Machine tool as an industrial machine, is one of the most important tools of industrial production, the development of the machine tool industry directly affects the process of transformation and upgrading of the manufacturing industry, the development of the mainland into a manufacturing power is of strategic significance. On July 1, CNC machine tool manufacturer Qiao Feng Intelligent Equipment Co., Ltd. (hereinafter referred to as "Qiao Feng Intelligent") officially opened its subscription and will soon land on the GEM of the Shenzhen Stock Exchange.
Jiang Xiuhua, chairman and general manager of Qiao Feng Intelligence, said that after the listing, the company's medium and long-term incentive tools will be more abundant, which can attract and gather more outstanding talents in the industry. The listing is conducive to further enhancing the vitality and operational capabilities of the organization, and can also broaden financing channels, reduce capital costs, improve risk prevention capabilities, improve the company's core competitiveness, and contribute to the transformation of the mainland from a manufacturing country to a manufacturing power.
Deeply cultivated in the machine tool industry, the operation remained stable
Machine tool is a machine for manufacturing machines, in general machine manufacturing, the processing workload of machine tools accounts for 40%-60% of the total machine manufacturing work, which is an important cornerstone of modern industrial development. According to the motion control method, the machine tool can be divided into the traditional machine tool and the CNC machine tool, the traditional machine tool is mainly through manual control to complete the cutting work, the precision and efficiency of the processing are low, and the CNC machine tool is an automatic machine tool equipped with a program control system, which better solves the problem of complex, precise, batch and multi-variety parts processing, is a typical mechatronics product, represents the development direction of modern machine tool control technology.
Over the years, the mainland has maintained greater support for the CNC machine tool industry, and has successively introduced relevant policies to support the development of the CNC machine tool industry in the direction of high-end. It is worth affirming that Qiao Feng Intelligent has been engaged in the research and development, production and sales of medium and high-end CNC machine tools since its establishment in 2009. At the same time, the company has been taking technology research and development and innovation as the basis for sustainable development, focusing on the goals of high-speed, high-precision, high-efficiency, high-stability and high-reliability CNC machine tools, and constantly developing machine tool products that are in line with the development direction of high-end CNC machine tools and have strong competitiveness, so as to provide higher quality CNC machine tools and equipment for the transformation and upgrading of intelligent manufacturing in mainland China.
After years of industry precipitation, Qiao Feng Intelligent has continuously improved the technical performance of machine tools and improved the types of machine tools. The company's main products have developed from the vertical machining center at the beginning of its establishment, including more than 80 kinds of medium and high-end models such as vertical machining centers, gantry machining centers, horizontal machining centers, etc., and have continuously increased the coverage of the mainstream needs of the market. The company's products are widely used in general equipment, consumer electronics, automobile and motorcycle parts, molds, construction machinery, military industry, energy, medical equipment, aerospace, 5G communication and other industries. It is understood that Qiao Feng Intelligent is currently in the forefront of the scale of the metal cutting machine tool subdivision industry in the mainland, and is the third batch of specialized and new "little giant" enterprises announced by the Ministry of Industry and Information Technology of the People's Republic of China.
The company's main business income and net profit attributable to the parent company after deducting non-recurring gains and losses have maintained a good growth trend, with compound growth rates of 34.59% and 31.67% respectively in the past five years. Qiao Feng Intelligent said that in 2023, affected by the slowdown in domestic macroeconomic growth, the performance will decline slightly. However, since September 2023, the output of the machine tool industry has ended 17 consecutive months of decline, and the company's new orders have resumed growth since the third quarter of 2023.
According to the letter of intent, in the first quarter of 2024, Qiaofeng Intelligent achieved operating income of 367.795 million yuan, a year-on-year increase of 5.12%; The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was 50.1331 million yuan, a year-on-year increase of 31.70%. At the same time, based on the company's orders in hand, operating conditions and market environment, the company expects to achieve operating income of 778 million yuan to 853 million yuan in the first half of this year, a year-on-year increase of 2.37% to 12.25%; It is estimated that the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses will be 101 million yuan to 110 million yuan, a year-on-year increase of 17.48% to 28.07%.
Pay attention to R&D and innovation to help independent and controllable
According to the data of the German Machine Tool Manufacturers Association (VDW), in 2022, the consumption of machine tools in mainland China accounted for 32.18% of global machine tool consumption, ranking first in the world. Despite the huge market size of the mainland machine tool industry, there are many machine tool enterprises, and the general scale is small, the lack of industry giants and benchmarking enterprises, the overall "big but not strong", the level of technological development compared with developed countries There is still a gap, high-end CNC machine tools are still mainly imported, and the autonomy rate of core components of machine tools is low.
