Recently, Jifeng Co., Ltd. announced that it received the customer's "Fixed-point Letter" and obtained the high-end brand seat assembly project of a leading traditional automobile main engine factory, which is expected to start from January 2025, with a project life cycle of 5 years and a total life cycle amount of 5 billion yuan.
"Fixed-point announcements" are mostly good news in terms of operation, which belong to the agreement or notice before the conclusion of the supply contract. Since the release of the third quarter report in 2023, a number of listed companies in Ningbo have successively announced the harvest of large-scale projects, which not only boosts the market, but also highlights the main development track and industry competitiveness of the A-share Ningbo Army.
According to the reporter's incomplete statistics, from October 2023 to the present, a number of listed companies in Ningbo, such as Johnson Co., Ltd., PIA Intelligence, Xingyuan Zhuo Magnesium, Jifeng Co., Ltd., Jintian Co., Ltd., Xingrui Technology, etc., have successively disclosed the information of customer project designation, among which the pre-increase orders concentrated in the auto parts industry have become highlights.
Specifically, let's see
On February 1, Jifeng announced that it had received a large order "Fixed-point Letter" from customers with an estimated total amount of 5 billion yuan. The day before the announcement, Jifeng disclosed the 2023 annual performance forecast, and it is expected that the operating income of this year will exceed 20 billion yuan for the first time; Net profit attributable to the parent company was 16.1 billion to 2400 million yuan, a year-on-year turnaround, profitability improved significantly.
You must know that this answer sheet is not easy for Jifeng shares. Previously, in 2022, Jifeng's operating income, net profit attributable to the parent company, and non-net profit were 179700 million yuan, -141.7 billion yuan, -140.9 billion yuan, a year-on-year change of 674%、-1221.60%、-1522.04%。
Jifeng Co., Ltd. said that in 2023, benefiting from the recovery of the global demand for major automobile markets, overseas energy and raw materials will fall, logistics and transportation costs will be effectively controlled, and the in-depth integration measures taken by the company will gradually achieve results, and the orders in hand will be compensated by customers. As more fixed-point projects enter the mass production stage in 2024, the company's passenger car seat assembly business is expected to continue to increase.
The addition of seat customers has made the market foundation of Jifeng Co., Ltd. in the passenger car seat business more stable, which demonstrates the recognition of the company's passenger car seat product capabilities by the main engine manufacturer, and also creates conditions for the company's seat business to have economies of scale in the future.
In 2023, Jifeng Co., Ltd. will successively obtain the designation of customers such as Audi, new energy vehicle OEMs, and FAW-Volkswagen, and the total amount of life cycle is expected to reach 80-10 billion yuan, 5.8 billion yuan, and 5.7 billion yuan respectively. At the same time, the first project for NIO has achieved mass production at the Hefei plant.
Jifeng's total operating income (100 million yuan) and profit**.
On the same day, Xingyuan Zhuo Magnesium announced that it received a project designation notice from an auto parts manufacturer to develop and develop magnesium alloy bracket products, the project has a life cycle of 7 years, and is expected to start mass production from January 2025, and the total sales amount in the life cycle is expected to be about 2500 million RMB.
On February 6, Johnson Co., Ltd. announced that it had received a fixed-point notice for the project of the world's leading Tier1 company in the automotive steering system, and the designated product was EPS motor. The life cycle of the project is 4-7 years, and the total sales amount is about 2CNY 9.2 billion, mass production is scheduled to start in May 2024.
Johnson said that the project is not expected to have a significant impact on the company's performance this year, but it is conducive to improving business income in future years.
In fact, in the past two years since it landed in the capital market, the company has achieved a total of 28 fixed-point automotive motor projects, of which 16 have achieved mass production projects, with a fixed-point amount of more than 2.3 billion yuan from 2023 to 2026. Its main customers for automotive EPS motors and brake motors include Nexteer Automotive Systems (Suzhou), ZF, JTEKT, Shanghai Tongyu, Shanghai Likr, etc.
Johnson motor products.
On December 21, 2023, Johnson announced that it had received a project designation notice from Nexteer North America on EPS motors, with an estimated total sales amount of about 1US$4.3 billion; Prior to October, Johnson also received a project designation notice from ZF on EPS motors, with a total sales amount of about RMB 1 in the 5-year life cycle2.7 billion yuan.
The 2023 annual performance forecast shows that Johnson's annual revenue will reach 276.7 billion yuan, a year-on-year increase of 428%, net profit will reach 33.9 billion yuan, a year-on-year increase of 134%。
In addition to the layout of the automotive business segment, Johnson shares are also continuing to increase the production capacity of small electrical appliances. In the first three quarters of 2023, the operating income will be 212.8 billion yuan, a year-on-year increase of 3876%。Among them, the vacuum cleaner business achieved revenue of 125.8 billion yuan, a year-on-year increase of 12%; Other small household appliances business achieved revenue of 6600 million yuan, more than doubling year-on-year; The automotive motor business achieved revenue of approximately 13.8 billion yuan.
Orders for traditional auto parts are continuous, and orders from enterprises in the new energy vehicle industry chain are accelerating
On January 30, PIA announced that it had signed a major cooperation agreement with BMW Group's Austrian plant in Europe for an ultra-large electric drive production line. The product of this joint production line is BMW's sixth-generation all-in-one electric drive, which is jointly developed and manufactured by PIA Intelligent Europe and China's factories.
The order cooperation amount is about 500 million yuan, the project covers an area of 4,000 square meters, and will eventually produce an electric drive within 50 seconds, and the entire electric drive production line will realize the co-production of 4 electric drive products.
PIA's 2023 third quarter report shows that there are 14 new orders9 billion, 37 orders in hand3.8 billion, an increase of 6 year-on-year80%。Previously, BMW's fifth-generation electric drive replication line project was also delivered to BMW's European plant by PIA.
At the end of last year, Xingrui Technology said in an institutional survey that it has successively been recognized and designated by Hitachi Astemo, Nidec, CRRC Times and domestic Denso head enterprises, and through it provides products to more new models in China, and the terminal models covered by the new energy auto parts production business have gradually increased.
In addition, Xingrui Technology's new energy auto parts industrial base has completed the capping of the main structure on April 9 last year, and the design of the smart factory has been launched simultaneously, which is expected to increase the space by 40%-50% on the basis of the original capacity planning, and is expected to be put into operation in the first half of 2024.
At the end of last year, Jintian Co., Ltd. also revealed in the investor activity table that the construction of the "electromagnetic flat wire project with an annual output of 40,000 tons for new energy vehicles" is progressing smoothly, and the number of new energy electromagnetic flat wire development projects and fixed-point projects continues to grow, and has reached cooperation intentions with a number of strategic customers, and has realized the batch supply of a number of 800V high-voltage platform electromagnetic flat wire projects.
*: Yongpai client.