BROAD - OCEAN MOTOR (HAI PHONG) COMPANY LIMITED

BROAD - OCEAN MOTOR (HAI PHONG) COMPANY LIMITED (CÔNG TY TNHH ĐIỆN MÁY ĐẠI DƯƠNG (HẢI PHÒNG)), tax code 0201934514, is a wholly foreign-invested enterprise specializing in the manufacture of electric motors, motor components, and electrical control systems. Officially established on February 20, 2019, the company operates out of Workshop No. 27, Lot CN8, An Duong Industrial Park, Hong Phong Commune, An Duong District, Hai Phong City, Vietnam. It is fully owned by BROAD-OCEAN MOTOR (HONG KONG) INVESTMENT COMPANY LIMITED, reflecting its strategic role in the broader Chinese industrial and electronics supply chain.

Despite challenging market conditions, the company posted an impressive turnaround in 2023. Although sales dropped to USD 190.62 million, a 17.91% decline from 2022, net profit surged to USD 8.88 million, up a staggering 670.8%year-over-year. This profit leap marks a significant recovery from previous years of modest earnings and suggests effective cost restructuring or improved operational efficiency.

However, total assets declined for the second consecutive year, falling from USD 121 million in 2022 to USD 93.91 million in 2023 (down 22.37%). While this reduction in asset size may indicate streamlining efforts, it also raises questions about capital reinvestment, depreciation, or liquidity adjustments. Nonetheless, the company’s owner’s equity increased strongly to USD 28.75 million, up 44.71%, supported by retained profits and a more balanced financial structure.

The firm maintains a charter capital of approximately USD 10 million (fully paid), and employs a workforce of around 2,000 staff. It is chaired by Mr. CHEN JIANQING, a Chinese national, whose leadership aligns closely with the parent company’s overseas manufacturing strategy.

With working capital rising to USD 17.92 million, a 212.43% increase, BROAD - OCEAN MOTOR (HAI PHONG) COMPANY LIMITED enters 2024 with improved liquidity and greater financial stability. That said, the sharp contraction in sales and asset size should not be overlooked, as it may reflect shifting demand or consolidation pressures in the industrial electronics sector.

Overall, the company presents a mixed credit profile: strong earnings recovery and equity growth, but tempered by declining revenue and shrinking asset base. Stakeholders are advised to monitor future performance closely, especially regarding its ability to sustain profit levels while regaining top-line momentum.