#夏季日常随手拍#
Nexteer's controlling shareholder is: Aviation Industry Corporation of China (AVIC), with a shareholding ratio of 67.06%, and the actual controller is the State-owned Assets Supervision and Administration Commission.
Nexteer's main business is steering (HPS, EPS, steering column and intermediate shaft), power transmission, and ADAS automation technology. Let's take a look at these businesses one by one
HPS (Hydraulic Power Steering) – The power steering pump driven by the engine generates system pressure, and then the high-pressure fluid flows into the steering cylinder, which then drives the wheels. It has the widest range of applications and can be matched with all types of commercial vehicles and passenger cars.
EPS (Electric Power Steering) - Steering assistance is provided directly by the electric power booster, eliminating the need for power steering pumps, hoses, hydraulic oil, conveyor belts and pulleys mounted on the engine necessary for hydraulic power steering systems, with simple adjustment, flexible assembly, 6% higher fuel efficiency, and the characteristics of providing steering assistance in a variety of situations.
Mainly used in: cars, small MPVs and SUVs
CIS (Column and Intermediate Shaft) – connects the steering wheel to the steering machine and controls the steering by transmitting the torque selected by the driver from the steering wheel
DL (Drivetrain) – The intermediate driveshaft operates in conjunction with the half-shaft to improve vehicle handling and eliminate transmission disturbances to front-wheel drive vehicles due to axle lengths, high torque, and operating angles.
The propeller shaft enhances driver comfort and control
ADAS automation technologies – including: steer-by-wire, silent steering wheel steering, fully retractable steering column, on-demand steering, high-availability EPS, cybersecurity advanced steering, MTO (ADAS features for heavy-duty trucks and vehicles with more than 8 people)
The entire automotive steering system industry chain is as follows:
Upstream raw materials: aluminum castings, iron castings, powder metallurgy parts, pulleys, gears, valve shafts, etc.
Midstream: steering columns, steering components, HPS, EPS, steering pumps
Downstream: OEMs, Tier 1 suppliers and after-sales service markets
The development of the entire industrial chain is closely related to the downstream demand side of automobiles. Nexteer is in the middle of the value chain
Its main downstream customers are: BMW, Happy, FCA, Ford, General Motors, PSAGroupe, Shanghai General Motors, SAIC-GM-Wuling, Toyota, Renault-Nissan-Mitsubishi Alliance and Volkswagen
From 2015 to the first half of 2018, Nexteer's operating income was: 21.822 billion yuan, 26.659 billion yuan, 25.414 billion yuan, and 13.555 billion yuan; net profit attributable to shareholders of the parent company was: 1.334 billion yuan, 2.044 billion yuan, 2.299 billion yuan and 1.321 billion yuan; Net cash flow from operating activities was 3.041 billion yuan, 3.534 billion yuan, 4.082 billion yuan and 2.135 billion yuan; Gross profit margin of sales was: 16.21%, 17.22%, 17.39%, 18.05%
At present, the steering system is its main source of revenue, accounting for more than 85%.
Among them, EPS steering accounted for the largest proportion of 64.54% of revenue, and the proportion increased year by year
Predict the follow-up and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market