On December 2, 2023, the groundbreaking ceremony of the new factory of the Thai subsidiary of Qijing Machinery (603677) was held in the new project construction base of WHA Industrial Park, Thailand. Wang Weidong, President of Qijing Machinery, Mayuree Dabutr, representative of WHA Industrial Park, and Zhang Jianqiang, head of the contractor, attended the groundbreaking ceremony, and customer representatives and heads of 6 Chinese-funded enterprises in the park attended the ceremony, with a total of more than 50 people attending the ceremony.
The new factory is located in WHA Industrial Park, Thailand, with a land area of about 43 acres, and plans to build three factories, covering an area of about 18,000 square meters and a total construction area of about 25,000 square meters. The plant is the company's first self-built overseas production base, and after the completion of the construction of the factory, it will solve the bottleneck of the production site of the Thai subsidiary, further expand the process flow, realize the full-process production capacity and capacity improvement, and undertake more process development and business expansion. Qijing Machinery will take the new factory in Thailand as an opportunity to expand local and neighboring countries and regional customers, and promote the company's international strategic layout.
Mr. Wang Weidong, President of Qijing Machinery, said that Thailand, as one of the most dynamic and potential economies in Southeast Asia, has a superior geographical location, convenient transportation network and abundant human resources. The construction and start-up of this plant will bring new development opportunities and competitive advantages to the company. The company will always uphold the business philosophy of people-oriented, integrity and win-win, and is committed to realizing the common interests of employees, customers and shareholders.
Qijing Machinery is a diversified intelligent manufacturing enterprise with innovative capabilities, and has formed an industrial pattern of three major businesses: home appliance parts, auto parts and power tool parts. In the past year, the company has closely followed the changes in the external environment, prudently carried out investment in fixed assets, and achieved stable and high-quality operation. In recent years, Qijing Machinery has continued to promote the construction project of a new factory in Thailand and accelerate the international layout.
Qijing Machinery operates steadily, and its products are mainly for washing machine manufacturers, auto parts first-class manufacturers, and power tool manufacturers, and the net profit attributable to the parent company was 6307 in the first three quarters of this year20,000 yuan, an increase of 10 over the same period last year27%。
The company also has a layout in industrial robots, and several industrial robot parts are in the customer verification stage.
In addition, Qijing Machinery said in the institutional research that the Thai subsidiary has obtained a new project designation from North American customers, and the main products are precision parts for oil control valves of engine timing systems, which are planned to start mass production in 2024, and the total output value is expected to be about 26 million US dollars in the life cycle (5 years). At the same time, it said that the company's orders in the fourth quarter were relatively stable.