Rhino Star News, on January 25, the results of the 5th review meeting of the Listing Committee of the Beijing Stock Exchange in 2024 were released: Jinkang Seiko (831978) met the issuance conditions, listing conditions and information disclosure requirements, and successfully passed the meeting.
Rhino Star APP shows that Jinkang Seiko is an overall solution provider of special equipment for motor winding manufacturing, mainly engaged in the research and development, production and sales of motor winding automatic production lines and high-end equipment, and has the advanced ability to design and produce a full set of motor manufacturing equipment and automated motor equipment production lines from winding to final molding, and its technology and products are widely used in new energy vehicle motors, industrial motors, household motors and other fields.
As of June 30, 2023, the company has 93 authorized patent certificates (including 31 invention patents) and 7 software copyrights. As one of the high-tech backbone enterprises in China that designs, produces and sells special equipment for motor manufacturing, the company has won the honors and recognition of high-tech enterprises, Jiangsu Province Micro Motor Winding and Embedding Automation Equipment Engineering Technology Research Center, Jiangsu Province Specialized and Special New Small and Medium-sized Enterprises, Jiangsu Province Service-oriented Manufacturing Demonstration Enterprises, Jiangsu Province Private Technology Enterprises, Jiangsu Province Enterprise Technology Center, and the Fifth Batch of National Specialized and Special New "Little Giant" Enterprises.
First, the performance growth rate is relatively fast
According to the prospectus, Jinkang Seiko was established in 2001, after more than 20 years of precipitation and development, Jinkang Seiko has become one of the domestic manufacturers of special equipment for motor winding manufacturing with the largest range of products, the most complete series and the widest coverage.
At present, the company has the ability to design and produce a full set of motor manufacturing equipment and automatic motor equipment production line from winding to final forming, which can provide the main equipment required for the whole production process of stator winding manufacturing, and can combine equipment functions according to customer requirements to produce combination machines and automated production lines with a higher degree of automation. The company has a number of innovative production processes such as precision wire winding, hookless wire cutting, coiling, dual-power vertical wire embedding, expansion wire dial, etc., and can continuously improve product applicability and durability by improving the accuracy of molds and spindles, improving wire cutting, winding and wire dialing mechanisms, and developing innovative wire embedding processes.
In terms of performance, the company's revenue increased from 173 million yuan in 2019 to 226 million yuan in 2022, with a CAGR of 9.32%, and from January to September 2023, the company's revenue was 136 million yuan, an increase of 1.04% compared with the same period last year.
From the perspective of net profit attributable to the parent company, the company's net profit attributable to the parent increased from 19.3243 million yuan in 2019 to 31.7307 million yuan in 2022, with a CAGR of 17.98%, and from January to September 2023, the company's net profit attributable to the parent company was 17.5515 million yuan, an increase of 262.15% compared with the same period last year.
In 2020, 2021, 2022 and 2023, the revenue of H1 motor winding automation production line will be 96.0864 million yuan, 120.9618 million yuan, 149.754 million yuan and 61.9341 million yuan respectively, with a CAGR of 24.84% from 2020 to 2022, accounting for more than 60% of the main business income, 60.70%, 68.98%, 66.40% and 67.00%, accounting for an overall growth trend in the proportion of operating income. The motor winding automatic production line is a special CNC equipment for high-efficiency and energy-saving motor manufacturing, which represents a high level of special equipment for motor winding manufacturing.
Source: Prospectus
In terms of customers, the company has accumulated a large number of stable customer resources. In the field of industrial motors, the company has become an important supplier of special equipment for motor winding manufacturing from major manufacturers in the field of domestic industrial motors (such as Siemens Motors, Huali Motors, Dazhong Motors, Jiangte Motors, Lu'an Jianghuai Motors, etc.) and major manufacturers in the field of new energy vehicle drive motors (such as Shanghai Electric Drive, Wolong Electric Drive, BYD Automobile, etc.).
Second, the general trend of motor winding automation replacing manual winding
In today's fast-developing industrial era, as the heart of modern industry, every innovation in manufacturing technology has a profound impact on the efficiency and quality of the entire industrial chain. In particular, the key link of motor winding, the trend of transformation from traditional manual operation to automated production line is becoming more and more obvious.
