anymore pretended to have many friends, but returned to loneliness and started a life alone with the real me
Yu Hua's passage in " Screaming in the drizzle"
A truly sober person no longer goes to one excitement after another, no longer needs to draw satisfaction from the crowd. They know how to settle themselves, and for them, they can play with all the scenery where they see them, and enjoy
People with desolate hearts need to use external objects to fill their emptiness and anxiety. People with abundant souls are just living in the world. The vast spiritual world is the habitat of the soul.
German philosopher Kant , who has never walked out of the Gnisburg , has been guarding the land for decades and has written "Pure Reason Criticism ". For him, a corner of life is so small that it can only accommodate one, but the philosophical kingdom in his heart has no boundaries
Lonely itself can become a poetic soil, inducing the existence, life, and self Deeply think and experience the process of
adapting to loneliness is also the process of a person's soul germinates and his spirit becomes more and more full
The abundance of life, starting from knowing how to enjoy loneliness
Today The market continues to adjust. The Xinchuang sector is a highlight. The Chinese software vs Bosi software written by the editor on October 10, the quality of the Xinchuang leader, once hit the daily limit in the morning, and of course, it fell back to about 4 points in the afternoon; Chip semiconductors are moving when they hear the news, of course there is not necessarily any specific wind. Tongfu Microelectric is directly 10cm; the energy storage pullback is severe, perhaps because it has risen too hard in the past few months. Photovoltaic is not that good
No matter what the wind and rain are, I wandered around in the garden, and then carried out the industrial mother machine series to the end. Today I will write about the CNC and Shandong Weida to see how the texture is
Back to the point
01
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know on-computer CNC and Shandong Weida
km1on-computer CNC km1km, coordinate Wuxi City ,
Company is positioned in the field of high-end intelligent equipment manufacturing. It is a high-tech enterprise specializing in the research, development, production and sales of precision machine tool .Since entering the solar photovoltaic industry in 2004, the company has long focused on the research of photovoltaic crystalline silicon materials and is engaged in the manufacturing of crystalline silicon special processing equipment . It has formed a complete product line covering square, cutoff, grinding, rounding, chamfering, slice and other products for photovoltaic silicon wafer production. It has actively laid out the fields of sapphire and new generation semiconductor special equipment
In the field of equipment manufacturing, the company has the production capacity of the full set of equipment required for processing from silicon rods/silica ingots to silicon wafer , which can provide sufficient choice space for downstream silicon wafer production companies to build production lines
In 2019, the company is consolidating and expanding high-end intelligent equipment system. Based on the business construction, the wholly-owned subsidiary Hongyuan New Materials further expanded the production business of photovoltaic single crystal silicon through its wholly-owned subsidiary Hongyuan New Materials, and is committed to creating a dual-wheel drive model of "high-end equipment + core materials" and continuously improving the company's layout in the solar photovoltaic industry chain.
As of the end of 2021, the company's monocrystalline silicon has formed a 30GW crystal production capacity and has built a slicing capacity. The company's current products include various sizes of single crystal square rods and single crystal silicon wafers , and can also provide customized services according to customer needs
revenue weight, Photovoltaic special equipment revenue accounts for 0.8%, gross profit margin 27%, general grinder revenue accounts for 0.4%, gross profit margin 11%; monocrystalline silicon revenue accounts for 98.8%, gross profit margin 20%
R&D investment in 2021 was 390 million yuan, R&D revenue accounts for 3.5%, and the excellent line that does not exceed 5%
, coordinates of Weihai City, Shandong Province,
has three major business segments: "power tool accessories, high-end intelligent equipment manufacturing and new energy"
company takes power tool accessories business as the main axis, focusing on providing drill clips of various specifications and models for leading customers in the power tool industry such as Stanley Baide , Bosch , TTI, Makita , etc. Head , new energy energy storage lithium batteries, power tool switches, powder metallurgy parts, precision casting parts, saw blade and other power tool accessories products; further expand high-end intelligent equipment manufacturing business, and provide domestic and foreign manufacturing companies with factory automation, logistics automation, warehousing automation, intelligent equipment solutions and mid-to-high-end CNC machine tool and other products and services; new energy vehicle battery swap business is developing rapidly, realizing the one-stop service for the new energy vehicle industry from R&D to manufacturing. anymore pretended to have many friends, but returned to loneliness and started a life alone with the real me
Yu Hua's passage in " Screaming in the drizzle"
A truly sober person no longer goes to one excitement after another, no longer needs to draw satisfaction from the crowd. They know how to settle themselves, and for them, they can play with all the scenery where they see them, and enjoy
People with desolate hearts need to use external objects to fill their emptiness and anxiety. People with abundant souls are just living in the world. The vast spiritual world is the habitat of the soul.
