(report producer/author: Huaxin Securities, Fan Yimin, Ding Yi)
. The turning point of the upward economic upward trend has emerged1.1. The country's important tool, the modern industrial development ballast
machine tool refers to the machine used to manufacture machines, also known as the "working mother machine" or "machine machine". The variety, quality and processing efficiency of machine tools directly affect the production technology level of other mechanical products. Therefore, the modernization level and scale of the machine tool industry are one of the important signs of the development of industry in a country. Machine tools can be divided into metal cutting machine tools and metal forming machine tools, among which the largest proportion is metal cutting machine tools.
1774 The barrel boring machine invented by the British in 1998 is the first real machine tool in the world. In 1952, the world's first digital control machine tool was launched at the Massachusetts Institute of Technology in the United States, symbolizing the beginning of the era of machine tool CNC. The earliest CNC device used electronic vacuum tubes to form a computing unit until the birth of electronic digital computers in the early 1960s. Since then, digital control (NC) of discrete components has moved towards computer digital control (CNC) and has become the first turning point in the development of CNC machine tool technology. In the 1980s, IBM launched the personal microcomputer , marking the development of CNC devices (including hardware and software) by dedicated manufacturers in the past to adopt general PC-based CNC computers. , the machine tool industry, ushered in the second turning point; since the 21st century, with the development of new generation information technology and artificial intelligence technology, CNC machine tool ushered in a new turning point or even a new leap - a new generation of intelligent CNC that moves towards the physical integration of Cyber.
machine tool structure mainly includes two parts: the fixed part of the machine tool (such as the base, bed, column, head frame, etc.), and the moving part carrying workpieces and tools. These two parts are now commonly known as machine tool basic parts and functional parts. Taking common turning and milling as an example, the CNC turning machine tool structure has developed from the early classic structures such as 2-axis feed flat bed and 2-axis feed inclined bed to the 4-axis feed and double tool holder, multi-spindle and multi-touch frame for high-efficiency turning of rotary parts, and has further developed into a multi-functional turning and milling composite machining center structure that can adapt to the "one-one clamping and all completed" of complex parts; the CNC milling machine tool structure has developed from the early classic vertical/horizontal milling machine structure that mainly realizes coordinate axis linkage and spindle motion functions to a 3-axis linkage vertical/horizontal milling structure with tool magazine and automatic tool change mechanism. In order to meet the high-efficiency machining needs of complex structural parts, a 4-axis/5-axis linkage milling structure appeared. Subsequently, milling/boring was mainly used. The multi-functional milling turning conforms to the machining center structure and introduced the concept of parallel virtual axes of robots. Currently, the increase and decrease of New structural machine tools for mixed materials have entered a stage of practical development.
According to the German Machine Tool Manufacturers Association, from 2002 to 2021, the output value of the global machine tool industry increased from 34.5 billion euros to 70.9 billion euros, with a compound growth rate of 3.86%. Thanks to the recovery of the global economy after the epidemic, the global machine tool output value increased by 19.8% year-on-year in 2021. From the supply side of
, the total output value of the global machine tool industry in 2021 was 70.9 billion euros, of which my country's output value was 21.8 billion euros, accounting for 31% of the share, ranking first; followed by Germany and Japan's total output value in the global market reached 90.0 billion euros and 8.9 billion euros respectively, with a market share of 13%. The top five countries account for 74% of the world's share, reflecting the global machine tools The market concentration of manufacturing is . On the demand side, the total consumption of the global machine tool industry in 2021 was 70.3 billion euros, of which my country's consumption reached 23.6 billion euros, ranking first in the world with a share of 34%. Secondly, the consumption of the United States and Germany reached 9.14.5 billion euros and 6% respectively, with a share of 13% and 6% in the global demand market. China, the United States and Germany account for more than half of the global machine tool consumption market.