The manual winding of the motor winding process is not only time-consuming and laborious, but also subject to human factors, and the consistency and stability of product quality are difficult to be effectively guaranteed. With the rapid development of automation technology, the automatic production line of motor winding came into being. Compared with the traditional manual winding production method, the motor winding automatic production line has significant advantages in improving production efficiency, reducing production costs, and improving product quality.
From the perspective of production efficiency, the motor winding automatic production line is known for its high efficiency, and through precise programming and intelligent control, continuous operation and precise positioning have been realized, which has greatly improved production capacity and production efficiency. Compared with manual work, the automated production line can run 24 hours a day, which greatly shortens the delivery cycle and adapts to the needs of large-scale production. In today's increasingly fierce market competition, enterprises that adopt automated production lines have stronger competitiveness and thus occupy a larger market share. At the same time, the automated production line ensures high precision and consistency in the motor winding process, which is essential for improving the performance and service life of the motor. Robotized precision operation minimizes errors, improving product reliability and overall quality, catering to the strong market demand for high-quality motors.
From the perspective of economic benefits, although the initial cost of investment in automation equipment is relatively high, in the long run, the automated production line can greatly reduce labor costs, reduce waste, optimize resource allocation, and further compress production costs through intelligent management, and also have advantages in material utilization, equipment maintenance costs, etc., so that enterprises can maintain a dominant position in the fierce market competition.
Under the tide of global intelligent manufacturing, the national policy guidance supports the upgrading of enterprises, encourages the use of advanced technology and equipment, and the development of motor winding automation production line is in line with the national strategic planning such as "Made in China 2025". Especially in the context of the pursuit of low-carbon environmental protection and "double carbon" goals, energy-saving and high-efficiency motor products rely more on automated production processes to achieve large-scale green production.
At the critical juncture of the transformation and upgrading of the motor manufacturing industry, the market space for the automatic production line of motor windings to replace manual windings shows broad prospects. With the continuous development of automation technology, the motor winding automatic production line will play an increasingly important role in the motor manufacturing industry in the mainland in the future.
Third, the demand for motor windings is strong under the wave of new energy vehicles
With the development of the new energy vehicle industry, the demand for motors and their key components has increased exponentially. As one of the core components of new energy vehicles, the performance and technical level of the drive motor of new energy vehicles directly affect the performance and user experience of the whole vehicle. As the core component of the motor, the motor winding directly affects the performance, efficiency and reliability of the motor, therefore, with the growth of new energy vehicle production and market demand, the demand for efficient, accurate and large-scale production capacity of the motor winding automatic production line also continues to increase.
Since NEV motors typically require higher power density, better energy efficiency, and more complex manufacturing processes, traditional manual or semi-automated winding production methods may be difficult to meet the large-scale, high-quality, and low-cost market demand. The automatic production line of motor winding is a key link in the production of new energy vehicle motors. The use of automated production lines can not only improve the production efficiency and consistency of motor windings, but also reduce manufacturing costs, shorten product development cycles, and help improve the competitiveness of the entire industry chain.
It is foreseeable that in the next few years, motor manufacturers and related equipment suppliers will further invest in R&D and the introduction of advanced motor winding automatic production line technology to meet the rising capacity demand and technical challenges of the new energy vehicle industry.
According to the data, the production and sales of new energy vehicles in mainland China have maintained rapid growth for many years, reaching 9.587 million and 9.495 million units in 2023, a year-on-year increase of 35.8% and 37.9%, respectively, and the export of new energy vehicles will be 1.203 million units, a year-on-year increase of 77.2%, both of which will hit a record high. As one of the core components, the market demand for new energy vehicle motors is also growing.
Fourth, the same industry comparison
In terms of listed companies in the same industry, comparable companies include Tanaka Seiki (300461), Hymson (688559), Hanchuan Intelligent (688022), and Sanhe (871097).
In terms of IPO fundraising, it is planned to raise 119 million yuan for the motor special equipment manufacturing project (phase II), which is expected to achieve an annual production capacity of 235 sets (sets) of special equipment for motor winding manufacturing (including 55 automatic production lines) after the project is completed and put into production.
Source: Prospectus