HASCO sees increase in net profit in 2021, Q1 2022

Beijing (Gasgoo)- SAIC Motor-backed auto parts supplier HUAYU Automotive Systems Company (HASCO) reported annual revenue of RMB139.944 billion ($21.17 billion) in 2021, up 4.8% year over year.

Photo credit: HASCO

In the past year, the company’s net profit attributable to shareholders amounted to RMB6.469 billion ($978.49 million), increasing 19.7% from a year ago. 

Notably, with SAIC Motor holding 58.32% of its stake, HASCO has been striving to expand its clientele to other automakers. In 2021, the company managed to earn 49.2% of its main business income from automakers aside from SAIC Motor. 

Specifically, in 2021, HASCO supplied interior accessories, air bags, brake calipers, and others to Mercedes Benz, BMW, and Audi, realizing global sales value of over RMB30 billion ($45.38 billion). Moreover, the company's products have also been deployed to new energy vehicles from Tesla, BYD, NIO, XPeng, and Li Auto, bringing in more than RMB12 billion ($1.82 billion) of sales domestically. 

On the other hand, in the first quarter of 2022, HASCO reported a quarterly revenue of RMB24.92 billion ($3.77 billion), climbing up 7.15% year over year. Its net profit attributable to shareholders equaled RMB1.707 billion ($258.2 million), indicating a 32.13% jump from the year-ago period. 

With all factors considered, HASCO set a yearly revenue target of RMB154 billion ($23.29 billion), with an operating cost no more than RMB132 billion ($19.97 billion) in 2022.