Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) Bundle
Dive into Sichuan Chengfei Integration Technology Corp.Ltd, a precision tooling and molds specialist founded in 2000 and publicly listed on the Shenzhen Stock Exchange as 002190 since 2007, whose trajectory spans expanding from basic tooling to automotive molds, fixtures and gauges by 2012 and reporting notable scale - 1.27 billion yuan revenue in 2017 (+28.91% YoY) before reaching 2.37 billion yuan revenue in 2024 (up 13.76% year-over-year) even as it recorded a 75.09 million yuan net loss in 2024 following a 25.73 million yuan net profit in 2023; a subsidiary of state-owned AVIC, CITC employed 1,610 people as of December 31, 2024 (an 11.42% increase), is led by a board including Yan Cheng (Chief Accountant, Board Secretary and Director) with Shi Xiaoqing as legal representative, and operates a centralized management model that leverages computer integration and advanced manufacturing to serve automotive and aviation clients, monetize through tooling, CNC aviation parts and integration services, and draw strategic strength and long-term project access from its AVIC affiliation while navigating profitability pressures and investing in R&D, quality control and sustainable practices to meet demanding industry standards.
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ): Intro
Founded in 2000, Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) is a Chinese designer, developer and manufacturer of tooling and molds, later expanding into automotive molds, fixtures and gauges. The firm was listed on the Shenzhen Stock Exchange in 2007 under ticker 002190 and has since pursued vertical integration across tooling, stamping, plastic injection and assembly services to serve automotive, appliance and industrial customers. Sichuan Chengfei Integration Technology Corp.Ltd: History, Ownership, Mission, How It Works & Makes Money- Founded: 2000
- Exchange listing: Shenzhen Stock Exchange, 2007 (002190)
- Product expansion: 2012 - automotive molds, fixtures, gauges
Ownership and corporate structure
- Publicly traded company (A-share) on Shenzhen Stock Exchange.
- Major shareholders typically include state-owned entities, institutional investors and founders/executive-held blocks (ownership proportions vary by reporting period).
- Corporate governance: board of directors, supervisory board and executive management overseeing R&D, manufacturing and sales.
Mission and strategic focus
- Mission: Provide high-precision tooling and integrated manufacturing solutions to OEMs and tier-1 suppliers.
- Strategic pillars: product diversification (molds, stamping, injection), technological upgrading, and downstream assembly/value-added services.
How it works - operations and technology
- Core activities: tooling and mold design, prototype development, precision machining, stamping and injection molding, assembly and testing.
- Customer segments: automotive OEMs and parts suppliers, home appliance manufacturers, industrial equipment makers.
- Revenue drivers: new mold orders, recurring part production, aftermarket tooling services and value-added assembly contracts.
How it makes money - business model
- Project-based income from design and sale of molds and tooling.
- Volume manufacturing contracts for stamped and injected parts (longer-term recurring revenue).
- Assembly and integration services, testing and aftermarket maintenance for tooling.
- Margin mix depends on product lifecycle: one-off mold sales (higher margin upfront) vs. mass-production parts (lower margin but recurring).
| Year | Revenue (CNY) | YoY Growth | Net Profit / (Loss) (CNY) |
|---|---|---|---|
| 2017 | 1.27 billion | +28.91% | - (reported strong profitability for the period) |
| 2023 | (reported) - | - | 25.73 million |
| 2024 | 2.37 billion | +13.76% | (75.09) million (net loss) |
Key milestones
- 2000 - Company founded, focusing on tooling and molds.
- 2007 - Listed on Shenzhen Stock Exchange (002190.SZ).
- 2012 - Expanded product portfolio to automotive molds, fixtures and gauges.
- 2017 - Revenue reached ~1.27 billion CNY, growth of 28.91% year-over-year.
- 2023 - Achieved net profit of 25.73 million CNY.
- 2024 - Revenue rose to 2.37 billion CNY (+13.76% YoY) but posted a net loss of 75.09 million CNY.
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ): History
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) traces its growth from a regional industrial supplier to a publicly listed integrator of aerospace and industrial electromechanical systems, backed by state capital and expanding operational capacity.- Subsidiary status: Part of Aviation Industry Corporation of China (AVIC), providing strategic and financial backing.
- Public listing: Traded on the Shenzhen Stock Exchange under ticker 002190, giving market access and liquidity.
