Yuchai International(CYD)

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玉柴国际上涨2.12%,报23.62美元/股,总市值8.86亿美元
Jin Rong Jie· 2025-07-29 14:35
本文源自:金融界 作者:行情君 7月29日,玉柴国际(CYD)盘中上涨2.12%,截至22:10,报23.62美元/股,成交56.86万美元,总市值8.86 亿美元。 财务数据显示,截至2024年12月31日,玉柴国际收入总额191.34亿人民币,同比增长6.02%;归母净利 润3.23亿人民币,同比增长13.15%。 资料显示,中国玉柴国际有限公司(CYI)是一家成立于1993年4月29日的百慕大控股公司。CYI是总部位 于新加坡的丰隆亚洲有限公司 的子公司。公司在中国开展业务并在纽约证券交易所上市。集团主要经 营的子公司广西玉柴机械有限公司(" GYMCL")是中国最大的发动机制造商之一。GYMCL位于中国南 部的广西壮族自治区玉林市,从事各种轻型、中型和重型发动机的制造、组装和销售,适用于卡车、客 车、乘用车、建筑设备、海洋和农业应用。GYMCL还为柴油发电机生产发动机。GYMCL生产的发动 机范围从柴油到天然气和混合动力发动机。GYMCL通过其区域销售办事处和授权的客户服务中心,将其 发动机直接分销给原设备制造商和零售商,并在中国各地提供维修和改装服务。 ...
CHINA YUCHAI INTERNATIONAL TO ANNOUNCE UNAUDITED 2025 FIRST-HALF YEAR FINANCIAL RESULTS ON AUGUST 8, 2025
Prnewswire· 2025-07-28 11:45
Company Overview - China Yuchai International Limited is a leading powertrain solution provider in China, specializing in the design, manufacture, assembly, and sale of a variety of engines for trucks, buses, pickups, construction, agricultural equipment, and marine applications [5] - The company offers a comprehensive portfolio of powertrain solutions, including diesel, natural gas, and new energy products such as pure electric, hybrid, and fuel cell systems [5] - In 2024, Yuchai sold 356,586 engines, solidifying its position as a leading manufacturer and distributor of engines in China [5] Financial Results Announcement - China Yuchai will release its 2025 unaudited first-half year financial results on August 8, 2025, before the market opens for trading [1] - A conference call for the investment community is scheduled for 8:00 A.M. Eastern Daylight Time on the same day, hosted by the President and CFO of China Yuchai [2] Participation Details - Analysts and institutional investors can participate in the conference call by registering at least one hour prior to the scheduled start time [3] - A simultaneous webcast will be available on the investor relations section of the company's website, and participants are encouraged to join at least 10 minutes prior to the start [4]
AIDC柴发产业链近况更新
2025-07-02 15:49
Summary of AIDC Diesel Power Generation Industry Update Industry Overview - The global computing power investment is expected to continue growing, with short-term growth around 40%, then tapering to below 20% [1][2] - New computing power is projected to reach 50 billion Flops in 2025 and may reach 100 billion Flops by 2028, driving demand for diesel engines [1][2] Market Size Estimation - The global demand for diesel generator sets is estimated at approximately 15,000 units in 2025, increasing to 27,000-30,000 units by 2028 [1][4] - Research institutions estimate an annual increase of about 38 GW in power, corresponding to approximately 24,400 units, with a market size of around 36.6 billion RMB [1][4] - The long-term market size could reach 50 billion RMB [1][4] Key Players in the Industry - Major global diesel engine manufacturers include Cummins, Caterpillar, MTU, Weichai, Yuchai, and Shanghai Liyuan, which hold significant market shares [1][5] - These companies' capacity expansion rates have not kept pace with the 40% demand growth, leading to ongoing supply-demand tension [1][6][7] Company-Specific Insights Weichai Power - Weichai Power is expected to ship over 1,000 units of AIDC diesel engines in 2025, a significant increase from 380 units in 2024 [1][8] - The company benefits from Baudouin technology and support from PSI, enhancing its performance in the heavy-duty truck sector [1][8] Yuchai International - Yuchai International, in partnership with MTU, has shown strong performance in high-end data center applications and has gained qualifications for AI DC diesel power supply from leading domestic internet companies [1][9] - The company is expected to have a favorable trend in domestic substitution [1][9] Supply and Demand Dynamics - The supply of diesel engines is currently very tight, particularly due to the rapid investment in global data centers [2][10] - The demand for AIDC diesel power generation is expected to grow by about 40% in 2025, but supply growth remains inconsistent, exacerbating the supply-demand imbalance [10] Financial Performance - Cummins reported a 19% year-over-year revenue growth in its Power Generation segment, with EBITDA as a percentage of revenue rising from 18% to 23.6% [3][11] - This growth is attributed to increased demand for data center power generation, better pricing, and internal operational improvements [11] Domestic Substitution Opportunities - Chinese companies like Weichai Power and Yuchai International have significant potential for domestic substitution, supported by technology and market positioning [1][12] - Weichai Power's capabilities in natural gas engines and Yuchai's strong performance in high-end applications position them well for growth in the global AI DC market [12][13]
