Mr. Zhao: Wonder Auto was founded in 1996. We are a Nevada holding company and conduct operations through China-based companies. Wonder Auto is engaged in the design, manufacturing and sales of automobile electrical parts. After the reverse acquisition, the company got listed on OTCBB in 2006 and shifted to the Nasdaq in 2007. Our annual sales revenues increased at CAGR growth rate of 45% since Wonder Auto went public in America, and that also created an increasing growth rate. Wonder's average gross margin is about 24% and the net margin is about 11%. Our current p/e of the company's stock is around 11 times and for the guidance of our 2020 sales. So I believe the share price is probably undervalued. Currently, the major businesses of Wonder Auto hold a large share of the market. We are the second largest supplier of alternators and starters, one of the few suppliers of absorber rods in the world, and the largest supplier of engine valve and tappet. Wonder Auto is also in the leading position of electric vehicle powertrain.
TWST: What are your leading products?
Mr. Zhao: Our major products are alternators and starters for use in automobiles, piston rods for use in shock absorbers, and rods and shafts for use inside the engines and electric motors of hybrid and pure electric vehicles. We officially entered the auto safety market after acquiring a minority equity interest in Jinheng Safety in early 2010. With this step, Wonder Auto has extended its product offerings to airbags, safety belts and engine management systems, EMS. The electric vehicle area, including electric vehicle components, represents an early but fast-growing area of our business.
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