Recently, domestic listed auto parts companies have successively released their annual reports for 2021. In 2021, affected by the ups and downs of the COVID-19 epidemic, the continuous rise in raw material prices, the shortage of chip supply and other factors, many enterprises are moving forward under difficult pressure. The reporter of China Automotive News selected some representative enterprises in the parts segment for analysis. Although the superposition of the above factors has brought challenges to the development of the whole industry, the trend of automobile electrification, intelligence and networking has intensified. In addition, the domestic automobile market has regained positive growth, and the parts listed companies have also shown many bright spots.

Make innovations and breakthroughs, tap potential, and meet the new situation. The 2021 annual reports of several listed parts companies reflect that although new market changes may bring challenges to enterprise operation, the advantages in technology research and development, product quality, management ability, strategic planning, etc. will offset this adverse impact to varying degrees; At the same time, new technologies, new products, new models, new trends and new patterns often bring new opportunities and vitality to the development of enterprises. Facing the market environment with increasing unstable factors, it is the proper meaning for parts suppliers to "new" by allowing traditional businesses to make new progress without reducing or reducing points, and at the same time, allowing innovative businesses to increase and increase points.
Power battery field
Enterprises with a general increase in revenue "accumulate grain widely and build walls high"
In 2021, the sales volume of new energy vehicles in China reached 3.521 million, a year-on-year increase of 1.6 times, of which the electrification rate reached 13.4%, a year-on-year increase of 8 percentage points. The whole vehicle market has made rapid progress all the way, directly driving the performance of listed power battery companies to be popular.
According to the financial report of Ningde times in 2021, the company's revenue in 2021 was 130.356 billion yuan, a year-on-year increase of 159.06%, and the net profit attributable to the parent company was 15.931 billion yuan, a year-on-year increase of 185.34%. In 2021, its lithium battery sales volume was 133.4gwh, a year-on-year increase of 185%; Among them, the sales volume of power battery system was 116.71gwh, a year-on-year increase of 163%.
According to the financial report of Yiwei lithium energy in 2021, the company achieved an operating revenue of about 16.9 billion yuan, a year-on-year increase of 107.06%; The net profit attributable to the shareholders of the listed company was about 2.9 billion yuan, a year-on-year increase of 75.89%. This is also the first time that the operating revenue of Yiwei lithium energy has exceeded the 10 billion yuan mark, setting a historical record in the past five years.
Xinwangda achieved an operating revenue of 37.359 billion yuan in 2021, a year-on-year increase of 25.82%; The profit was 916million yuan, a year-on-year increase of 14.18%. In 2021, its power battery business realized a revenue of 2.933 billion yuan, a substantial increase of 584.67% year-on-year.
According to the statistics of China automotive power battery industry innovation alliance, in 2021, China's power battery loading capacity was 154.5gwh, a year-on-year increase of 142.8%. It is also in this context that the head power battery enterprise has ushered in a double harvest of revenue and profit.
However, the cost pressure caused by the rising price of upstream raw materials is also heavy. It is reported that the prices of anode and cathode materials, diaphragms and electrolytes have generally increased, and some have even increased by five or six times, highlighting the tension between supply and demand. This effect has been reflected in the financial statements of some listed companies. In 2021, GuoXuan high tech achieved an operating revenue of about 10.356 billion yuan, a year-on-year increase of 54.01%; The net profit attributable to listed shareholders was about 102million yuan, a year-on-year decrease of 31.92%. In the same period, Funeng technology's operating income was about 3.5 billion yuan, an increase of 212.6% year-on-year; The net profit loss attributable to the shareholders of the listed company was about 953million yuan.
In order to ensure their own raw material supply, the upstream and downstream enterprises of the power battery industry chain have started the mode of seizing resources and vigorously distributing. At the end of last year, Changzhou Liyuan, a subsidiary of Longpan Technology Holdings, planned to invest about 800million yuan to build a 50000 ton lithium iron phosphate cathode material project in juancheng, and the production capacity has been reserved by Ningde times. GuoXuan high tech has built a production line with an annual output of 28000 tons of lithium iron phosphate cathode materials and 6000 tons of high nickel ternary cathode materials in the field of cathode materials. In addition, in the field of cathode materials and diaphragms, GuoXuan high tech has also carried out production line layout and technical reserves.
The process of global automobile electrification has been accelerating. Driven by the demand side's continued growth beyond expectations, leading enterprises have shown strong anti risk ability and are starting a new round of large-scale production expansion. Ningde times currently has ten major battery production bases. By the end of 2021, its battery capacity was 170gwh, and the capacity under construction was 140gwh. In addition to accelerating investment in the domestic market, GuoXuan high tech also launched the layout of overseas production bases in 2021, and plans to build power batteries and supporting industrial bases in overseas markets such as Europe, North America and South Asia.
It is noteworthy that according to the 2021 financial report of mainstream power battery listed companies, their R & D investment is growing, new technologies and new products are coming out one after another, and a broader "moat" is being built in the new period of strategic opportunities.