China Yuchai International to Pay US$0.53 Per Share Cash Dividend for FY2024
Prnewswire· 2025-06-12 10:00
Group 1 - China Yuchai International Limited declared a cash dividend of US$0.53 per ordinary share for the year ended December 31, 2024, to be paid on July 7, 2025, to shareholders of record as of June 25, 2025 [1] - The company is a leading powertrain solution provider in China, primarily through its subsidiary Guangxi Yuchai Machinery Company Limited, which specializes in various engine types for multiple applications [2] - In 2024, Yuchai sold a total of 356,586 engines, including diesel, natural gas, and new energy products such as pure electric and hybrid engines [2]
China Yuchai: A Cash-Rich Engine Maker Poised At The Cyclical Inflection
Seeking Alpha· 2025-05-27 03:22
Group 1 - China Yuchai International Limited (NYSE: CYD) is a vertically integrated and cash-rich company that specializes in engine production [1] - The company has a strong balance sheet, indicating financial stability [1] - There are positive indicators for the company, including cycles inflection and a significant deep value discount [1]
Has China Yuchai International (CYD) Outpaced Other Auto-Tires-Trucks Stocks This Year?
ZACKS· 2025-04-28 14:46
Group 1 - China Yuchai (CYD) is a notable stock in the Auto-Tires-Trucks sector, currently outperforming its peers with a year-to-date return of approximately 62.5% compared to the sector's average return of -20.1% [4] - The Zacks Rank for China Yuchai is 1 (Strong Buy), indicating strong analyst sentiment and an improving earnings outlook, with a consensus estimate for full-year earnings having increased by 19.1% in the past quarter [3][4] - The Automotive - Original Equipment industry, to which China Yuchai belongs, has an average loss of 6.9% this year, further highlighting CYD's superior performance within its industry [6] Group 2 - Xos, Inc. (XOS) is another stock in the Auto-Tires-Trucks sector that has shown strong performance, with a year-to-date return of 19.8% and a Zacks Rank of 2 (Buy) [5] - The Automotive - Domestic industry, which includes Xos, has experienced a decline of 27% this year, indicating that XOS is also outperforming its industry despite the overall negative trend [6]
Yuchai International(CYD) - 2024 Q4 - Annual Report
2025-04-25 11:22
Part I [Key Information](index=7&type=section&id=Item%203.%20Key%20Information) The company faces principal risks from its dependence on the Chinese economy, evolving NEV policies, supply chain reliance, and potential U.S. delisting - The company's business heavily relies on the Chinese economy and government policies, especially regarding emissions standards and New Energy Vehicles (NEVs)[32](index=32&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - Sales to the **top five customers** constituted **39.1% of total revenue** in 2024, with the largest customer group contributing **16.2%**[42](index=42&type=chunk) - China's transition to NEVs poses a significant competitive threat, with **12.9 million NEV units sold** in 2024, representing **40.9% of total vehicle sales**[51](index=51&type=chunk) - The company faces risks from PRC regulations on overseas listings and stringent cybersecurity laws (CSL, DSL, PIPL) impacting data handling[92](index=92&type=chunk)[140](index=140&type=chunk) - The Holding Foreign Companies Accountable Act (HFCAA) poses a delisting risk if PCAOB inspections are hindered, though 2022 inspections vacated prior negative determinations[147](index=147&type=chunk)[150](index=150&type=chunk) [Information on the Company](index=49&type=section&id=Item%204.