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(China) Fawer Automotive Parts Q1 Net Profit at RMB 163 Million, Up 98.92%
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2024-05-28
Fawer disclosed its 2023 annual report. During the reporting period, the company achieved the operating income of RMB 15.843 billion, a year-on-year increase of 26.03%. The net profit was RMB 604 million, a year-on-year increase of 20.55%. The earnings per share was RMB 0.35.
The company also disclosed its Q1 result for 2024. It achieved the operating income of RMB 3.764 billion, a year-on-year increase of 34.28%. The net profit was RMB 163 million, a year-on-year increase of 98.92%. The earnings per share was RMB 0.09.
Fawer is mainly engaged in the R&D, production and sales of automotive parts. It has formed a business of chassis systems, thermal systems, new energy, smart network connection, engine accessory systems, steering and safety systems, braking and transmission systems, fasteners, etc. The products are used in heavy/medium/light/micro commercial vehicles and high/medium/low-end passenger cars and other car models; the company's products support many domestic vehicle and machine companies, and some of them are sold overseas.
In 2023, Fawer was mainly pulled up by the output of the automobile industry, and the company's operating income achieved year-on-year growth. In addition, Fawer has accelerated its new business deployment in recent years and is developing towards "lightweight, electrification, intelligence and connectivity".
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