German philosopher Kant , who has never walked out of the Gnisburg , has been guarding the land for decades and has written "Pure Reason Criticism ". For him, a corner of life is so small that it can only accommodate one, but the philosophical kingdom in his heart has no boundaries
Lonely itself can become a poetic soil, inducing the existence, life, and self Deeply think and experience the process of
adapting to loneliness is also the process of a person's soul germinates and his spirit becomes more and more full
The abundance of life, starting from knowing how to enjoy loneliness
Today The market continues to adjust. The Xinchuang sector is a highlight. The Chinese software vs Bosi software written by the editor on October 10, the quality of the Xinchuang leader, once hit the daily limit in the morning, and of course, it fell back to about 4 points in the afternoon; Chip semiconductors are moving when they hear the news, of course there is not necessarily any specific wind. Tongfu Microelectric is directly 10cm; the energy storage pullback is severe, perhaps because it has risen too hard in the past few months. Photovoltaic is not that good
No matter what the wind and rain are, I wandered around in the garden, and then carried out the industrial mother machine series to the end. Today I will write about the CNC and Shandong Weida to see how the texture is
Back to the point
01
—
know on-computer CNC and Shandong Weida
km1on-computer CNC km1km, coordinate Wuxi City ,
Company is positioned in the field of high-end intelligent equipment manufacturing. It is a high-tech enterprise specializing in the research, development, production and sales of precision machine tool .Since entering the solar photovoltaic industry in 2004, the company has long focused on the research of photovoltaic crystalline silicon materials and is engaged in the manufacturing of crystalline silicon special processing equipment . It has formed a complete product line covering square, cutoff, grinding, rounding, chamfering, slice and other products for photovoltaic silicon wafer production. It has actively laid out the fields of sapphire and new generation semiconductor special equipment
In the field of equipment manufacturing, the company has the production capacity of the full set of equipment required for processing from silicon rods/silica ingots to silicon wafer , which can provide sufficient choice space for downstream silicon wafer production companies to build production lines
In 2019, the company is consolidating and expanding high-end intelligent equipment system. Based on the business construction, the wholly-owned subsidiary Hongyuan New Materials further expanded the production business of photovoltaic single crystal silicon through its wholly-owned subsidiary Hongyuan New Materials, and is committed to creating a dual-wheel drive model of "high-end equipment + core materials" and continuously improving the company's layout in the solar photovoltaic industry chain.
As of the end of 2021, the company's monocrystalline silicon has formed a 30GW crystal production capacity and has built a slicing capacity. The company's current products include various sizes of single crystal square rods and single crystal silicon wafers , and can also provide customized services according to customer needs
revenue weight, Photovoltaic special equipment revenue accounts for 0.8%, gross profit margin 27%, general grinder revenue accounts for 0.4%, gross profit margin 11%; monocrystalline silicon revenue accounts for 98.8%, gross profit margin 20%
R&D investment in 2021 was 390 million yuan, R&D revenue accounts for 3.5%, and the excellent line that does not exceed 5%
, coordinates of Weihai City, Shandong Province,
has three major business segments: "power tool accessories, high-end intelligent equipment manufacturing and new energy"
company takes power tool accessories business as the main axis, focusing on providing drill clips of various specifications and models for leading customers in the power tool industry such as Stanley Baide , Bosch , TTI, Makita , etc. Head , new energy energy storage lithium batteries, power tool switches, powder metallurgy parts, precision casting parts, saw blade and other power tool accessories products; further expand high-end intelligent equipment manufacturing business, and provide domestic and foreign manufacturing companies with factory automation, logistics automation, warehousing automation, intelligent equipment solutions and mid-to-high-end CNC machine tool and other products and services; new energy vehicle battery swap business is developing rapidly, realizing the one-stop service for the new energy vehicle industry from R&D to manufacturing.In terms of revenue weight, the power tool accessories business accounted for 40% and the gross profit margin was 24%; the high-end intelligent equipment manufacturing business accounted for 7% and the gross profit margin was 20%; the new energy battery swap business accounted for 50% and the gross profit margin was 19% and the gross profit margin was 19% and the domestic revenue accounted for 3/4, and overseas 1/4
01 R&D investment in 2021 was 160 million, and R&D revenue accounted for 4.8%, The excellent line
on-computer CNC financial report data
2021 revenue was 10.9 billion yuan, the revenue compound growth rate in the past 5 years was 77%, the revenue compound growth rate in the past 8 years was 73%, and the revenue increased by 81 times in 8 years. The revenue increased by 262% in 2021, and the revenue increased by 130% in 2022Q3. It continues to explode at an unimaginable speed. Before 2021, the median was 36%, and the gross profit margin in 2021 was 20%, Even compared with the 27% gross profit margin in 2020, the gap in gross profit margin in 2021 is quite obvious. It seems that under the rapid revenue growth, it is difficult to maintain a high level of gross profit margin
2021 free cash flow .93 billion, setting an annual historical record. All free cash flow in the past 10 years was negative, and the free cash flow in 2022H1 reached an exaggerated 2.7 billion. It seems that after 2021, we started to pick fruits.
