Jiwei Network News (Text/Chen Wei) On March 30, Shenzhen Haoen Automotive Electronic Equipment Co., Ltd. (hereinafter referred to as "Haoen Automotive and Electric") explained whether there was a large difference in the domestic and foreign unit prices and gross profit margins of the corresponding main products, customers, and terminal application models on the Shenzhen Stock Exchange on "explaining the reasons for the rapid growth of export revenue in 2020, the corresponding main products, customers, and terminal application models, and the domestic and foreign unit prices and gross profit margins of the same product or similar products." "I replied to the inquiry.
(1) Explain the reasons for the rapid growth of export revenue in 2020, corresponding to the main products, customers, and terminal application models
The growth in export revenue in 2020 was mainly due to the growth of in-vehicle camera systems and ultrasonic radar systems.
The breakdown of the main products of export revenue in 2020 is as follows:
(1) Vehicle camera system
In 2019-2020, the corresponding customer and terminal application models of the issuer's export vehicle camera system are as follows:
In 2020, the revenue of exported in-vehicle camera systems increased by 41.108 million yuan over the same period last year, and the increase in revenue was mainly due to the increase in revenue of in-vehicle camera systems for the issuers' supporting models to DS7, Peugeot 2008, Peugeot 208, Opel Corsa and Peugeot 508 models.
The issuer's in-vehicle camera system products to the PSA Citroen models are mainly sold in Europe, mainly to the DS7, Peugeot 2008, Peugeot 208, Opel Corsa and Peugeot 508 models. Sales of the installed models in Europe are as follows:
In 2020, the increase in sales revenue of the issuer's in-vehicle camera system to the PSA Peugeot Citroen model was mainly due to the DS7 and Peugeot 508, the main supporting models of the issuer's in-vehicle camera system products in 2019, and the sales volume of these two models was generally low, with a total sales volume of 68,600 units in 2019. At the end of 2019, the issuer began mass production of the vehicle camera system project for the three models of the logo 208, the logo 2008 and the Opel Corsa, and increased production in 2020, and the sales volume of the above three models totaled 535,000 units in 2020, resulting in an increase in the number of on-board camera systems sold by the issuer in 2020 to the PSA Citroen model, resulting in an increase in sales revenue.
(2) Ultrasonic radar system
In 2019-2020, the issuer's main customers and terminal application models corresponding to the ultrasonic radar system exported by the issuer are as follows:
The increase in revenue of ultrasonic radar systems in 2020 is mainly due to the NipponAudiotronixPvt.Ltd, whose ultrasonic radar products are mainly matched with Indian Suzuki brand models. The growth in revenue of Indian Suzuki brand models in 2020 is mainly affected by local policies and regulations in India. In July 2019, the Indian Association of Automotive Industry issued AIS145, which stipulates that from October 2019, all vehicles must be equipped with reversing radar in front, so the company's sales to Suzuki India have increased significantly.
(2) Whether there is a large difference between the unit price and gross profit margin of the same product or similar products sold inside and outside.
In 2019-2020, the on-board video driving record system has only domestic sales and no export sales. In the vehicle camera system products, the 360-degree panoramic assembly is all sold abroad, the panoramic controller is all sold to the country, and the main part of the vehicle camera system is sold at home and abroad; the ultrasonic radar system in the ultrasonic radar system is all exported, and the ultrasonic radar probe and the host are sold at home and abroad. Therefore, the gross profit margin of the main parts of the vehicle camera system and the ultrasonic radar host and probe that exist in the domestic and export sales are compared and analyzed.
The average unit price and gross profit margin of the main parts of the vehicle camera system and the ultrasonic radar host and probe for domestic export are as follows:
The gross profit margin of the main parts of the vehicle camera system is higher than that of the export, mainly because there is a significant difference between the specific product models sold overseas and sold in China. The unit price of export sales is higher than that of domestic sales, on the one hand, due to the obvious difference between the specific product models sold overseas and domestic sales, and because the export transportation costs and product packaging costs are higher than those sold domestically, the unit price of the same product is slightly higher than the domestic unit price. The difference in gross profit margin between domestic and export products of the same model is small. The specific divisions are as follows:
In 2019-2020, the details of the main part of the vehicle camera system with the same product model that have both domestic sales and export sales are as follows:
The first-tier suppliers of the above two product models terminal OEMs are distributed at home and abroad, so there are domestic and export sales. In addition to the above two product models, the rest of the product models do not have domestic and foreign sales at the same time.
The export unit price of the vehicle camera system products of the same product model is higher than that of domestic sales, mainly because the export transportation costs and product packaging costs are higher than those sold domestically, so the pricing of the products is higher. Overall, there is no obvious difference between domestic and export sales of the same type of product. The same product model of ultrasonic radar host and ultrasonic radar probe does not exist in the case of simultaneous sales of domestic and foreign sales.
The gross profit margin of ultrasonic radar system products for domestic and export sales is quite different, mainly due to the obvious differences between specific product models and customers for domestic and export sales. The domestic sales of ultrasonic radar probes and hosts are as follows according to the proportion of sales of vehicle manufacturers:
The lower gross profit margin of domestic ultrasonic radar systems is mainly due to the lower gross profit margin of SAIC Volkswagen products. The quality requirements and process complexity of SAIC Volkswagen series ultrasonic radar products are high, the price of raw materials is higher and the corresponding substitutes cannot be found, so the unit cost of the product is higher. And SAIC Volkswagen is in a strong position in the supply and demand relationship between the two sides, so the issuing company sacrifices part of the gross profit to enhance customer stickiness, establish a solid cooperative relationship, and broaden the scope of cooperation and develop multi-line products.
Foreign ultrasonic radar probes and host products are as follows according to the gross profit and sales proportion of customers:
The main customer of the export ultrasonic probe and main engine is the Nippon Group, whose products are mainly used in the Indian Suzuki brand models. The high gross profit margin of Indian Suzuki products is mainly due to: (1) Due to the difference in packaging and transportation costs of export products, and there are fewer competitors in the Indian ultrasonic radar system industry, customers are not sensitive to product prices, making the initial pricing of specific models of products relatively high. (2) The issuer's products are not standard parts but customized parts generated according to the needs of different fixed-point projects, and the technical difficulty and product requirements of the products applied to the Indian Suzuki models are relatively low in China, so the corresponding raw material costs, labor costs and manufacturing costs are lower than those of domestic sales, so the gross profit margin of export sales is higher than the gross profit margin of domestic sales. (Proofreading/Andy)