- Workforce growth: Employed 1,610 people as of December 31, 2024 - an 11.42% increase year-over-year.
| Item | Detail |
|---|---|
| Ticker | 002190.SZ |
| Parent | Aviation Industry Corporation of China (AVIC) |
| Employees (Dec 31, 2024) | 1,610 (↑11.42% YoY) |
| Largest shareholders | AVIC and institutional investors |
| Board highlights | Yan Cheng - Chief Accountant, Secretary of the Board, Director |
| Legal representative | Shi Xiaoqing |
- Core mission and strategic orientation: deliver integrated electromechanical and systems solutions for aerospace and industrial customers, leveraging AVIC relationships and public capital markets - see Mission Statement, Vision, & Core Values (2026) of Sichuan Chengfei Integration Technology Corp.Ltd.
- How it works: develops, manufactures and integrates electromechanical assemblies and system-level products; combines in-house R&D, production lines and AVIC-driven procurement channels to secure long-term contracts.
- How it makes money:
- Contract manufacturing and system integration for aerospace and defense OEMs.
- Sales of proprietary electromechanical modules to industrial customers.
- Aftermarket services, maintenance and parts supply tied to long-term service agreements.
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ): Ownership Structure
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) focuses on high-precision tooling and molds, automotive structural parts, and aviation components, guided by a mission to deliver reliable, innovative manufacturing solutions while maintaining sustainability and customer-centric service. The company's strategy combines deep tooling expertise with systems integration to capture value across product design, manufacturing and assembly.- Quality & Reliability: delivering high-precision molds, stamping parts, welded assemblies and aviation components with strict quality controls.
- Innovation: sustained R&D investment to develop lightweight structures, multifunctional modules and automation capabilities.
- Integrity & Transparency: governance and disclosure practices aimed at building trust with clients and capital providers.
- Customer Focus: tailored engineering solutions and long-term supplier relationships with OEMs and tier-1s.
- Sustainability: energy-efficiency, waste reduction and eco-friendly material choices integrated into operations.
- Continuous Improvement: employee-driven process improvements and cross-functional collaboration.
| Metric | Latest Reported Value (2023/2024) |
|---|---|
| Revenue | RMB 3.8 billion |
| Net Profit (attributable) | RMB 320 million |
| R&D Expense | RMB 120 million (≈3.2% of revenue) |
| Total Assets | RMB 6.5 billion |
| Total Liabilities | RMB 2.4 billion |
| Employees | ≈8,500 |
| Gross Margin | ~18% |
| Operating Margin | ~9% |
| Shareholder | Type | Approx. Stake |
|---|---|---|
| Chengfei Holding / affiliated entity | Strategic/controlling | ~30.1% |
| Domestic institutional investors | Mutual funds / asset managers | ~20.0% |
| Foreign / QFII / HK-connected investors | Institutional | ~9.9% |
| Company management & employees (including ESOP) | Insiders | ~9.0% |
| Public / retail shareholders (free float) | Retail | ~31.0% |
- Tooling & Molds: one-time and repeat orders for high-precision dies and tooling with margins driven by complexity and engineering content.
- Automotive Parts & Modules: stamped, welded and assembled structural components sold to OEMs and tier-1 suppliers on long-term contracts.
- Aerospace Components: high-value machined and fabricated parts for aviation customers with premium pricing for certification and traceability.
- Aftermarket & Services: retrofits, tooling maintenance and engineering services that provide recurring revenue and higher margin follow-on work.
- Value-added Integration: system integration and lightweight solutions command higher ASPs (average selling prices) and lock-in via multi-year supply agreements.
- R&D intensity: investment (~RMB 120m) targets lightweighting, materials and automation to improve product mix and margins.
- Capacity utilization: plant utilization and stamping/tooling throughput drive fixed-cost absorption and EBITDA leverage.
- Customer concentration: OEM contracts underpin revenue but create exposure to cyclicality in auto production volumes.
- Working capital: inventory and receivables management affect cash conversion; receivable days typically higher during industry slowdowns.
- Export & domestic mix: product mix between domestic auto market and export/aviation sales impacts FX and margin profile.
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ): Mission and Values
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) positions itself as an integrated supplier of high-precision tooling, molds, and integrated manufacturing systems focused on the automotive and aviation sectors. The company's stated mission emphasizes innovation-driven manufacturing, customer-centric customization, and sustainable industrial integration. Core values center on quality, reliability, collaborative partnership, and continuous skill development. How It Works- Centralized governance: strategic direction is set by the board of directors and cascaded through a centralized management structure to ensure coordinated execution across product lines and plants.
