In recent years, the state has issued a series of policies to guide the development of the precision machinery parts industry. The national strategy “Made in China 2025” clearly supports the policy direction of technological transformation of strategic major projects and high-end equipment, establishes a long-term mechanism to support technological transformation of enterprises; supports the technological transformation of key industries, high-end products and key links, and guides enterprises to adopt advanced technology Apply technology, optimize product structure, comprehensively improve the level of design, manufacturing, technology and management, and promote the development of steel, petrochemical, construction machinery, light industry, textile and other industries to the high end of the value chain.
With the promotion of “Made in China 2025”, all walks of life will move towards high-end technology and industrial intelligence. Guangdong Yangshan United Precision Manufacturing Co., Ltd. (hereinafter referred to as “United Precision”), which is engaged in the research and development, production and sales of precision machinery parts, is one of them. According to public information, the main products of United Precision include pistons, bearings, cylinders, crankshafts, etc., which are widely used in many fields such as air-conditioning compressors, refrigerator compressors and auto parts.
Since its establishment, United Precision has attached great importance to independent research and development. At present, it has successfully mastered the casting and precision machining technology of compressor core components, and has formed corresponding patent and non-patent technologies. A few days ago, United Precision released a preliminary inquiry and promotion announcement for its initial public offering.
United Precision’s listing on the Shenzhen Stock Exchange’s main board is, on the one hand, the recognition of United Precision’s business capabilities from the outside world. On the other hand, the deep accumulation in the industry makes United Precision stand out. With the blessing of capital, its future development is bound to leap to a new level.
Attaches great importance to R&D innovation and has mastered core technology
my country’s manufacturing industry is at a critical stage of transformation and upgrading, and the level of technology is changing with each passing day. Especially in the precision machinery parts industry, technological innovation will become a strategic highland for enterprises to seize the potential of the future industry.
Since its establishment, United Precision has attached great importance to the development and management of new technologies, and actively promoted the development and application of new technologies. From the perspective of R&D expenditure, the company’s R&D investment from 2019 to 2021 is 12.5819 million yuan, 14.4245 million yuan and 30.130 million yuan respectively, and the investment is increasing year by year.
In terms of technology, United Precision has more than 10 years of experience in the business of precision mechanical parts, and has formed core technologies including high-efficiency mold production technology for air-conditioning compressors, and non-adhesion technology for compressor piston parts and risers.
At the same time, the company has obtained higher product added value by extending the industrial chain and improving the processing depth. At present, United Precision has covered the integrated processing process of mold design, casting and precision machining with its own production and technical capabilities, so as to better control product quality, improve supply stability, and customize products according to customer needs.
The continuous high R&D investment has also brought a number of professional qualifications and honors to United Precision. In fact, the company has grown into one of the thousand key enterprises in China’s foundry industry, a production base of China’s home appliance castings, a leader in the cast iron sub-industry of China’s foundry industry, a director unit of China Foundry Association, and an executive vice-chairman unit of Guangdong Foundry Industry Association. In 2017, the company was recognized as “Qingyuan Engineering Technology Research and Development Center” by Qingyuan Science and Technology Bureau; in 2020, it won the “Gold Award for High Quality Castings” at China International Foundry Expo; in 2021, the company was recognized as “Guangdong Provincial Engineering Project” by the Guangdong Provincial Department of Science and Technology. Technology Research Center, etc.
In addition, as of the prospectus signing date, United Precision has owned 4 invention patents and 27 utility model patents. A number of patent achievements have provided strong technical support for the business development of United Precision, and the development and protection of intellectual property rights have created prerequisites for the company to improve its core competitiveness and market share.
Rapid revenue growth and strong business advantages in the industry
Relying on outstanding technical process advantages and integrated production advantages, the sales revenue of United Precision has achieved continuous growth in recent years.
