Author: Cheng Nuo, Editor: Xiao Shimei
As the core foundation of industrial manufacturing, parts and components are necessary factors to support the sustained and stable development of the manufacturing industry, and occupy a very important position in economic development.
However, with the increasing competition in manufacturing industries such as new energy vehicles, robots, and factory automation, weak independent research and development capabilities, product convergence, and lack of core technologies for key components have become the biggest problems for many local parts and components companies.
In the past two years, under the promotion of a series of policies such as the "14th Five-Year Plan" and the specialization and special innovation, the core components have ushered in a new round of industrial outlet, and some leading enterprises that have mastered the core technology have benefited.
1. Double ring transmission
Domestic automotive gear parts leader, focusing on the research and development, design, manufacture and sales of precision transmission gears, the main products are industrial gears, automotive gears and RV reducers, etc., which can be widely used in commercial vehicles, passenger cars and construction machinery vehicles and other fields.
Deep ploughing gear industry for more than 40 years, the company's gear products can cover the modulus from 0.5mm to 6mm, some product accuracy levels can be stable to reach the highest level of national standard 4, in the industry leading position.
As the world's earliest company to lay out the production of electric vehicle drive gears, the company masters a number of core technologies in this field and has the ability to participate in the early design of customers.
According to the statistics of the Association, in 2020, the company is the direct or indirect supplier of most of the top 20 car companies in the global new energy vehicle sales, and the supporting customers cover almost all enterprises and Tier 1 suppliers in the mainstream market of new energy vehicles, such as GM, Volkswagen, FAW, BorgWarner, BYD, Weilai, ZF, Liebherr and many other domestic and foreign vehicle and core component enterprises.
From January to November 2021, in the field of pure electric vehicles above the A00 level in China, the company's supporting enterprises successfully covered the top 15 mainstream brands except Great Wall Motors, with a brand coverage rate of nearly 90%. After considering the matching ratio, the company's market share exceeds 70%.
In addition, relying on the main manufacturing experience of gears, the company entered the field of industrial robot RV reducer in 2014, and has now broken through the key core technologies such as design, manufacturing process, testing and testing, high-precision assembly and special equipment development, to achieve a full range of RV reducer products for industrial robots, and is one of the few manufacturers in China that can mass-produce reducers.
Benefiting from the strong downstream demand for new energy, the company's performance in 2021 was eye-catching, achieving operating income of 5.39 billion yuan in the whole year, an increase of 47% year-on-year; and achieving a net profit attributable to the mother of 330 million yuan, an increase of 537% year-on-year.
2. Guomao shares
Domestic general reducer leader, focusing on the research and development, production and sales of reducer, the products mainly include gear reducer and cycloidal needle wheel reducer two categories, can be widely used in metallurgy, chemical, logistics, construction, machinery, energy, environmental protection, ships and rail transit and other dozens of fields.
Deep ploughing in the reducer industry for nearly 30 years, the company has mastered the modular design, zinc-based alloy material application, lean production technology and cone labyrinth sealing structure and other core technologies, with more than 30,000 kinds of parts and components categories, the production of product models up to more than 150,000 kinds, is one of the most complete product lines in the field of reducers.
According to public information, the company has a high reputation in the reducer industry, has been in the leading position of China's general machinery industry reducer industry for many years, and entered the top ten of China's general machinery industry industrial output value.
With the advantages of high product reliability, the company has now been widely recognized by downstream customers, including Baosteel, PetroChina, Sany Group, China Sinoma, Jidong Cement and Weihua Group and many other high-quality enterprises in the industry.
In recent years, the company has taken the tower crane market as the entry point and officially entered the construction machinery market to step into the field of special reducer segments. In 2020, its GLW series rotary gear units were mass-produced and shipped, and successfully matched with large and medium-sized tower cranes of XCMG Group and its subsidiaries.
Benefiting from the impact of factors such as the acceleration of domestic industrial automation and import substitution development, the demand for the reducer industry continues to grow, and from 2016 to 2020, the average annual compound growth rate of the company's revenue and attributable net profit is 17.36% and 38.83%, respectively, which are accelerating.
