Tianrun Industry(SZ:002283)2022-12-06 05:34Group 1: Company Overview - Tianrun Crankshaft Co., Ltd. is focused on the production of crankshafts and connecting rods, with a product structure that includes heavy-duty, medium-duty, light-duty trucks, passenger cars, and marine crankshafts [3][4]. - The company aims to become the largest manufacturer of light-duty engine crankshafts in China within 3-5 years and the largest passenger car crankshaft production base [5]. Group 2: Market Performance - The heavy-duty truck crankshaft segment accounts for approximately 55% of the company's revenue, while the domestic market share for heavy-duty engine crankshafts exceeds 50% [5][6]. - The company has seen significant growth in orders for crankshafts and connecting rods, with sales revenue rising in tandem due to new products and customers developed over the past few years [4][6]. Group 3: Production Capacity and Strategy - The company has adjusted its product structure to focus on multiple segments, including heavy-duty and light-duty trucks, and is committed to developing international high-end quality customers [4][7]. - Current production capacity for connecting rods is 400,000 units, which meets the current order demand [9]. Group 4: Customer Base and Partnerships - Major domestic customers include Beiqi Foton, Yunnei, and Yangchai, while international clients include Daimler, Cummins, and Caterpillar [6][7]. - The partnership with Daimler has strengthened, with significant increases in orders this year compared to the previous year [7][8]. Group 5: Market Concerns and Future Outlook - There are concerns regarding the heavy-duty truck market potentially declining, but the company has maintained strong order demand, with monthly shipments increasing [9]. - The company is focused on expanding its international market presence while solidifying its position as a leader in the domestic market [7][9].