As China’s economic development and people’s purchasing power increase, the demand and possession of various automobiles, motorcycles, agricultural machinery and construction machinery will increase rapidly. Pistons are indispensable parts for the above-mentioned power machinery and are vulnerable parts. Therefore, its demand will also increase rapidly. Jiangbin Pistons is a professional manufacturer of high and mid-range engine pistons. The growth of future performance is mainly due to the increase in sales volume, the increase in the average price of sales due to the optimization of product structure, and the declining cost trend. In the first quarter of 2007, the company's major business indicators have increased substantially, and its production value, output, profit, and recovery of loans have increased by 26.6%, 17%, 40.9%, and 32.3%, respectively, compared to the same period of last year; the product structure has been greatly improved, with high-grade increase. Pressure pistons have risen significantly, sales prices have increased, and quality has improved significantly. In the first quarter, the comprehensive qualification rate of products increased by 3%, and the benefits appeared. The cost control achieved results, and the factors of price increase of raw materials were well absorbed through cost reduction. Material utilization rose by 2%. The operating effect is obvious. In 2007, the inflection point of the company's business initially appeared.
Quality forecast
At present, the company has obtained ISO9001, QS9000, TS16949 and other international quality system certifications related to the production of auto parts. At the same time, the company is actively applying for the certification qualifications of major international automobile groups. Compared with the competitive environment of the domestic parts and components industry, the international “Blue Ocean†market, which contains huge demand, is another growth point in the company’s profitability space.
The company has a dominant position in the domestic market for piston trucks in the domestic environment, especially for pistons with high-performance, environmentally-friendly engines that meet Euro II emissions standards and above, achieving market occupancy rates of more than 40%. The company is the only domestic manufacturer of parts and components with large-scale industrial CT testing equipment. The technology has reached the advanced level of the same kind in foreign countries.
market prediction
The sales volume of the company's pistons in 2006-08 was 2.2 million, 3.5 million, and 6 million, respectively. It is worth mentioning that our sales volume forecast does not include the future development of domestic joint venture brand automobile engines, including only domestic load. Sales growth in the automotive sector, self-owned brand sedan areas, and exports.
Cost forecast
Despite the substantial increase in raw materials in the market, the company has brought tremendous cost pressures, but due to timely and effective response measures to minimize the pressure of raw material prices, and achieved good results. By adjusting the product structure, it will increase the proportion of high-value-added high-pressure booster pistons; improve product quality and reduce quality loss; control costs and improve material utilization. Through the cost reduction to well digest raw material prices. In today's society, only by better understanding of cost control and full and reasonable use of resources can we achieve superiority in fierce competition.
Company operating point
The main factors for the emergence of inflection points are: sales volume growth, product structure optimization, and cost reduction. Therefore, we believe that the company’s current operating inflection point has already emerged, and the continued rapid growth in its future performance is mainly due to the increase in sales volume, the increase in the average price of sales caused by the optimization of product structure, and the decreasing trend in the cost.
Sales growth: The growth of the domestic truck vehicle industry by around 10%, the growth of self-owned brand passenger vehicles by around 20%, and the growth of foreign trade products have enabled the company's capacity utilization rate to continue to increase in the coming years.
Product structure optimization: The company develops more than 300 new varieties each year, including 20-30 newly-designed varieties. The price of new products is often higher than 20% of the original products, increasing the development and production of high-value-added products. The continuous optimization of the product structure has kept the average sales price of the company's products steady and rising.
The trend of cost decline: mainly reflected in the company since 2006, in the face of huge difficulties in the major raw material price increases, the company further increased the cost management efforts, and achieved remarkable results.
In 2006, the company underwent the influence of unfavorable factors such as the increase in the price of main raw materials by more than RMB 20 million, while the manufacturing cost of the product remained at the 2004 level. In the year when the company's output increased by 7.42%, the consumption of auxiliary materials only increased by 6% compared with the same period of last year, and non-productive consumption decreased by nearly 200,000 yuan.
The ability of technological transformation has been greatly improved: the introduction of industrial CT testing equipment in 2006 improved the brand position of Jiangbin Pistons; the transformation of intermediate frequency furnaces will be another "technological revolution" in the history of Jiangbin's development, to improve the environment and reduce the damage. And the labor intensity of employees, especially in terms of reducing costs, will play a positive and effective promotion role; the introduction of five-axis and five-linked numerical control equipment further improves the company's machining level; the application of channel-type baking machines enables the company's production capacity. It has further tapped potential; the successful development of double-head milling has greatly improved the level of the company's self-made equipment. Through the above-mentioned technical reforms, we have achieved new enhancements in company capabilities.
Therefore, we believe that with the intensified competition of vehicle companies, Jiangbin Pioneer will be able to meet difficulties and gain market opportunities by relying on its size and cost advantages, as well as its R&D strength that is not inferior to joint ventures, and rely on the company’s brand and quality. With the advantage of price, it has entered the international auto parts supporting system and become an international supplier of auto parts and components.
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