FDM(SZ:002196)2022-12-06 08:26Group 1: Company Overview - Zhejiang Fangzheng Electric Co., Ltd. is listed under stock code 002196 [2] - The company engages in various sectors including automotive seat motors and traditional motor products [3] Group 2: Automotive Seat Motor Project - The automotive seat motor project began in 2006 through a joint venture with a South Korean automotive manufacturer [3] - In 2015, the company delivered 1.8 million sets, with an expected delivery of 2.6 million sets in 2016 [3] - The sole customer for this project is Shanghai Yanfeng Jiangsen Automotive Co., Ltd., a leading supplier in the automotive seat market [3] Group 3: New Energy Vehicle Business - The new energy vehicle (NEV) business has been impacted by subsidy policy changes and the lack of new regulations [3] - Major customers for the NEV drive motor include Hebei Yujie in the low-speed electric vehicle market and Zontai in the passenger vehicle market [3] - The company is actively seeking partnerships with mainstream domestic automakers for new model development [3] Group 4: Market Expansion and Sales - The company has developed multiple clients and projects for electric logistics vehicles, but actual sales have been limited due to policy impacts [3] - Future sales depend on the establishment and confirmation of subsidy policies [3] Group 5: Business Restructuring - Post-restructuring, production and sales responsibilities have been allocated among various subsidiaries to optimize operations [3] - Fangzheng Lishui focuses on household and industrial sewing machine motors, while Shanghai Haineng is responsible for automotive electronic controllers [3] Group 6: Traditional Business Performance - Traditional business segments, including household sewing machine motors and industrial sewing machines, have shown stable sales with some profit growth [3] - The company plans to upgrade traditional business through integration and development in areas like mechatronics and smart control [3] Group 7: Future Growth Projections - Growth in traditional business, particularly automotive seat motors, is expected due to the trend towards automotive electrification [3] - The NEV business growth is anticipated to normalize with the return of subsidy policies and the launch of new models [3]