① Today's Fei Kaida plans to add 2 million aluminum alloy wheels production capacity in Thailand; ② Domestic NEV companies are going overseas intensively to drive upstream supporting investment; ③ Since this year, the company has announced three investment plans, and production capacity has expanded rapidly.
Financial Services Association, March 27 (Reporter Luo Yichen) New energy vehicle companies are going overseas to reshape the Southeast Asian automobile industry chain. This evening, aluminum alloy wheel manufacturer Jinfeikaida (002863.SZ) announced that it plans to invest about 560 million yuan to expand the Thai plant and increase the production capacity of 2 million aluminum alloy wheels for new energy vehicles.
Jinfei Kaida said in the announcement that this move is mainly to meet customer production capacity support needs. The Financial Services Association reporter tried to call the relevant person in charge to find out the details, but was unable to connect. Combined with the company's announced list of partner OEMs, this expansion of production capacity is closely related to the trend of domestic NEV companies going overseas.
According to information, compared to domestic car companies, domestic parts manufacturers are moving earlier in terms of global layout. As new energy vehicle companies go overseas collectively, the supporting production capacity of parts manufacturers in Southeast Asia is popular. A senior practitioner said in an interview that his company's factory in Thailand has been receiving intensive visits from many domestic car companies in the past six months, and whether parts manufacturers have mature overseas production capacity is becoming more and more important.
According to data, in 2018, Jinfeikaida acquired Watson Manufacturing (Thailand) Co., Ltd., which operates its factory in Thailand. Since then, the Thai factory has mainly undertaken the company's AM market (automotive aftermarket) development business, and has successively developed after-sales customers in Thailand and Malaysia. The products cover more than a dozen countries including North America, Europe, Japan, Russia, and Southeast Asia. In 2022, Watson Manufacturing achieved net profit of about 44 million yuan, accounting for about 39% of the current net profit of listed companies.
Although public channels have not revealed the current production capacity scale of the Thai factory, judging from the economic benefits of the new project, the scale of this capacity expansion is astonishing. According to the announcement, today Fei Kaida expects the new project to contribute 95.6 million yuan in net profit every year after delivery, double the net profit of the Thai factory in 2022.
It is worth noting that today, Feikaida is rapidly expanding its production capacity. Including the Thailand project, the company has successively launched new projects in Anhui and Yunnan since this year. The three projects have added a total production capacity of 4.4 million aluminum alloy wheels for automobiles, with a total investment of about 1.1 billion yuan. Along with the rapid expansion of production capacity, the company's production capacity release will enter a peak period in the next few years, testing the market's ability to digest. Furthermore, the price war in the automobile industry is intensifying, which may put some pressure on the company's profits.