云内动力(000903) - 云内动力调研活动信息

Company Overview - The main business of Kunming Yunnei Power Co., Ltd. includes engine manufacturing and industrial-grade electronic products, with engines being the primary focus [2][3]. - The company’s engine products are categorized into commercial vehicle diesel engines, passenger vehicle diesel engines, non-road diesel engines, and natural gas engines [2]. 2018 Performance - In 2018, the automotive industry in China experienced its first negative growth in 28 years, with total vehicle production and sales at 27.81 million and 28.08 million units, respectively, down 4.16% and 2.76% year-on-year [3]. - The diesel engine industry saw a significant decline, with production and sales of vehicle diesel engines at 2.94 million and 2.96 million units, down 17.70% and 17.10% year-on-year [3]. - Despite the industry downturn, the company sold 374,560 diesel engines in 2018, achieving a year-on-year growth of 3.11% [4]. Financial Contributions - The subsidiary Mingte Technology generated revenue of 159.81 million yuan in 2018, contributing a net profit of 81.32 million yuan to the company [4]. - The company implemented lean management practices to enhance quality and reduce costs, which helped in achieving its annual targets [4]. 2019 Market Outlook - The automotive market remained sluggish in early 2019, with cumulative production and sales from January to February at 3.77 million and 3.85 million units, down 14.08% and 14.94% year-on-year [5]. - The diesel engine sector saw cumulative sales of 439,011 units in the same period, reflecting a decline of 7.51% [5]. - In March 2019, the company sold 48,101 diesel engines, with a cumulative total of 108,385 units sold in the first quarter, marking a year-on-year growth of 12.48% [5]. Share Buyback - As of March 31, 2019, the company repurchased 38,646,409 shares, accounting for 1.96% of the total share capital, with a total transaction amount of 100.01 million yuan [6]. Future Growth Points - Mingte Technology is focusing on expanding its product line and exploring overseas markets, particularly in the charging pile sector, which is expected to see explosive growth due to supportive government policies [6][7]. - The company is also developing automotive electronic products, which have begun small-scale sales and are anticipated to become a new growth point [7]. Corporate Governance - The company is currently undergoing a mixed-ownership reform process, which is in the auditing and evaluation stage [7].