In just two years, WABCO's share price has steadily rebounded from its low position to its pre-crisis level. During the second quarter of 2011, WABCO's share price once rose to 75 US dollars per share, setting a record high since its listing. "Although the stock price has been hit during the financial crisis, it has risen in just two years. There are three reasons behind this, leading technology, globalization and efficient execution." WABCO Asia Pacific CFO Dahao Hao does not hide his heart Proud, "in the United States, created a model for medium-sized companies on Wall Street!"
As the founder of Commercial Vehicle Antilock Braking System (ABS), WABCO is one of the world's leading suppliers of commercial electronic brake, stability and suspension control systems. For more than 140 years, it has been committed to improving the safety and efficiency of trucks, buses and trailers, while at the same time reducing the overall operating costs of vehicles. In 2010, global sales totaled 2.2 billion U.S. dollars.
Leading technology
In recent years, WABCO has gradually strengthened its purchasing and manufacturing capabilities in emerging markets. In 2010, WABCO's share of procurement in emerging countries accounted for 43% of the world's share. This figure was only 10% 10 years ago. On the other hand, the WABCO factory distribution map shows that WABCO operates four world-class factories in China, and three international-level factories in India. Each year, it provides customers in mainland China, Asia, and Europe and the United States. product. It is easy to see that emerging markets, especially China, have become increasingly prominent in WABCO's global supply chain. For auto parts suppliers, in order to maintain a competitive advantage in the same industry, it is necessary to maintain the technological content of products and continuously increase the added value of individual products. WABCO has been a leader in product technology and has pioneered a number of products in the brake field, such as ABS, Electronic Braking System (EBS), and Electronic Stability Control System (ESC). Due to its leading technological advantages, WABCO has won the favor of many commercial vehicle manufacturers including CNHTC, Yutong, Iveco, Hyundai, and Man Group. Not long ago, after expanding the long-term cooperation agreement, WABCO announced that it will supply Yutong with the ACC system so that the vehicle will maintain an appropriate safety distance from the vehicles in front of it. At the same time, WABCO will also provide Yutong with ESC and EBS systems for a long time.
Respond to costs with globalization
While maintaining its technical leadership, WABCO also placed cost control at the top of its list. The continuous increase in raw material prices, more customized customer requirements, combined with basic requirements such as product safety, low energy consumption, diversified functions, and reasonable prices, have led to a significant increase in the cost of production of auto parts and increasingly thin profits. Daji is frank and the price of external raw materials has risen uncontrollably. Therefore, it is only possible to improve from the inside and add value points, such as optimizing business processes, in-depth lean management, reducing waste and increasing productivity.
For WABCO, globalization has become the killer to control costs. "The internationalization of the supply chain, looking for high-quality, low-cost suppliers, at the same time integrated logistics costs, choose the best balance point." Xiangda Zheng revealed that the charm of globalization lies in the ability to maximize the value of the company by integrating global resources. Of course, the choice of where to buy and produce is not fixed. Since the procurement, production, and sales nodes in the supply chain may be distorted during the process of information transmission, in order to strengthen the cooperation with manufacturers, reduce the cost pressures of manufacturers, and accelerate the production process of component parts, component suppliers usually The factory is set up near the manufacturer.
In March 2011, WABCO officially started production at the Six Sigma Lean Production Base in Jinan, Shandong Province. It covers an area of ​​11,000 square meters and mainly produces products such as air compressors and AMT. This is the second wholly foreign-owned factory except Qingdao. In addition, WABCO has two joint venture production bases in Jinan and Taishan, Guangdong. Xiang Daqi said that the advantages of this layout are close to the famous commercial vehicle manufacturer of China National Heavy Duty Truck (000951). Not only can we keep abreast of the status quo and production capacity of the manufacturers, but also participate in the customer's previous product research and development, and provide suggestions, advance and retreat on the same platform, and achieve a win-win situation. In fact, as the market continues to change, the footprint of WABCO's production base continues to evolve. “It was primarily trade that started with the purchase of products through the ports of Qingdao and Guangdong, and sold them to the domestic market. Later, after the realization of production, it was sold to foreign markets through Qingdao. Afterwards, the domestic commercial vehicle market was developed and passed through Jinan. The products are sold to the Mainland," Xiang Daqi explained in detail.
