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2017 Annual Results Review
The company achieved revenue of 1.76 billion yuan in 2017, a year-on-year increase of 1.31%; gross profit of 514 million yuan, an increase of 7.45%; net profit attributable to owners of the parent company of 138 million yuan, an increase of 31.69%; basic earnings per share of 0.08 yuan; Dividend payout is 0.48 points per share.
Customer growth is seeing results, revenue growth exceeds industry
Due to the slowdown in the growth of the automotive industry, the overall growth rate of production and sales in the automotive industry last year was 3.2% and 3.0% respectively. However, the company has expanded in new markets and end customers, and has newly acquired domestic customers such as BYD, Geely, GAC, BAIC, and Zotye, which has effectively boosted revenue growth. Last year, the company's revenue in the automotive interior and exterior structural and decorative parts business reached 1.35 billion yuan, a growth rate of 9.1%, exceeding the industry growth rate, and the company's revenue share also increased to 76.4%.
In other businesses, the company's mold and tool business, air-conditioning and heater business revenues reached 140 million yuan and 150 million yuan respectively due to one-off factors, down 22.4% and 19.2% respectively. It fell to 8% and 8.5%. Non-automotive products and raw materials accounted for a relatively small proportion, accounting for 7.2% of the total, achieving revenue of 75 million yuan and 15 million yuan respectively.
Significant increase in gross profit margin
The overall gross profit margin of the company increased by 1.7 percentage points to 29.2%, mainly due to the improvement of gross profit margin of major products under cost control, especially the gross profit margin of automotive interior and exterior structure and decorative parts business segment with the largest revenue share increased by 2.5 percentage points year-on-year to 33.1%. The gross profit margin of non-automotive products also increased by 9.3 percentage points year-on-year to 31.9%. It is expected that with the continuation of cost control, the improvement of automation level and the optimization of future product structure, the overall gross profit margin of the company will increase to 30%-31% this year. The company's goal in the future is to keep manufacturing costs down more than 8% year-on-year, with gross margins reaching 35% in 2020.
The growth momentum is gradually released, and the safety orders are sufficient.
The company has a number of growth drivers in the future: 1) Most of the orders of self-owned brand customers such as Weimar, Geely and Guangzhou Automobile are mass-produced in the second half of 2017, and 2018 will contribute to the annual sales. 2) The company's Qingdao and Tianjin factories have entered the SOP stage. It is expected to start production in 2018. The Qingdao plant is currently expected to have an annual production value of 2.2 million units. The Tianjin factory has also received orders for customers over 8 years. 3) The company's 50% owned subsidiary of Ningbo Hualuote Company started production in October last year, and has the nation's first domestic special dyeing production line, which fills the gap in the domestic market in high-end automotive fabrics, and also has a higher The degree of automation, the profit margin of new products can reach more than 30%. 4) The performance of several other joint ventures of the company is improving. Huazhong Yanfeng is in the process of reducing losses and is expected to achieve profitability in 2018; Germany FBZ mold company has turned losses into profit in 2017 and is expected to contribute investment income in the next few years. .
As of 2017, the company has received a total of about 12 billion yuan in security order agreements in 2017-2021. The total amount of security orders in hand is about 6.8 times of the annual revenue of 2017, which is the guarantee for the company's future development.
Layout car electricization, lightweight direction
The company has advanced layout in the fields of electrification and light weight: 1) The company has become a strategic partner of Weimar Automobile, Aichi Yiwei and Singular Auto, and has carried out comprehensive cooperation of multiple products. 2) Layout of automotive lightweighting with “plastic-based steel†products, reducing weight by 1/4-1/8 and reducing cost by 30% in process and installation process, including front frame and bottom guard . The current front-end framework customers include Geely, BAIC, Daimler-BYD, Zotye, GAC Chuanqi and other independent brands, including Shanghai Volkswagen, FAW-Volkswagen/Audi, Changan Ford and other joint venture brands. On the bottom guard products, the company has invested 30 million to develop a fully automatic production line of “plastic-made steel†bottom guard products, and has been approved by FAW-Volkswagen, Shanghai Volkswagen and SAIC-GM.
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