- Advanced manufacturing technologies: the company deploys computer integration technology (CIT), CNC machining centers, robotic automation, and digital process control to produce high-precision tooling and molds.
- Sector diversification: serving both automotive and aviation markets reduces concentration risk and smooths revenue cycles across OEM demand swings.
- Quality assurance: multi-stage testing and inspection protocols, including dimensional metrology, material traceability, and fatigue testing, are embedded into production to ensure component reliability for safety-critical applications.
- Customer collaboration: Chengfei works closely with OEMs and Tier-1 suppliers to co-develop tooling and systems, provide tailored engineering solutions, and deliver structured after-sales support.
- Workforce development: systematic employee training programs, cross-functional skill certification, and technical R&D internships maintain a skilled labor base aligned with evolving industry standards.
- Product mix: revenue derived from mold/tooling sales, integrated manufacturing systems, precision components, and long-term service/maintenance contracts.
- Project-based and recurring income: large-scale tooling/system projects generate lump-sum contract revenue while maintenance, spare parts, and upgrade services provide recurring annuity-style cash flows.
- Value capture: margins are driven by proprietary engineering, scale in high-precision machining, and premium pricing for certified aerospace-grade components.
| Metric | Value |
|---|---|
| Fiscal year (example) | FY2023 |
| Revenue (RMB) | 4,200,000,000 |
| Net profit (RMB) | 320,000,000 |
| Gross margin | 28.5% |
| R&D investment (RMB) | 180,000,000 |
| Employees | 8,500 |
| Key end markets | Automotive (70%), Aviation & Aerospace (20%), Others (10%) |
- Integrated engineering-to-production capability enables end-to-end delivery of tooling and production systems.
- Adoption of computer integration technologies enhances precision, throughput, and repeatability across manufacturing lines.
- Customer-centric customization and stringent quality controls secure long-term OEM relationships and certification-dependent contracts.
- Balanced sector exposure (automotive and aviation) cushions cyclical downturns in any single end market.
- Large tooling/order contracts: multi-year programs with automakers for platform launches-typically recognized on a percentage-of-completion or milestone basis.
- Systems integration projects: turnkey production lines and automation cells sold to OEMs with bundled installation and acceptance testing.
- After-sales and services: recurring revenue from maintenance, spare parts, and upgrade contracts tied to installed base.
- Stringent incoming material checks and supplier qualification to reduce variability.
- Process controls and in-line inspection reduce scrap and rework, supporting margin stability.
- Cross-sector customer mix and long-term contracts reduce revenue volatility.
- Co-development workflows: joint engineering teams, shared CAD/PLM data, and iterative prototyping to meet precise OEM specifications.
- After-sales support: on-site service teams, SLAs for uptime, and lifecycle upgrades to extend equipment value.
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ): How It Works
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) operates as an integrated tooling, precision components and manufacturing automation provider serving automotive, aerospace and industrial customers. Its business model combines product design, precision tooling and parts manufacturing with integration services that optimize production lines for OEMs and tier suppliers.- Core activities: design and manufacture of molds, fixtures, gauges, precision CNC parts and integrated production lines.
- Market focus: passenger vehicle OEMs and suppliers, aviation/aerospace prime contractors, and industrial equipment makers-both domestic (China) and international markets.
- Technology stack: CAD/CAM design, high-precision CNC machining, EDM, surface treatment, assembly and on-site integration/commissioning.
- Tooling & molds: sale and long-term maintenance contracts for automotive injection, stamping and die-casting molds-often high-value, single-project orders that can include milestone payments.
- Fixtures & gauges: repeatable, margin-stable product lines sold to OEM assembly and QA departments, often as long-term supply agreements.
- Aviation components: production of precision CNC parts and assemblies for aerospace platforms; these are higher-margin, certification-driven contracts with sustained multi-year delivery schedules.
- Integration & automation services: turnkey production line design and installation, including software/hardware integration and post-installation support, billed as project revenue and service retainers.
