014 with plans to start small-lot production in September 2016 and commence mass-production in January 2017. When the facility becomes fully operational in 2020, it is expected to produce 500,000 sets of 19 automatic transmission module components per year for Shanghai GM’s medium- and luxury-class vehicles. (From an announcement by the company on September 13, 2014)
-The Company announced that it would establish a new plant to produce body components for Shanghai GM’s new model (development code: E2). It would initially set up a temporary facility in the Pudong New Area, and would move the operation to a new plant in Qingpu at the end of 2016. The company planned to invest CNY 88.69 million in this construction project, which began in August 2014. The new factory is expected to be completed by February 2015 and to commence mass-production in November 2015. It is expected to produce instrument panel brackets, rear wheel housings (right/left), floor members and other components for 121,000 units of the E2SC model and 160,000 units of the E2LB model per year. (From an announcement by the company on August 28, 2014)