On November 18, 2010, China's major marine diesel engine manufacturer, Weichai Heavy Machinery, issued an announcement stating that in order to solve the production bottleneck encountered by the company's development, it plans to invest 600 million yuan to build an annual output of 40,000 tons of diesel engine key blanks construction projects.
The main products of this project are high-quality rough parts such as engine block, cylinder head, flywheel, front cover, rear cover, bearing cover, and crankshaft. The project products are all necessary for the company's diesel engine products, and the future development prospects are broad. After the project reaches production, it will effectively reduce the dependence on related parties. The construction period is planned to be 20 months, and the project will be completed and put into operation by the end of 2011. It is designed to produce more than 40,000 tons of blanks each year. When the designed production capacity is reached, the annual sales income will be 520 million yuan in tax, excluding taxation of 440 million yuan. After the project reaches its normal production capacity, the total annual profit is 89.72 million yuan, and the profit after tax is 67.29 million yuan. The investment recovery period of the project is 6.6 years before tax and 7.6 years after tax.
The investment was invested by the company using its own funds, and the insufficient part was solved through bank loans or other methods. The foreign investment still needs to be submitted to the shareholders' meeting for deliberation. According to the Weichai Heavy Machinery Third Quarter Report, the company achieved operating revenue of 2 billion yuan in the first three quarters, an increase of 16.61% year-on-year, and a net profit of 130 million yuan, a year-on-year increase of 17.22%.
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