1.2. The industry's prosperity bottomed out and rebounded
metal cutting machine tools are the main machine tool category, and its output changes are a microcosm of all stages of my country's manufacturing development. my country joined WTO in 2001. The rapid growth of trade volume has driven the demand for machine tools in the manufacturing industry, and the output has increased rapidly.
2000-2011, the output of metal cutting machine tool in my country increased from 177,000 units to 860,000 units, with a compound growth rate of 15.5%. my country's metal cutting machine tool output reached its historical peak in 2011 and remained at a high level from 2012 to 2014. With the rapid increase in the inventory of machine tools, the machine tool industry entered a low period from 2015 to 2019. In 2019, the output of metal cutting machine tools was 416,000, a 52% decrease from the 860,000 units at the highest point in 2011. Since 2020, the output of metal cutting machine tools has shown a bottom recovery trend, which is due to the fact that overseas demand has driven exports after the epidemic and promoted the rapid recovery of manufacturing industry, and on the other hand, it has resonated with the machine tool renewal cycle. In 2021, my country's metal cutting machine tools output reached 602,000 units, a year-on-year increase of 35%.
Judging from the completion amount of fixed asset investment in my country's manufacturing industry, although the epidemic has recurred, the overall manufacturing industry has shown a recovery trend. The cumulative year-on-year growth rate of investment completion in the first half of 2022 reached 10.4%.
In June 2022, the manufacturing PMI index was 50.2%, an increase of 0.6pct month-on-month, returning to the boom and bust line above . Faced with the pressure of stabilizing growth and maintaining employment, my country's monetary and fiscal policies are expected to be strong, and the manufacturing industry is expected to rebound, which will drive the demand for general equipment, including the machine tool industry.
2016-2021, the output value and consumption of my country's metal processing machine tool industry remained the same. In 2019, affected by the Sino-US trade war, the output value and consumption of my country's machine tool industry decreased by 15.9% and 22.2% year-on-year respectively; in 2020, the output value and consumption of the machine tool industry decreased by 6.76% and 10.7% year-on-year respectively. With the recovery of the manufacturing industry and the efforts of predictable growth-stabilizing measures, coupled with the arrival of the machine tool renewal cycle, the output value and consumption of the machine tool industry in 2021 increased by 30.2% and 28.1% year-on-year respectively, which is expected to continue to drive the increase in domestic machine tool demand, and the bottom reversal of the machine tool industry's prosperity is expected to continue.
In order to break the overseas monopoly and export restrictions on high-end machine tools and core components, my country has adopted a series of policies to accelerate the process of domestic production. From the perspective of import and export markets, the national machine tool import/export amount reached US$138/19.3 billion respectively by 2021; from the perspective of trade difference , the domestic machine tool market continued to show a trade surplus from 2019 to 2021, and the trade surplus increased year by year. Thanks to the rapid improvement of my country's machine tool manufacturing level and the improvement of supporting industrial chain, the export form of mid- and low-end machine tools is good, but the external dependence of high-end machine tools is still serious.
1.3. Demand drives supply to move towards the mid-to-high-end field. As the world's largest machine tool producer and consumer, my country has long had a congenital gap with foreign machine tool power in terms of the industrial environment of machine tools. The weakness of basic parts, processes and materials has further hindered the progress of the domesticization of high-end machine tools in my country. In terms of product positioning and service, compared with Europe and Japan focusing on the mid-to-high-end route, domestic machine tool products are mostly concentrated in the middle and low-end, with products converging, and competition in the red ocean; in terms of technology accumulation and talent training, Xinsheng private enterprises have short-term participation in the market competition, insufficient technology accumulation, and are in a significantly weaker position compared with Europe/Japan; at the same time, in terms of talent training, the disconnection between production, academia and research and the loss of talents have widened the gap with foreign machine tool power; in addition, the domestic high-end machine tool industry chain is not sound, and the competitiveness of basic materials and high-performance functional components is weak, which cannot meet high-end demand, resulting in low user trust in domestic high-end machine tools.
