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- Changchun FAWAY Automobile Components Co., Ltd. （Formerly Changchun FAW Sihuan Automobile Co., Ltd.）
- Changchun FAWAY Automobile Components Co., Ltd. （Formerly Changchun FAW Sihuan Automobile Co., Ltd.） Business Report FY ended Dec. 2022
Financial Overview | (CNY millions) |
| FY ended Dec. 31, 2022 | FY ended Dec. 31, 2021 | Rate of change(%) | |
| Sales | 19,971.64 | 20,537.41 | (2.75) |
| Operating income | 894.44 | 1,099.03 | (18.62) |
| Ordinary income | 909.55 | 1,096.14 | (17.02) |
| Net income | 826.33 | 976.06 | (15.34) |
Fiscal 2022 results
-In the fiscal year ending December 2022, auto parts-related sales accounted for CNY 19.096 billion, reflecting a slight increase compared to the same period last year. Furthermore, automobile parts-related products account for 95.62% of the total.
-In terms of sales by product, interior trim accounted for 57.78% (down 3.57% from the previous year), bumpers accounted for 20.66% (up 0.19%), stamped parts accounted for 7.54%, lamps accounted for 7.23%, and interior trim accounted for 7.23% y/y. Sales of bumpers increased slightly, and sales of stamped parts remained at the same level as the previous year. Sales of pressed parts remained steady due to increased production at customer destinations. Sales of lamps increased by 1.44% y/y due to increased supply to major customers as well as the development of external customers.
-The company's main product markets were Northeast China, North China, South China, and East China. The Northeast region was the main market, and the main customers in the region include FAW-VW, FAW Hongqi, FAW Jiefang, FAW Toyota, and FAW Passenger Cars; in North China, FAW-VW and FAW-Toyota; and in South China and East China, FAW-VW, etc.
-The Company's largest customer is FAW-VW, with sales of CNY 11.122 billion in 2022, accounting for 55.69% of the total.
Outlook for 2023
-The company plans to reach USD 20 billion in sales in 2023.
Orders
-In 2022, within FAW Group, FAWAY Adient, FAWAY Tong Yang, Faway Automobile Mirror System, and FAWAY stamping branch received orders for interior and exterior decoration and stamping projects for FAW Hongqi E series. FAWAY Tong Yang, Hella FAWAY FAW Volkswagen exterior decoration and lamp project orders. Received an order for LCD instrument project and air filter project from FAW Toyota. Received an order for the Audi B10 project.
-In 2022, FAWAY Adient won the order for the GAC Aian project outside the FAW Group. FAWAY Tong Yang Wins Project of Top International New Energy Company and PPE Bumper and Charging Port Cover Project for Audi. Chengdu FAW Faway Yanfeng Plastic Omnium won an order for Zeekr, a subsidiary of Geely Automobile. Faway Automobile Mirror System wins order from Roxmotor. The company's wheel branch and stamping branch, FAWAY Benteler, and Changchun MANN+HUMMEL FAWAY received orders for a total of nine projects from Mercedes-Benz and Great Wall Motor.
-The company announced that its subsidiary,Changchun FAWAY Visteon Automotive Electronics Co., Ltd.(FAWAY Visteon), started production of instrument clusters for FAW Toyota. It marks the first time that FAWAY Visteon has become a supplier of FAW Toyota. (From apress releasedated March 17, 2023)
Industrial park construction
| Project | Details |
| FAWAY Adient Changchun Factory Layout Planning Project | -The seating factory started production in July 2022. The relocation and integration of the interior factory was completed in March 2023. |
| Project for Tianjin wheel branch FAW Toyota | -Construction was completed in June 2022 and production began to support the Tianjin Wheel Branch as a supplier to Tianjin FAW Toyota. |
| FAWAY Tong Yang Anhui Base Items | -Efforts to build a first-class digital smart factory, a first-class innovative incubation platform, and a first-class low-carbon green base in the automotive exterior decoration field. Construction was scheduled to begin in October 2021 and operations are scheduled to begin in November 2023. |
| FAWAY Adient Meihekou seat cover project | -Construction wascompleted and operations started in October 2022. |
| FAWAY Tong Yang Shanghai New Base Project | -According to a Situan Town press release, FAWAY Tong Yang Automobile Components (Shanghai) Co., Ltd., a subsidiary ofChangchun FAWAY Automobile Components Co., Ltd.(FAWAY), achieved the start of production at its Shanghai site. The site mainly develops and manufactures exterior products for New Energy Vehicle manufacturers in Shanghai. Also, the company is building an R&D center and an experimental center. (From a Situan Townpress releasedated June 10, 2023) |
| FAWAY Tong Yang Green Intelligent Manufacturing Base Project | -Construction began in June 2022 and operations began in July 2023. The project aims to effectively allocate resources and improve production efficiency in FAWAY Tong Yang's Changchun base. |
| Hella FAWAY Tianjin Factory Construction Project | -The project began construction in February 2023 and is expected to be completed and operational in December 2023. The project aims to meet Hella FAWAY's expansion needs in North China and surrounding areas while realizing cost savings at the same time. |
| FAWAY Innovation Research and Development Center | -The company announced the start of operation at its innovation R&D center. FAWAY broke ground on this center on July 17, 2021. With a total investment of CNY 1 billion, the center covers a land area of around 34,000 square meters. In the R&D building, which has a total construction area of about 13,000 square meters, FAWAY will develop numerous products such as interior and exterior trims, seats, interior parts, lighting systems, instruments, screens, passive safety solutions, domain controllers, voice recognition systems, and internet connectivity modules. So far, the first phase of the construction is complete, and the R&D building has been put into operation. (From apress releasedated March 10, 2023) |
| Changchun Automobile Intelligent Products and Customization Project | -Construction of the electronic workshop started in June 2023 and the project is expected to be completed in October 2023. The project aims to provide the company with sensor production and vehicle customization capabilities. |
| Hella FAWAY R&D building project | -A new Hella FAWAY R&D building was built to strengthen independent R&D capabilities centered on the smart co*ckpit and R&D capabilities of the core components of the entire ramp. The project started in August 2022, was completed in December 2022, and was put into service in May 2023. |
R&D Expenditure
| FY ended Dec. 31, 2022 (CNY millions) | FY ended Dec. 31, 2021 (CNY millions) | FY ended Dec. 31, 2020 (CNY millions) | |
| R&D Expenditure | 368.03 | 335.91 | 268.66 |
| Ratio of R&D expenses to sales | 1.84 | 1.64 | 1.38% |
-As of the end of 2022, the Company had655 R&D staff, accounting for 4.4% of the total staff.
R&D facilities
| Name | Company |
| Wheel R&D Center | Changchun Faway Automobile Components Co., Ltd. Wheel Company |
| Faway Adient Technical Center | Changchun Faway-Adient Automotive System Co., Ltd. |
| Shanghai Huashi Automotive R&D Branch | Changchun FAWAY Tong Yang Automobile Plastic Components Co., Ltd. |
| Changchun Automotive Leading Innovation Company | Jointly established by 13 companies including China FAW, FAWAY and Fawer |
