[年报]中鼎股份(000887):中鼎股份2022年年度报告摘要（英文版）
原标题:中鼎股份:中鼎股份2022年年度报告摘要（英文版） Anhui Zhongding Sealing Parts Co.,Ltd. Abstract of the Annual Report 2022 Stock Abbreviation: Zhongding Stock Stock code: 000887 Ⅰ.Important Statements This is an abstract of the Annual Report 2022.Investors are suggested to read the complete version of the Annual Report 2022 on the media, which is designated by the China Securities Regulatory Commission(the “CSRC”) to have a full understanding of operational results, financial statements, and future plans of the Company. Should there be any inconsistency between the Chinese version and English version, the Chinese version shall prevail. All directors attended the Annual Report Meeting of the Board of Directors. Modified Audit Opinion □ Applicable √ N/A The preliminary plan for dividend distribution and converting capital reserves into share capital for common shareholders which were considered and approved by the Board during the reporting period. √ Applicable □ N/A Converting capital reserves into share capital □ Yes √ No The Board has considered and approved the following dividend payout plan for the Reporting Period: based on the Company's total shares of 1,316,489,747，the Company should distribute a cash dividend of RMB 2.0 (tax inclusive) and 0 stock dividend (tax inclusive) per 10 shares to all the shareholders and should not convert capital reserves into share capital. The preliminary plan for dividend distribution for preferred shares in the reporting period was approved by the Board □ Applicable √ N/A Ⅰ.Company Profile 1. Company Information
2. Main Business or Product Profile during the Reporting Period (1) The Auto Industry Situation during the Reporting Period In 2022, the automobile production and sales volume reached 27.021 million and 26.864 million units, respectively, with a year-on-year growth of 3.4% and 2.1%, respectively. In 2022, the production and sales volume of passenger vehicles were 23.836 million and 23.563 million units, respectively, up 11.2% and 9.5% year-on-year, respectively. In 2022, the cumulative production and sales of new energy vehicles in China reached 7.058 million and 6.887 million respectively, with year-on-year growth of 96.9% and 93.4% respectively, and the market share reached 25.6%, 12.1 percentage points higher than the previous year.(Data are derived from the statistical analysis of China Association of Automobile Manufacturers) (2) The main business of the company during the reporting period The company continued to promote the cost control and refined management of overseas factories. Under the severe impact of the industry downturn and the external enviroment, the company further carried out a series of measures such as cost optimization and non-core business divestiture of overseas enterprises, which increased the recovery of overseas business speed and certainty; through continuous management improvement, domestic and foreign business has been fully restored and maintained a continuous positive growth trend, the orders we have obatained continued to increase month-on-month, and the company's overall profit gradually increased. On the basis of years of mutual adaptation with overseas enterprises, the company has gradually strengthened the strategy of management output and cultural output, upgraded from regional management to modular management, strengthened the cost control of overseas enterprises, promoted business integration and market expansion, at the same time, take advantage of the Chinese engineer bonus, and further accelerate technology absorption and innovation. While maintaining the steady growth of traditional businesses, the company continues to promote the growth of incremental businesses of air suspension systems, lightweight chassis systems, and fluid pipeline systems. Currently, the incremental business has a good momentum of development, and related orders are showing a momentum of accelerated growth. The company will continue to focus on the core strategic goal of intelligent chassis system, and promote the company's business to move towards intelligence. The company continued to rank among the "Top 100 Global Auto Parts Industry" (ranked 85th). 1) Intelligent Chassis system business-Air suspension system a. Introduction of Products Compare to coil spring suspension, air suspension system has the advantage that the Spring stiffness can be adjusted according to different usage scenario.Base on the different road conditions and the input from the height and acceleration sensor, the ECU of ECAS system will identify the vehicle height change, the air height of air spring can be adjusted through the control the air compressor and valve block to realize the lift or lowering of the vehicle body.It can make the vehicle body more stable and improve the trafficability characteristic.The application of ECAS system can improve the comfort and the manoeuvrability of vehicle.The scope of ECAS includes air compressor, ECU, sensors, air springs,etc. b. Future Market potential With the advent of the era of new energy vehicles, the appeal of new energy vehicles intelligent, while chassis protection air suspension system is no longer the exclusive high-end models, because the new energy vehicle chassis system stability requirements are much higher than pure fuel vehicles, air suspension system has gradually become the mainstream configuration of the new energy vehicle platform. Leading voice intelligent system, intelligent air suspension system and excellent automatic driving function are the core of current automobile