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Public company info - Huazhong In-Vehicle Holdings Co. Ltd. , 06830.HK
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Huazhong In-Vehicle Holdings Co. Ltd., 06830.HK - Company Profile
Chairman Zhou Minfeng
Share Issued (share) 1,769,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Automobiles & Components
Corporate Profile Business Summary: Huazhong In-Vehicle Holdings Company Limited (the “Company’’ or “Huazhong Holdings”) and its subsidiaries (together the “Group”) are one of the principal suppliers of automobile body parts in China. Performance for the year: Revenue was approximately RMB2.17 billion, representing an increase of approximately 9.8% when compared to that of the year ended 31 December 2018. Profit attributable to owners of the parent amounted to approximately RMB84.1 million, representing a decrease of approximately 39.4% when compared to that of the year ended 31 December 2018. Gross profit margin was 22.4%, representing a decrease of about 3.0% when compared to that of the year ended 31 December 2018. Business Review： The Group offers a wide range of automobile body parts, including internal and external structural and decorative parts (such as front/rear bumper, frontend carrier, dashboard, ABCD-pillars, air inlet grille and rocker panel), air conditioning unit casings and liquid tanks through the Group’s subsidiaries and jointly controlled entities. The Group also manufacture fabric used for ABCD-pillar and headliner for automobile through one of the Group’s jointly controlled entities. The Group also produces moulds and tooling for the Group’s manufacturing arm, with the ability to produce moulds and tooling for complex or large-size automobile body parts such as bumper and front-end carrier. Apart from automobile-related products, the Group also manufactures other products such as top cowl cover for engine of motorboat and office chair parts. During the year the Group faced with continuously increasing production costs. As such, the Group rigorously enforced the implementation of cost controls, improved staff quality and strengthened administrative efficiency internally. Externally, the Group strived to fortify the long-term cooperation with customers, develop new market opportunities, maintain sound business operation capability, consolidate the Group’s resources and improve market competitiveness. These actions successfully helped the Group in achieving the annual targets, and laid the foundation for its sustainable operation in the future. For the Yea r, the Group’s revenue was approximately RMB2.17 billion, representing an increase of approximately 9.8% as compared to approximately RMB1.98 billion in 2018. Profit attributable to the owners of the parent for the Year was approximately RMB84.1 million, representing a decrease of approximately 39.4% as compared to approximately RMB138.7 million in 2018. Prospects: In the first quarter of 2020, the outbreak of COVID-19 has substantially dented China’s economy and suppressed the local demand for auto. In February 2020, the Chinese government adopted a series of policies including implementing traffic controls between provinces and suspending businesses to contain the spread of the epidemic. These measures affected the supply chain and almost all industries in China. In staunch support of the Chinese government, the Group’s production bases were temporarily suspended after the Lunar New Year but had all resumed operation by the end of February. The Group are positive that the short-term suspension will not have a significant impact on the Group’s annual production capacity. With effective measures taken by the government, the number o f locally transmitted cases in China has dropped dramatically by the end of March, showing signs of stabilization. The market is expecting a mild recovery in the coming months alongside the Chinese government’s policies and incentives to promote the local auto consumption, such as vehicle licence quota increase and subsidies for electric vehicles (“EV”), releasing of the suppressed demand in the first quarter. The Group will work closely with its customers of the leading high-end and joint-venture auto brands and EV brands to capture the recovery of the market. Meanwhile, the disruption of the global supply chain outside China due to the epidemic has accelerated the domestic sourcing in China. This has presented new opportunities to China-based auto components suppliers that have high-standard quality, cost advantages, and ongoing research and development capacity. As one of the leading auto body parts manufacturers in China, the Group is well positioned to seize the opportunities and garner greater marker share. With the ongoing global trend of energy conservation and better environmental efficiency, weight reduction vehicle continues to be a major development direction for auto industry. Car manufacturers have been seeking auto parts solution that are durable yet light in weight. The Group will keep leveraging on its expertise in plastic product design and manufacturing technology, offering customized and value-added solutions lightweight solutions to its auto brand customers to match consumers’ ever-changing needs and desire for high quality, comfortable and functional car interior design. The Group will also explore the new opportunities brought by the rapid growth of 5G network and Internet of Things, which constantly demands for new auto interior parts for smart vehicles. Looking ahead to the remainder of 2020, the business environment is expected to be challenging and volatile. The Group is determined in self-enhancement and internal optimization that it will never stop investing in research and development to stay at the forefront of plastic lightweight technology and stay competitive. On the other hand, the Group will streamline its production to reduce operating costs and expenses to stay financially healthy for the economic cycle. The Group will thoughtfully monitor and react fast to the market dynamics to maintain its business sustainability and profitability.

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