- Aftermarket & maintenance: spare parts, mold refurbishment and calibration services that provide recurring revenue and improve lifetime customer value.
| Revenue Stream | Typical Contribution | Characteristics |
|---|---|---|
| Automotive molds & tooling | ~50-65% | Large-ticket, project-based; strong domestic OEM demand; cyclical with vehicle production. |
| Fixtures, gauges & assembly solutions | ~15-25% | Recurring orders, lower volatility, supports aftermarket/service margins. |
| Aerospace components & assemblies | ~10-20% | High technical threshold, long contract durations, certification-led revenue stability. |
| Integration, automation & software | ~5-15% | Growing segment; enables higher-margin systems business and long-term service contracts. |
- Customer engagement: RFP/contract with OEM or prime contractor; often includes technical qualification and sample approvals.
- Design & prototyping: CAD/CAM tooling design, prototype validation and process capability studies (PPAP/FAI for automotive/aerospace).
- Manufacturing & assembly: precision machining, heat treatment, surface finishing and assembly of tools/parts to tolerance specifications.
- Delivery & commissioning: shipment of molds/parts or on-site integration of production lines; acceptance tied to customer sign-offs and final payments.
- After-sales: maintenance/repair, spare parts supply and performance support, which generate recurring cash flows.
- Diversified product portfolio reduces exposure to any single end market-automotive demand cycles offset by long-duration aerospace contracts.
- Integration with AVIC (Aviation Industry Corporation of China) provides access to large, long-term aerospace programs and technology transfer opportunities.
- Capability to deliver turnkey production systems (hardware + software + services) increases customer switching costs and margin capture.
- Scale in precision machining and tooling shortens lead times for major OEMs and supports export sales.
| Metric | Illustrative Value |
|---|---|
| Annual revenue (recent fiscal year) | ¥3-5 billion CNY |
| Gross margin range | ~20-30% |
| R&D and tech investment | ~3-6% of revenue |
| Capital expenditure (capex) | Significant-ongoing investment in CNC, EDM, automation cells and factory upgrades |
| Customer concentration | Top 5 customers typically represent a material share; mix includes OEMs and AVIC-related aerospace customers |
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ): How It Makes Money
Sichuan Chengfei Integration Technology Corp.Ltd (002190.SZ) is a leading Chinese tooling and mold manufacturer that generates revenue by designing, producing and servicing high-precision tooling, metal structural parts and integrated manufacturing solutions primarily for automotive, aerospace and industrial equipment clients. The company's business model combines contract manufacturing, long-term supply agreements, and value-added engineering services.- Primary revenue streams: precision molds, stamping and forming dies, aero-structural parts, turnkey tooling systems, and after-sales service & maintenance.
- Key end markets: automotive OEMs and suppliers, aviation (commercial & defense subcontracting), and high-end industrial machinery.
- CITC holds a significant position in China's tooling and mold sector, supplying major domestic automakers and aviation manufacturers.
- Affiliation with AVIC provides preferential access to aerospace projects, certification pathways, and collaborative R&D opportunities that strengthen competitive differentiation.
- Focus on high-precision manufacturing, quality certifications and client retention supports sustained order flow for complex, higher-margin programs.
| Metric | Figure | Notes |
|---|---|---|
| Estimated Revenue (2023) | RMB 2.3 billion | Core sales from tooling and parts |
| R&D Spend (2023) | RMB 120 million (~5% of revenue) | Investment in precision machining, metrology, materials |
| Reported Net Loss (2024) | RMB 200 million | Reflects margin pressure and restructuring/one-off items |
| Headcount | ~4,500 employees | Manufacturing, engineering and support staff |
- Long-term supply contracts with OEMs ensure predictable volume but require tight cost control to protect margins.
- Higher-value aerospace and specialized automotive programs command premium pricing tied to technical capabilities and certification status.
- Aftermarket service, upgrades and tooling lifecycle management extend customer relationships and create recurring revenue streams.
- R&D and process automation investments aim to increase yield, reduce cycle times and lower unit costs over time.
- Recent net loss in 2024 highlights profitability challenges from mix shifts, raw material/energy cost volatility, and pricing pressure.
- Capital intensity - investment in machining centers, inspection equipment and automation - strains cash flow when order timing is uneven.
- Exposure to cyclical auto demand and defense procurement timelines requires flexible capacity planning.
- Growth depends on leveraging AVIC affiliation to win larger aerospace contracts and expanding high-precision automotive content.
- Improved cost management, higher automation penetration, and continued R&D spend are critical to restoring profitability.
- Successful transition to more value-added services and lifecycle solutions would diversify revenue and improve margins.
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