intelligence.Tesla, NIO, Li Auto, Xiaopeng and other new ermerging NEV manufacturers are also equipped with these technologies and intelligent functions such as air suspension systems.With the further improvement of air suspension system technology and the improvement of car owners' recognition of the ultimate experience of air suspension products, more and more cars will be equipped with air suspension systems to improve product superiority and customer satisfaction in the future. In addition to the passenger car, developed countries in the vast majority of medium-sized passenger cars and light commercial vehicles are used in the air suspension system, heavy truck in addition to the engineering car road transport vehicle almost all use air suspension in China in 2018 effective GB7258 motor vehicle operation safety technical conditions also require:"The rear axle of Dangerous goods transport trucks with a total mass greater than or equal to 12,000kg, all semi-trailers for transporting dangerous goods, as well as three-axle fence type, warehouse grid type Semi-trailers should be equipped with air suspension." The air suspension system will gradually move from high-end to popular, and eventually become an indispensable part of cars, especially intelligent cars. c. Company industry position and business promotion AMK Germany, as a high-end supplier of air suspension system, is one of the top three leaders in the industry. Since entering the field of air suspension system business in the 1990s, it has continuously improved the product assembly technology, and has been deeply engaged in the industry for more than 20 years, supporting the world's leading vehicle manufacturers such as Jaguar, Land Rover, Volvo, Audi, Benz, BMW etc. The domestic air suspension market is in its infancy, and AMK China has been accelerating the improvement of the performance and cost optimization of the air suspension system supply chain in the Chinese passenger car market. AMK continued to develop steadily around the strategic goals of "localization promotion, technology iteration and upgrading, and industrial strengthening and completing". AMK China continues to promote the implementation of other self-produced hardware projects while launching air supply unit product assembly and production lines in succession to increase the proportion of self-produced hardware.Business of AMK China has made breakthrough progress, and it has also obtained orders from many domestic new emerging manufacturers and leading vehicle manufacturers. Up to now, AMK China has received orders with a total output value of 7.314 billion RMB, and it is expected to get more orders in the future, especially new energy vehicle orders. 2) Intelligent Chassis System Business-Lightweight chassis system a. Introduction of Products Automotive metal parts are widely used in automotive chassis systems, including steering systems, suspension systems, braking systems and driving systems. The lightweight of automobiles has formed a broad consensus in the automobile manufacturing industry. The lightweight of the chassis plays a vital role in the performance of the whole vehicle. Lightweight chassis products such as aluminum alloy control arm assemblies have high value per vehicle, it is a core parts of operational stability and comfortability. b. Future market potential Due to the needs of environmental protection and energy saving, the lightweight of automobiles has become the trend of automobile development in the world. The lightweight of automobiles is not only suitable for traditional fuel vehicles, for new energy electric vehicles, it is also very important to reduce body weight and achieve vehicle lightweight, because it is related to the main battery life of new energy vehicles. Experiments have shown that in terms of acceleration performance, it takes about 10 seconds for a 1.5-ton car to accelerate to a speed of 60 kilometers per hour; if the weight is reduced by 25%, it can be reduced to 8 seconds. Lightweight the chassis, the benefits in terms of fuel consumption, handling, etc. far exceed the lightweight of other components at the same level. The mass of most components on the chassis is unsprung weight. Relatively speaking, the mass of the body (structural parts, reinforcements parts and coverings parts) is sprung weight. It is generally believed that the effect of the same magnitude of unsprung weight reduction is 5-15 times that of the sprung weight reduction. At the same time, lightening the unsprung weight increases the ratio of the sprung mass to the unsprung weight, which is equivalent to the athlete removing the sandbag tied to the legs, which can significantly improve the response speed and comfort of the car during acceleration, braking and steering. c. Company industry position and business promotion In recent years, the company has been vigorously developing chassis lightweight system assembly products, and the forged aluminum control arm assembly project has made breakthrough progress. At the same time, its subsidiary Sichuan Wangjin Company, whose core technology is the ball joint assembly product, is the core safety component and performance component of the chassis system. It has the world's leading technology and has a very high technical threshold. With the continuous advancement of the company's lightweight chasis system assembly business, it has obtained orders from many traditional OEMs such as Mercedes-Benz, Changan, GAC, BYD, etc. At the same time, it has made breakthroughs in the business of leading new energy enterprises and obtained relevant orders. 