%20Information%20on%20the%20Company) CYI is a Bermuda-based holding company primarily owning a 76.4% stake in Yuchai, a leading Chinese powertrain manufacturer expanding into new energy products and international markets - The company's primary operating asset is its **76.4% ownership** in Guangxi Yuchai Machinery Company Limited (Yuchai)[153](index=153&type=chunk)[156](index=156&type=chunk) - Yuchai is expanding its new energy product portfolio, including hydrogen combustion engines, range extenders, and full electric power systems, via its subsidiary Yuchai Simlan[173](index=173&type=chunk)[183](index=183&type=chunk)[190](index=190&type=chunk) Yuchai Engine Sales Breakdown (2022-2024) | Product Category | 2022 Units Sold | 2023 Units Sold | 2024 Units Sold | % Change (2024 vs 2023) | | :--- | :--- | :--- | :--- | :--- | | Light-duty engines | 94,340 | 72,875 | 101,676 | +39.5% | | Medium-duty engines | 162,018 | 169,498 | 164,986 | -2.7% | | Heavy-duty engines | 58,336 | 62,611 | 76,002 | +21.4% | | **Total Engines Sold** | **321,256** | **313,493** | **356,586** | **+13.7%** | - Yuchai possesses a total production capacity of approximately **633,000 units per year**, with an additional **30,000 units** for new energy products, and commenced operations at a new Thailand factory in 2024[203](index=203&type=chunk)[205](index=205&type=chunk) - In 2024, Yuchai signed a 15-year technology licensing agreement with Vietnam's Kim Long Motor for **US$28 million** in total fees[222](index=222&type=chunk) [Operating and Financial Review and Prospects](index=79&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) In FY2024, revenue grew 6.0% to RMB 19.1 billion, driven by a 13.7% increase in engine sales, leading to improved gross margin and a 13.1% rise in net profit Key Financial Performance (2023 vs. 2024) | Metric | 2023 (RMB'000) | 2024 (RMB'000) | % Change | | :--- | :--- | :--- | :--- | | Revenue | 18,046,349 | 19,133,575 | +6.0% | | Gross Profit | 2,543,473 | 2,818,501 | +10.8% | | Operating Profit | 609,449 | 596,974 | -2.0% | | Profit for the year | 422,856 | 491,742 | +16.3% | | Profit Attributable to Equity Holders | 285,518 | 323,055 | +13.1% | | Basic EPS (RMB) | 6.99 | 8.21 | +17.5% | Cash Flow Summary (2024) | Cash Flow Item | Amount (RMB'000) | | :--- | :--- | | Net cash from operating activities | 779,416 | | Net cash from investing activities | 113,101 | | Net cash used in financing activities | (526,635) | - Capital expenditures in 2024 totaled **RMB 537.9 million**, primarily for expanding and upgrading Yuchai's production capacity and technology development[308](index=308&type=chunk) - The company has significant off-balance sheet arrangements, including **RMB 1.0 billion** in discounted bills receivable with recourse and **RMB 1.4 billion** in endorsed bills to suppliers with recourse as of December 31, 2024[311](index=311&type=chunk)[312](index=312&type=chunk) [Directors, Senior Management and Employees](index=94&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) The company's Board comprises nine members, with majority designation by Hong Leong Asia, and its 2014 Equity Incentive Plan expired, while new equity schemes diluted subsidiary interests - The Board of Directors consists of **nine members**, with the controlling shareholder, Hong Leong Asia, having the right to elect a majority via a special share[315](index=315&type=chunk) - The company's 2014 Equity Incentive Plan expired in May 2024, with all **270,000 outstanding options** expiring unexercised in July 2024[359](index=359&type=chunk)[364](index=364&type=chunk) - In 2024, new equity schemes at Yuchai and MGP diluted Yuchai's interest in MGP from **100% to 93.46%**, and the company's effective interest in MGP from **76.4% to 71.4%**[96](index=96&type=chunk)[97](index=97&type=chunk) Employee Count by Location | As of December 31, | Singapore | PRC | Others | Total | | :--- | :--- | :--- | :--- | :--- | | 2022 | 15 | 8,583 | 122 | 8,720 | | 2023 | 15 | 8,036 | 126 | 8,177 | | 2024 | 15 | 8,802 | 113 | 8,930 | [Major Shareholders and Related Party Transactions](index=110&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) Hong Leong Asia is the controlling shareholder with 48.70% ownership and a special share, while significant related party transactions occur with the GY Group and its affiliates Major Shareholders (as of Dec 31, 2024) | Identity of Person or Group | Number of Shares | Percentage | | :--- | :--- | :--- | | Hong Leong Asia Ltd | 