Zhongshan Broad-Ocean Motor 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 (%) | Factors | |
Sales | 10,930.14 | 10,017.29 | 9.11 | -Increased sales in the building and household electrical-equipment business and in products for drive systems equipped on new-energy vehicles. |
Operating income | 591.48 | 330.26 | 79.10 | |
Ordinary income | 567.71 | 363.60 | 56.14 | |
Net income | 424.84 | 269.00 | 57.93 |
Business development
Vehicle Business Group:
- Powertrain Systems for New Energy Vehicles: In 2022, the company's sales of powertrain systems for new energy vehicles totaled 192,621.38 million yuan, up 41.96% y/y. In June 2022, the company began manufacturing its first "220 flat wire motor". In addition, subsidiary Shanghai Electric Drive plans to start mass production of 48V BSG flat wire motors.
- Vehicle Rotating Appliance Business: In 2022, the revenue of the vehicle rotating appliance business was RMB31,780.99 million, a decrease of 7.28% YoY.
Hydrogen fuel cell business:
- Our main strengths are power electronics and software integration technology and high-speed motor technology. Particular emphasis is placed on the research and development of BOP (Balance Of Plant) for hydrogen fuel cells, focusing on technologies such as multi-function controllers for fuel cells, high-speed centrifugal compressors, DCDC converters, high-pressure electronic pumps, and hydrogen circulation systems.
- The company also focuses on upstream business in the supply chain of the hydrogen energy industry. In addition to investing in the Jiaxing industry to expand the Jiaxing hydrogen station business, the company will also develop its business in the areas of metal-supported solid oxide fuel cells (SOFC) and distributed energy and electrolysis water synthesis technologies. Close cooperation with research institutions in China that possess advanced technology in related technology fields is being pursued to industrialize the SOFC project.
Subsidiary activities
Shanghai Edrive
‐Shanghai Edrive, Ltd. is a wholly owned subsidiary, but will be spun off and listed on the stock exchange. Shanghai Edrive is mainly engaged in R&D, manufacture, and sale of powertrain systems for new-energy vehicles (NEVs) and starters/generators for automobiles and construction equipment. (From a press release dated May 12, 2023)
Prestolite
-This company became a primary supplier to Cummins. Also, the company won orders from several European and American drive-system manufacturers for new product platforms, including a 48V high power BSG assembly and an 800V high voltage fan system.
Generator
-The company manufactures drive motors for new-energy vehicles. It began mass production of 138 flat wire, received orders for motors from Dongan Power in 2022, and received orders from several European and American drive-system manufacturers for 48V high-power BSG assemblies and 800V high-voltage fan systems.
Outlook
-In 2022, the Company will maintain stable growth, targeting a 10% year-over-year (y/y) increase in sales to CNY 11,019 million. Net income is expected to reach CNY 370 million, up 37.5% y/y. (From 2021 Annual Report)
R&D expenditure |
(CNY millions) |
FY ended Dec. 31, 2022 | FY ended Dec. 31, 2021 | FY ended Dec. 31, 2020 | |
R&D Expenditure | 526.42 | 512.69 | 428.66 |
Ratio of R&D expenses to sales (%) | 4.82 | 5.12 | 5.51 |
-As of Dec. 31, 2022, the Company has 1,996 R&D staff, accounting for 17.06% of the total staff.
R&D activities
Product | Expectation |
3rd generation 70kW 3-in-1 electric drive assembly platform | Scheduled for regular production in 2023, leading the market for A0-class vehicles. |
800V motor controller platform based on SiC technology | Expected to begin regular production in 2023, building a lineup of products for 800V voltage platforms. |
Integrated motor controller for hybrid vehicles | Expected to achieve mass production in 2023, forming an integrated motor controller platform for hybrid vehicles. |
High power fuel cell system and BOP | Improve the company's fuel cell system product mix to ensure coverage of bus, light-duty and heavy-duty truck applications. |
Fuel cells all-in-one controller | Strengthen competitiveness in product lines such as boost DCDC converters, air compressor controllers, and controllers for hydrogen return pumps. |
High-speed permanent magnetization of semi-enclosed motors | Expected to achieve regular production in 2023, to achieve a global advanced level of semi-enclosed motor technology |
Research and development of high-efficiency, high-power-electric systems for new-energy commercial vehicles | Mass production is scheduled to begin in 2026, promoting the growth and advancement of commercializing electric vehicles. |
R&D project on high-precision-wiring motor assembly system | A new generation of light-truck motor systems will be developed and mass-produced in 2026. |
Creating technology on an integration project for fuel- cell vehicles; and for their main components | Working to commercialize fuel-cell pneumatic compressors. |
800V High Voltage Drive Platform Project | Mass production of 800V high-voltage controllers with peak output of 150-250 kW is planned for 2025. |
R&D Facilities
-The Company has R&D centers in China (Zhongshan, Beijing, Shanghai, Shenzhen, Wuhan, and Wuhu) and Detroit in the U.S.
-The Company has three national-level laboratories, three provincial-level enterprise technical centers, and two provincial-level factory technical centers. Established a post-doctoral workshop and a researcher/expert workshop.
Patent
-As of December 31, 2022, the Company had applied for a total of 3,785 patents and has been granted 2,880 patents, of which 2,178 are valid patents. Of these, 573 are invention patents.