3) Fluid pipeline system a. Introduction of Products German TFH, a subsidiary of the company, has been promoting R&D and production of thermal management pipeline products. On the basis of supporting traditional thermal management pipelines, TFH vigorously promotes the thermal management pipeline system assembly business of new energy vehicles, and actively expands the application of new materials in products. TFH vigorously develops the application of nylon pipes and TPV materials. Compared with traditional internal combustion engine pipes, the application of new technologies can make products lighter in weight, lower in cost, and more flexible in assembly. In addition, it can maintain good NVH and flexibility. With its innovative and technologically swift updating capabilities, TFH is able to respond to changes in hybrid and fuel cell vehicles and is actively engaged in advanced development projects with several OEMs customers. b. Future market potential As the temperature control requirement for battery modules of the new energy vehicle is much higher than those of traditional vehicles, and also because of the absorption of TFH pipeline assembly technology, the single vehicle value of the company fluid management products has increased from about RMB300 for traditional vehicles to nearly RMB1,000 for new energy vehicles and even about RMB1,500 for Range Extend New Energy vehicles. With the development of new energy vehicles, the market for fluid piping systems is also expanding rapidly. c. The company's industry status and business promotion The company has been promoting the R&D and production of thermal management pipeline products for many years, and its subsidiary German TFH is just an excellent supplier of thermal management pipeline assembly products for engines and new energy vehicle batteries. TFH has the exclusive production technology creatube process with independent patent and the core technology of TPV hose and nylon tube, which ranks among the top two in the world in the industry segment. The company vigorously promotes the business of thermal management pipeline system assembly for new energy vehicles, and currently it has been supplied to BMW, Volvo, Audi, Volkswagen, Geely, Xiaopeng and LI and other new energy vehicle platforms. TFH China has now completed the establishment and began to expand the domestic market. In the future, the development of cooling pipeline assembly business will be dominated by German TFH, and the development of new energy temperature control system assembly business will be dominated by Zhongding Fluid. The company's previous projects have made great progress, and the number of orders in hand has shown a sustained rapid growth. In the future, it is expected to get more project designations, especially new energy vehicle projects. 4) Sealing System The company’s subsidiaries, KACO GmbH + Co. KG in Germany, Cooper in the United States, and ACUSHNET in the United States, have the top three sealing technologies in the world. KACO actively promotes the portfolio for NEV on behalf of the companies under the sealing system, and has successfully developed and matched new energy motor seals of high-performance. At the same time, the company has developed the mass-produced products for new energy battery module sealing systems and electric axle assemblies now, which are delivered to NEV platforms of Volvo, NIO, SAIC, and GAC. The automotive sealing industry is a high-tech barrier industry with extremely high requirements for reliability. Dynamic seal has the most difficult technology in the sealing industry, especially the high-speed oil seal for new energy vehicle motors, which represents the most advanced technical level in the global sealing industry. In recent years, the company has continued to increase the speed of business expansion, especially in the American brand car and local brand customers, which has made great breakthroughs, and the industry market share has steadily increased. (3) The Analysis of Core Competitiveness The Competitiveness of Global Leading Technology, International Management Ability, Sustainable Innovation Culture a. The competitiveness of global leading technology The company has been entering the field of air suspension system business since the 1990s, it has been improving the products assembly technology constantly and deeply engaged in air suspension system industry for 20 years. It had core technologies in segement industry.The company has the core technology of ball head joint assembly in the field of ligheweight chasis. At the same time, the company has been promoting the R&D and production of thermal management pipeline products and it possesses the exclusive production technology creatube process with independent patent and core technology of TPV hose and nylon tube. The company ranked top two of the segment industry in the world. In 2016, the company cooperated with Tsinghua University to establish academic workstations with Wang Yuming, academician of Chinese Academy of Engineering and professor of Tsinghua University, as the core research team. In 2018, he company and Tsinghua University established a joint research center for rubber and plastic sealing together, to strengthen innovation cooperation and solve major and key technical problems. At present, the company has 1,011 independent intellectual property rights, including 313 foreign patents, 118 Chinese patents.543 utility model patents, 10 appearance design patents and 27 software Copyrights.26 national standards and 11 industry