WLY(SZ:002434)2022-12-06 11:28Group 1: Acquisition Overview - The company acquired 100% equity of Wuhu Chery Transmission Co., Ltd. for a total transaction price of RMB 2.6 billion, which constitutes a major asset restructuring [3] - The payment structure includes RMB 1.6 billion through share issuance and RMB 1 billion in cash, along with fundraising for supporting funds [3] - The acquisition aims to enhance product technology levels and expand the customer market beyond Chery and Geely [3] Group 2: CVT Product Development - Chery has initiated the development of CVT products since early 2004, with the first generation including CVT19 (in production) and CVT23 (expected production in 2017) [3] - The second generation of CVT products is already in development, including CVT25 and CVT17, with features like start-stop functionality [4] - The CVT products are designed to be competitive with international technologies, featuring self-developed software for TCU controllers [4] Group 3: Market Performance - The CVT products are currently matched with Chery's 1.5T/1.6VVT/2.0VVT engines and have a market penetration rate of approximately 40% in models like Arrizo 5/7 and Tiggo 3/5/7 [4] - Average monthly sales of CVT products in the first four months of the year were between 8,000 and 9,000 units, with expected growth as new models enter production [4] - The company is actively expanding into external markets and is optimistic about the rapid increase in CVT product sales [4] Group 4: Future Strategic Focus - The company plans to focus on the automotive industry, particularly in passenger vehicle transmission systems, including CVT and manual transmissions [5] - The acquisition of Geely's manual transmission assets, which has an annual production capacity of over 400,000 units, is expected to enhance the company's capabilities in passenger vehicle transmission development [5] - Future strategies include significant development in automatic transmission systems and expanding markets beyond Chery and Geely [5]