Located in the hinterland of central Zhejiang province, Jinhua, which has a history of more than 2,000 years, is famous for its traditional food processing. Today, Jinhua, which has become one of the important transportation hubs in Zhejiang Province, has become indissoluble with transportation. It has leapt to the largest automobile and motorcycle fittings industry base in Zhejiang Province: the domestic market share of over one million yuan luxury coaches exceeds 70%, the domestic market share of automobile and motorcycle hubs exceeds 25%, gearbox assembly and gears With a market share of 10%, a group of well-known domestic leading auto and automobile and motorcycle leading enterprises have emerged, such as youth, Zotye, Condi, Jinfei, and Wanliyang.
"As a company, it must have its own brand and technology. With certain capital accumulation, it should go to a higher level industry." Talking about Zhejiang's "grassroots economy", Wan Renyang Transmission Co., Ltd. General Manager Huang Renxing I am deeply impressed by the history of the development of small enterprises in Zhejiang.
By "hand-workshop", Wan Liyang started gearing. In 2000, it entered the market for agricultural vehicle and engineering vehicle transmission. In 2004, it advanced into the field of light truck transmissions. In 2007, it became one of the manufacturers of heavy truck transmissions. At present, Wanliyang has successively developed 12 major series of light, medium and heavy truck and passenger car transmissions that represent leading domestic and international standards. Dongfeng Warriors military vehicle special transmissions and Foton high-end light truck transmissions have filled domestic gaps. In June 2010, Wanliyang was successfully listed on the small and medium-sized board, raising funds to solve production bottlenecks and broaden the market at a higher end. Heavy-duty trucks that have been developed and tested for more than three years have been indispensable to the industry due to their indirect fuel economy. Appeal, 2010, 2011 will achieve mass production.
Product structure adjustment speed is accelerating
In the current Chinese market, manual transmissions dominate the market. For passenger cars, manual transmissions and automatic transmissions account for 60% and 40%, respectively. Commercial vehicles, especially trucks, are basically manual transmissions. At present, China's automobile transmission industry has been based on local production, basically meets the needs of the domestic vehicle manufacturers, occupied most of the domestic market share, and has already exported some products. In the subdivision industry leader, Wanliyang has occupied more than 70% of the market share in China Card, and Shaanxi Fast has occupied over 40% of the heavy-duty card market with more than 8 tons.
In recent years, Wan Liyang's continuous increase in production capacity still cannot meet market demand, and its production bottleneck is significant. The main purpose of this fundraising investment project is to expand production capacity and broaden the market. Among the 280,000 new production capacity, 80,000 heavy truck transmissions, 180,000 light truck transmissions, and 20,000 passenger car transmissions, with a total investment of 580 million yuan.
The newly disclosed Wanliyang semi-annual report shows that in the first half of the year, the company's light truck and heavy truck transmission operating income increased by 52.3% and 542.7% respectively over the same period of last year, and the growth rate significantly accelerated, indicating that the company's product structure adjustment speeded up. The gross profit rate of heavy truck transmissions is approximately 10 percentage points higher than that of medium-duty transmissions. At present, the proportion of heavy truck transmission revenues is only 8.6%. The gross profit of light truck transmissions is basically the same as that of China Card transmissions, and the current revenue accounts for 31.3%.
Due to the strong ability to transfer downstream costs, and a large number of self-made components to reduce costs, the company's gross profit margin has been continuously improved. The main gross profit margins in 2007, 2008 and 2009 are 20.61%, 25.07%, and 29.23 respectively. %. Hu Lirong, director of Wanli Yang, said that with the rapid increase in the proportion of heavy truck revenue, the company's gross profit margin will gradually increase.
Heavy truck market is expected to grow by 30% in 10 years
It is precisely to see the company's development prospects, institutions also quickly included Wan Liyang in the new favorite list. In the semi-annual report, Ping An Life Insurance and Ping An Property Insurance's two insurance products ranked first and second largest circulating shareholders of Wanliyang with 1.154 million shares and 59.98 million shares respectively at the end of June. Since Wanliyang was only listed on June 18th, Ping An did not participate in the offline allotment. This shows that its large holdings of company stocks were completed within 9 trading days, which is evident in the affirmation of Wan Liyang.