standards have been formulated. b. The core competitiveness of international management ability The company has established an overseas logistics center since 2003, and started the road of overseas merger and acquisition in 2008. It has experienced three stages of "global merger and acquisition", "China landing" and "overseas control", and has accumulated rich experience in international management. Now the company has entered the third overseas control stage, the company according to the five divisions to build global organization structure system, further promote the global synergy strategy, in a higher level to achieve global strategic coordination, platform synergy, technology synergy, product synergy, from capital output to industry output, management output, cultural output. c. Continuously innovation cultural competitiveness The company has passed the IATF16949, ISO14001, ISO / IEC17025 and other quality, environment and laboratory system certification at early stage. As early as 2003, it launched the "Digital Zhongding" plan, and fully implemented the Lima ERP system within the company. In 2016, the company officially invested more than tens millions yuan to launch the SAP information project. In recent years, it has realized the launch of all the main enterprises, realized the construction of the global SAP information platform, and improved the comprehensive efficiency of enterprise operation. The company has established a set of scientific cost management methods through years of practice and exploration, , and timely take effective measures for continuous improvement. In the process of development, the company constantly learns and introduces advanced management experience for its own use, and has started to promote the operation of Six Sigma and amoeba to achieve rapid improvement of management level. Due to company has its own core competitiveness in the process of sustainable development, so it is in the absolute leading position in the domestic industry, the company has global synchronous research and development, production, sales, service capabilities, the future company's brand value and core competitiveness will be further enhanced. (4) Main business analysis 1) Overview The company's internationalization strategy has gradually entered the harvest period since 2008 . By the end of the reporting period, the production volume of Asia, Europe and America accounted for 57.4%, 32.24% and 10.36% respectively. Through the effective integration of global resources, the company's technology, brand, profitability, and customer group have been rapidly improved, and the two-wheel drive of internal and external extensions has been realized; at the same time, the company has concentrated its advantageous resources to increase its support for new energy and environmental protection vehicles, automobiles electronics, system assembly and other fields,and has actively done a good job in project incubation and reserve for the company's sustainable and rapid development in the future. In 2022, the operating revenue of the company was 14.852 billion, up 16.02% year on year; net profit attributable to shareholders of listed companies was 964 million, up 1.55% year on year; the company continues to rank among "Top 100 Global auto Parts" (85th) and "Top 50 Global non-tire rubber products" (16th, 1st in China). a. The display of Overseas mergers and acquisitions projects results in China In recent years, the company has actively promoted the domestic implementation strategy of overseas mergers and acquisitions business, and the growth rate of performance has also exceeded expectations. See the following table: Unit: ten thousand yuan
b. The customer structure of OEM supporting Through overseas mergers and acquisitions, global technology and product integration, brand advantages are highlighted, and product sales are developing towards mid-to-high-end models. The top ten OEM customers are shown in the table below:
The total direct and indirect sales of the above top ten customers are 7.356 billion, accounting for 49.53% of the operating revenues in 2022, and the concentration of high-end customers is relatively high. c. New energy vehicle project The company actively deploys the field of new energy vehicles, with intelligent chassis systems as the core, and is at the international leading level in many new energy sectors such as thermal management pipelines, battery pack motor seals, etc. In 2022, the new energy field business has reached 3.644 billion sales, accounting for 25.75% of the annual operating revenues of the automobile business. 2) Revenue and Cost a. Composition of operating revenue Unit: yuan
b. Information about industries, products, regions, and sales models that account for more than 10% of the company's operating revenues or profit Unit: yuan
3) Main accounting data and financial indicators a. Main accounting data and financial indicators in the past three years Whether the company needs to retrospectively adjust or restate accounting data for previous years ? Yes □ No The reasons of Adjusting or restating accounting data The mergers of enterprises under the same control Unit: yuan
b. Main Accounting Data by Quarter Unit: yuan
Whether there are significant differences between the above financial data or the total value previously disclosed quarterly or interim reports. □ Yes √ No 4) Shareholders and Shares a. Total number of common shareholders and shareholdings of the top ten common shareholders at the period-end Unit：share
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