18,270,965 | 48.70 % | | Coomber Investments Limited | 7,537,160 | 20.10 % | | Shah Capital Management | 4,345,471 | 11.58 % | - A special share held by a Hong Leong Asia affiliate grants the right to elect a majority of directors and provides veto power over shareholder resolutions[379](index=379&type=chunk) - Significant related party transactions with the GY Group and its affiliates included **RMB 2.1 billion** in engine and parts sales and **RMB 1.9 billion** in parts and supplies purchases in 2024[390](index=390&type=chunk)[869](index=869&type=chunk) - The company charges Yuchai an annual management and consulting fee, which was **US$1.0 million** plus a supplemental fee of **RMB 6 million** for fiscal year 2023[354](index=354&type=chunk)[388](index=388&type=chunk) [Financial Information](index=116&type=section&id=Item%208.%20Financial%20Information) This section covers legal proceedings, particularly historical disputes with Yuchai's minority shareholder, and details the company's dividend distributions, primarily sourced from Yuchai - The company has engaged in past legal proceedings with Yuchai and the GY Group over corporate governance, now intended to be managed via Reorganization and Cooperation Agreements[395](index=395&type=chunk)[396](index=396&type=chunk) Dividend History (2020-2024) | Fiscal Year | Dividend paid by Company (per share) | Dividend paid/payable by Yuchai to Company (RMB'000) | | :--- | :--- | :--- | | 2020 | US$ 1.70 | 151,796 | | 2021 | US$ 0.40 | 115,654 | | 2022 | US$ 0.28 | 155,411 | | 2023 | US$ 0.38 | 191,553 | | 2024 | - | (Approved for payment) | - Dividends from Yuchai are subject to PRC regulations, requiring tax liabilities and statutory reserve contributions, and are subject to a **10% withholding tax** for the company as a non-resident enterprise[398](index=398&type=chunk)[466](index=466&type=chunk) [Additional Information](index=119&type=section&id=Item%2010.%20Additional%20Information) As a foreign private issuer, the company's corporate governance differs from NYSE standards, and it is subject to exchange controls in Bermuda and China, with specific tax implications across Bermuda, Singapore, PRC, and U.S. jurisdictions - As a foreign private issuer, the company is exempt from certain NYSE corporate governance rules, including requirements for a majority of independent directors or fully independent committees[407](index=407&type=chunk)[423](index=423&type=chunk) - The company is non-resident for Bermuda exchange control, allowing free fund transfers, but its Chinese subsidiary Yuchai is subject to PRC foreign exchange controls on currency conversion and remittance[445](index=445&type=chunk)[448](index=448&type=chunk) - Under PRC tax law, dividends from Yuchai are subject to a **10% withholding tax**, while Yuchai benefits from a reduced **15% Enterprise Income Tax rate** under the High Technology Incentive Scheme[466](index=466&type=chunk)[476](index=476&type=chunk) - For U.S. federal income tax purposes, the company believes it was not a Passive Foreign Investment Company (PFIC) for 2024, though this status is subject to annual re-evaluation[495](index=495&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=143&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate risk from variable-rate borrowings and foreign currency risk from various currencies, managing these through debt mix and derivative instruments - A **50 basis point change** in interest rates would impact the company's profit before tax by approximately **RMB 12.5 million (US$1.7 million)** for 2024[509](index=509&type=chunk) Foreign Currency Exposure (Net Assets/Liabilities) as of Dec 31, 2024 | Currency | Net Exposure (RMB'000) | | :--- | :--- | | Singapore Dollar | 126,011 | | Euro | 7,687 | | US Dollar | 69,047 | | Others | (3,438) | Foreign Currency Sensitivity (Impact on Profit Before Tax from 10% Strengthening) | Currency | 2024 Impact (RMB'000) | | :--- | :--- | | Singapore Dollar | 12,601 | | Euro | 769 | | US Dollar | 6,905 | Part II [Controls and Procedures](index=85&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management and the independent auditor concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2024 - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2024[521](index=521&type=chunk) - Based on the COSO 2013 