VESBOLT hydraulic plant
As the first company to attend and register for issuance after the opening of the Beijing Stock Exchange, Vesbolt Hydraulics was listed on the Beijing Stock Exchange yesterday, and the closing price on the first day increased by 168.6% compared with the issue price, and the initial strategic placement link was subscribed by large public funds such as Huaxia. In the key track of hydraulic parts of the core components of machinery and equipment, and continuous independent research and development in the field of electric forklifts, what is the core competitiveness and future growth space of VESBOLT Hydraulics? Recently, Ma Jinxing, the actual controller and chairman of VESBOLT Hydraulics, was interviewed by the reporter of Shanghai Securities News to review the entrepreneurial process to investors and look forward to the future development blueprint.
Understand both technology and market
Recalling the 18 years of entrepreneurial history, Ma Jinxing told reporters that he was good at capturing market information as a salesman, but he was better at research and development. "I think the key is to solve the customer's pain points, that is, to do what the customer does not expect." He said.
In the past, VESBOLT Hydraulics mainly supplied hydraulic gear pumps, customers bought gear pumps, but also bought motors, gears, fuel tanks, and then assembled and tested themselves, so that it took a month or even longer to make a power unit component. After Ma Jinxing found the customer's pain points, he integrated the above parts to make a standardized power unit module. In this way, the customer will save a lot of trouble by installing it on the host, and the cost will be greatly reduced. As a result, there are more orders, and the output of VESBOLT Hydraulics has also increased from a few thousand units a year to 500,000 units a year.
VESBOLT Hydraulics has strong manufacturing capabilities for hydraulic power units and core components. The high-end hydraulic pump is the core component of the hydraulic system with high technical difficulty and high added value of the product, and it is also the focus of the company's research and development. Gear pump products are mainly divided into internal meshing gear pump, external meshing gear pump two categories, the company's internal meshing gear pump has completed the stage of research and development results, some models in 2020 to achieve small batch sales; upgraded products external meshing gear pump has obtained core customers Zhejiang Dingli, Liyuan Hydraulic and other customer sales orders; plunger pump related products are still in the early stage. After years of deep cultivation, the company has gradually accumulated a wealth of hydraulic power unit and hydraulic pump production technology and manufacturing experience.
Vesbolt Hydraulics' products are mainly used in warehousing logistics and machinery and other segments, the company has developed into a leading provider of hydraulic power unit products in the field of domestic warehousing and logistics technology level and industry status. In 2020 and the first half of 2021, the company achieved operating income of 218 million yuan and 151 million yuan, respectively. Among them, warehousing and logistics revenue accounted for 76.91% and 78.19%, and machinery revenue accounted for 19.34% and 17.65% respectively.
The company has been deeply engaged in the electric forklift industry for many years, focusing on the research and development of various types of small collection low-noise power unit systems, constantly overcoming the core technology bottlenecks of various forklift products, and independently developing a number of core technologies such as noise control technology. Up to now, the company has 3 invention patents, 51 national utility model patents, and won the honor and title of "Jiangsu Enterprise Technology Center", "Jiangsu Engineering Technology Research Center", "Huai'an Small Giant Enterprise", "Huai'an Specialized Special New Small and Medium-sized Enterprise", "Integration of Informatization and Informatization Enterprise" and so on.
What is the room for future growth
Hydraulic parts, engine, electronic control system are the three core components of mechanical equipment technology. Among the five core components of the hydraulic system, the pump, valve, cylinder and motor are technically difficult and have high added value. Although a small number of domestic hydraulic parts manufacturers have made technological breakthroughs, but have not yet achieved large-scale production, high-end hydraulic parts products still rely on imports, so the market space is vast.
At present, several leading hydraulic companies in China are not direct competitors with Vesbolt Hydraulics. Hengli Hydraulics is a leading supplier of excavator cylinders in China, with a market share of more than 50%, and its products have developed from hydraulic cylinders to products covering high-pressure cylinders, high-pressure piston pumps, hydraulic multi-way valves, hydraulic systems and so on. Wantong Hydraulics, which is also listed on the Beijing Stock Exchange, mainly produces hydraulic cylinders for dump trucks and cylinders for mechanical equipment; Shaoyang Hydraulics mainly develops and produces hydraulic piston pumps and hydraulic cylinders; while Vesbolt Hydraulics mainly produces and sells hydraulic pumps and hydraulic power units for small collection systems, which are not involved in the production of hydraulic cylinders.
Vesbolt Hydraulics' future growth potential is mainly in the downstream application growth space. At present, VESBOLT hydraulic products are mainly used in electric forklifts, aerial work platforms and automobiles. According to the power configuration, forklifts can be divided into internal combustion forklifts, electric forklifts and manual forklifts. Compared with internal combustion forklifts, electric forklifts have better environmental performance and electricity costs. With the improvement of environmental protection regulations and the rapid development of the warehousing and logistics industry, electric forklifts have grown significantly in recent years.
Ma Jinxing is optimistic about the future growth space of electric forklifts. He introduced that the company's downstream customers, namely the electric forklift main engine factory Zhejiang Dingli, Nori shares and other performance growth are very fast; at the same time, because the domestic products are much more cost-effective than overseas, the hydraulic system foreign trade export space is still very large. With the development of the economies of emerging market countries, the world forklift industry has gradually shown a trend of shifting to Asia and other emerging market countries in the world. In addition, VESBOLT Hydraulics has begun to expand into the industrial field in recent years, such as injection molding machines, bending machines, etc. In addition, VESBOLT Hydraulics has been strengthening independent research and development, constantly enriching the product line, and the self-sufficiency rate of the supply chain is expected to continue to increase in the future.
Vesbolt Hydraulics was listed on the Beijing Stock Exchange this time, with a total investment of 160 million yuan, and the funds raised will build 300,000 sets of high-end equipment intelligent electro-hydraulic power system construction project and 200,000 sets of gear pump construction project, some of which will be used to supplement working capital. After the fundraising project is put into operation, the company's production capacity is expected to increase significantly.
