Zhejiang Asia-Pacific Mechanical & Electronic Co., Ltd. Business Report FY ended Dec. 2022
Financial Overview |
(CNY millions) |
FY ended Dec. 31, 2022 | FY ended Dec. 31, 2021 | Rate of change | |
Sales | 3,749.88 | 3,630.61 | 3.29 |
Operating income | 71.94 | 49.75 | 44.59 |
Ordinary income | 72.90 | 51.05 | 42.79 |
Net income | 68.88 | 46.17 | 49.18 |
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In the fiscal year that ended in December 2022, the Company's revenue was CNY 3.7988 billion, a 3.29% increase compared to the previous year. Among this, the revenue from products for new-energy vehicles amounted to CNY 921.1 million, marking a significant growth of 58.85% compared to the CNY 576.9 million in the fiscal year that ended in December 2021. The revenue from products for new-energy vehicles accounted for 24.56% of the total revenue in the fiscal year that ended in December 2022. This was an 8.59-point increase compared to that of the previous year.
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Despite the impact of external factors such as chip shortages, power shortages, and soaring energy prices, the Company’s revenue increased by enhancing both cost efficiency and production efficiency based on mass production. Additionally, the development of new products contributed to the growth.
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In fiscal year that ended in December 2022, the Company initiated 115 new projects, out of which 53 involved automotive electronics. The percentage of automotive electronics systems in the company's business has been on the rise. Furthermore, in IBS (Integrated Brake System) products, the company has completed the verification of all of its IBS projects and is expected to reach the mass-production stage by 2023.
Product development
-A mass-production sample of the second-generation electro-hydraulic brake has been created and tested on Changan Automobile's prototype vehicle. It is also developing a non-separable electric brake booster (EBB) and a compact electric hydraulic brake (iEHB), which are scheduled for mass production in 2023.
Orders
FAW, FAW Bestune, etc.
-The company announced that it won multiple contracts from automakers. Firstly, Zhejiang APME will develop and produce rear brake caliper assemblies with Electronic Parking Brake (EPB) systems for China FAW Corporation Limited (FAW). The products will be adopted by the New Energy Vehicles (NEVs) under FAW’s Hongqi brand. Secondly, Zhejiang APME will develop and produce front brake assemblies and rear drum brake assemblies for application in Bestune brand NEVs of FAW Car Co., Ltd. (FAW Car). The company will also develop and produce EPB control unit assemblies for FAW Car’s gasoline-powered vehicles. In addition, Zhejiang APME was selected by a non-Chinese automaker as a supplier of Anti-lock Brake System (ABS) actuators (including acceleration sensors) for SUVs. (From press releases 1/2/3 dated February 7 and February 8, 2022)
Leap Motor, etc.
-The company announced that it has received several orders. From one of China’s large automobile groups the Company will develop and produce electronic parking products for an SUV model of that group. The company also orders from Zhejiang Lingpao Technology Co., Ltd. (Leap Motor) for EPB (electric parking brake) products as a development and product supplier for LeapMotor’s A11 project. And the company received a Letter of Intent (LOI) from one of China’s large automobile group in which Zhejiang APME is designated to develop and produce Anti-lock Braking System (ABS) and G sensors for that group. In addition, the company will supply Anti-lock Brake System (ABS) and G sensors to one of China’s large automobile. Furthermore, as a product development supplier, the company will supply front caliper assemblies to Great Wall Motor Co. Ltd.’s B07 model. (From press releases dated January 17, January 4, 2022 / December 31, December 28, 2021)
Others
‐The company announced that it has received a notification from a foreign vehicle OEM on being designated to supply front and rear brake assemblies and IBS (one box) for a New Energy Vehicle platform. The project is expected to gradually start production from 2025, with a lifecycle of 6 years. (From a ZAPME SZSE press release dated March 2, 2023)
R&D
-The company has a test facility of 6,000 square meters and established proving grounds in Huangshan and Heihe, Heilongjiang.
-The Company's testing centers have been certified as laboratories by FAW-VW, SAIC GM, GM-Wuling, SAIC Group, SAIC Automobile, Jiangling, Geely Automobile, Changan Automobile, etc.
-Zhejiang Brake System Testing Laboratory passed ISO/IEC17025 accreditation by China National Conformity Assessment Service (CNAS) in January 2021.
R&D Expenses |
(CNY millions) |
Year | FY ended Dec. 31, 2022 | FY ended Dec. 31, 2021 | FY ended Dec. 31, 2020 |
R&D Expense | 194.03 | 170.38 | 159.36 |
Percent of sales revenue (%) | 5.17 | 4.69 | 5.46 |
-As of Dec. 31, 2022, the Company has 332 R&D staff, accounting for 13.39% of the total staff.
Patents, etc
-As of December 31, 2022, the Company holds 782 patents. Of these, 72 are invention patents, 667 are utility model patents, and 43 are appearance patents.
-The Company has obtained quality system certifications such as QS9000, VDA6.1, ISO/TS 16949, and IATF 16949. The automobile brake system has obtained the product certification of the China Automobile Product Certification Center, as well as QSB and QSB+ certifications of SAIC GM and Dongfeng PSA.