...September 2, 2021 HONG KONG (S&P Global Ratings) Sept. 2, 2021--S&P Global Ratings today said that demand recovery and product innovation will continue to support revenue growth and margin expansion at Yanfeng International Automotive Technology Co. Ltd. (YFI; ###-/Stable/--). This should lower the company's debt leverage over the next 12-24 months. We see upside to our forecast of YFI's revenue in 2021. The company's revenue increased by 21.7% in the first half, exceeding our forecast of 8%-12% for the full year. The strong growth was mainly due to normalized auto production and sales as the industry recovers from the COVID-19 pandemic worldwide. The growth momentum is particularly strong for new energy vehicles (NEVs). This benefited YFI given its leading position in the auto interior components market. We estimate 40%-75% annual growth in China's NEV market for 2021-2022. In the first six months of 2021, orders from battery electric vehicles and plug-in hybrid electric vehicles accounted...