financial assets at the end of 2021, and financial liabilities .3 billion, From the basic balance between financial assets and financial liabilities at the end of 2020 to the good money at the end of 2021, free cash flow has played a key role; under such rapid growth, accounts receivable and inventory are actually controlled well
Shandong Weida Financial Report Data
2021 revenue was 3.3 billion yuan, the revenue compound growth rate in the past 5 years was 18%, and the revenue compound growth rate in the past 10 years was also 18%, 2021 revenue increased by 53%, and 2022H1 revenue increased by -2%. After the significant rise in 2021, 2022 will cool down
Gross profit margin, the median before 2021 was 24%, Gross profit margin in 2021 is 22%, relatively stable
2021 free cash flow was 430 million, which also set an annual historical record. In the past 10 years, free cash flow has positive and negative
2021 financial assets of 2 billion and financial liabilities of 300 million, There is another 200 million long-term equity investment, with a moderate capital structure
02
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Online CNC and Shandong Vida Value
For on-line CNC, we use the free cash flow in 2021 as the base, and combine the past revenue and free cash flow growth, assuming that the compound growth rate in the next 10 years is 35%, The valuation is as follows:
For Shandong Weida, we use the average free cash flow from 2020 to 2021 as the base, and combine the past revenue and free cash flow growth, Assuming the compound growth rate in the next 10 years is 15%, the valuation of is as follows:
Interpretation:
On-machine CNC and Shandong Vida. Although the former has a CNC name, unfortunately, the equipment business accounts for about 1 point, and 99% is monocrystalline silicon business; the latter mainly includes 50% of new energy vehicle battery swap business, 40% of power tool business, and the CNC machine tool business accounts for less than 10%, so I feel that today's industrial mother machine topics are not too pure
on-computer CNC, the valuation is based on free cash flow in 2021. The key is the estimate of future revenue growth. In the past 5 years, 77%, 73% in 8 years, 262% in 2021, and 130% in 2022Q3. Under a series of shocking data, we assume that the revenue growth rate in the next 10 years will be discounted in half according to the 5-year growth rate, assuming it is 35%, the corresponding valuation is around 249 yuan
Shandong Weida. In view of the actual situation of free cash flow in the past, 430 million historical small pastries will be displayed in 2021. It's a bit abrupt. Our valuation here is a little cautious. We use the average free cash flow for the two years from 2020 to 2021 as the valuation base. For future revenue, we use 15% slightly lower than the compound revenue growth rate of 18% in the past 5 and 10 years as the revenue growth rate in the next 10 years. The corresponding valuation is 22.53 yuan
The historical small high of on-board CNC is 252 yuan in September 2021, which is 3 yuan different from the valuation of 249 yuan
The historical small high of Shandong Weida is 2021 The 23 yuan in November 2019 was 5 cents away from the valuation of 22.5 yuan
Who said that this market is chaotic and unpredictable? From Shangji CNC and Shandong Vida, we once again appreciated the charm of free cash flow valuation
The risk point of on-board CNC lies in the fluctuations in silicon material prices. Shandong Vida, the new energy vehicle battery swap business still has broad prospects. As the business development in various fields, we can look at the old rules while walking, Personal analysis, no investment recommendations, welcome to add to the review, like
Kong Dongliang, CPA
2022/10/20
