Gsp Automotive Group Wenzhou Co.Ltd(605088) ( Gsp Automotive Group Wenzhou Co.Ltd(605088) ) issued the annual report of 2021 on April 15. The report shows that in 2021, the company achieved an operating revenue of 2.487 billion yuan, a year-on-year increase of 35.09%, and a net profit of 117 million yuan, a year-on-year increase of 27.11%.
It is understood that under the influence of the epidemic, there will be a regional and phased shortage of global auto parts supply in 2021. Thanks to the strong and effective control of the epidemic in China, China has become one of the main supply bases of auto parts in the world, with continuous inflow of overseas orders and strong market demand.
Gsp Automotive Group Wenzhou Co.Ltd(605088) said in the annual report that during the reporting period, the company’s marketing network has covered more than 120 countries around the world, and the sales scale and channels have been expanding. At present, the sales revenue of “GSP” private brand owned by the company accounts for 43.99% of the revenue of its main business. The “GSP” brand has been accepted by consumers in the global automotive aftermarket, and the brand popularity and influence are rising.
According to the annual report, Europe is the largest regional market of Gsp Automotive Group Wenzhou Co.Ltd(605088) with a sales revenue of 938 million yuan in 2021, a year-on-year increase of 45.71%; Followed by the North American and Asian African markets, with operating revenue of 483 million yuan and 473 million yuan respectively, with a year-on-year increase of 40.91% and 8.26%. In 2021, the operating revenue of Gsp Automotive Group Wenzhou Co.Ltd(605088) in the Chinese market was 198 million yuan, with a year-on-year increase of 44.02%, but accounting for only 7.98% of the company’s business.
According to the data of the Ministry of public security, by the end of March 2022, China’s car ownership has reached 307 million, and there is great growth potential in the after-sales market. During the reporting period, Gsp Automotive Group Wenzhou Co.Ltd(605088) further expanded the Chinese market and formed two wheel drive for after-sales and OEM vehicle supporting business. In terms of after-sales market, it has successively formed cooperation with major aftermarket platforms and maintenance chains in China, and its distribution outlets cover most provinces and cities in China; OEM vehicle supporting also achieved a major breakthrough, and the overall business volume increased by 139.40% year-on-year.
Gsp Automotive Group Wenzhou Co.Ltd(605088) said that at present, the company’s local operation teams in various regional markets all come from well-known local auto parts enterprises and have localization advantages in business culture and customer demand understanding, which makes it possible for the company to cooperate with other excellent auto parts enterprises in China. At present, the company’s products include universal joint, transmission shaft assembly, wheel hub bearing unit, rubber damping, suspension steering, shock absorber and other series.
In addition, Gsp Automotive Group Wenzhou Co.Ltd(605088) will build a Chinese supply chain center in Ningbo in 2021, a new storage center in Mexico and a new European circulation processing center in Poland. At the same time, it has reached strategic cooperation with JD in order to build a global smart supply chain system by using information-based means such as accurate prediction of big data and smart production scheduling.
