Wanliyang 002434 Machinery Industry
The company issued 42.5 million A shares, which accounted for 25% of the total issued share capital. The actual controllers of the company were Huang Qingqing and Wu Yuehua, who indirectly held 60.525 million shares of the company, which accounted for 38.25% of the total issued share capital.
Main, light truck transmission. The company's products are commercial vehicle transmissions, of which medium and light trucks are the main products. According to statistics from the China Geareducer Association, the company's commercial vehicle transmission output ranks third in the industry in 2008. In 2009, the market share was 72% and 7%, respectively. The market share of China Card Corporation ranked first in the country.
The main components of the product have a high self-control rate and obvious cost advantages. The main components of the transmission are the housing, pinion and synchronizer, and the three components together account for 60% of the transmission cost. The company's self-manufacturing rate for these three kinds of parts and components is as high as 90%, which is much higher than the industry's average auto parts production rate. Effective control of the upstream greatly reduces the cost of the company's products and ensures the controllability of product quality. The strong cost control capability has enhanced the company's profitability, making the company in a dominant position in market competition.
The customer base is stable and the downstream areas are constantly expanding. The company's current customers are Dongfeng Automobile, a leading company in China Card, Beiqi Foton, a light truck leader, and Anhui Jianghuai and Chengdu Trump.
The company’s major customer, Beiqi Foton and its subsidiaries’ annual revenue for three consecutive years accounts for more than 50% of the company’s main business revenue. Beiqi Foton, as the company’s largest partner and a strong light truck leader, can provide stable performance for the company. Downstream demand. The company's newly developed heavy truck market will become a new growth point in the future. The company's self-developed heavy-duty truck transmission can reduce fuel consumption by 3%, and the price of a single product card transmission faucet Shaanxi Fast is approximately 2,000 yuan cheaper, and has to compete with the market. Ability. At present, the company has reached an agreement with Beiqi Foton, Dongfeng Motor, Jianghuai Automobile and other suppliers for approximately 80,000 units. We are optimistic about the company's entry into the heavy-duty transmission field. We believe that the company's self-developed new products have technological and cost advantages that can help the company quickly capture the market and enhance the company's future performance.
Raise investment projects to expand production capacity, to enter the heavy truck transmission field. The company's fundraising project is an annual output of 280,000 commercial vehicle transmissions. After the project is fully completed, the annual output of heavy-duty trucks, light trucks, and passenger car transmissions will be 80,000 units, 180,000 units and 20,000 units respectively. The light truck transmission has reached an agreement with existing customers of approximately 219,000 units. The production capacity can be fully absorbed, further consolidating the company's market position in the field of light truck transmissions.
Heavy-duty truck transmission is the company's key development plan for the future, and its production capacity can be fully digested. If the project progresses smoothly, the company will become one of the most comprehensive transmission product lines in China.
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