CITC(SZ:002190)2023-10-18 07:46Group 1: Company Overview - Sichuan Chengfei Integration Technology Co., Ltd. is primarily focused on the automotive industry, with a significant portion of its revenue derived from its subsidiary, Chengfei Ruihu, which serves Chery Automobile [1]. - Chengfei Ruihu holds a 55% stake in a joint venture established to better serve Chery, leading to a rapid increase in orders and revenue due to Chery's growing production and sales [1]. - In 2022, Chengfei Ruihu accounted for approximately 70% of the company's consolidated revenue [1]. Group 2: Subsidiary Performance - Chengfei Jiweng, after introducing strategic investors in 2021, adopted HFQ aluminum alloy warm forming technology and established a dedicated production line, which has led to noticeable market expansion [1]. - Chengfei Jiweng has achieved small-scale production and anticipates growth in the automotive parts business, with major clients including FAW Toyota, Volvo, Geely, and Lotus [1]. Group 3: Client and Product Differentiation - Chengfei Ruihu's automotive parts business primarily serves Chery, while its mold business mainly handles outsourcing orders from two shareholders [2]. - The main products of the company include automotive exterior covering molds, whereas Chengfei Ruihu focuses on automotive parts [2]. Group 4: Corporate Strategy and Future Plans - Chengfei Jiweng is currently undergoing a public listing process for equity transfer related to its second phase of mixed reform [2]. - The parent company has major clients such as Changan, GAC, Geely, Chery, and Peugeot Citroën [2]. - There are currently no clear plans for disposing of shares in Zhongchuang Xinhang or for any financing activities [2].