With the optimization and upgrading of my country's industrial structure, my country is experiencing an important stage of developing from high-speed development to high-quality . The requirements for refined indicators such as machining accuracy, efficiency, and stability of machine tools as industrial master machines have gradually increased, and the demand for mid-to-high-end products is increasing. Against this background, the structural upgrade of my country's machine tool market will develop towards automation sets, customer customization and general shift upgrades, and the products will be upgraded from ordinary machine tools to CNC machine tools and from low-end CNC machine tools to medium- and high-end CNC machine tools. In the process of transformation and upgrading of my country's machine tool market, the market potential of domestic high-end machine tools is huge and has entered an important period of opportunity.
According to the Forward Research Institute, in 2018, the domestic production rate of low-end CNC machine tools in my country was about 82%, the domestic production rate of medium-end CNC machine tools was about 65%, and the domestic production rate of high-end CNC machine tools was only about 6%.In order to achieve the real transformation from my country to a manufacturing powerhouse, it is urgent to solve the domestic production rate of the "bottleneck" link, and achieve independent and controllable.
Currently, a series of core components such as CNC systems, transmission components and functional components in my country mainly rely on imports. The utilization rate of domestic parts is relatively low. Once imports are blocked, my country's CNC machine tool industry will fall into a passive position. Therefore, in the long run, realizing the localization of high-end machine tools in my country will become the top priority in independent and controllable areas in key areas.
, update and economic cycle form resonance with independent control2.1, emerging industries promote the recovery of machine tool demand
0 The upstream of the machine tool industry chain is mainly composed of basic materials and parts, mainly involving castings, sheet weldments, precision parts, functional parts, CNC system , electrical components and other parts industries; the midstream is the machine tool industry composed of metal cutting machine tools, metal forming machine tools, special processing machine tools, etc.; the downstream mainly uses a wide range of applications, including aerospace, shipbuilding, automobiles, mold manufacturing and other industries. The rapid development of the downstream industries has driven the huge demand for CNC machine tools.
From the perspective of downstream applications of CNC machine tools, automobiles are the main downstream demand field, accounting for about 40% of the application; followed by aerospace applications of about 17%, and the proportion of automobiles and aerospace applications exceeds 50% of the total downstream industries; molds and engineering machinery are the third and fourth application fields of machine tool products, accounting for about 13% and 10% respectively.
The impact of CNC machine tools on the automobile industry is mainly reflected in the automotive parts processing field, which accounts for about 70% of the total equipment value of the vehicle. The demand for machine tools in the automotive field has exceeded the demand for machine tools by vehicle manufacturers. From 2000 to 2017, the automobile industry was in a steady development stage. Since 2018, due to the overproduction and sales of traditional fuel vehicles, slowing demand and intensified competition, automobile production and sales have not advanced at a high level. With the gradual popularization of new energy vehicles, it is expected to drive the rise of the automotive industry. From 2018 to 2021, my country's new energy vehicle sales increased from 1.26 million to 3.52 million, with a compound growth rate of 41.0%.
The engineering machinery industry is also an important downstream industry for machine tools. From 2016 to 2020, my country's construction machinery sales increased from 120,000 units to 412,000 units, with a compound growth rate of 36.0%; market sales increased from 10.1 billion US dollars to 34.2 billion US dollars, with a compound growth rate of 35.7%. The rapid growth of my country's construction machinery market is mainly driven by factors such as the expansion of infrastructure construction scale, the accelerated growth of real estate investment, and the recovery of production demand in large mines. At the same time, the upgrade of environmental protection regulations and the strengthening of supervision have also prompted the acceleration of the renewal of old machines. Under the influence of adjusting the economic structure and preventing and controlling financial risks, the investment growth rate has declined, and the momentum of the entire market development has shifted to being driven mainly by "mechanical replacements".
