bamboo sticks and straw shoes are lighter than horses, who is afraid? A raincoat will last for life
Su Shi A famous line from all ages, good spirit
In life, you will always suffer varying degrees of suffering
Some people are in trouble, and some people are still calm in suffering
The wind and rain of life will not miss anyone, maybe yesterday was still flat, but today I ended up struggling
ml1 The suffering of life will only scare away the poor people in their hearts
They will pursue external things to fill the inner lack, put the sense of security in life on status, power and wealth
Once the money is gone, the building is empty, the rest will be lamenting and complaining
The people whose soul is blessed, and the soul is blessed, and the people are nourished are tenacious and full. When the storm of life hits, they can face difficulties and support themselves
The heart is barren or rich, which one to choose, up to you
market starts to pull back today, too, if it rises a lot, adjust it, it is normal, it falls into that virtue in September, and it is unlikely to happen overnight in October, it is still necessary to grind it
We will continue the industrial mother machine series, today I will write about Huarui Precision and Ningbo Jingda to see how the texture is
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knowledge Huaru Precision and Ningbo Jingda
Haru Precision , coordinates of Zhuzhou, Hunan,
is a well-known domestic cemented carbide cutting tool manufacturer, mainly engaged in the research, development, production and sales of cemented carbide CNC tool . The company's existing core products are cemented carbide NC inserts, including three series of turning, milling and drilling
Since its establishment, the company has always focused on the research, development and production of CNC inserts and has become a well-known domestic cemented carbide cutting tool manufacturer. The company's production has ranked among the forefront of the domestic industry for many years. According to statistics and proofs of China Tungsten Industry Association, the company's production of cemented carbide CNC blades ranked second in 2020, third in 2019, and second in 2018
Global In 2016, 2017 and 2018, the global consumption of cutting tool was US$33.1 billion, US$34 billion and US$34.9 billion, respectively, and is expected to reach US$39 billion by 2022. Carbide tools dominate the global cutting tool consumption structure, accounting for 63%. Based on this calculation, the global cemented carbide tool market size in 2022 is about US$24.5 billion
revenue weight, turning insert revenue accounts for 2/3, and gross profit margin is 47%; milling insert revenue accounts for 30% and gross profit margin is 56%; drilling insert revenue accounts for 3%, gross profit margin is 79%
Domestic revenue accounts for 96%, overseas 4%
1 R&D investment in 2021 is 24 million, and R&D revenue accounts for 5.1%, 5% excellent line; As of the end of 2021, the company has applied for a total of 75 domestic and foreign patents, obtained 58, and currently has 46 valid patents, including 17 invention patents
Ningbo Jingda , coordinate Ningbo City , listed in 2014
Main business of the company is the research, development, production and sales of heat exchanger equipment and precision presses.
heat exchanger equipment products mainly include fin high-speed precision press, pipe expander, pipe bending machine, , microchannel heat exchanger equipment and other heat exchanger equipment.Fin high-speed precision press, pipe expander, pipe bending machine and other heat exchangers equipment is mainly used in the production of air conditioning heat exchangers in the home appliance industry; micro-channel heat exchangers equipment is mainly used in the production of automotive heat exchangers
precision press products mainly include stator high-speed precision press, toggle type high-speed precision press, medium and large mechanical press , servo press , new energy battery shell forming special With presses, high-speed precision presses are mainly used in the production of precision stamping parts such as motor stator and semiconductor lead frame in the motor, automobile, electronic information industries; medium and large mechanical presses are mainly used in the production of stamping parts in the automobile and home appliance industries; servo presses are a new generation of intelligent forming equipment, widely used in the efficient production of various complex stamping parts and the hot and cold forming of lightweight materials; wide tabletop high-speed precision presses and special forming equipment for driving motors in the new energy vehicle field are the company's newly expanded key businesses. bamboo sticks and straw shoes are lighter than horses, who is afraid? A raincoat will last for life Su Shi A famous line from all ages, good spirit In life, you will always suffer varying degrees of suffering Some people are in trouble, and some people are still calm in suffering The wind and rain of life will not miss anyone, maybe yesterday was still flat, but today I ended up struggling ml1 The suffering of life will only scare away the poor people in their hearts
They will pursue external things to fill the inner lack, put the sense of security in life on status, power and wealth
Once the money is gone, the building is empty, the rest will be lamenting and complaining
The people whose soul is blessed, and the soul is blessed, and the people are nourished are tenacious and full. When the storm of life hits, they can face difficulties and support themselves
The heart is barren or rich, which one to choose, up to you
market starts to pull back today, too, if it rises a lot, adjust it, it is normal, it falls into that virtue in September, and it is unlikely to happen overnight in October, it is still necessary to grind it
We will continue the industrial mother machine series, today I will write about Huarui Precision and Ningbo Jingda to see how the texture is
tml2
01
—
knowledge Huaru Precision and Ningbo Jingda
Haru Precision , coordinates of Zhuzhou, Hunan,
is a well-known domestic cemented carbide cutting tool manufacturer, mainly engaged in the research, development, production and sales of cemented carbide CNC tool . The company's existing core products are cemented carbide NC inserts, including three series of turning, milling and drilling
Since its establishment, the company has always focused on the research, development and production of CNC inserts and has become a well-known domestic cemented carbide cutting tool manufacturer. The company's production has ranked among the forefront of the domestic industry for many years. According to statistics and proofs of China Tungsten Industry Association, the company's production of cemented carbide CNC blades ranked second in 2020, third in 2019, and second in 2018
Global In 2016, 2017 and 2018, the global consumption of cutting tool was US$33.1 billion, US$34 billion and US$34.9 billion, respectively, and is expected to reach US$39 billion by 2022. Carbide tools dominate the global cutting tool consumption structure, accounting for 63%. Based on this calculation, the global cemented carbide tool market size in 2022 is about US$24.5 billion
revenue weight, turning insert revenue accounts for 2/3, and gross profit margin is 47%; milling insert revenue accounts for 30% and gross profit margin is 56%; drilling insert revenue accounts for 3%, gross profit margin is 79%
Domestic revenue accounts for 96%, overseas 4%
1 R&D investment in 2021 is 24 million, and R&D revenue accounts for 5.1%, 5% excellent line; As of the end of 2021, the company has applied for a total of 75 domestic and foreign patents, obtained 58, and currently has 46 valid patents, including 17 invention patents
Ningbo Jingda , coordinate Ningbo City , listed in 2014
Main business of the company is the research, development, production and sales of heat exchanger equipment and precision presses.
