Zhejiang Founder Motor Co., Ltd. Business Report FY ended Dec. 2017
Finacncial Overview |
(in million CNY) |
| FY ended Dec. 31,2017 | FY ended Dec. 31,2016 | Rate of increase/ decrease (%) | Factors | |
| Sales | 1,318.08 | 1,049.33 | 25.61 | - |
| Operating profit | 154.63 | 126.86 | 21.15 | - |
| Ordinary profit | 153.04 | 143.56 | 6.60 | - |
| Net profit | 132.09 | 118.83 | 11.16 | - |
Strategic cooperation
-On December 14, 2016, Yuchai Machinery (Guangxi) Group Co., Ltd. signed a strategic partnership cooperation with Zhejiang Founder Motor Co., Ltd. Under the agreement, the two companies will collaborate on R&D on drive systems for new energy vehicles, as well as introduction and application of fuel control systems for gas engines. (From news releases issued by multiple sources on December 16, 2016)
Orders
-The Company has become the supplier of Geely’s two BEV Project. (From 2017 Company Annual Report)
-The Company’s horizontal motor products for car seat has officially entered the Land Rover -Jaguar supply chain on the Land Rover -Jaguar Luxury Vehicle Platform. (From 2017 Company Annual Report)
Awards
-On March 13, 2018, the Company won the “2018 New Energy Contribution Award” of SAIC-GM-Wuling. (From the Company's official website news)
Acquisition
-On November 27, 2014, Wanxiang Qianchao Co., Ltd. announced that the company and Zhejiang Founder Motor Co., Ltd. have signed a contract under which Wanxiang Qianchao will transfer the entire 57.9 percent shareholding in Hubei Qianchao Auto Parts Co., Ltd. to Zhejiang Founder Motor. Hubei Qianchao Auto Parts develops, produces and sells automotive wiper assemblies, brake valves, and other components. It generated approximately CNY 83.7 million in sales and approximately CNY -12.8 million in net profit during 2013. (From an announcement released by the company on November 28, 2014)
Production
-The Company implemented the automation technology renovation project of the automobile seat motor series products, which was appraised as the provincial key demonstration project of "integration of two cultures" by the Zhejiang Economic and Information Technology Commission.
-Production line for auto drive motors has been put into operation, with an annual output of 100,000 sets. (From the semi-annual 2017)
R&D Expenditure |
(in million CNY) |
| FY ended Dec. 31,2017 | FY ended Dec. 31,2016 | FY ended Dec. 31,2015 | |
| R&D Expenditure | 61.68 | 46.35 | 24.38 |
| Ratio of R&D expenses to operating income (%) | 4.68 | 4.42 | 3.07 |
R&D Facility
-The Company is a national high-tech enterprise with post-doctoral workstation pilot unit and provincial high-tech research and development center. The Company’s Technology R&D Center was officially approved by the Zhejiang Enterprise Research Institute.
-By the end of 2017, the Company had 271 R&D personnel, accounting for 12.08% of the total number of employees.
-In October 2017, Founder Research Institute was officially established in Shanghai, which would focus on the research and development of integrated system series products for new energy vehicles.
R&D activity
-In 2016, the company focused on building the back-EMF harmonic THD simulation, electromagnetic MAP simulation, temperature field and NVH finite element analysis. At the same time, it carried out the research and development of auto seat motors, and high-power density (flat wire motor) for NEVs, with Shanghai High Energy, Shenzhen Gold Corolla and Hangzhou Dewos, the company's joint ventures.
Patent
-By 2016, the company had applied for 7 invention patents.
Investment in 2017 |
(in million CNY) |
| Project | Budget | Investment in 2017 | Progress rate (%) |
| Commercial NEV drive motor project with an annual output of 10,000 sets | 58.01 | 12.34 | - |
| To be installed equipment project for EV drive system project with an annual output of 100,000 sets |
207.40 | 35.22 | 100.00 |
| Construction for the Vietnam Plant | 8.00 | 0.53 | 31.40 |