Golden Orange 688291--Laser Processing Control System (suggested to subscribe, do not pay attention)
1. Fundraising and Valuation Analysis
Number of shares issued was 25.6667 million shares, with a total share capital of 102.6667 million shares after issuance, with an issue price of 26.77 yuan, raising 687 million yuan, and over-sumed 291 million yuan ("increase" 73%); corresponding to the total market value after issuance of 2.738 billion.
21 net profit of 52.78 million yuan, PE52; 22H1 net profit of 26.02 million yuan, dynamic PE53; laser processing control system, gross profit margin level 70%+; core technical personnel Beijing Jingdiao ; comparable companies Baichu Electronics (60% market share of laser cutting system), Jinchengzi (30% market share of laser processing control system); laser servo control system 0 breakthrough (21 years second half of 2021); laser servo control system 0 breakthrough (2021 years Sales of 153,000 yuan)
(1) Valuation before listing
On June 15, 2020, Jinchengzi passed the shareholders' meeting resolution, agreeing that Jinchengzi's share capital will increase to 77 million shares, and the new capital will be subscribed by Waniu Zhixin, Chengxin Venture Capital and Haomai Technology respectively. 10,000 yuan and 1.75 million yuan.
In June 2020, the company's valuation after the capital increase was 447 million
2. Main business operation
Company is one of the leading laser processing control system companies in China, and has long been committed to the automation and intelligent development of advanced laser manufacturing. The company's main business is the research and development and sales of motion control systems of laser processing equipment, and can provide comprehensive solutions and technical services for different laser processing scenarios.
Company's main products include laser processing control system, laser system integration hardware and laser precision machining equipment , etc. Among them, the laser processing control system is based on the motion control software and is used in combination with the motion control card. It is the core of the automated control of laser processing equipment. The laser system integrated hardware provides the company with integrated solutions according to customer needs, and provides customers with supporting hardware after joint debugging and testing; laser precision processing equipment mainly includes processing equipment in the fields of laser resistance adjustment and other fields.
After years of accumulation, the company's product series covers multiple fields such as laser engraving, laser cutting , laser welding, laser cleaning, etc., and has won a good brand image and market resources. With the comprehensive advantages of technology, brand, products, etc., the company has established good cooperative relationships with Huagong Technology, Feiquan Laser and other , has a high-quality customer base, and has established direct or indirect cooperative relationships with more than thousands of downstream customers at home and abroad. The products are widely used in consumer electronics, new energy, semiconductors, automobiles, clothing, medicine and other fields. In the future, the company will continue to deepen its efforts in the field of laser processing motion control, further enhance its market position, and promote the development of laser processing automation, intelligence and flexibility.
During the reporting period, with the rapid development of the company's operating scale, the number of employees of the company has steadily increased. From 2019 to 2021, the total number of employees of the company was 171, 197 and 263 respectively
in the field of laser galvanometer processing control system . According to market estimates, the company's market share in 2020 was 32.29% , and its market share was in the leading position in the industry.
3. The issuer's main competitor
The company's laser processing control product performance has been recognized by domestic and foreign customers, and its current competitors include domestic and foreign professional control system suppliers. From the technical route division, the laser processing control system can be divided into two mainstream technical routes: galvanometer control system and servo control system.During the reporting period, the issuer's main products of laser processing control systems were galvanometer control systems, and developed and launched laser servo control systems, whose sales share was still at a low level; companies such as Germany SCAPS GmbH, Germany SCANLAB GmbH, Taiwan Xingcheng Technology, and Basiliang mainly used laser galvanometer control system products, while companies such as Baichu Electronics and Weihong Co., Ltd. mainly used laser servo control system products. The basic situation of the company's main competitors is as follows:
1, Germany SCAPS GmbH Germany SCAPS GmbH was established in September 1996. It is one of the pioneers in the field of controlling systems in the laser industry. The software and marking control cards it develops and produces represent the advanced level of the industry. The main products include SAMLight marking software, USC-1 control card, USC-2 control card, etc.
2, Germany SCANLAB GmbH Germany SCANLAB GmbH was founded in 1990 and is one of the pioneers in the field of controlling systems development in the laser industry. The company's control system products have outstanding technical and brand advantages internationally. The main products include the RTC series of laser galvanometer control system products.
3. Xingcheng Technology Co., Ltd. Xingcheng Technology Co., Ltd. was established in June 1997. Its registered in Taiwan, my country. For many years, it has been committed to developing professional software required for laser marking and has become a representative manufacturer in the field of laser marking equipment in Taiwan, my country. The main products are MarkingMate laser marking software and related hardware equipment, including laser marking control cards, rotation shafts, engraving heads and laser light sources.
4, Changsha Basiliang Information Technology Co., Ltd. Changsha Basiliang Information Technology Co., Ltd. was established in December 2007 and its registered address is Changsha City, Hunan Province. Its main products are marking control cards and flight touch screen aircraft, which are mainly used in the field of flight marking, and have successively developed laser galvanometer welding control cards, laser cleaning control systems, laser precision machining control systems and other products.
5, Shenzhen Yianrui Automation Equipment Co., Ltd. Shenzhen Yianrui Automation Equipment Co., Ltd. was established in June 2008 and its registered address is Shenzhen. The company's main products are embedded (offline) flight marking, static marking digital control cards, laser inkjet control touch screens, control software, etc.
6, Baichu Electronics (688188) Baichu Electronics was established in September 2007 and is registered in Shanghai. It is a high-tech enterprise and key software enterprise engaged in the research, development, production and sales of laser cutting control systems. The company's main products include follow-up control system, board control system, bus control system and other related supporting products.
7, Weihong Co., Ltd. (300508) Weihong Co., Ltd. was established in June 2007 and is registered in Shanghai. It is an enterprise with its main business in the research, development, production and sales of industrial motion control systems. The company's main products include engraving and milling control system, cutting control system, and robotic control system.
Investment is risky. Be cautious when entering the market.
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