Automotive electronics and intelligent networking
"New four modernizations" began to be implemented, and the development of enterprises was steadily accelerated
While the power battery industry is struggling with the sharp rise in the price of raw materials, the automotive electronics industry has not escaped the fate of being constrained by the lack of cores. The epidemic, the lack of cores, and the changes in the international market environment have brought challenges to enterprise management. In 2021, Junsheng electronics achieved an operating revenue of about 45.67 billion yuan, a year-on-year decrease of about 4.6%; However, the company's automotive electronics business achieved rapid growth, with a main revenue of about 12.71 billion yuan, a year-on-year increase of about 24%.
Although the external factors are complex and changeable, the opportunities brought by the industry reform also make many automotive electronics and intelligent networking enterprises still realize the double growth of revenue and profit. In 2021, the operating revenue of Baolong technology was about 3.898 billion yuan, an increase of 17.01% year-on-year; The net profit attributable to the shareholders of the listed company was about 268million yuan, an increase of 46.52% year-on-year. In the same period, Desai Xiwei achieved an operating income of 9.569 billion yuan, a year-on-year increase of 40.75%; The net profit attributable to the shareholders of the listed company was 833million yuan, a year-on-year increase of 60.75%. In 2021, Huayang Group achieved an operating revenue of 4.488 billion yuan, a year-on-year increase of 33.01%; The net profit attributable to the parent company was 299million yuan, a year-on-year increase of 64.94%

In 2021, the development of intelligent cockpit will accelerate. Leading enterprises in the industry will increase R & D investment, vigorously promote technology iteration and upgrading, and continuously improve product competitiveness. It can be seen that some listed companies' orders in the field of intelligent cockpit are rising, realizing the import substitution of core automotive electronic products. Among them, Desai Xiwei's intelligent cockpit business realized a revenue of 7.893 billion yuan, a year-on-year increase of 33.52%. Its second-generation cockpit domain controller has been mass produced, and its third-generation cockpit products have won the fixed-point projects of many mainstream independent brand customers, such as Great Wall Motors, gac-e'an, Chery Automobile, ideal automobile, etc. Huayang Group's cockpit domain control products have also won the fixed-point projects of many car companies. W-hud has been equipped with a variety of mass production vehicles. Ar-hud has achieved mass production on a large scale. The open platform aaop2.0 has been officially released, which has upgraded the open platform of on-board infotainment system to the open platform of on-board cockpit domain controller. Junsheng electronics has completed the successful mass production of Volkswagen Group's global intelligent cockpit products. 5g-v2x technology continues to maintain its global first mass production advantage. Through comprehensive strategic cooperation with Huawei in the field of intelligent cockpit domain controller, the two sides are jointly promoting the research and development of a number of cockpit products based on Hongmeng operating system.
At the same time, the popularity of chassis by wire control brought by automobile intelligence has also continued to increase, and the business development of relevant enterprises has been comprehensively accelerated. In 2021, Asia Pacific shares realized an operating revenue of 3.631 billion yuan, an increase of 24.29% year-on-year; The net profit attributable to the parent company was 44million yuan, a year-on-year increase of 168.37%. At present, the trial production of the second generation automatic one box by wire product samples of Asia Pacific has been completed, the line controlled mobile product matrix has been fully laid out, and it is expected to be equipped with at least 6 models. Mass production will begin after the winter standard of 2023.
Engine field
The transformation and upgrading of gasoline and diesel engines is a consensus
In 2021, the production and sales of commercial vehicles in China were 4.674 million and 4.793 million, down 10.7% and 6.6% year-on-year, ending the rapid growth trend of the previous year. Among them, heavy-duty and mini trucks decreased significantly. However, in the context of the comprehensive treatment of the "large ton and small standard" phenomenon by the state and the standardization of blue brand light trucks, the development of the diesel engine industry is challenged by multiple factors, such as the epidemic situation, the upgrading of national six emission standards, the shortage of ECU chips for vehicle engines, and the rising prices of raw materials. According to the data from China internal combustion engine industry association, in 2021, China sold a total of 5.3286 million multi cylinder diesel engines, a year-on-year increase of 0.31%. The sales volume of the top ten enterprises accounted for 78.34% of the total market sales, and the industry concentration was further improved.
In 2021, Weichai Power achieved an operating revenue of 203.55 billion yuan, a year-on-year increase of 3.2%; The net profit attributable to the shareholders of listed companies was 9.25 billion yuan, a year-on-year increase of 0.3%; 1.02 million engines were sold, an increase of 3.1% year-on-year. Among them, 429000 heavy truck engines were sold, and the market share increased by 2.8 percentage points to 30.7% year-on-year. The strategic high-end products continued to make efforts, and the revenue of large bore engines reached 1.41 billion yuan, an increase of 49.3% year-on-year. Quanchai power achieved an operating revenue of about RMB 5.508 billion in 2021, an increase of 23.61% year-on-year; The net profit was about RMB 152million, a year-on-year decrease of 11.78%.
