Shanghai Aerospace Automobile Electromechanical Co., Ltd. (HT-SAAE) Business Report FY ended Dec. 2020
Financial Overview |
(CNY millions) |
| FY ended Dec. 31, 2020 | FY ended Dec. 31, 2019 | Change (%) | Factors | |
| Sales | 6,093.30 | 6,909.90 | (11.82) |
-In the fiscal year ended December 31, 2020, the company sold 80% of its shares in Shanghai Xinguang Automotive Electrical Equipment Co., Ltd. |
| Operating profit | 46.56 | (770.78) | - | |
| Ordinary profit | 85.59 | (756.07) | - | |
| Net profit | 124.97 | (757.87) | - |
※From 2019, the company has with drawn from all businesses other than the thermal systems business in automobiles, and has been reorganizing its businesses and concentrating its resources. On December 4, 2020, the company closed its subsidiaries, Automotive Electronics Branch and Automobile Electromechanical Branch. The purpose of this move is to concentrate management resources on the automotive thermal systems business, while at the same time lowering the company's management and operating costs and improving operational efficiency.
Orders
-In the fiscal year ending December 31, 2020, the company received orders for the full lifecycle from BMW, Stellantis, VW, BYD and others. The total order amount is valued at CNY 6.3 billion.
-Subsidiary SDAAC Automotive Air-Conditioning Systems Co., Ltd. Shanghai won orders worth CNY 2.192 billion. Ltd. more than 50% of which came from Chinese local brands and New Energy Vehicle markets.
-ESTRA Automotive Systems Co., Ltd. will continue its relationship with traditional customers such as GM, Stellantis, Honda and Suzuki, while developing special vehicle business with Doosan in Korea. For the fiscal year ended December 31, 2020, the company has received orders totaling CNY 1.89 billion.
-ESTRA Automotive Systems Luxembourg GmbH received an order for engine cooling modules from BMW of Germany. The value of the order is approximately 2.2 CNY billion.
New Company
-In the fiscal year ended December 31, 2020, ESTRA Automotive Systems Luxembourg GmbH was established in Luxembourg for R&D, engineering and business control. The new company will be in charge of research and development of cutting-edge technology for heat exchanger products, and will also collaborate with other regions.
Sale
-Shanghai Aerospace Automobile Electromechanical Co., Ltd. announced a plan to sell all the shares in its wholly-owned subsidiary, Shanghai Xinguang Automotive Electrical Equipment Co., Ltd., to focus more on the development of its automotive thermal management system business. Shanghai Aerospace Automobile Electromechanical has no plan to repurchase the shares in Shanghai Xinguang Automotive Electrical Equipment after the share transfer. Shanghai Xinguang Automotive Electrical Equipment was established in 1993. It works on the development and production of automotive electronic and electrical parts and components. In 2018, it generated sales of CNY 89.05 million and a net loss of CNY 0.54 million. (From a press release on August 10, 2019)
Awards
-The Company’s automotive thermal system subsidiaries, ESTRA Automotive Systems Co., Ltd., Korea and ESTRA (Thailand) Co., Ltd., won the 2019 Quality Excellence Award for Suppliers from GM. They delivered HVAC/PTC products, HVAC control heads, and compressors. (From a press release on April 3, 2020)
R&D Facilities
-The company has a state-level automotive air conditioning system technology center (SDAAC Automotive Air-Conditioning Systems Co., Ltd. Shanghai Technology Center) and a Shanghai city-level automotive electronics technology center.
-In the automotive thermal system business, the company integrates the technological resources of its R&D centers in Shanghai, Daegu, Luxembourg and Detroit to focus on the development and application of advanced technologies for air conditioning systems, power system cooling modules and New Energy Vehicle thermal management. The company has developed triple evaporator heat pump systems and electric compressors for New Energy Vehicles. Currently developing high performance condensers, plate heat exchangers, and air conditioning boxes for EVs.
R&D Expenditure
| FY ended Dec. 31, 2020 (CNY millions) |
FY ended Dec. 31, 2019 (CNY millions) |
FY ended Dec. 31, 2018 (CNY millions) |
|
| R&D Expenditure | 256.02 | 345.83 | 357.31 |
| Ratio of R&D expenses to Sales (%) | 4.20 | 5.00 | 5.33 |
- As of December 31, 2020, the company had 398 R&D personnel, which accounted for 15.98% of the company's total workforce.
Patents
-In 2020, ESTRA Automotive Systems Luxembourg GmbH applied for and received 62 patents, including 40 invention patents. Two applications were filed under the Patent Cooperation Treaty (PCT). New authorizations: 31, including 16 for inventions.