#The new column of #虎 Sniffer Investment Research is now online! Pro IPO Express: Covers key IPOs every week, to help you understand the fundamentals of new companies.
Green Harmonic (688017.SH), the largest manufacturer of harmonic reducers in China, will soon be listed on the Science and Technology Innovation Board, and online purchase will be made on August 19, 2020. The company plans to publicly issue 30,104,200 shares and raise 546 million yuan, mainly for the construction of 500,000 harmonic reducers.
Precision harmonic reducer is one of the three core components of the robot, and it is generally used in the joints of the robot’s arm, wrist or hand. The company’s products are widely used in high-end manufacturing fields such as industrial robots, service robots, CNC machine tools, aerospace, medical equipment, semiconductor production equipment, and new energy equipment.
In recent years, under the background of the country’s strong support for Industry 4.0, the field of industrial robots has developed rapidly, and the harmonic reducer, as the core component of the robot, has ushered in rapid development.
Green Harmonic is a Suzhou enterprise specializing in the research and development, design, production and sales of precision transmission devices. Its products include harmonic reducers, mechatronics actuators and precision parts.
The company’s R&D level is at the forefront of the industry. The company took the lead in realizing the industrial production and large-scale application of harmonic reducers, breaking the monopoly of international brands in the field of domestic robot harmonic reducers. The company is also the main drafting unit of many national standards in the field of precision reducers. It has established cooperative relations with many well-known robot manufacturers at home and abroad.
At the same time, we have also noticed that the company’s inventory turnover rate has dropped rapidly. In addition, compared with 2018, the turnover rate of accounts receivable in 2019 also decreased.
1. What is the general situation of the harmonic reducer industry?
1. What is a harmonic reducer?
The reducer is an intermediate mechanism connecting the power source and the actuator, which has the function of matching the speed and transmitting torque. According to the control accuracy, the reducer can be divided into general transmission reducer and precision reducer. The precision reducer has small return clearance, high accuracy, long service life, more reliability and stability, and is used in high-end fields such as robots and CNC machine tools. In recent years, harmonic reducers and RV reducers have become highA precision reducer widely used in the field of precision transmission.
Among them, the RV reducer is mainly used in the heavy load position of the robot, and the harmonic reducer is mainly used in the light load position. The specific comparison between the two is as follows:
(Data source: company prospectus)
Globally, Japan’s Harmonic Drive System and Nabtesco have achieved market leading positions in the field of harmonic reducers and RV reducers, respectively.
The main application field of harmonic reducer is in industrial robots. According to IFR statistics, the global sales of industrial robots reached 422,000 units in 2018, a year-on-year increase of 6%, and sales reached $16.5 billion, a year-on-year increase of 7.14%. As the core component of industrial robots, the precision reducer market is experiencing rapid development.
The development of precision reducers in China is relatively late. According to GGII data, the market share of domestic reducer shipments in 2018 is less than 30%, and the remaining market share is occupied by foreign brands, and the product price is relatively high and the delivery cycle is long , Has become one of the important bottlenecks restricting the development of China’s industrial robot industry, and the demand for domestic substitution is also increasing. At present, domestic manufacturers of harmonic reducers such as Green Harmonic and China Tech Kemei have achieved mass production.
In recent years, the domestic harmonic reducer industry has continued to develop under the support of national policies. In the “Made in China 2025” plan, robots and high-end CNC machine tools are listed as the ten key areas where the government needs to vigorously promote breakthrough development. , The “Thirteenth Five-Year Development Plan for the Robot Industry” has also been completed.
According to the forecast of IFR related data, the domestic market demand for precision reducers will reach 1,365,100 units in 2020, showing a good development trend. On the whole, my country’s harmonic reducer industry is in the growth stage and the market is growing rapidly. my country is the world’s largest industrial robot market, and the scale of the industry will continue to expand in the future.
The downstream applications of harmonic reducers are extensive, the most important of which is in the field of robotics. The specific proportions are as follows:
(Data source: company prospectus)
With the continuous maturity of applications in various fields, the global demand for industrial robots is strong and the output continues to increase. According to IFR statistics, the average annual growth rate of global industrial robot production from 2010 to 2018 was 16.90%, but in the fourth quarter of 2018 Since then, the industrial robot industry has been greatly affected by the downturn in the downstream automotive and 3C industries, which will have a certain impact on the shipments of industrial robots in 2019. However, with the continuous automation trend and technological improvement, the average annual growth rate of 2020-2022 can be maintained 11.97%, the global sales of industrial robots will reach 593,000 units in 2022.
(Data source: company prospectus)
2. What is the company’s main business?
1. Main business income composition
In the reporting period, the company’s main business income was 173,946,500 yuan, 217,783,700 yuan and 183,967,400 yuan. Among them, harmonic reducers and precision parts are the main sources of business income. The details are as follows:
(Data source: company prospectus)
The company currently has a production capacity of 90,000 units of harmonic reducers and a production capacity of 1.3 million confidential components. The mechatronics actuator product is the further expansion of the harmonic reducer products. It is currently in the small-scale sales stage and has not yet achieved scale Chemical production.
(Data source: company prospectus)
(Data source: company prospectus)
(Data source: company prospectus)
It is calculated from this that the company’s global market share of harmonic reducers in 2017 and 2018 is approximately 4.19% and 6.16%, and the market share has increased.
2. Competitive advantages of the company
The company’s R&D level is at the forefront of the country. The company took the lead in realizing the industrialized production and large-scale application of harmonic reducers in China, breaking the monopoly of international brands in the field of domestic robot harmonic reducers.
The company has