Facing the future, enterprises have expressed that they will attack core technologies, actively participate in market competition and enhance their core competitiveness. Weichai Power pointed out in its annual report that it will accelerate the integrated research and development of power system, focus on the performance drive of the whole vehicle, and provide the best power system solution: promote the commercial application of diesel engine thermal efficiency technology, and challenge the goal of higher thermal efficiency; Give full play to the advantages of the global collaborative R & D platform, continue to carry out competitive product benchmarking, and ensure that the product economy, reliability, power and other indicators are leading in the world; Relying on the national fuel cell technology innovation center, we will give full play to the synergy of scientific and technological resources innovation and accelerate the breakthrough of technological bottlenecks and industrialization of the fuel cell industry chain.
In the field of gasoline engines, in 2021, Dong'an power achieved an operating revenue of 6.59 billion yuan, an increase of 22.4% year-on-year; The net profit attributable to the parent company was RMB 90.675 million, a year-on-year increase of 104.8%, and 671400 sets of complete machines were sold (including 616500 engines and 54900 transmissions), a year-on-year increase of 21%. It is understood that in 2021, Dong'an power new market project increased by 160% year-on-year, covering a wide range of market fields such as high-end cars, SUVs, MPVS, pickups, light passengers and light trucks; On the basis of continuously consolidating old customers, it has developed 4 new customers and promoted 173 projects in total, including 55 successful projects; The first commercial vehicle engine equipped with 2.0L large displacement is put on the market in mass production; The JAC project has become the first mass production project of D series engines outside the group.
In addition, it is understood that in addition to energy conservation and emission reduction in the field of traditional internal combustion engines, engine head enterprises also actively carry out new energy vehicle projects, explore new business development opportunities, and move towards the development route of power diversification technology. For example, Weichai Power adheres to the multiple routes of "fuel cell, hybrid and pure electric" and has formed the R & D and production capacity of new energy power assemblies and core components. In addition, actively using intelligent and digital technology to empower and seize new heights of future development has also become the direction of the enterprise. Quanchai power is accelerating the implementation of industrial Internet projects such as the national six series engine intelligent manufacturing construction (phase II) project, the green casting upgrading and transformation project, the hydrogen fuel cell intelligent manufacturing construction project and the digital workshop, gradually improving the integration of industrialization and informatization, and improving the level of enterprise intelligence and digitization.
Tyre field
Increasing cost pressure, increasing income but not profit
In 2021, the prices of natural rubber, synthetic rubber, carbon black and cord fabric, the main raw materials of tires, will remain high for a long time. According to the Research Report of Guojin securities, in 2021, the annual average spot prices of natural rubber, styrene butadiene rubber and butadiene rubber increased by 12.2%, 17.4% and 14.9% respectively year-on-year. At the same time, due to the impact of the epidemic, the shipping cost continued to rise for many months and the transportation capacity was tight, which brought great business pressure to the tire enterprises. The tire industry has suffered a "double whammy". The profit space of the enterprise is under serious pressure. The overall performance is declining, and the increase in income is not increasing profit.

Linglong tire achieved an operating revenue of 18.579 billion yuan in 2021, an increase of 1.07% year-on-year; The net profit attributable to the parent company was RMB 789million, a year-on-year decrease of 64.48%. In 2021, Sailun tire achieved an operating revenue of 17.998 billion yuan, a year-on-year increase of 16.84%; The net profit attributable to the parent company was 1.313 billion yuan, a year-on-year decrease of 11.97%. Triangle tire achieved an operating revenue of 8.95 billion yuan in 2021, a year-on-year increase of 4.9%; The net profit attributable to the parent company was 600million yuan, a year-on-year decrease of 43.4%. Fengshen achieved an operating income of about RMB 5.558 billion in 2021, a year-on-year decrease of 0.38%; The attributable net profit was about -109million yuan, a year-on-year decrease of 154.22%.
It is worth affirming that under the cost pressure, the listed companies of head tire still actively build core competitiveness such as brand value, R & D strength, independent innovation ability and intelligent manufacturing. It is reported that more than 160 new products of triangle tire were put on the market last year. Among them, special tires are newly produced, filling the gap of some domestic specifications. The liquid gold tire promoted by racing tire is one of the first tires in China to obtain the highest quality certification in the world, and has performed well in various performance tests.
New energy vehicles put forward all-round new requirements for tires, and domestic enterprises continue to launch special tires to occupy more market share. In terms of new energy passenger car tires, Linglong tire has established a BPT steady-state pressure balanced low rolling resistance design system, with the rolling resistance coefficient reduced by 15%, which can effectively reduce carbon dioxide by about 900000 tons / million vehicles. In 2021, the market share of Linglong tire and new energy vehicle supporting facilities was close to 20%, and the sales growth was 182%, ranking first in China's tire market.
In 2021, domestic tire leading enterprises will continue to expand production capacity, and the concentration of tire industry will be further improved; At the same time, we will continue to increase investment in technology, accelerate the transformation to green, intelligent and high-end, and promote high-quality development. With the fall of raw material prices and shipping costs, the profitability of tire enterprises is expected to rebound.

Source: China Automotive News