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3D scanners are used to scan at real-world objects to collect data about their shape and appearance, which can then be used to create digital models.
Recently, Scantech (Hangzhou) Co., Ltd. (hereinafter referred to as Scantech), which is mainly engaged in 3D vision digital products and systems, has sprinted to the IPO of the Science and Technology Innovation Board, and its main products include different series of 3D scanners, industrial-grade automated 3D visual inspection systems, etc.
The reporter of "Daily Economic News" noticed that the profit of 3D scanners is very considerable: in 2022, the gross profit margin of Scantech's main business will be 76.40%, and the gross profit margin of the first main product, portable 3D scanner, will reach 80.95%, the unit cost of the product is about 20,000 yuan/set, and the sales unit price is more than 110,000 yuan/set.
However, the company has also experienced a significant decline in the price of some products, such as the sales unit price of color 3D scanners has dropped from 29,800 yuan/set in 2020 to 17,700 yuan/set in 2022, and the sales unit price of tracking 3D vision digital products has decreased from 350,800 yuan/set in 2020 to 274,900 yuan/set in 2022.
Image source: Screenshot of the prospectus (declaration draft).
The unit price of the main products showed a fluctuating downward trend as a whole
Scantech's main products include handheld 3D vision digital products, tracking 3D vision digital products, industrial-grade automated 3D visual inspection systems, etc., among which, handheld 3D vision digital products are specifically subdivided into portable 3D scanners and color 3D scanners.
From 2020 to 2022, Scantech achieved operating income of 91.5087 million yuan, 161 million yuan and 206 million yuan respectively, and net profit attributable to the parent company of 30.2736 million yuan, 67.544 million yuan and 77.635 million yuan respectively.
Image source: Screenshot of the prospectus (declaration draft).
From 2020 to 2022, portable 3D scanners are the company's largest main products, contributing 86.70%, 78.19% and 68.87% of the main business income respectively, while the gross profit margin will reach 82.26%, 79.94% and 80.95% respectively, which is the company's highest gross profit margin subdivision product. In addition, the gross profit margins of color 3D scanners were 65.12%, 63.37% and 56.69%, respectively, and the gross profit margins of tracked 3D visual digital products were 62.15%, 71.75% and 73.69%, respectively.
The gross profit margin of Scantech is much higher than that of comparable companies in the same industry. From 2020 NQ830978 to 2022, the gross profit margin of its self-developed 3D scanner is 65.14%, 67.22% and 68.70% respectively, while the gross profit margin of the main business of Scantech is 79.19%, 77.01% and 76.40% respectively.
Image source: Screenshot of the prospectus (declaration draft).
In this regard, Scantech explained that the company's products are mainly based on laser three-dimensional scanning method, which is suitable for the field of high-precision industrial measurement, with high added value, high technical barriers, and low homogeneous competition in the industry, so it enjoys a high gross profit margin.
However, on the whole, the gross profit margin of Scantech's main business showed a downward trend: on the one hand, it was due to the change in product structure, and the sales proportion of color 3D scanners and tracking 3D visual digital products with relatively low gross profit margin increased, and on the other hand, the gross profit margin of some of the company's products declined.
"The unit price of the company's main products as a whole shows a fluctuating downward trend. According to the prospectus (declaration draft), from 2020 to 2022, the average price of the company's portable 3D scanners will be 120,100 yuan/set, 116,500 yuan/set and 117,700 yuan/set, the average price of color 3D scanners will be 29,800 yuan/set, 23,500 yuan/set and 17,700 yuan/set, and the average price of tracked 3D vision digital products will be 350,800 yuan/set, 270,500 yuan/set and 274,900 yuan/set.
According to Scantech, the sales unit price of portable 3D scanners remained relatively stable, the sales unit price of color 3D scanners decreased year by year, which was caused by the slight adjustment of pricing and the change in the composition of specific sales product models in order to promote the development of the business.
As for whether the gross profit margin will decline further in the future, Scantech believes that after excluding the impact of packaged sales of supporting products, the gross profit margin of the company's four major categories of 3D visual digital products will not have a significant downward trend; if the company's business sales proportion with relatively low gross profit margin in the future is further increased, the gross profit margin of the company's overall main business may decline further, but the gross profit margin of the company's main business is expected to remain at a high level.
The ODM customer Zeiss Gaomu self-developed scanner
From 2020 to 2022, the company's top five customers accounted for 14.84%, 14.38% and 17.02% of sales revenue respectively.
However, Scantech is facing the risk of losing large customers. From 2020 to 2022, the company's largest customers are Carl Zeiss and its subordinate Gaomu Optical Measurement Technology (Shanghai) Co., Ltd. (hereinafter referred to as Zeiss Gaomu), with sales amounts of 5.9345 million yuan, 13.1213 million yuan and 15.5381 million yuan respectively. By the first half of 2023, ZEISS Gomu has disappeared from the list of the top five customers of Sikan Technology.
