Changchun Faway Automobile Components Co., Ltd. Business Report FY ended Dec. 2017
|(in million yuan)|
|FY ended Dec. 31, 2017||FY ended Dec. 31, 2016||Rate of change||Factors|
In 2017, sales increased as the following reasons:
-The Company announced on February 13, 2018, a plan to set up a new company, Faway Benteler Automobile Components (Tianjin) Co., Ltd., jointly with Benteler Automotive (China) Investment Limited. The joint company is going to be a strategic partner of FAW Group and help the car manufacturer develop solutions to make lighter vehicles including high-strength steel, thermoforming, and aluminum alloy. The new company is going to have a registered capital of Chinese yuan (CNY) 120 million, CNY 90 million or 75% from Changchun Faway Automobile Components and CNY 30 million or 25% from Benteler Automotive (China) Investment. It requires a total of CNY 180 million to construct a new plant, which is slated to start operating fully in 2021. At full operation, it’s expected to generate sales of CNY 366.73 million and a pre-tax profit of CNY 26.96 million a year. (From a corporate announcement on February 14, 2018)
Business Plan for Next Year
-In 2018, the Company plans to reach CNY 12,437.97 million sales, a 2.36% y/y decline.
-Chengdu FAW Faway Yanfeng Plastic Omnium Automotive Exterior Systems Co., Ltd., the Company's subsidiary, got "Supplier Award" from FAW-Volkswagen. (From a press release on January 19, 2017)
|FY ended Dec. 31, 2017
|FY ended Dec. 31, 2016
|FY ended Dec. 31, 2015
|Ratio of R&D expenses to operating income||0.64%||0.87%||0.98%|
-As of 2017, The Company's accumulated R&D investment was up to CNY 82.02 million. It had a R&D team with about 125 staff, accounting for 2.82% of all staff.
|Wheel R&D Center||Changchun Faway Automobile Components Co., Ltd. Wheel Company|
|Faway Adient Technical Center
Formerly: Faway-Johnson Technical Center
|Changchun Faway-Adient Automotive System Co., Ltd.
Formerly: Changchun Faway-Johnson Controls Automotive Systems Co., Ltd.
-The Company has two provincal-level technical centers, involving the automotive wheels and the interior components.
Projects Under Construction
|(in million CNY)|
|Project||Budget||Investment in 2017||Project progress||Start of Production||Supplier|
|Faway Tianjin Industrial Park||117.14||157.66||65.78%||-||-|
|Faway Qingdao Industrial Park||315.74||121.41||86.88%||March 2018||FAW-VW Qingdao Plant|
|Faway Dongyang Tianjin Plant||195.92||65.10||33.23%||June 2018||FAW-VW Tianjin Plant|
|Faway Dongyang Qingdao Plant||170.61||48.47||37.63%||March 2018||FAW-VW Tianjin Plant|
|Faway-Huawei Joint Station||6.00||0.03||90.00%||-||-|
|Cheng Hella vehicle lamp project||357.31||31.28||50.00%||-||-|
|Faway Dongyang Foshan Plant II Phase||14.97||8.99||100.00%||March 2017||-|
|Yanfeng G14FYTZ1 II Painting Line||14.00||6.01||100.00%||-||-|
|Foshan tire identification and monitoring project||13.00||12.94||100.00%||-||-|
|Yanfeng production capacity expansion project||4.00||0.02||100.00%||-||-|
|(in million CNY)|
|Project||Amount of Investments||Start of Production||Supplier|
|Faway Qingdao tire assembly project||35.30||March 2018||FAW-VW Qingdao Plant|
|Faway Tianjin component project||379.43||June 2018||FAW-VW Tianjin Plant|
|Faway Tianjin tire assembly project||40.95||June 2018||FAW-VW Tianjin Plant|
|Faway Foshan tire assembly production expansion project||21.08||March 2017||FAW-VW Foshan Plant|
|Faway Tianjin welding plant||72.07||June 2018||Tianjin Toyota|