Efficient execution and double-line finance
In response to the current rapidly changing market and more and more uncertainties, Xiang Dazhao believes that forward-looking, flexibility, and sustainable development will be the biggest challenges for the future development of manufacturing. “Dao Dazhao said.†The best company is to keep abreast of the surrounding environment, adjust its goals, industrial structure and processes, and carry it out efficiently to find a path that is most suitable for its own development. "Currently, WABCO Asia Pacific headquarters is located in Shanghai, with seven offices and eight production bases serving China, India, Korea, Japan and other regions. From the perspective of the commercial vehicle market, China India’s demand is strong and sales are growing rapidly.Although affected by macroeconomic policies, production has shrunk slightly from 2010, the Chinese auto market is still one of the fastest growing markets in the world, while India’s industry and agriculture are relatively backward and have long been fixed. With less investment in assets and a low level of infrastructure construction, this has greatly affected the redevelopment of India’s economy. It is reported that in the next five years India will invest US$1 trillion in highways, docks, and urban infrastructure construction, and commercial use. Demand for vehicles will be released in large quantities, and as a parts supplier, WABCO's sales and profits also maintain a steady and rapid growth.
In contrast, the commercial vehicle market in South Korea and Japan is already very mature and the growth is very stable. Affected by the earthquake, Japan’s transportation facilities were damaged, and post-disaster reconstruction stimulated trucks, especially large tonnage and multi-axis heavy trucks. Demand for parts and components was strong. Mr. Xiang said that in the third quarter of 2011, WABCO sales in Japan had caught up with the pre-quake level. South Korea's vehicles are in a transitional phase and demand for EBS's electronic brake system is large. WABCO is leading the Korean market. For the high-growth markets and mature and stable markets in the Asia Pacific region, Xiang Dalong said that the management model and business model will be very different, and the focus of financial management will be different. In simple terms, high-growth markets require large investments, plant construction, and new product development to suit local needs. For a stable market, reducing costs has become an important issue.
Since 2011, China’s commercial vehicle market has been mainly affected by three policies. First, mandatory installation of ABS anti-slip, anti-lock safety braking system; Second, the “Road Safety Protection Regulations†that began on July 1, 2011 increased the crackdown on overloading violations; third is to buy car loans. The restrictions lead to weak sales of commercial vehicles. Therefore, the high-growth market places more emphasis on flexibility and forward-looking management, and controls the pace of changes in market demand to flexibly formulate production and marketing strategies. On the other hand, personnel training is also a key point. We must continue to train follow-up talents and train employees. In contrast, mature market management focuses more on fund management, operations management, supply chain management, and cost control. How to optimize existing processes, and lean management to achieve every aspect, resources are used less, funds are used least, and profit maximization is the biggest challenge in management.
Developing new markets
The third-quarter 2011 financial report shows that China, India, and Brazil have produced 58% of the world's total trucks and cars, of which China's output accounted for as much as 36%. In contrast, South Korea and Japan accounted for only 9%, and the overall commercial vehicle market is very stable. Since serving as the CFO of WABCO's Asia Pacific region, Mr. Xiang has participated in and led four investments. These four investments have occurred in emerging markets, two of which are in China. At the end of 2008, WABCO announced that it had reached an agreement with Guangdong Fuhua Construction Machinery Manufacturing Co., Ltd. to form a joint venture to produce disc brakes, of which WABCO and Fuhua each had a 70% and 30% stake in the joint venture; Second, as China National Heavy Duty Truck's top supplier, WABCO, is located in Jinan's supplier park in China, producing a series of products such as air compressors.
Mr. Xiang said that through these investments, WABCO’s position in emerging markets has been strengthened, and production, sales, and revenue have been increased. The complicated construction process of the Weiboko Jinan branch plant may still make Xiang Dazhao still unforgettable. Xiang Dazhao introduced that the Jinan plant belongs to the branch of Qingdao from the legal point of view and is not the main factory and does not belong to the independent accounting unit. After it is completed, the import of raw materials must go through the plant and then be sold to the division of labor. Excessive intermediate links add many problems. Before and after the business process has been modified several times, SAP system settings have also been modified many times, and the workload is large. Working for more than ten hours a day, once a system problem is discovered, a meeting must be resolved. The coordination between projects and the rationalization of the relationship between the projects is a great challenge for the young team. After a lot of running-in, finally solved the problem.
In fact, any investment is a great effort. Including the pre-investigation, project implementation and follow-up personnel training and integration. “The government’s actual operations are full of challenges. Imagination and actual operation will certainly be biased, but as long as they are controlled within a controllable range, the problems will be easily solved.†The financial department and the CIMA member Daxuan emphasized that "Needs a lot of experience and market foresight.
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