Dongfeng Electronic Technology Co., Ltd. (DETC) Business Report FY ended Dec. 2013
|(in million yuan)|
|FY ended Dec. 31, 2013||FY ended Dec. 31, 2012||Rate of Change (%)||Factors|
|Sales||3,082.70||2,448.82||25.89%||- The Company's auto parts sales increased driven by OEM sales increased.|
New Company-Dongfeng Kasai (Xiangyang) Automotive Trim Systems Co., Ltd., a joint venture between the Company's subsidiary, Dongfeng Visteon Automotive Trim Systems Co., Ltd. and Kasai Kogyo Co., Ltd., was officially established in November 2013. The newly established joint venture is capitalized at CNY 77 million. 65% of the new company's share is owned by Dongfeng Visteon Automotive Trim Systems and the remaining 35% by Kasai Kogyo. The total investment in the joint venture is expected to reach CNY 229 million.The new company will design, develop, manufacture and sell automotive parts in China. (From an announcement by the company on November 15, 2013)
Transfer of Shares
-The Company transfered its 55% share in Dongfeng Youlian (Shiyan) Auto Trim Co., Ltd. to its subsidary, Dongfeng Visteon Automotive (Shiyan) Trim Systems Co., Ltd., it no longer held Dongfeng Youlian's equity directly.
-The Company and Visteon announced that Visteon will transfer its 20 percent share in Dongfeng Visteon Automotive Trim Systems Co., Ltd. Dongfeng Visteon Automotive Trim Systems, which is currently owned by the Company, Yanfeng Visteon Automotive Trim Systems, and Visteon, will become a 50-50 joint venture between the Company and Yanfeng Visteon Automotive Trim Systems. (From an announcement by the company, February 8, 2013)
Business Plan for Next Year
-In 2014, the Company plans to reach CNY 4.5 billion sales and it will invest CNY 186.34 million.
R&D Expenditure-The total R&D expenditure in 2013 was CNY 97.55 million, 27.70 percent increase over last year, accouting for 3.16% of the Company's sales.
R&D Facility-The Company has five professional technology centers, namely, Shanghai Technology R&D center, Instrumentation and Body Electronics R&D center, Braking and Chassis Electronics R&D center, Trim Systems R&D center and Die Castings R&D center.
-In January 2013, Dongfeng Automobile Electronics Co., Ltd., which is a subsidiary of the Company, and Shanghai Jiaotong University held a ceremony for the establishment of the Automotive Electronics Engineering Technology Center. The Automotive Electronics Engineering Technology Center will carry out research and development focused on the design of automotive electronics. (From a press release on January 9, 2013)
Patents-As of December 31, 2013, the Company has more than 80 patents in total.
Major Investment Projects for 2012
|(in million yuan)|
|Projects||Planned Amount of Investment||Amount Invested in FY ended Dec. 31, 2013||Progress of the project|
|Construction of Zhanjiang DENI Carburetor Co., Ltd Mazhang Plant||130.72||87.50||90%|
|BT30 drilling center||13.51||9.32||90%|
|Dies for project T702||1.80||1.71||90%|