Landai Technology joins forces with Siemens to expand into the global new energy vehicle transmission market
Recently, Landai Technology signed a strategic cooperation agreement with Siemens eAutomotive Powertrain Systems (Shanghai) Co., Ltd. Both parties reached a strategic consensus to cooperate in the field of new energy vehicle electric drive systems, reducer assemblies, and components for the global market, aiming for joint development and long-term cooperation.
Siemens eAutomotive Powertrain Systems (Shanghai) Co., Ltd. is a wholly-owned subsidiary of Valeo Siemens eAutomotive GmbH in China. Leveraging its parent company's system design capabilities, engineering capabilities, and extensive practical experience in electric/hybrid vehicle powertrains and traction motor products, the company mainly engages in the design, development, manufacturing, and sales of new energy vehicle transmission systems and components, serving the global new energy vehicle market in China, Europe, and other regions.
According to the agreement, both parties will jointly promote the acquisition and implementation of various projects in the cooperation fields. They will utilize their respective market and business resource advantages, provide information and resource sharing, achieve and promote comprehensive strategic cooperation, realize long-term stable project operation, and promote mutual development. Siemens will provide Landai Technology with project cooperation opportunities in the process of providing high-quality products and services to internationally renowned automotive manufacturers for the global market, including but not limited to the introduction and promotion of products and services, to expand the scope and effectiveness of strategic cooperation. Landai Technology will leverage its advantages in project R&D, production, quality management, and after-sales service resources and practical implementation capabilities to ensure the implementation of various projects during the strategic cooperation. The cooperation period is three years, from October 27, 2021, to October 26, 2024.
The signing and subsequent implementation of this agreement signifies the recognition of Landai Technology's product R&D, quality management, and production capabilities by leading global electric vehicle companies. It also lays the foundation for Landai Technology's cooperation with Siemens in the field of new energy vehicle electric drive systems, reducer assemblies, and components, helping to expand the company's business scale and market share in the new energy vehicle sector, and enhance its market competitiveness and profitability in new energy vehicle transmission products.
In addition, the company recently launched its 2021 equity incentive plan. It plans to grant a total of 8.05 million restricted shares to 76 core management personnel, core technical and business personnel, accounting for 1.40% of the total share capital, at a grant price of RMB 3.46 per share. The main performance unlock conditions are: net profits of no less than RMB 180 million, RMB 250 million, and RMB 300 million in 2021, 2022, and 2023, respectively; net profit of the power transmission business unit of no less than RMB 20 million, RMB 40 million, and RMB 70 million, respectively; and net profit of the touch display business unit of no less than RMB 160 million, RMB 210 million, and RMB 230 million, respectively.
The company recently announced its 2021 third-quarter report. From January to September, the company achieved operating revenue of RMB 2.275 billion, a year-on-year increase of 35.64%; net profit attributable to the parent company of RMB 177 million, a year-on-year increase of 497.56%; non-net profit of RMB 115 million, an increase of 2539.20%; earnings per share of RMB 0.31. (Wang Yi)
