Bulletin: Yanfeng International's Business Rejig To Help It Navigate Market Risks

This report does not constitute a rating action. HONG KONG (S&P Global Ratings) April 16, 2024--Yanfeng International Automotive Technology?s business integration seems to be paying off. The company's consolidation of the seating and safety business from its intermediate parent last year will continue to strengthen its competitiveness. Yanfeng International's larger scale and diversified revenue stream could bolster its market position and increase its resilience to market dynamics. The company's annual revenue rose 68% to Chinese renminbi (RMB) 102.6 billion in 2023, beating our expectation of a 50%-60% increase. The business integration will also allow Yanfeng International to share its customer network with the newly integrated business and jointly develop more integrated products to obtain new programs from existing and new

...April 16, 2024 This report does not constitute a rating action. HONG KONG (S&P Global Ratings) April 16, 2024--Yanfeng International Automotive Technology's business integration seems to be paying off. The company's consolidation of the seating and safety business from its intermediate parent last year will continue to strengthen its competitiveness. Yanfeng International's larger scale and diversified revenue stream could bolster its market position and increase its resilience to market dynamics. The company's annual revenue rose 68% to Chinese renminbi (RMB) 102.6 billion in 2023, beating our expectation of a 50%-60% increase. The business integration will also allow Yanfeng International to share its customer network with the newly integrated business and jointly develop more integrated products to obtain new programs from existing and new customers. The company's order book expanded 20% year-on- year to RMB315.8 billion at the end of 2023. Meanwhile, we believe Yanfeng International...

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