Weifu High-Technology Group Co., Ltd. Business Report FY ended Dec. 2014
Business Highlights
Financial Overview |
(million yuan) |
| FY ended Dec. 31, 2014 | FY ended Dec. 31, 2013 | Rate of Change (%) | Factors | |
| Sales | 6,354.48 | 5,589.31 | 13.69% | -The Company's fuel injection systems sales increased; -Due to the advancement of state IV emission regulations, the Company's post-processing system - mufflers sales increased. |
| Operating profit | 1,717.50 | 1,232.37 | 39.37% | -The profits increased as the Company's sales increased. |
| Ordinary profit | 1,712.52 | 1,257.31 | 36.21% | |
| Net profit | 1,589.08 | 1,154.29 | 37.67% |
Recent development of Subsidiary
-In August 2014, Wuxi Weifu Leader Catalytic Converter Co., Ltd., a subsidiary of the Company, announced that it has completed the following production lines after spending three years on the construction projects: a 100-ton/year production line to manufacture high-performance oxygen storage materials; a 3 million-liter/year carrier production line; a 3 million-liter/year catalyst production line; a 500,000-liter/year aluminum titanate diesel particulate filter line; and a 600-ton/year catalyst recycle line. (From a press release on August 20, 2014)
Contract
-The Company announced that it exported approximately 6,000 fuel injection pumps to 15 countries and regions such as Iran, Russia, and Korea during the 10-month period between January and October 2014. Its customers include I.D.E.M. and Motorsazan of Iran as well as Doosan of Korea. (From a press release on November 21, 2014)
-Wuxi Weifu Environmental Catalysts Co., Ltd., a subsidiary of the Company, said it will supply catalysts for General Motors' Chevrolet Sail. The company will become the first Chinese manufacturer that provides catalysts to a foreign automaker. (From a press release on January 21, 2014)
Cancellation
-In April 2014, Chaoyang Weifu Jialin Machinery. Manufacturing Co., Ltd., the Company's subsidiary, completed the registration of cancellation procedures. (From the Company's 2014 annual report)
-In February 2014, Jiangsu Weifu Nanometre Technology Co., Ltd., the Company's subsidiary, completed the registration of cancellation procedures. (From the Company's 2014 annual report)
Pass the Review
-Wuxi Weifu Leader Catalytic Converter Co., Ltd., which is a subsidiary of the Company, announced that its new automotive emissions laboratory in Jiangsu Province has passed testing by the Jiangsu Provincial Science & Technology Commission. The 3,150-square-meter testing facility was established jointly with Nanjing University. It consists of a fuel-quality control section, a development support section, and an exhaust gas research section. (From a press release on January 9, 2014)
Off the Production Line
-The Company announced that WeiFu Automotive Components Branch Company, its branch office, has produced the 10 millionth common rail injector body. Common rail injector body is one of important parts for high-pressure common rail pumps. (From a press release on July 10, 2014)
-Wuxi Weifu Automotive Diesel Systems Co., Ltd., a subsidiary of the Company, held a ceremony to celebrate the release of its one millionth high-pressure common rail pump off its production line on May 28, 2014. (From a press release on June 16, 2014)
R&D Facility
-The Company has a Post-Doctor Working Station for fuel injection pump R&D and state Technical Center.
-The Company has provincial engineering center - engineering institute of technology center, exhaust aftertreatment R&D center and supercharger R&D center.
R&D Expenditure
-In 2014, the Company spent 311.72 million in R&D activities, 4.91% of total sales.
Capital Investment Projects for FY 2014 |
(in million yuan) |
| Projects | Investment in 2014 | Status |
| R&D of WAPS(Common Rail Accumulator Distribution System), industrialization and the capacity expansion on spare parts of diesel common-rail system |
29.24 | 82.76% |
| Construction project in industrial zone |
220.59 | 86.83% |
| Industrialization of tail treatment system |
25.01 | 87.85% |
| New plant construction at Ningbo Weifu Tianli Supercharger Technology Co., Ltd. | 38.20 | 51.99% |
| Equipments technical renovation at parent company | 68.84 | - |
| Equipments at Wuxi Autocam Precision Machine Co., Ltd. | 27.18 | - |
Investment in China
-The Company announced that it has launched the second phase of a construction project at the Weifu Industrial Park, where the company's new headquarters and plant are located. The company will invest CNY 85 million to add new factories and office buildings on 63,259 square meters of land. The floor area of the new facilities will total 32,830 square meters. Part of the new facilities will be operated by Wuxi Autocam Precision Machine Co., Ltd., a Weifu-Autocam joint venture, and Autocam (China) Automotive Components Co. Ltd. When the construction project is completed, the facilities will be able to produce 810,000 high-pressure common rail pumps and 100,000 WAP2 diesel injection systems per year. (From a press release on October 31, 2014)
-The Company announced that it will expand Wuxi Weifu Leader Catalytic Converter Co., Ltd., its subsidiary, in order to develop and commercialize catalytic converters. The company will invest CNY 254.84 million in order to increase the plant area by 41,266 square meters. New operations are scheduled to begin in December 2015. (From a press release on July 16, 2014)