Ningbo PIA Automation (SH:688306)2022-12-30 07:42Business Overview - Ningbo Junpu Intelligent Manufacturing Co., Ltd. is a global high-end manufacturing equipment service provider, primarily serving the new energy smart automotive and high-end medical consumer sectors [2] - The company has a strong technical foundation and project experience in electric drive systems, drive-by-wire systems, thermal management systems, and intelligent driving systems [2] Financial Performance - As of the end of Q3 2022, the company achieved a revenue of 1.35 billion CNY, with a net profit attributable to shareholders of 65 million CNY, representing a year-on-year growth of 24% [2] - Q3 revenue showed a recovery growth of 10% year-on-year, with expectations to meet annual operational targets [3] Order Status - As of the end of Q3 2022, the company had an order backlog of approximately 3.5 billion CNY, with new signed orders amounting to about 2.1 billion CNY, of which 75% are related to new energy smart vehicles [3] Global Expansion - The company operates in 7 countries with 9 factories globally, including locations in Germany, Austria, Croatia, Canada, the USA, and Mexico [3] - Approximately 60% of new signed orders are from overseas, with increasing opportunities due to traditional automotive manufacturers in Europe and the US ramping up investments in new energy [3] Profitability Insights - The average gross margin as of Q3 2022 was 22.31%, an increase of 3.93 percentage points compared to the same period last year [4] - Gross margin fluctuations are attributed to project delivery delays due to the pandemic and high development costs from new business initiatives [4] Impact of COVID-19 - The company has effectively mitigated the impact of COVID-19 on its operations, with production in Ningbo and Suzhou running normally and plans in place to manage any potential disruptions [4]