Fengli intelligent: small module gear contains large energy, lateral expansion harmonic reducer

High-quality drive to lead the development, customer resources long-term precipitation. Fengli Intelligent is committed to becoming the world’s leading intelligent drive research and development and system integration service provider, the products are mainly small module gear, precision reducer and parts, new energy transmission and pneumatic tools and other products, and Bosch and other international power tool leaders to establish a long-term stable cooperative relationship. The industry is in the destocking cycle, and the development resilience is still sufficient. From 2018 to 2021, the company’s revenue CAGR will be 25.8%. In 2021, the surge of orders from downstream customers will lead to a large inventory, followed by a destocking cycle, and in 2022, combined with the impact of the epidemic, the growth rate of main business revenue will slow down. Based on the main business, the company continues to expand the product line, power tools, robot reducer market growth space gradually opened, the development of sufficient toughness.

China Power DE: reducer + motor + body, deeply bound robot industry

Reducer + motor + body, deeply bound to the robot industry. As a high-tech enterprise in the field of mechanical transmission and control, Zhongda is committed to providing safe, efficient and precise transmission and control application solutions, integrating the production, marketing and service of motors, precision reducers, robot structure bodies and integrated intelligent execution units. The product spectrum is wide, covering planetary gear, cycloidal pin wheel, harmonic and RV four reducers. Its development has been stable for a long time, and the impact of the epidemic has been limited. The company has grown rapidly since its listing, with a CAGR of 12.5% in operating revenue from 2017 to 2022. In 2022, the revenue declined for the first time due to market pressure and external environment, but the impact was limited. In 2023H1, the revenue and net profit returned to the mother rose 19.03% and 6.98% year-on-year, and the revenue and net profit returned to the mother gradually recovered.

Precision forging technology: Passenger car precision forging gear head, reducer products are being promoted

Revenue and profit have recovered and net interest rates have been flat. The company’s revenue and net profit to the parent declined from 2019 to 2020, and has recovered since 2021. In the first half of 2023, the company’s total operating income was 950 million yuan, and its net profit was 130 million yuan, an increase of 24.32% and 19.37% respectively. The net interest rate for homeownership was 13.52%, flat year-on-year. The company’s main products are bevel gears, combination teeth, differential assembly and other passenger car gears. The proportion of the company’s bevel gear and combined tooth products in revenue decreased year by year, from 76.6% in 2019 to 57.1%, and the proportion of differential assembly and other passenger car gear products continued to rise.

Green harmonics: Focus on the field of harmonic reducer, continue to seize the share of foreign investment

Focus on harmonic reducer products, gradually expand product categories. Harmonic reducer continued to become the company’s revenue accounted for the largest proportion of products, accounting for 99% in 2018 gradually decreased to about 90% in the first half of 2023, the company also gradually expanded from the reducer to mechanical and electrical integration products and intelligent automation equipment, the first half of 2023, respectively, the two accounted for 8.9% and 1.1% of revenue. In 2022, the total operating revenue of the company is 450 million yuan, and the net profit of the company is 160 million yuan, with the same ratio of +0.54% and -17.91% respectively. The gross profit margin of sales and the net profit margin of homeownership decreased to 48.69% and 34.84%, respectively, down 3.83 and 7.83 percentage points year-on-year.

Double ring drive: RV reducer faucet, key downstream robot service

Focusing on the main business of gear, the proportion of reducer continues to increase. Gear products accounted for 70-80% of the company’s revenue, and the proportion of reducer-related businesses continued to increase in recent years, and the proportion of 2023H1 rose to 7.4%. Revenue and profit exceeded expectations, and gross profit and net profit recovered. The company’s net profit from 2018 to 2020 has continued to decline, and it has continued to grow positively since 2021. The 2023H1 revenue and net profit from returning to the mother have increased by 46.89% and 18.99% respectively. After 2020, the company’s gross profit margin and net profit margin have recovered and are now higher than the level of 2018, and the gross profit margin and net profit ratio of 2023H1 are 21.2% and 10.0%, respectively.

Haozhi Electromechanical: Refinancing to promote the upgrading of technical products, domestic electromechanical challenges the world frontier

Spindle industry leading enterprises, high-end equipment key breakthrough. Based on the spindle industry, Haozhi Electromechanical continues to expand horizontally to the core functional components of high-end equipment such as CNC machine tools, robots, and new energy vehicles. The company has the first global market share in the field of electric spindles, and harmonic reducer impacts world-class accuracy and life. Industry pressure superposition the pace of investment and financing, income net profit fluctuates greatly. The company’s revenue and net profit fluctuate greatly, the reasons are more complex: ① macroeconomic fluctuations, the machine tool industry downward, “mask economy” flash in the pan; (2) 20 years of Swiss Infranor combined tables, accounting for 30% of revenue; (3) Merger and acquisition projects bring greater period expenses and impairment pressure; ④ The consolidation of refinancing construction projects at the end of 2022 will bring certain depreciation pressure.