The securities industry research report shows that the competitive structure and profitability of the heavy-duty truck transmission industry are superior to those of medium and light truck transmissions. At present, Shaanxi Fast is the only one with a market share of more than 80%, and its gross margin level exceeds 30%. From January to April 2010, the heavy truck industry accumulated sales of 383,000 vehicles. It is estimated that the sales in the first half of the year will be about 550-560,000 vehicles, and the sales volume will exceed 800,000 units in the first half of the year, an increase of 30% year-on-year.
“In 2010, the incremental part of the new heavy-duty truck is very impressive. As a member of the new market, Wan Liyang is full of confidence in the development of this field.†Hu Chunrong believes that the advantage of the company's heavy-duty transmissions lies in the lower cost, and it is expected that each Taiwan's average price is about 2,000 yuan less than the industry average. The company's share in the heavy truck market is expected to increase rapidly in the next three years.
In addition to the cost advantage, the core technology of the heavy-duty truck transmission developed by Wanliyang is the single front and rear dual-vehicle transmission, which reduces the difficulty of shifting and improves driving comfort. According to the company's field road test in the past year, it can save 3% to 5% of fuel compared to an ordinary heavy truck transmission. According to an average heavy truck driving 10,000 kilometers a year, the fuel consumption per 100 kilometers is 40 liters (the actual value may be higher), and the oil cost can be saved by nearly 1,000 yuan a year.
Among the top ten customers of Wanliyang, eight customers, including the largest customer Beiqi Futian, are not directly subordinated to the transmission manufacturers of commercial vehicle transmissions. The commercial vehicle transmissions required by the company must be outsourced. This situation further expands the market and strengthens the company’s competitiveness. The strategic partnerships of major customers have created good conditions. In the sales intention contract of the fund-raising project, the company and Beiqi Foton reached a sales intention of 60,000 heavy truck transmissions, 100,000 light truck transmissions, and 0.15 million passenger car transmissions, totaling 161,500 units, which accounted for the company’s increased investment in raised funds. 58% of the transmission capacity.
"From the point of view of the company's development plan, the heavy truck transmission will be brought to market more quickly after listing. In the second half of the year, the capacity of the entire heavy truck will be increased in accordance with the requirements of the funds raised. We will spend most of our energy in the next two or three years. In the heavy truck market, “Wang Liyang, General Manager Huang Renxing told the reporter that since the raised funds project was reported in 2007, according to the current development situation of heavy trucks, Wanliyang believes there will be greater opportunities.
The goal also points to high-end light trucks and passenger car markets
In addition to actively developing heavy truck transmissions, Wanliyang will also expand its light truck transmission product line, and through the upgrading of existing products, fully tap potential value, and the preferred target is to directly target the high-end light truck market.
Hu Chunrong disclosed that urban logistics transportation has become an important component of transportation. Especially after the implementation of the National III Standard, energy-saving, safe, efficient, and low-emission high-end light trucks are expected to become the new force in the future light truck market. Faced with potential market demand, Wanliyang is increasing its R&D investment. At present, transmissions for demanding high-end light trucks have been developed and are now fitted to Futian Ouma and other models.
“For Wan Liyang, who has always dared to break through the pioneering market pattern, the development of high-end light-duty truck transmissions is only one stop for the company’s growth. In the future, it will increase investment in R&D for passenger car transmissions.†Huang Renxing told reporters The company is actively cooperating with Zhejiang University, the Academy of Armored Forces and other institutions of higher learning in the research and development of automotive automatic transmissions, and seeks to achieve industrialization as soon as possible.
Previously, Wan Liyang's time spent on product technology research and development has created an industry peer record. In general, foreign transmission companies introduce a new product that takes 2-3 years to develop. Many domestic transmission companies require 8 months. While ensuring product quality, Wanliyang shortens the development cycle to 5-6 months. Therefore, Wan Liyang's R&D speed has become a powerful tool for the company to expand its market.
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