In the aviation field, the main markets of high-end CNC machine tools are military aircraft and civil aircraft markets. According to the "China Commercial Aircraft Corporation Market Forecast Annual Report (2020-2039), it is estimated that by 2039, my country's GDP annual growth rate will be about 4.3%, the fleet's average annual growth rate will be about 4.1%, and the passenger turnover will be 4.3%. It is estimated that my country will deliver 8,725 passenger aircraft , and the passenger turnover will reach 4.1 trillion kilometers, accounting for about one-fifth of the world. The manufacturing of aircraft whole aircraft has the driving effect of the industrial chain, which is an important opportunity for the transformation and upgrading of the domestic manufacturing industry. As a high-end manufacturing field, typical complex curved surface parts represented by impellers and blades must be processed by high-end five-axis linkage machine tool. Therefore, the rapid development of the aircraft industry has put forward a strong demand for the domestic replacement of imports of high-end equipment and created a larger market space, which will become an important market growth point for domestic machine tool companies. At the same time, the industrial cluster effect will accelerate the migration of global aviation manufacturing industry to my country. In the future, the aviation aftermarket such as maintenance and engineering services with a market space of more than 2.7 trillion yuan will also be opened to domestic companies, bringing new markets and opportunities.
2.2. The domestic production of high-end machine tools is imperative
From the perspective of downstream application fields of machine tools, industrial upgrading in key industries such as automobiles, aerospace, and engineering machinery has accelerated, and the demand for high-end machine tools is strong.However, due to the restrictions of " WASSENA Agreement ", Western countries have strictly controlled the export of high-end CNC machine tools represented by five-axis linked CNC machine tools, and the Sino-US trade friction in 2019 further increased the import restrictions on my country's high-end machine tools. The machine tool industry has risen to the core of the national development strategy. In recent years, China has successively introduced a number of relevant policies to accelerate the development of high-end CNC machine tools, and the domestic production process of high-end machine tools is expected to accelerate.
2.3. The market competition pattern is being reshaped.
Since , the Chinese machine tool industry has entered a period of rapid development. During the "First Five-Year Plan" period, under the guidance of Soviet experts, the First Ministry of Machinery Industry, was laid out by a number of backbone machine tool enterprises called the "Eighteen Arhats" according to the professional division of labor, and a number of machine tool research institutions in the "Seven Institutes and One Hospital" represented by the Beijing Metal Cutting Machine Tool Research Institute. In 1957, the production of products of enterprises directly under the First Ministry of Machinery in machine tools, tools, abrasive tools, and machine tool attachments, , and machine tool attachments, accounted for more than 90% of the country, and the domestic self-sufficiency rate of related products reached about 80%. Under the planned economic environment, the "Eighteen Arhats" and "Seven Institutes and One Hospitals" quickly established my country's relatively complete machine tool industry and scientific research system, laying the foundation for the rapid development of manufacturing after reform and opening up.
During the 11th Five-Year Plan period, my country's machine tool industry maintained rapid and stable development, and state-owned enterprises quickly expanded their scale. In 2007, Shenyang machine tool and Dalian machine tool entered the top 10 global machine tool industry respectively. At the same time, a group of machine tool companies launched a wave of overseas acquisitions: Shenyang Machine Tool set up a technology R&D center in Germany; Dalian Machine Tool, Shenyang Machine Tool, and Beiyi Machine Tool respectively acquired Ingersoll (US), Schiess (Germany) and Waldrich-Coburg (Germany), etc. During the 11th Five-Year Plan period, the output of CNC machine tools among metal cutting machines reached 728,000 units, and the CNC rate increased from 15% in 2006 to 30% in 2010.
Since 2011, the industry has entered a downward period, and problems such as insufficient innovation, lack of core technology, and weak technical foundation in my country's CNC machine tool industry have gradually been exposed. At the same time, some companies have become the new force in the industry because of their strong market adaptability and focus on a certain field. For example, Kede CNC focuses on high-end five-axis linkage CNC machine tool ; Genesis focuses on 3C drilling and attacking and vertical machining center; Haitian Precision deeply cultivates CNC gantry and vertical machining machine tools; Guosheng Zhike builds a medium and high-end CNC machine tool provider in metal cutting, etc.