Financial data shows that from 2019 to 2021, United Precision achieved sales revenue of 343.4324 million yuan, 451.3958 million yuan and 652.2332 million yuan respectively, with an annualized growth rate of 37.81%; net profit of 63.8575 million yuan, 84.4776 million yuan, 91.6598 million yuan, The annualized growth rate reached 19.81%.
It is worth mentioning that United Precision has established strong business advantages in the air-conditioning compressor and refrigerator compressor industries. Relying on high-level production and manufacturing strength, micron-level (μ-level) processing accuracy, and the ability to quickly respond to customer orders, the company has been highly recognized by many well-known downstream customers.
The current customer groups of United Precision mainly include Midea Group, Gree Electric Appliances, Highly, which are the top three air-conditioning compressors in my country, and Changhong Huayi and Wanbao Group, which are the top five refrigerator compressors. , the company has also entered the supplier system of well-known customers such as Galanz.
These large enterprises have always been strict about the strength of their suppliers, and being able to maintain long-term and stable cooperative relations with them means that United Precision has been unanimously recognized by customers in terms of industry status, popularity, product competitiveness and development resilience.
It is planned to raise 484 million yuan to increase production capacity and R&D strength
Although United Precision has seized market opportunities and achieved rapid growth in operating income in recent years, the company’s capacity utilization rate has reached a relatively high level, and the capacity utilization rate of major links has exceeded 90%. At the same time, with the advancement of science and technology, the technology is constantly being updated, and the competition in the foundry market has become more and more fierce. Market promotion, the company can maintain its own position in the industry.
In this context, the number of shares in the public offering of United Precision will not exceed 26,983,300 shares, and the funds to be raised will be about 484 million yuan, which will be used for the company’s new annual production of 38 million air-conditioning compressor parts and 2 million brake discs and research and development. Center expansion project, Anhui precision parts industrialization construction project, Anhui compressor shell industrialization construction project and supplementary working capital.
Among them, the new annual output of 38 million air-conditioning compressor parts and 2 million brake discs and the expansion project of the R&D center mainly produce cylinders, bearings, crankshafts, piston castings and auto parts brakes in the core components of air-conditioning compressors plate.
In recent years, my country’s air-conditioning and automobile industries have achieved rapid development. According to the data from the National Bureau of Statistics, the total output of air conditioners in my country in 2020 will be 210.646 million units, an increase of 8.11 times compared to 2001. Since the beginning of the 21st century, my country’s automobile sales have maintained rapid growth as a whole, and by 2017, automobile sales have reached 28.8789 million units. , an increase of 5.58 times compared to 2003.
United Precision believes that in the future, with the increase of my country’s national economic income, the support of national industrial policies, as well as the intelligentization and energy saving of air conditioners, and the hot sales of new energy vehicles, it is expected that my country’s air conditioner and automobile industries will have good prospects, which will be beneficial to the company. The products of the second fundraising project achieved sales.
For the Anhui precision parts industrialization construction project, United Precision expects a total investment of 138 million yuan. The company said, “After the project is completed, an annual output of 41 million compressor parts (cylinders, bearings, crankshafts, pistons) precision parts can be formed. Production capacity and 12 million pieces of compressor parts (cylinder, crankshaft, piston) precision parts deep processing capacity. Moreover, the implementation of the project will also expand the production capacity of the company’s compressor core parts products, meet market demand, and promote the company’s development strategy, Further improve the company’s competitiveness and profitability, and consolidate the company’s market position.”
Looking forward to the future, United Precision said that the company will continue to focus on the whole industry chain business of casting, and combine the current technical reserves, quality advantages, and resource advantages to expand the production capacity of castings and precision parts, reduce unit costs, and strengthen scale advantages; on the other hand , the company will increase the proportion of precision parts products and form a product structure dominated by high value-added products.
In addition, the company will also expand the application field of the company’s products, from the current stage mainly in the field of home appliances, to expand the application in all fields of home appliances, automobiles, and other mechanical fields.Text / Mo Xiaoqian