Tianrun Industry(SZ:002283)2022-12-07 09:24Group 1: Company Overview - Tianrun Crankshaft Co., Ltd. primarily produces internal combustion engine crankshafts, connecting rods, castings, and forgings [2]. - Internal combustion engine crankshafts account for over 90% of the company's total revenue [3]. - Revenue from crankshafts constitutes approximately 80% of the total revenue from crankshaft products [3]. Group 2: Market and Industry Insights - The company operates in the automotive parts industry, with a significant focus on heavy-duty engine crankshafts [3]. - The heavy-duty truck industry is heavily influenced by national macroeconomic conditions, with 2014 showing a low market for heavy-duty trucks [4]. - The company anticipates a stable year for the heavy-duty truck industry in 2015, contingent on national development directions and macroeconomic policies [4]. Group 3: Customer Base and Product Development - Major customers include Weichai, Dongfeng Cummins, and various international clients such as Cummins in the UK and the USA [5]. - The company has increased its development efforts for passenger vehicle crankshafts, targeting customers like SAIC and Guangqi [5]. - The company plans to enhance its production capacity for connecting rods, aiming for an annual output of 200,000 units in the next two years [8]. Group 4: Financial Projections and Performance - The company expects a revenue growth of 15%-45% in 2015, driven by new customer acquisitions and product developments [7]. - The company has been actively adjusting its product structure to mitigate risks associated with fluctuations in the heavy-duty truck industry [4]. - The projected gross profit margin for connecting rods is approximately 150-180 RMB per unit, which is not significantly different from crankshafts [8].