Scantech and Gaomu Optics adopt an ODM cooperation model, but the cooperation agreement has expired in November 2022. ZEISS GAUMUS's handheld scanner T-SCAN hawk products are ODM products of the purchasing company and are OEM. According to Sikan Technology, Zeiss Gaomu is optimistic about the rapid development of the handheld laser 3D scanning product market, and it chooses to cooperate with the company for ODM business before the release conditions of its own related products are met.
After the termination of the ODM cooperation agreement between the two parties, in the first half of 2023, ZEISS Gommer has launched its self-developed T-SCAN hawk 2 handheld 3D scanner, and the number of sales of this product in China in 2023 will be about 50 units.
Scantech said that the R&D and expansion of ZEISS Gaomu's handheld 3D laser scanner products will not have a significant adverse impact on the market competition of the company's related products. Specifically, the sales amount of ZEISS GAOMU's new products is smaller than that of the company's portable 3D scanners, and the company's product performance parameters have advantages over ZEISS GAOMU products, and the company's product matrix is more abundant.
According to the disclosure of Scantech, from January to June 2023, Zeiss Gaomu did not generate new ODM orders, and in this context, the company's operating income increased by 41.25% year-on-year, still maintaining rapid growth.
However, Carl Zeiss (including Zeiss Gommer) is the main domestic and foreign competitor in the 3D vision digitization market in Scantech, and it remains to be seen whether its self-developed handheld 3D scanner will seize the company's market share.
In addition, Scantech's ODM customers are not only Gaomu Optics. From 2020 to 2022 and the first half of 2023, among the company's customized products, the sales amount of ODM business was 10.6059 million yuan, 17.145 million yuan, 23.9282 million yuan and 4.8384 million yuan respectively. The main customers of the ODM model include Zhengzhou Chenwei Technology Co., Ltd. and Wuhan Weijing 3D Technology Co., Ltd., are the above customers also at risk of losing due to self-developed products?
Capacity utilization rate below 80%
According to the IPO plan, Scantech plans to raise 851 million yuan, of which 197 million yuan will be used for the capacity expansion project of 3D visual digital products and automatic detection system, 343 million yuan will be used for the construction project of R&D center and headquarters building, 111 million yuan will be used for the construction project of marketing and service network base, and 200 million yuan will be used to supplement working capital.
Image source: Screenshot of the prospectus (declaration draft).
In terms of capacity utilization, from 2020 to 2022, the capacity utilization rates of portable 3D scanners were 80.00%, 79.87% and 79.38%, the capacity utilization rates of color 3D scanners were 74.00%, 76.60% and 78.67%, the capacity utilization rates of tracking 3D vision digital products were 75.00%, 67.22% and 74.09%, and the capacity utilization rates of industrial-grade automated 3D visual inspection systems were 100.00%, respectively. 80.00% and 77.78%.
In 2022, the capacity utilization rate of the company's four major categories of products, 3D vision digital products, will be less than 80%. However, Sikan Technology said that according to the sales growth rate of various products in 2022, it is expected that the existing production capacity of the company's four major categories of products will be fully produced within 1 to 3 years. "The utilization rate of the company's existing production capacity is high, and the existing production capacity will not be able to meet the company's production and sales needs in recent years, and it is necessary to systematically improve the company's production capacity by laying out new production lines in advance. ”
Under the inquiry of the exchange, Scantech disclosed the expected increase in production capacity after the fundraising project reaches production: the production capacity of portable 3D scanners will increase by 12.50% compared with 2022, the production capacity of color 3D scanners will increase by 100.00% compared with 2022, the production capacity of tracking 3D vision digital products will increase by 263.64% compared with 2022, and the production capacity of industrial-grade automated 3D visual inspection systems will increase by 2677.78% compared with 2022.
Image source: Screenshot of the reply to the letter of inquiry
Scantech said that in order to digest the new production capacity of fundraising and investment projects, the company's main capacity digestion measures include giving full play to the advantages of existing channels, increasing marketing efforts, and improving product market penetration; continuously improving and upgrading existing products to enhance product market competitiveness; increasing the layout of overseas sales channels, and increasing the penetration rate of overseas markets by actively participating in international exhibitions and increasing the layout of overseas sales personnel.
However, the company also reminded the relevant risks, if there are major adverse changes in the market environment in the future, or the company's market development effect is not as expected, it may lead to the company's product sales scale to be blocked, resulting in the company's new production capacity of this project can not be fully digested.
For IPO-related matters, on December 28, a reporter from "Daily Economic News" called Scantech and sent an interview email, but did not receive a reply as of press time.
National Business Daily