Market-oriented competition and the improvement of quality requirements have forced machine tool companies to increase R&D investment and survive the fittest, and the vitality of enterprises to participate in market competition has been mobilized. Since 2017, Newway CNC's revenue has grown the fastest, with a compound growth rate of 28.1% from 2017 to 2021; the R&D expense rates of each company are in the range of 4-7%, and the overall trend is showing an improvement.
The profitability of each machine tool listed company is relatively stable, with gross profit margins in the range of 25-40% and net profit margins in the range of 5-15%. With the improvement of independent R&D level capabilities, the core components of machine tools have gradually been replaced by domestic products, and machine tool companies are expected to further increase their market share and profitability, forming a virtuous cycle.
From the accounts receivable turnover rate , Haitian Precision and Guosheng Zhike are relatively high, and the overall trend is showing an accelerated trend; from the perspective of inventory turnover rate, Guosheng Zhike and Genesis are relatively high, and both show a steady upward trend.
3, key companies analyze
3.1, Kede CNC
Company focuses on high-end five-axis linkage CNC machine tools, and masters the core technologies of high-end CNC systems and key functional components, and has independent intellectual property rights. The company's general five-axis CNC machine tool technology received 04 special support from 2014 to 2019, and the dedicated five-axis CNC machine tool technology received 04 special support from 2011, 2013 and 2015. The company's high-end CNC machine tool products include four general machining centers and two special machining centers, a total of six series. The product line covers most high-end CNC machine tool products with processing types and size specifications in the high-end CNC machine tool field, and can meet the needs of multi-type and multi-size component processing in most high-end manufacturing industries such as aviation, aerospace, energy, and automobiles.
Company's main products are high-end CNC system products with independent intellectual property rights and core technologies, high-end CNC machine tools and key functional components. It is one of the few innovative enterprises in China that have high-end CNC systems and high-end CNC machine tools dual R&D systems. The company can realize the research and development and manufacturing of various types of products in the manufacturing of high-end equipment such as aerospace. It has independent and controllable core technologies, strong import substitution capabilities, rich specifications and relatively comprehensive layout, and has distinctive characteristics in the domestic high-end machine tool manufacturing field, forming a successful case of processing key parts of high-end equipment represented by the "jewel in the crown of industry" aircraft engine. The company's revenue increased from 75 million yuan to 254 million yuan in 2017 to 2021, with a compound growth rate of 35.8%.
company's GNC60 bus open high-end CNC system passed the source code program test of of the National Machine Tool Quality Supervision and Inspection Center in 2011, and received special support of 04 in 2012, realizing functional benchmarking with the German Siemens 840D high-end CNC system. The "smart" direct drive functional components of high-end CNC machine tools, the "power source" high-performance servo drive system, and the "muscle" high-sex torque motor/electric spindle motor, these three technologies were supported by 04 in 2012. The company's high-end five-axis CNC machine tools have achieved international advanced level performance indicators. Many products have been used in key domestic enterprises in key domestic key fields such as Aerospace Science and Technology, Aerospace Science and Technology, Aerospace Technology, Aerospace Technology, Zhuzhou Diamond , etc., providing solutions to the "bottleneck" problem of a large number of major technical equipment production and manufacturing in my country.
