“In the field of automobile seat belt assembly, the foreign suppliers of Outoliv, Sweden will dominate the monopoly, and their own brand supplier market share is very low. But the self-owned brand supplier market share, also means This market space is very large. “In early February, Huaja, General Manager Hu Ka, General Manager, Songyuan Shares (300893), said in the Securities Times, car capital, accompanied by the increase of the pressure of the whole vehicle, the improvement of the comprehensive strength of domestic auto parts enterprises, The safety belt assembly market is ushered in the opportunity of “domestic alternative” to the entire car passive safety system industry.

As a car parts company, Songyuan Shares, the city share of the Songyuan stock in Songyuan Shares, from 2017 to 2019, in China, in China, China Safety Belt in China The market share is raised from 6.44% to 7.29%. “Future (City Size) will be higher, our ability is slowly recognized by the vehicle factory, the customer structure is upgrading, has expanded from the self-owned passenger car brand to foreign capital and joint venture brands.” Hu Kaina said.

Domestic alternative trend is obvious

For car seat belts assembly products or even car passive safety system products (including automotive body structure, automotive seat belt assembly, airbag, steering column energy absorption device, safety glass, etc.), the maintenance of suppliers often Cautious attitude, for example, the Gaoda airbag event once made the world’s world-renowned automobile security suppliers, and also caused losses to the use of Takada airbag products.

With the improvement of regulations on automotive safety standards, the requirements of the vehicle passive safety system products are increasingly harsh, which is based on such industry characteristics and thresholds, the world’s largest “car occupant protection system” producer Torrov continues to occupy the half-Wanjiang Mountain in the global car passive safety system industry, while the supplier of autonomous auto parts wants to eat this cake, it is quite difficult.

“We started the production and sales of safety belt assembly, such as stamping parts, injection molding parts, have a certain accumulation of safety, and we started to do safety belts; at the same time, we started from commercial vehicles, at the time. In the era, regulations have different regulations for passenger cars, commercial vehicles, and construction machinery, and commercial vehicles require relatively low to the threshold at the time, and passenger car companies generally use foreign suppliers. “Hu Kena It is said that the development path of Songyuan Shares is a self-cultivation of the seat to the safety belt assembly from the upstream parts to the safety of the passenger car from the commercial vehicle customers. It should be noted that from entering the automotive seat belt assembly in this field to successfully listed last year, Songyuan Shares used for nearly 20 years.

As the pioneer in the automotive seat belt assembly industry, Songyuan Shares have achieved autonomous production of automotive safety belts through many years of continuous research and development and long-term cooperation with the vehicle factory, and break through the technical monopoly of foreign suppliers. Specifically, after nearly 20 years of accumulation, Songyuan Shares opened the gate of the passenger car seat market and received a number of car brands recognized. According to the information, Songyuan Shares have been developed with Geely Automobiles, SAIC, Wuling, Great Wall, Changan Auto, Chery Automobile, Yutong Bus, Beiqi Futian and other car brands.

Songyuan Shares previously disclosed in the 20th quarterly report show that in January-September 20020, Songyuan Shares achieved operating income of 352 million yuan, an increase of 9.27% ​​year-on-year; achieving net profit of 614.865 million yuan, an increase of 11.61% year-on-year.

“Car seat belt assembly is platformized product, the structure and performance after research and development, the performance of our products is very advantageous, there is a performance target test when entering the whole machine factory, the vehicle factory will pass a series of tests Evaluation of the security belt product complies with their requirements, from the test data, we are leading performance in high performance security belt, and can even be able to face positive PKs with foreign brands. “Hu Kaina said, after years of research and development, production accumulation, Songyuan Shares fully meet the requirements of the safety performance of the vehicle factory, and can compete with the global faucet Otto Riv, and seize the other’s market share.

Songyuan Shares showed that from 2017 to 2019, Songyuan Shares had increased from 6.44% to 7.29% from 6.44%.

For reasons for realizing domestic alternatives, in addition to their own technology, production strength improvement, Hu Kaina said, comparing foreign car seat belts assemblies, Songyuan shares, the response speed, product development speed has obvious advantage, especially in China The factory update replacement cycle is getting shorter and shorter, and the supplier development speed is improved.

In addition, Songyuan Shares starts with parts from the safety belt assembly. At present, the company still retains parts sectors, thanks to the company’s depth layout of the industrial chain, plus the ability of homemade molds, and the cost advantage of Songyuan is obvious. Since the third quarter of last year, the main business gross profit margin of Songyuan Shares is 36.88%.

Closed airbag, steering wheel plate

Hu Kaina pointed out that Songyuan stocks are expanding from their own car brands, and have achieved certain results, benefiting from the optimization of customer structure, and the deep cultivation of existing customers, the company has a large-scale market in China. The occupancy rate will continue to increase.

According to the data, in 2020, Songyuan Shares entered the supplier of SAIC, Jiangling Ford, Jiangling Automobile, Jianghuai Auto Automobile, and the newly entered factory customers were expected to continue to bring business growth to Songyuan stocks in the next few years. Songyuan Shares said that existing major customers have a large income growth space, for example, Songyuan Shares in Songyuan Shares in 2019, the sales volume of Geely Automobile is approximately 17% of the total Purchase of Geely seat, and there is a large growth space in the future. . In addition, Songyuan Shares have also actively layout new energy automotive sector. At present, the company has successfully served the SAIC’s General Wuling Mini EV, Geely Emgrand EV, Chery New Energy EQ1 and other new energy models to support high-end automotive safety belts. Hu Kaina revealed that the current Songyuan shares are actively and ideal automotive to discuss research and development of safety belts, and future plans to expand more mainstream new energy car customers.

It is worth mentioning that the value of the bicycle of Songyuan Shares is also increasing. According to data, the average unit price of Songyuan Shares has increased by 6.53% in 2018, and the average unit price increased by 1.32% in 2018; special seat safety device assembly 2018 an average unit price increased in 2017 6.62%, 2019 average unit price increased by 15.80% over 2018.

Songyuan Shares said that the promotion of bicycle value is because collision regulations are improved on automotive safety, the company’s product structure is continuously optimized, with a low average price, and the added value of product sales accounts for a significant decline.

Hu Kaina also said that in the field of safety belt assembly, Songyuan stock is focused on research and development of motor type, which combines the main passive safety, applied to smart driving, if the product is produced, the company The product structure is further optimized, and the value of bicycles will also be further improved.

Hu Kaina revealed that Songyuan Shares will focus on the steering wheel and airbags in the future. In Hu Kena, the safety belt is always formed, airbags, and steering wheel are important three modules in passive safety systems. At the same time, the three modules can have strong words in the automotive supply and demand system, which can break the monopoly and realize. Domestic replacement. It is reported that there are already many vehicle companies to recognize the capacity of Songyuan Shares in the field of automobile safety, and cooperate with Songyuan shares to develop steering wheel and airbag products.

“The steering wheel and airbags are our future development focus. We will rely on existing customers, from the volume, it is expected to quickly copy the volume of the car seat belt assembly.” Hu Kai said .

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