framework, management concluded that the company's internal control over financial reporting was effective as of December 31, 2024[525](index=525&type=chunk) - The independent registered public accounting firm provided an unqualified attestation report on the effectiveness of the company's internal control over financial reporting as of December 31, 2024[526](index=526&type=chunk) [Corporate Governance and Other Matters](index=86&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Matters) This section details corporate governance, including the audit committee financial expert, Code of Conduct, a terminated share buyback plan, and cybersecurity risk management oversight Principal Accountant Fees (2023-2024) | Fee Type | 2023 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Audit fees | 8,426 | 10,613 | | Audit-related fees | 352 | 216 | | Tax fees | 173 | 10 | | All other fees | 224 | 432 | | **Total** | **9,174** | **11,271** | - The company adopted and terminated a share buyback plan in 2024, repurchasing **3.34 million shares** for approximately **US$39.8 million**[538](index=538&type=chunk)[539](index=539&type=chunk) - The company maintains a cybersecurity risk management program, with the Audit Committee providing oversight and management responsible for assessment and implementation guided by PRC laws[545](index=545&type=chunk)[546](index=546&type=chunk)[551](index=551&type=chunk) Part III [Financial Statements](index=90&type=section&id=Item%2018.%20Financial%20Statements) This section presents the audited consolidated financial statements for 2022-2024, with an unqualified auditor opinion, noting a critical audit matter regarding development cost capitalization and a reclassification of warranty expenses - The independent auditor, Ernst & Young LLP, issued an unqualified opinion on the consolidated financial statements and internal control over financial reporting as of December 31, 2024[565](index=565&type=chunk)[572](index=572&type=chunk) - A critical audit matter was identified concerning the capitalization of development costs, totaling **RMB 204.3 million** in 2024, due to complex management judgment in qualifying activities and expenses[569](index=569&type=chunk)[571](index=571&type=chunk) Consolidated Statement of Financial Position (Abridged) | Metric (RMB'000) | Dec 31, 2023 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | 25,757,618 | 27,048,094 | | Total Liabilities | 13,581,993 | 14,748,529 | | Total Equity | 12,175,625 | 12,299,565 | | - Equity attributable to equity holders | 9,226,528 | 9,164,625 | - Assurance-type warranty expenses were reclassified from selling, general and administrative expenses to cost of sales for 2024, with comparative figures adjusted accordingly and no impact on operating profit[270](index=270&type=chunk)[912](index=912&type=chunk)
China Yuchai Subsidiary Adopts Equity Incentive Plan
Prnewswire· 2025-03-21 10:00
Core Viewpoint - China Yuchai International Limited has announced the implementation of an equity incentive plan for its subsidiary, Guangxi SKY Cloud Technology Co., Ltd., aimed at motivating employees and enhancing long-term growth [1][5]. Group 1: Equity Plan Details - The equity incentive plan involves an increase in the registered capital of Sky Cloud by RMB 1.25 million, representing a 20% interest in the enlarged registered capital [2]. - The Sky Cloud Interest will be granted in two phases, with Phase One amounting to RMB 1,080,002 at a subscription price of RMB 1 per RMB 1 registered capital [3]. - The remaining interest will be granted in Phase Two by June 30, 2027, at a subscription price of 80% of the latest audited net assets value or RMB 1, whichever is higher [3]. Group 2: Participants and Structure - Participants in the equity plan include selected employees, directors, and senior officers of Sky Cloud, who will hold interests through separate partnership vehicles [4]. - The interests will be held in different proportions according to the terms of the equity plan, which includes various lock-up restrictions [4]. Group 3: Company Overview - China Yuchai, through its subsidiary Yuchai, is a leading powertrain solution provider in China, specializing in a wide range of engines for various applications [7]. - In 2024, Yuchai sold 356,586 engines, reinforcing its position in the market [7].
