On April 29, Zhejiang Songyuan Automotive Safety Systems Co.Ltd(300893) released the first quarterly report of 2022. The company achieved an operating revenue of 221 million yuan, a year-on-year increase of 36.99%, and the net profit attributable to the parent company was 228513 million yuan, a year-on-year decrease of 10.31% Zhejiang Songyuan Automotive Safety Systems Co.Ltd(300893) said that in the first quarter, the company continued to deepen its business of seat belt assembly, continued to force the airbag and steering wheel Market, and its operating revenue increased steadily.
For the decline in net profit, Zhejiang Songyuan Automotive Safety Systems Co.Ltd(300893) said there were four main reasons. Specifically, the company mainly determined the price of products according to the “cost plus principle”, so the rise of raw materials could not be fully transferred to downstream customers; Increased R & D investment; The training cost of the middle and senior management of the company increases; In 2022, the company implemented right incentive and increased management expenses.
In 2022, the company has extended and optimized the upstream industrial chain, improved the self-control rate, and formulated an annual cost reduction performance appraisal plan to deal with the first interference factor, and the last three are the guarantee for the company to obtain better performance in the future, exchanging expenses for the future.
Zhejiang Songyuan Automotive Safety Systems Co.Ltd(300893) is mainly engaged in the R & D, production and sales of automotive passive safety system products. For many years, it has maintained technical and business cooperation with mainstream vehicle manufacturers at home and abroad. At present, its main customers include Geely Automobile, SAIC GM Wuling, Great Wall Motor Company Limited(601633) , Chery Automobile, Chongqing Changan Automobile Company Limited(000625) , Yutong Bus Co.Ltd(600066) , BAIC Futian and other mainstream automobile brands, from which it has accumulated rich experience in the R & D and production of automobile seat belt assemblies, It broke through the pretensioned seat belt technology earlier, and carried a variety of models and achieved a 5-star safety evaluation in the C-NCAP test.
At present, the company has set up Shanghai R & D center, Ningbo R & D center, safety belt division, airbag steering wheel division and electronic and Electrical Division, and introduced international advanced assembly equipment to improve the automation rate of airbag and steering wheel assembly line and ensure the consistency of product quality. On the basis of independent R & D and innovation, the company continues to upgrade the R & D laboratory, and realizes the technical upgrading of the company’s passive vehicle safety system products by actively introducing advanced equipment at home and abroad such as servo acceleration trolley test system with a value of tens of millions.
Zhejiang Songyuan Automotive Safety Systems Co.Ltd(300893) said that in the future, relying on the product cost advantage, first mover advantage and overall supporting advantages, the company will actively explore new customers and new models, actively layout the field of new energy vehicles along the strategic direction of “low end of independent brand – high end of independent brand – joint venture brand – foreign brand”, and further consolidate, expand and enhance the company’s popularity and industry position in the automotive passive safety system industry.