heat exchanger equipment products mainly include fin high-speed precision press, pipe expander, pipe bending machine, , microchannel heat exchanger equipment and other heat exchanger equipment.Fin high-speed precision press, pipe expander, pipe bending machine and other heat exchangers equipment is mainly used in the production of air conditioning heat exchangers in the home appliance industry; micro-channel heat exchangers equipment is mainly used in the production of automotive heat exchangers
precision press products mainly include stator high-speed precision press, toggle type high-speed precision press, medium and large mechanical press , servo press , new energy battery shell forming special With presses, high-speed precision presses are mainly used in the production of precision stamping parts such as motor stator and semiconductor lead frame in the motor, automobile, electronic information industries; medium and large mechanical presses are mainly used in the production of stamping parts in the automobile and home appliance industries; servo presses are a new generation of intelligent forming equipment, widely used in the efficient production of various complex stamping parts and the hot and cold forming of lightweight materials; wide tabletop high-speed precision presses and special forming equipment for driving motors in the new energy vehicle field are the company's newly expanded key businesses.In terms of revenue weight, the revenue of the heat exchanger automation equipment series accounts for 45% and the gross profit margin is 38%; the revenue of the precision press series accounts for 38% and the gross profit margin is 30%; the revenue of the micro channel equipment and other revenue accounts for 13%, the gross profit margin is 54%
Domestic revenue accounts for 70%, and overseas 30%
0 R&D investment in 2021 is 20 million, and R&D revenue accounts for 3.7%, The excellent line
Huarui Precision Financial Report Data
2021 revenue was 480 million yuan, with a compound revenue growth rate of 30% in the past five years, a 3.7-fold increase in revenue in 5 years, 2021 revenue increased by 55%, and 2022H1 revenue increased by 26%, and continued rapid growth
11 gross profit margin, before 2021, the median was 50%, and in 2021 it was also a gross profit margin of 50%, More stable
2021 free cash flow .17 billion, setting an annual historical record. All free cash flows in the past 5 years are positive, and there is no doubt that making money
2022H1 financial assets 560 million, financial liabilities .32 billion, capital structure is moderate
Ningbo Jingda financial report data
2021 revenue was 530 million, revenue compound growth rate in the past 5 years was 12%, and revenue compound growth rate in the past 10 years was 9%, Revenue increased by 26% in 2022, revenue increased by 28% in 2022H1, and it began to rise significantly in 2021
gross profit margin, the median before 2021 was 41%, the gross profit margin was 38%, and the gross profit margin was also relatively stable
free cash flow in 2021 was 140 million yuan, which also set an annual historical record. Except for 2015, all free cash flow in the past 10 years was positive, and there was not much money earned, but it is still possible to
1 financial assets at the end of 2021 were 320 million yuan and financial liabilities were 0.5 million yuan, The capital structure is average, and it is not short of money
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Hara Precision and Ningbo Jingda valuation
For Huarui Precision, we use the free cash flow in 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 25%, the valuation is as follows:
For Ningbo Jingda, We use free cash flow as the base for 2021, and combine past revenue and free cash flow growth, Assuming that the compound growth rate in the next 10 years is 20%, the valuation of is as follows:
Interpretation:
Hara Precision and Ningbo Jingda, the former's main business is cemented carbide cutting tools, which is close to the previous article's business properties, and both belong to Science and Innovation Board , the previous The back foot is listed, but Oukeyi's scale is basically about twice that of Huarui Precision, and Huarui Precision's gross profit margin is slightly higher than that of Oukeyi; the latter is mainly heat exchanger equipment and precision presses. Heat exchanger equipment is used in air conditioners, and precision presses are used in all stamping industries. There is a huge space
Huarui Precision, and its valuation is based on free cash flow in 2021. In the past 5 years and 2021, the revenue growth rate of 2022H1 has been higher than 25%, so we assume that it will be in the next 10 years. The compound revenue growth rate is 25%, and the corresponding valuation is around 224 yuan, which is 10 percentage points higher than the small high of 205 yuan in September 2021; if the future revenue growth rate is assumed to be 30%, the valuation will reach around 313 yuan
Ningbo Jingda, also based on the valuation of free cash flow in 2021. Although the compound revenue growth in the past 5 and 10 years is about 10%, the revenue growth in 2021 and 2022H1 will be more than 25%, so we assume that it will be in the future 10 The annual revenue compound growth is 20%, and the corresponding valuation is around 13 yuan. If the growth rate is reduced to 15%, the valuation is around 9.7 yuan
From today's market, Huarui Precision and Oukeyi are still available for growth . Yawei Co., Ltd. and Ningbo Jingda have a slight pullback. How far can the entire industrial mother machine sector go? Let's take a look. For other information related to industrial mother machine, please refer to the previous article Yawei Co., Ltd. vs Oukeyi. Is the industrial mother machine OK? The next article describes Shandong Weida and Tianrun Industrial
old rules, personal analysis, no investment recommendations, welcome to add, like
Kong Dongliang, CPA
2022/10/19
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