Lingyun Industrial Co., Ltd. Business Report FY ended Dec. 2012
|(in millions yuan)|
|FY ended Dec. 31, 2012||FY ended Dec. 31, 2011||Rate of Change (%)||Factors|
|Sales||4,882.66||4,286.32||13.91||-The Company increased R&D activities, added new products, and developed new markets in 2012, so sales of automotive metal and plastic parts product increased by 12.73% over the previous year;
-The Company developed new markets in 2012, so sales of plastic pipe products increased by 16.49% over the previous year.
|Net profit||225.82||326.91||(30.92)||-Products price decreased, raw material price increased.|
Acquisitions-The Company acquired 100% share of the German Kiekert with other companies. The signing ceremony was held on March 13 in Beijing. After the acquisition, the North Lingyun Industrial Group Co., Ltd. holds 55% shares in Kiekert, while Henan North Star Electrical Co., Ltd. holds 25% and Tianjin Dingshuo Equity Investment Fund holds 20% respectively. (From a press release on May 26, 2012)
-The Company acquired Harbin Hafei Kaiyi Sheet Metal Products Co., Ltd. through its subsidiary, Harbin Lingyun Automobile Parts Co., Ltd. at the price of CNY 67.38 million. The registered capital of Harbin Lingyun is CNY 72.82 million; the company holds 94.15% shares. Hafei Kaiyi was established in May 2004; the registered capital is USD 12 million. Its main products are automobile front and rear door assemblies, engine cover assemblies, rear box assemblies and fenders. (From an announcement by the company, March 19, 2012)
Major Contracts-On October 19, 2012, the Company's Shanghai Branch re-won front and rear bumpers contracts. It is the fifth aluminum front and rear bumper project the Company won from GM. (From a press release on November 19, 2012)
-The Company's subsidiary, Shanghai Chinaust Automotive Plastics Co., Ltd. won universal global some pipe business from GM. The project is GM's main engine project from 2014 to 2018. Shanghai Chinaust won China's some pipe business at the end of 2011 from GM. It won GM South America, GM Europe, GM Korea projects supporting business in September 2012. The project can generate total sales of CNY 250 million. (From a press release on November 1, 2012)
-Shanghai Chinaust Automotive won fuel tank pipes contract in 2010 and fuel tank pipes contract at the end of 2011 from East Hee Parts (Zhangjiagang) Co., Ltd. The project which had been won in 2011 would be batch production at the end of 2012. The project which had been won in 2012 would be batch production in late September, 2012. The market is estimated to demand 120,000 to 150,000 units in 2013. (From a press release on September 27, 2012)
-The Company's subsidiary, Harbin Lingyun Auto Parts Co., Ltd. became a secondary supplier of Tianjin FAW Toyota. It mainly supplied four parts in fuel tank gas pipes for new model 542W of Tianjin FAW Toyota. It would be small batch production in the middle of 2012, and is expected to produce 15,000 units per month in 2013. (From a press release on May 25, 2012)
-In 2012, the Company won contracts of 36 thermoforming parts from Shenyang and Yantai project; auto parts entered into GAC Toyota and Nissan supplying system; the Company achieved exports to GM in Uzbekistan. The Company began to supply auto pipings to Kautex in Asia.
-The Company established Shanghai Lingyun Automotive Industrial Technology Co., Ltd., a wholly owned subsidiary in Qingpu, Shanghai. The new company will be capitalized at CNY 100 million. It will design, develop and produce automotive products, and will also offer technical services. The subsidiary will acquire approximately 26,680 square meters of land at the Qingpu Huaxin Industrial Zone for its new production facility. (From an announcement by the company on November 22, 2012)
Awards-On November 29, 2012, Hebei Chinaust Automotive Co., Ltd. won Excellent Supplier and Quality Prize Supplier awards from Dongfeng Commercial Vehicle Co., Ltd. It is the only parts manufacture which won two awards. (From a press release on December 21, 2012)
R&D Expenditure-The Company's R&D spending in 2012 was CNY185.75 million, a 42.32% increase from the previous year's figure of CNY130.52 million.The Company's R&D expenses accounts for 3.80% of the Company's operating income.
R&D Structure-In 2012, the Company applied 92 patents and held 53 newly licensed patents. The Company had a total of 176 patents.
-The Company and its subsidiaries have a total of four Provincial Technology Centers, four labs approved by National Accreditation Committee, a testing center approved by North America Test Center and a state-level testing burner base, including the only one lab specialized in bumper dynamic test.
|(in millions yuan)|
|Project||FY ended Dec. 31, 2012|
|New plant construction of Chinaust Automotive||50.08|
|Haining production facility construction||16.53|
|The second phase construction of Changchun Chinaust||4.50|
|New plant construction of Yancheng Branch||35.70|