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China Yuchai International Ltd. (NYSE: CYD) is a Bermuda holding company renowned for its significant contributions to the engine manufacturing industry. As a subsidiary of the Singapore-based Hong Leong Asia, China Yuchai operates predominantly through its majority-owned subsidiary, Guangxi Yuchai Machinery Company Limited (GYMCL). Established in 1951, GYMCL engages in the production, assembly, and distribution of a broad range of light, medium, and heavy-duty diesel engines. These engines cater to a variety of applications, including trucks, buses, passenger vehicles, construction equipment, marine vessels, and agricultural machinery.
China Yuchai's product portfolio extends beyond diesel engines to include natural gas and hybrid engines. The company has also ventured into new energy solutions, significantly contributing to the global push for environmentally sustainable technologies. A recent notable project includes the development of a ferroalloy off-gas power generation system designed to harness hazardous gases emitted during silicon-manganese alloy production. This innovation not only mitigates greenhouse gas emissions but also enhances industrial safety and energy efficiency.
In 2023, GYMCL sold over 313,493 engines, cementing its status as a leading engine manufacturer in China. Through regional sales offices and authorized customer service centers, the company ensures widespread distribution and robust after-sales support across the country. GYMCL's commitment to research and development has fostered a reputable brand name known for high-quality and reliable products. This dedication is reflected in their financial performance, with a revenue of RMB 18.0 billion (US$ 2.5 billion) and a gross profit margin of 16.2% for FY 2023.
China Yuchai is actively involved in strategic partnerships and equity incentive plans aimed at aligning employee interests with long-term company growth. Their recent initiatives include the appointment of key personnel to the Audit and Compensation Committees, and an equity incentive plan for employees of GYMCL and its subsidiaries. Additionally, the company's focus on green energy solutions is evident with the debut of hydrogen fuel cell buses in Beijing, developed through a joint venture with Beijing Xing Shun Da Bus Co., Ltd.
Financially, China Yuchai maintains a strong balance sheet, enabling continued investment in innovative technologies and market expansion. The company has also announced a share buyback plan, authorizing repurchases up to US$40 million or four million shares, funded through operating cash flow and existing cash reserves.
China Yuchai's strategic direction and robust financial health underscore its potential for sustainable growth and its pivotal role in the engine manufacturing sector. For more information, please visit http://www.cyilimited.com.
China Yuchai International Limited (NYSE: CYD) announced the formation of a new joint venture, Suzhou Yuxing Automobile Technology Co., Ltd., to enhance engine services across China. The joint venture, owned by various partners including Guangxi Yuchai Machinery Monopoly Development Co., Ltd. (30% stake), aims to improve service platforms for vehicles powered by Yuchai engines. The total registered capital is RMB 5 million. President Weng Ming Hoh emphasized the venture will foster better customer relationships.
China Yuchai International Limited (NYSE: CYD) announced that its YCA05210-D40 engine has been certified for off-road Tier 4 emission standards, effective December 2022. This model, offering a maximum power of 140kW, targets the communication, power, industrial, and mining sectors. The YCA05 series utilizes advanced emission technologies to significantly reduce pollutants while promoting energy efficiency. President Weng Ming Hoh emphasized the commitment to expanding their Tier 4 engine portfolio to enhance air quality and address market demands in China.
China Yuchai International Limited (NYSE: CYD) announced the deployment of 222 new energy buses in Macau featuring its advanced range extenders. An order of over 600 units has been made for the Macau auto market. The range extenders offer improved fuel efficiency, saving up to 50% fuel and reducing carbon emissions by 50%. These extenders have been integrated into the YCS04-100kW and YCY24-65kW models and have secured contracts with major domestic bus manufacturers. The company aims to provide green solutions amid rising fuel costs.
China Yuchai International Limited (NYSE: CYD) has achieved a significant milestone by having its upgraded Yuchai S04220-61 engine series certified under the UN R49.07 Euro VI E emission standard, making it the first Chinese engine to receive such recognition. This certification facilitates access to European and American markets, enhancing the company's global footprint. The medium-duty engine, compliant with China’s National VI standards, boasts a larger displacement of 4.3 liters and 220 horsepower, with improved fuel efficiency and torque. This development aligns with China Yuchai's strategy to boost export growth amid rising international demand.
China Yuchai International Limited (NYSE: CYD) announced the production of its 1,000th MTU Series 4000 high-horsepower diesel engine at its joint venture, MTU Yuchai Power. This milestone reflects the success of the partnership with MTU Friedrichshafen GmbH, a subsidiary of Rolls-Royce Power Systems. The MTU Series 4000 engines cater to the Chinese off-road market, boasting outputs between 1,400 to 3,490 kW. President Weng Ming Hoh noted record sales levels in 2021, showcasing the growing demand for these high-performance engines.
China Yuchai International Limited (NYSE: CYD) has announced the incorporation of a joint venture, Beijing Yuchai Xingshunda New Energy Technology Co., Ltd., focused on developing fuel cell powertrain systems. This venture, established in Beijing with a registered capital of RMB 10 million, will leverage resources from both China Yuchai and Beijing Xing Shun Da Bus Co., Ltd. to enhance manufacturing and sales for the Beijing, Tianjin, and Hebei markets. This strategic move aims to accelerate growth in the emerging clean energy sector.
China Yuchai International Limited (NYSE: CYD) announced that its YC6GN natural gas engines will exclusively power 800 Ankai buses shipped to Monterrey, Mexico. This move aligns with Monterrey's initiative to replace traditional buses with environmentally friendly options due to its growing urban population. The YC6GN engine, a 7.8-liter heavy-duty model, complies with Euro V and Chinese National-V emission standards. Previously, these engines performed well in Chihuahua, Mexico, gaining positive feedback from local transportation officials. This order marks a significant step in Yuchai's expansion into global markets.
China Yuchai International Limited (NYSE: CYD) reported its unaudited financial results for FY 2021, showing a revenue increase of 3.3% to RMB 21.3 billion (US$ 3.3 billion). However, net profit dropped to RMB 272.7 million (US$ 42.8 million), down from RMB 548.9 million in FY 2020. In 2H 2021, revenue fell to RMB 8.6 billion (US$ 1.4 billion), a decline of 18.9% year-over-year. The total number of engines sold decreased by 21.0% to 171,449 units. The company plans to diversify its product portfolio despite challenges in the truck market.
China Yuchai International Limited (NYSE: CYD) will release its 2021 unaudited second half and annual financial results on February 24, 2022, before market opening. A conference call for investors will take place at 8:00 A.M. EST, featuring President Weng Ming Hoh and CFO Choon Sen Loo discussing the financial results and business outlook, followed by a Q&A session. Analysts can join via specific dial-in numbers, while the public can access a webcast on the company's investor relations site.
China Yuchai International Limited (NYSE: CYD) has established a new wholly owned subsidiary, Jiangsu UniTrump Power Technology Co., Ltd., with a registered capital of RMB 10 million. This subsidiary will assist in advancing Yuchai's research and development initiatives in Suzhou. China Yuchai, through its main subsidiary Guangxi Yuchai Machinery Company Limited (GYMCL), is a prominent manufacturer and distributor of engines in China, producing a range of engine types for various applications. GYMCL sold 430,320 engines in 2020, reinforcing its market position.
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