China Yuchai's Valuation Looks Tempting, But Weak Cash Flow Says Otherwise
Seeking Alpha· 2025-02-26 18:41
Company Overview - China Yuchai International Limited (NYSE: CYD) is a significant manufacturer of diesel and natural gas engines, primarily serving commercial vehicles, industrial equipment, and power generation sectors [1]. Industry Position - The company has maintained a strong market presence and continues to hold a firm grip on its industry segment, indicating stability and potential for growth in the engine manufacturing market [1]. Research Principles - Grassroots Trading emphasizes providing objective and unbiased research, focusing on small- to mid-cap companies while also identifying opportunities in larger companies, which reflects a comprehensive approach to equity market analysis [1].
Yuchai International(CYD) - 2024 Q4 - Earnings Call Transcript
2025-02-25 20:57
Financial Data and Key Metrics Changes - EBIT sales outperformed the Chinese truck and bus vehicle markets, with truck and bus engine sales up by 1.6% year-on-year in the second half of 2024, and a 17.2% increase for the full year 2024, compared to a 9.9% decline in vehicle sales [8] - Revenue for the full year 2024 rose by 6.6% year-on-year to RMB 19.1 billion or USD 2.7 billion, while gross profit increased by 14.3% year-on-year in the second half of 2024 [9][10] - Gross margin improved to 40.7% compared to 40.1% in FY 2023, attributed to higher revenue and cost reduction initiatives [10] Business Line Data and Key Metrics Changes - Agricultural engine sales were flat in 2024, while industrial engine sales increased by 11% year-on-year, and marine and genset engine sales rose by 25.5% year-on-year [9] - Total number of engines sold in FY 2024 increased by 13.7% to 356,586 units, driven by higher sales in truck, bus, industrial, and marine markets [31] Market Data and Key Metrics Changes - The operating environment in China was challenging, with a GDP increase of 5% year-on-year in 2024, but property investment continued to decline [15] - The total value of goods and services in ASEAN rose to $3.6 trillion, creating a trade surplus of almost $1 trillion in 2024 [15] Company Strategy and Development Direction - The company is focusing on enhancing engine efficiency and performance, developing next-generation emission standard engines, and advancing new energy solutions, including hydrogen technologies [17][18] - A strategic cooperation agreement was entered into for technology licensing and component supply, with a total licensing fee of $38 million [14] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about significant growth in the data center generator business, with an expected growth rate of at least 30% in 2025 [50] - The company anticipates a challenging but improving operating environment, with expectations for better performance in 2025 due to increased demand and capacity expansion plans [96] Other Important Information - R&D expenditures increased by 21.2% in the second half of 2024, representing 0.2% of revenue, with total R&D expenditures for FY 2024 at RMB 1.2 billion [16] - The company initiated a share buyback plan, repurchasing 3.3 million shares for a total cost of $39.8 million, demonstrating confidence in future revenue and profit generation [19][20] Q&A Session Summary Question: What were the sales figures for the data center generator business? - The MTU joint venture sold about 700 units in 2024, including various applications [45] Question: What is the expected growth rate for the data center generator business in 2025? - The order book for 2025 is already full, with expected growth of at least 30% [50] Question: What is the profitability of the generator business? - Specific margin details could not be disclosed, but the MTU joint venture is expected to have a premium due to international branding [47] Question: Will there be a price increase for generators? - There may be some improvement in pricing, but no significant plans for immediate increases [59] Question: What is the capacity expansion plan for 2025 and 2026? - The company plans a 35% to 40% increase in capacity by 2026 [68] Question: What are the challenges in the supply chain? - There are supply chain issues due to shortages of key components imported from Germany [112]