Guizhou Guihang Automotive Components Co., Ltd. Business Report FY ended Dec. 2013
|(in million yuan)|
|million yuan||FY ended. Dec. 31, 2013||FY ended. Dec. 31, 2012||Difference (%)||Factors|
New Companies-The Company announced that it established Hebei Guihang Hongtu Auto Parts Co., Ltd. jointly with the shareholder of Hebei Hongtu Auto Parts Co., Ltd. The new company is capitalized at CNY 120 million, of which CNY 61.2 million (51 percent) was invested by Guizhou Guihang. In addition, the joint venture has acquired the automotive seal strip division of Hebei Hongtu Auto Parts for CNY 63.8 million. The company had announced these joint-venture and acquisition plans on October 29, 2013. (From an announcement by the company on January 28, 2014)
-The Company announced that Guiyang Wanjiang Aviation Electromechanical Co., Ltd. established a wholly owned subsidiary in Chengdu. The new company will be called Chengdu Wanjiang Automotive Components Co., Ltd., and will be capitalized at CNY 9.5 million. It will construct 6 power regulator assembly lines and 2 wiper assembly lines. (From an announcement by the company on October 29, 2013)
-The Company announced that it acquired a 75 percent share in Beijing Daqi Climate Control Co., Ltd., a Korean-affiliated auto parts supplier. Beijing Daqi produces mainly stamped components for air conditioners and sunroof systems, as well as seat frame components. These products are supplied to Beijing Hyundai's Tier 1 suppliers such as Visteon, Beijing Han Il Automotive Trim Co., Ltd., and Beijing Beiqi Dashi Automotive Systems Co., Ltd. (From an announcement by the company on October 29, 2013)
-The Company announced that it acquired a 51 percent share in Guiyang Huaxu Science & Technology Development Co., Ltd. for 2.62 million yuan. Guiyang Huaxu Science & Technology was established in March 2003 with a capital of 1.45 million yuan. It produces power window controllers, electric rear-view mirror controllers and electronic switches. During the January-October period in 2012, it generated 20.49 million yuan in sales and 1.87 million yuan in net profit. (From an announcement by the company, April 23, 2013)
-Guiyang Wanjiang Aviation Electromechanical Co., Ltd., a wiper production subsidiary of the Company, said it generated 40.46 million yuan in January 2013, following strong sales in the second half of 2012. It was the first time that the company’s monthly sales reached the 40 million yuan mark. Sales were buoyed by business with FAW-VW Chengdu and FAW Haima. From FAW-VW Chengdu, the company won an order to supply 2,600 sets of wipers in addition to the 22,300 sets originally required. This led to a gain of 1.12 million yuan in sales. Delivery to FAW Haima, on the other hand, totaled 5,990 sets. The company is enjoying stable demand from other automakers as well with its monthly supply volumes reaching 20,000 sets for the FAW-VW Jetta04 and New Bora, 15,000 sets for the Sanghai VW New Polo, and 23,000 sets for the Shanghai GM Excelle. To Dongfeng Peugeot-Citroen, it provided 4,100 sets in January, which included products for the Fukang, the 206 and the T8. The company is going to supply 5,000 sets a month to Dongfeng Passenger Vehicle. (From a press release, March 8, 2013)
-In 2007, the Company was awarded "Core Supplier" from Chery Automobile.
-In 2009, Yonghong Radiator Company, Guizhou Guihang Automotive Components Co., Ltd.was awarded "A-class supplier" from FAW-VW.
Business Plan for Next Year
-In 2014, the Company plans to reach 3 billion sales. (From the Company's 2013 annual report)
-The expenditure on R&D in 2013 is 69.09 million yuan, 2.54% of the Company's sales.
Capital Investment Projects in FY2013
|(in million yuan)|
|Projects||Budgeted amount||Amount Invested up to Dec. 2013||Project progress|
|Double crank steel punch||4.35||0.08||100%|