Qiao Feng Intelligent said that from the overall development of the mainland manufacturing industry, it is currently changing from a "manufacturing power" to a "manufacturing power", and "high-end, high profit" instead of "small profits and quick turnover" is the development trend of the mainland manufacturing industry, and the demand for high-speed, high-precision and high-value high-end CNC machine tools will also account for more and more high-end. The core technology of machine tools is subject to developed countries not only to limit the development of the mainland machine tool industry, but also to limit the upgrading of the downstream manufacturing industry, so it is imperative for the mainland CNC machine tool to be independent and controllable.
According to reports, since its establishment, Qiao Feng Intelligent has adhered to technological innovation and product innovation as the core driving force for enterprise development, focusing on the research and development, design, manufacturing and downstream application fields of CNC machine tools for technical research, product development and application expansion, keeping up with the development trend of the industry, and unifying independent innovation with market demand. During the reporting period (referring to 2021, 2022 and 2023, the same below), the company's R&D investment continued to grow, with R&D expenses of 44.6691 million yuan, 56.3415 million yuan and 63.4197 million yuan respectively, accounting for 3.41%, 3.64% and 4.36% of operating income in the same period.
Relying on years of R&D investment and practical experience, Qiao Feng Intelligent has built an experienced R&D team, and the core technical personnel have R&D experience in well-known machine tool manufacturers. The company has established a relatively complete technical system around CNC machine tools, including core machine tool technologies such as precision maintenance, reliability maintenance, R&D and application of core functional components, application development of control systems, and efficient processing under complex working conditions, and has formed a number of innovative technologies. As of the signing date of the letter of intent, the company has a total of 25 national invention patents, 171 utility model patents and 25 software copyrights.
Industry insiders said that with the development of "China's intelligent manufacturing", CNC machine tools will inevitably grow and achieve each other together with high-end manufacturing industries such as new energy vehicles, intelligent equipment, aerospace, etc., and domestic high-end CNC machine tools will also occupy a place in the future. In recent years, a number of private enterprises with certain core technologies have risen in the domestic high-end CNC machine tool market, and Qiao Feng Intelligent will keep up with the wave of localization substitution in the future to further expand the high-end market share.
Seize development opportunities and raise funds to expand production capacity
As an "industrial machine", machine tools have a wide range of downstream applications, and are an important cornerstone for the mainland to move from a "manufacturing power" to a "manufacturing power". Over the years, the mainland's strong policy support has encouraged and fostered the further development of enterprises in the field of CNC machine tool manufacturing. Qiao Feng intelligence in the letter of intent pointed out that the mainland is currently in the stage of adjustment and upgrading of the industrial structure, with the continuous upgrading and development of downstream industries, the requirements for machine tool processing accuracy and stability are getting higher and higher, the demand for high-end products is becoming increasingly prominent, the demand for updating and upgrading is larger, the future market share of high-end will further increase, advanced manufacturing will gradually replace the traditional manufacturing industry, as the market demand for high-performance CNC machine tools will continue to increase.
It is worth noting that Qiao Feng Intelligent has been deeply involved in the machine tool industry for many years, and its products have been highly recognized by downstream customers, and the company's existing production capacity has been unable to meet the growth demand of the market. According to the letter of intent for the IPO, in each period of the reporting period, the capacity utilization rate of Qiaofeng Intelligent's main products, vertical machining centers, was 119.72%, 103.93% and 96.48% respectively, which was already in a state of high capacity saturation. In order to meet the growing market demand, the company urgently needs to expand the production line, break through the bottleneck of the existing production capacity, further increase the market share of the company's products, and enhance the company's comprehensive competitiveness in the industry.
The reporter noted that the funds raised by Qiao Feng Intelligence's issuance and listing are mainly used to expand production capacity and improve R&D capabilities. According to the letter of intent, Qiao Feng Intelligent intends to issue no more than 30.19 million ordinary shares to the public, and the funds raised will be mainly invested in the two major projects of "CNC equipment production base construction project" and "R&D center construction project" after deducting relevant expenses. Among them, the total investment of the "CNC equipment production base construction project" is 891.1419 million yuan, mainly for the new high-end CNC machine tool production plant and supporting facilities, the purchase of advanced production and testing equipment, and the expansion of the production line of the establishment of machining centers, gantry machining centers and horizontal machining centers. After the implementation of the project, the company's production capacity will be further expanded, to meet the growth of demand for CNC machine tools in downstream industries, and to stabilize the company's market position.
Talking about the development goals, Qiao Feng Intelligent said that the company has always adhered to the three core concepts of "customer, quality and technology", adhered to the corporate mission of "making manufacturing more stable, more accurate, more efficient and more intelligent", focused on the field of CNC machine tools, continued to improve the company's products, technology and services, and increased the proportion of self-developed and self-produced core components. In the future, the company will fully grasp the development opportunity of the transformation of the mainland from a manufacturing country to a manufacturing power, and is committed to realizing the company's corporate vision of "building a century-old enterprise and being an industry-leading CNC equipment provider". (Reporter Zhang Wen reports from Beijing)
Source: Economic Information Daily