3.2. Genesis
Jinsheng Intelligent acquired Genesis in 2015 and divested its precision structural parts business in 2018. Genesis machine tool business became the company's core business. The company's CNC machine tool business has a complete research, production, supply, sales and service system, and its main products are aimed at the processing of core components in the high-end CNC machine tool field, new energy field, general field, and 3C supply chain. The company's CNC machine tools are divided into two categories: general-purpose and 3C type. In terms of general business, as the core product, the vertical machining center (V series) shipped more than 10,000 units in 2021, ranking first in the domestic industry. In addition to the core product vertical machining center, the company has carried out multi-sequence technology and product layout for the general series of products, covering the gantry machining center series, horizontal machining center series, CNC lathe series, etc., and is widely used in automotive parts, automation equipment and robots, mechanical processing, mold processing, part processing, aerospace, rail transit, medical devices and other fields. As the company's traditional advantageous products, the 3C series products have been laid out since 2010. Through technological research and development breakthroughs, marketing traction, large-scale manufacturing, and continuously promote import substitution. has accumulated multiple advantages in the comprehensive performance, technical level, cost-effectiveness and localized services of product . Its core product, high-speed drilling, milling and tapping processing center series, has a cumulative delivery volume of more than 80,000 units in 2021, basically achieving full coverage of the core user end, and has strong brand influence and market competitiveness.
Company achieved revenue of 5.26 billion yuan in 2021, a year-on-year increase of 51.4%, of which the development trend of high-end intelligent equipment business was good, contributing revenue of 5.12 billion yuan, accounting for 97.4% of the overall revenue; the revenue recovery of high-end intelligent equipment business reached 27.1% from 2016 to 2021.
In 2021, the company's R&D investment reached 247 million yuan, a year-on-year increase of 17.6%; the proportion of R&D personnel increased to 17.22%; the company currently has a total of 697 valid patents, including 40 invention patents, 7526 utility model html and 131 appearance design patents; a total of computer software copyrights have been obtained. At the same time, benefiting from the promotion of national manufacturing transformation and upgrading and the rapid development of the domestic CNC machine tool industry, the company aims at the market demand of high-end machine tools and independently develops V-200U, V400U, V-650U five-axis machining centers, and HMC-63 dual-switch horizontal hoverplates, and has made progress in high-end model testing and application.
3.3, Haitian Precision
Company was established in 2002. Its main products include CNC gantry machining center, CNC horizontal machining center, CNC horizontal lathe , CNC vertical machining center, etc. The downstream is mainly aerospace, rail transit, automotive parts, molds and other fields. The company's operating income has increased and its profitability has increased in recent years. From 2016 to 2021, the revenue increased from 1.01 billion yuan to 2.73 billion yuan, with a compound growth rate of 22.1%; net profit attributable to shareholders increased from 63 million yuan to 371 million yuan, with a compound growth rate of 42.4%.
The company's main products are CNC gantry, vertical and horizontal processing machine tools, and the total revenue of the three types of products accounts for more than 90% respectively. Among them, CNC horizontal machine tools have the highest gross profit margin, maintaining in the range of 30-35%; CNC gantry machine tools are second, with gross profit margin in the range of 25-30%. After continuous cultivation, the gross profit margin of CNC vertical machining center increased to 12.3% in 2021, an increase of 10.8pct from 2019.
3.4. Guosheng Zhike
Company was established in 1999. It was originally customized for domestic and foreign CNC machine tool manufacturers and high-end machinery manufacturers such as Husky and Demagisen Precision Machinery in Canada. It carried out the research and development and production of precision sheet weldments, castings and other equipment components, and then gradually developed to machine tool body manufacturing; from 2011 to 2015, the company upgraded to the downstream of the industrial chain based on excellent equipment part manufacturing capabilities, and its products were transitioned from customized machine tool body to CNC machine tools, and customers extended from CNC machine tool manufacturers to molds, automobiles, industrial valves, construction machinery and other industries. Since 2016, the company has become a provider of integrated intelligent manufacturing solutions by promoting "turnkey" consulting services. At the same time, the company has developed intelligent automation production line business, driving the further refinement of product application areas and further diversification of downstream customers.
Company focuses on the strategic direction of developing CNC machine tools and its automated production lines as its core business. In 2021, the company achieved revenue of 1.14 billion yuan, a year-on-year increase of 54.6%; and achieved net profit attributable to shareholders of 200 million yuan, a year-on-year increase of 66.6%.
