Zhejiang Vie Science & Technology Co., Ltd. Business Report FY ended Dec. 2016
Financial Overview |
(in million CNY) |
| FY ended Dec. 31, 2016 | FY ended Dec. 31, 2015 | Rate of change | Factors | |
| Sales | 2,231.81 | 1,781.44 | 25.28% |
-Perfect management system construction; |
| Operating profit | 154.42 | 105.42 | 46.48% |
-Strengthen self research and development; |
| Ordinary profit | 161.74 | 111.92 | 44.51% | |
| Net profit | 132.83 | 96.67 | 37.41% |
Contracts
-The Company announced that Zhejiang Zhuji Wanbao Machinery Co., Ltd., its subsidiary, and Chongqing Lifan Co., Ltd. have signed an agreement on joint development of new energy vehicle parts and materials. Zhejiang Zhuji Wanbao Machinery will develop and produce parts including EPB control units for a new a hybrid vehicle (development code: 720), left rear brake discs, right- and left-rear dust boots, and right- and left-caliper assemblies for Chongqing Lifan. (From a press release on March 15, 2017)
-The Company announced that its subsidiary, Zhejiang Zhuji Wanbao Machine Co., Ltd., and Hangzhou E.V. Automobile Industry Co., Ltd. have signed an agreement, under which Zhejiang Zhuji Wanbao Machine will develop and supply components for Hangzhou E.V.'s new model (development code: A02). The new products are ECUs for electronic parking brakes, right and left front steering knuckles and brake assemblies, and right and left rear brake assemblies. (From an announcement by the company on January 23, 2017)
-Guangxi Vie Auto Chassis Co., Ltd., a sub-subsidiary of the Company, announced that the company has been chosen by Dongfeng Liuzhou Motor Co., Ltd. as a simultaneous developer of hydroformed rear subframes for the automaker’s new model (development code: SX5/SX7). (From an announcement by the company on July 13, 2016)
-Anhui Wanan Auto Parts Co., Ltd., a subsidiary of the Company, announced that the company and Hanteng Automobile Co., Ltd. have signed a parts development agreement. In accordance with the agreement, Anhui Wanan Auto Parts will develop front/rear subframe assemblies, front suspension control arm assemblies, rear trailing arm assemblies, swing arm assemblies, rear upper lateral link assemblies, rear toe in rod assemblies, and other components for Hanteng Automobile’s new model (development code: B15). (From an announcement by the company on June 1, 2016)
-Zhejiang Zhuji Wanbao Machine Co., Ltd., a wholly owned subsidiary of the Company, announced that its products have been chosen by BAIC Yinxiang Automobile Co., Ltd. for the automaker's new model (development code: C30). The company will prepare for producing front sub-frame assemblies, rear sub-frame assemblies, right/left front swing arms, right/left front sub-frame side members, and front sub-frame cross member assemblies for the model. (From an announcement by the company on April 5, 2016)
-The Company announced that its wholly owned subsidiary Anhui Vie Auto Parts Co., Ltd. has been awarded a contract from Hebei Yogomo Automobile Manufacturing Limited Company. The subsidiary will supply rear torsion beam assembly for new energy car 331 (development code), sub-frame assembly for new energy car 331SUV (development code), front lower arm assembly for new energy car 330SUV (development code). (From an announcement by the company on January 22, 2016)
-The Company announced that its wholly owned subsidiary Zhejiang Zhuji Wanbao Machinery Co., Ltd. has been awarded a contract from Guangzhou Automobile. The subsidiary will supply front brake caliper assemblies, vacuum booster, and brake master cylinders with a reservoir tank for the A5H (development code). (From an announcement by the company on January 18, 2016)
New Company
-The Company announced that the company and Haldex Brake Products AB will establish Haldex Vie (Shanghai) Electro Mechanical Brake Systems Co., Ltd., a 50-50 joint venture to produce and sell brake systems. The company will be located in Jiading District, Shanghai, and will be capitalized at CNY 100 million. (From an announcement by the company on September 30, 2016)
-The Company established a joint venture with Evatran Group, Inc. in China. Registered capital of $ 5 million，the new company is called Zhejiang Vie Evatran Electronic Technology Co., Ltd. The Company invested $3.75 million in cash, accounting for 75% shares; Evatran invested $1.25 million in cash, accounting for 25% shares. The new company is located in Zhuji, Zhejiang, mainly engaged in R&D and manufacture of wireless electric charging devices, systems and products for cars and automotive environments. (From an announcement by the company on July 13, 2016)
-The Company announced that the company and Protean Electric Limited, which is owned 100% by Protean Holdings, will establish a joint venture in Zhuji, Zhejiang. The new company will be called Zhejiang Vie Zhiqu Science & Technology Co., Ltd., and will be capitalized at USD 10 million, of which 60% will be provided by Zhejiang Vie Science and 40% will be provided by Protean Electric. The joint venture will mainly develop and produce wheel motors. (From an announcement by the company on July 4, 2016)
Acquisition
-The Company announced that it will acquire 100% of Zhejiang Vie Pump-Manu Co., Ltd. shares from the Vie Group. Zhejiang Vie Pump-Manu develops, produces, and sells automotive hydraulic steering pumps and power vacuum pumps. The company has total assets of CNY 160 million as of March 31, 2016. Its sales reached CNY 19 million. (From an announcement by the company on May 9, 2016)
Pass the Audit
-Zhejiang Zhuji Wanbao Machine Co., Ltd., the Company's subsidiary, passed FAW-Volkswagen's supplier audit. It became brake booster products supplier for FAW-Volkswagen. (From a press release on May 2, 2017)
Annual Business Plan for Next Year
-The Company plans to reach 2.6 billion CNY sales and 210 million CNY ordinary profit for the year 2017.
R&D Facilities
-The Company's technology center has been designated as a nationally accredited technical center.
-The Company has two R&D centers in Beijing and Shanghai and five institutes such as pneumatic brake institute, disc brake institute, hydraulic brake system institute, chassis electronic institute and brake chamber institute.
-In March 2017, the Company opened a lab for making a study on new connected car standards. The company will work in cooperation with China's governmental agencies to meet the needs to develop standards and regulations for connected cars. Currently, there are no standards and regulations in this area. (From a press release on April 10, 2017)
R&D Expenditure
| FY ended Dec. 31, 2015 (in million CNY) |
FY ended Dec. 31, 2014 (in million CNY) |
FY ended Dec. 31, 2013 (in million CNY) |
|
| R&D Expenditure | 50.90 | 43.80 | 42.17 |
| Ratio of R&D expenses to operating income | 3.01% | 3.31% | 3.29% |
Patent
-As of Dec. 31, 2016, the Company had obtained 194 authorized patents, 25 of them are invention patents.
R&D Cooperation
-In 2009, the Company cooperated with Nanjing University of Science and Technology to establish "Nanjing University of Science and Technology - Vie Automobile Chassis Parts Joint Institute" to conduct research and development of electronic parking brake (EPB).
-The Company's technology center cooperated with Tsinghua University, Shanghai Jiao Tong University, China Automotive Technology Center, China FAW Group Corporation Technical Center, Dongfeng Automobile Technology Center, Chongqing Automobile Research Institute to jointly develop new products.
Capital investment project |
(in million CNY) |
| Project | Budget | Investment in 2016 | Project status |
| Electric control system for automobile construction | 266.58 | 57.28 | 21.49% |
| Car networking, wireless charging technology and advanced driving support system (ADAS) research and development | 103.46 | 2.89 | 2.79% |
| Modular base construction of automobile chassis | 210.22 | 44.53 | 21.28% |