WLY(SZ:002434)2022-12-05 06:46Business Overview - In December 2019, the company divested its interior business and has since focused on automotive transmission systems, including commercial vehicle and passenger vehicle gearboxes [2]. - The commercial vehicle gearbox currently covers light trucks and micro trucks, with ongoing development in pickup and medium-heavy truck gearboxes, as well as automatic transmission systems [2]. 2020 Half-Year Performance - In the first half of 2020, the company sold 684,400 automotive gearboxes, a year-on-year increase of 23.91%. Among these, commercial vehicle gearboxes accounted for 356,500 units, up 5.97% [3]. - The sales of high-end commercial vehicle gearboxes reached 141,400 units, a significant increase of 111.77% year-on-year [3]. - Passenger vehicle gearbox sales totaled 326,000 units, marking a 50.97% increase, with CVT (Continuously Variable Transmission) sales soaring by 224.74% [3]. - Revenue from commercial vehicle gearboxes was 945 million CNY, a year-on-year growth of 17.33%, while passenger vehicle gearbox revenue reached 1.52 billion CNY, up 63.19% [3]. CVT Market Development - The company’s CVT products are currently supplied to major automotive manufacturers such as Geely, Chery, BYD, and Qoros, with ongoing efforts to expand customer base and market share [4]. New Energy Vehicle Components - The company’s new energy vehicle products include EV reducers, EDS "three-in-one" drive systems, and hybrid power gearboxes. Production of reducer products has commenced, with increasing sales expected as customer partnerships grow [4]. - The focus is on enhancing technology and product development to establish a strong brand image in the new energy vehicle sector [4]. Collaboration with Bosch - A strategic cooperation agreement was signed with Bosch on January 15, 2020, to jointly develop and promote CVT and hybrid power transmission technologies for electric vehicles [4]. - The ECVT product developed with Bosch has shown promising performance in electric vehicles, with positive feedback from customer trials [4]. Cost Reduction and Profitability - The company aims to reduce unit production costs through increased production volume and collaboration with qualified domestic suppliers, while also enhancing internal management to improve efficiency [5]. - The sales price of CVT products is determined based on customer sales volume [5].