The company's CNC machine tools, equipment parts, and intelligent automatic production lines achieved operating income of RMB 833, RMB 173, and RMB 117 million in 2021, accounting for 73.2%, 15.2% and 10.3% of revenue, respectively. The company's revenue ratio of high-end CNC machine tools has been increasing continuously. In 2020, the revenue exceeded that of mid-range CNC machine tools for the first time and reached 246 million yuan, with a gross profit margin of 32.9%. With the increase in R&D investment, the company has gradually formed competitiveness in the five-axis linkage machining center, horizontal boring and milling machining center, high-speed gantry machining center and other product fields, and strives to promote the localization of high-end equipment such as five-axis linkage.
3.5, Newway CNC
Newway CNC has always focused on the research, development, production and sales of mid-to-high-end CNC machine tools. It has a series of more than 200 types of products, including large-scale machining centers, vertical CNC machine tools, horizontal CNC machine tools, etc., and is widely used in automobiles, new energy, engineering machinery, molds, valves, automation equipment, electronic equipment, aviation, general equipment and other industries. Benefiting from the national industrial policies, the downstream industry upgrade of the company's industry has driven technological upgrades, and the downstream market demand is booming. With its long-term accumulation of independent R&D capabilities, strong marketing network and efficient comprehensive service capabilities, the company seized the opportunity to further optimize product performance and improve capacity utilization. In 2021, the company achieved operating income of 1.71 billion yuan, a year-on-year increase of 47.1%; net profit attributable to shareholders reached 169 million yuan, a year-on-year increase of 62.1%.
The company's main products are large-scale machining centers, vertical and horizontal CNC machine tools, and the total revenue of the three types of products accounts for more than 90% respectively. The company's overall gross profit margin has steadily increased, maintaining the range of 25-30%; the net profit margin increased to 9.84% in 2021, an increase of 6.84pct from 2017.
3.6, Dazu CNC
Company was established in 2002. It is a national high-tech enterprise integrating technical research, development, production and sales. It is committed to providing full-process one-stop solutions for the PCB industry. The company is one of the companies with the widest layout of process solutions in the field of PCB dedicated production equipment worldwide. In 2008, the company acquired Maxson Electronics and extended its business to PCB inspection process.After nearly 20 years of technological precipitation, the company has established technical precipitation in high-speed and high-precision motion control, precision machinery, electrical engineering, software algorithms, advanced optical systems, laser technology, image processing, electronic testing, etc., creating a process solution with competitive advantages for the PCB industry. The main products have reached the industry's advanced level in terms of performance, functions and reliability, meet the technical requirements of well-known downstream customers at home and abroad, and continuously accelerate the domestic substitution of imported equipment.
benefited from the continuous improvement of the industry's prosperity, the development of downstream customers and the increase in investment in PCB equipment, and the company's overall growth trend was maintained. From 2017 to 2021, the revenue increased from 885 million yuan to 4.08 billion yuan, with a compound growth rate of 46.6%; net profit attributable to shareholders increased from 170 million yuan to 699 million yuan, with a compound growth rate of 42.3%.
The company's gross profit margin and net profit margin are stable at around 35% and 20% respectively; from the perspective of product structure, drilling equipment contributes the company's main revenue, and its revenue share in 2021 has increased year by year to 74.7%. In the future, with the continuous investment of domestic PCB leading enterprises, on the basis of the improvement of the original multi-layer board market competitiveness, the investment in high-tech value-added HDI and IC packaging substrate products will be greatly enhanced, and the demand for high-tech value-added equipment will continue to drive the demand for high-tech value-added equipment. The company's product types will be more abundant and its technical capabilities will continue to improve, which will promote the company's market share in the multi-layer board market to continue to rise.
(This article is for reference only and does not represent any of our investment advice. If you need to use relevant information, please refer to the original text of the report.)
selected report source: [Future Think Tank]. Future Think Tank - Official Website