3. Yiheda
Leading supplier of automation parts, mainly engaged in the research and development, production and sales of automation parts, it can provide one-stop supply services for automation parts for FA factories in many downstream industries such as automobiles, new energy, 3C and photovoltaics.
After more than ten years of development, the company has developed a FA factory automation parts product system covering more than 176 categories, 1404 sub-categories and more than 900,000 SKUs, with an annual shipment of more than 2.3 million times, and widely serves many industries such as automotive, 3C, new energy and photovoltaic.
At present, the company has gradually established a standard system for automation equipment and parts, and presided over the compilation of a number of "white papers" in the industry such as "FA Factory Automation Parts", "Industrial Frame Structure Components Catalog Manual" and "FA Electronic and Electrical Parts Selection".
In addition, in order to improve the efficiency of order service, the company has also independently established a number of information management systems, which can help customers complete "one-stop" operations such as procurement, production, warehousing and sales online, and improve order response speed and shorten the delivery cycle.
Benefiting from the "one-stop" service system, the company has accumulated many high-quality customer resources, BYD, Pilot Intelligence, Han's Group, Dalian Zhiyun Group, Tiangong Machinery and Watson Group and other well-known domestic enterprises have established a good and stable cooperative relationship with it.
According to the financial report, from 2017 to 2020, the company's revenue and attributable net profit CAGR were 33.92% and 43.60% respectively, and the performance grew rapidly. In the first three quarters of 2021, the company achieved a total revenue of 1.329 billion yuan, an increase of 60.25% year-on-year; and the net profit attributable to the mother was 307 million yuan, an increase of 65.12% year-on-year.
4. Shares that should be flown
The core supplier of castings in the domestic aviation, nuclear power and oil and gas fields, focusing on the research and development and manufacturing of key components of high-end equipment, the main products are mechanical equipment components, valve parts, new nuclear energy materials and high-temperature alloy parts, etc., which can be widely used in resources, power generation, industrial and mining, oil and gas, national defense and military industry and aerospace and other fields.
Deep ploughing in the field of casting for many years, the company has a complete industrial chain in the three major fields of high-end casting, machining and modular manufacturing, mastering a number of domestic leading, international advanced level of product manufacturing technology, is a global set of casting, processing and group welding as one of the key components manufacturers of special equipment.
According to the annual report, at this stage, the company takes "two machines (aero engine and gas turbine) and two industries (aviation industry and nuclear energy industry)" as the main strategic development direction.
Among them, in the "two machines" business field, the company has the largest specifications in China, the comprehensive performance of the international leading large-scale hot isostatic pressing equipment and technologically advanced vacuum melting casting equipment, is currently the first and only domestic can provide domestic key model aero engine blades in batches, the only company to provide casting parts for international aviation.
At the same time, in the field of nuclear power business, the company is also the first manufacturer in China to successfully develop and produce a variety of nuclear power plant nuclear islands and nuclear power key components, and the delivery volume of nuclear power equipment parts has ranked first for many years.
At present, the company's business has been laid out worldwide, with products exported to more than 30 overseas countries, and downstream customers covering many industry leaders, such as Caterpillar and Terex in the field of construction machinery, Emerson and Schlumberger in the oil and gas field, GE and Siemens in the "two machines" field, and Areva and Shanghai Electric in the nuclear energy field.
In the first three quarters of 2021, the company achieved a total revenue of 1.52 billion yuan, an increase of 12.3% year-on-year, and a net profit attributable to the mother of 151 million yuan, an increase of 14.6% year-on-year, and its business development was basically stable.
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This article involves the content of listed companies, which is the author's personal analysis and judgment based on the information publicly disclosed by listed companies in accordance with their statutory obligations (including but not limited to temporary announcements, periodic reports and official interactive platforms, etc.); the information or opinions in this article do not constitute any investment or other business advice, and Market Value Watch does not assume any responsibility for any action arising from the adoption of this article.
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