Wanliyang is a leading enterprise in the domestic medium and light truck transmissions and is now entering the heavy truck transmission market and the passenger car transmission market. It is also building a transmission capacity for passenger cars. Wanliyang's development strategy is to expand the new market space in the transmission market. The development target for the next five years is to sell 2 million commercial vehicle transmissions and 500,000 passenger car transmissions annually, and the annual operating income will reach 5 billion yuan.
Heavy truck transmission is the main growth point of Wanliyang in 2011. The stock price catalyst is matched with Futian Auman.
Wanliyang currently has eight assembly lines, of which two heavy truck transmission assembly lines currently have an annual production capacity of 80,000 units and can be expanded to 200,000 units in the future. It is estimated that the sales of heavy-duty trucks will be 12,000 units in 2010. Major customers include FAW Qingdao, Shanxi Grand Canal and Beiqi Foton's Zhucheng Plant and Changsha Plant. Heavy truck transmission will be the main growth Wanliyang 2011 revenue and net profit, the potential share price catalyst is Wanliyang successfully implemented as Foton Auman heavy truck matching.
Passenger car transmission opens the medium and long-term development space of Wanliyang, target customers own brand
Wanliyang plans to use 200 million yuan in over-raised funds and 422 million yuan in its own funds to invest in an annual output of 500,000 passenger car transmissions, including 350,000 manual transmissions and 150,000 automatic transmissions. It is expected that the project will be completed in 2011. Half-year production, target customers Chery, JAC, Lifan, Zhongtai and other independent brands. Wanliyang's manual transmission is designed in parallel with the AMT automatic transmission and integrated development. The first developed product matches the engine with a displacement of less than 1.6L.
Acquisition of Shandong Lingong Bridge Box will enhance Wanliyang's overall profitability
Wanliyang acquired a 16.33% stake in Shandong Lingong Bridge Box held by Wansheng Auto Parts with cash of RMB 16.72 million and became the controlling shareholder of Shandong Lingong Bridge Box. The acquisition will not only increase the market share of Wanliyang in the light truck transmission market, strengthen its bargaining power, but also increase the profitability of Shandong Linong Bridge Box through cost management and increase the self-control rate and achieve a win-win development.
The heavy truck transmission will be completed in the second half of 2011 for Futian Auman, and the passenger car transmission project will be put into operation in the second half of 2011.
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