Another "new quality productivity" represents that the enterprise will enter the capital market.
RecentlyArcadedancemachineCommitted to R & D, production and sales of key components of transmission and braking system of automation equipmentArcadedancemachineChengdu Ridi Zhiquan Technology Co., Ltd. (hereinafter referred to as "Redi Zhixu"), a high-tech enterprise, has been successfully registered on the gem IPO and will be listed soon.
In recent years, the industrial automation fields such as CNC machine tools, robots and elevators have entered a stage of rapid development, and the market capacity of the downstream industry continues to expand. According to the prospectus, Reddy Smart Drive is a rare manufacturer of precision transmission parts, electromagnetic brakes and harmonic reducers in the industry with product design, manufacturing, testing and verification.
Through this IPO fundraising, Reddy Smart Drive plans to invest 3. 5%.ArcadedancemachineThe .57 billion yuan is used for the electromagnetic brake capacity expansion project and the construction of the R & D center, which is expected to greatly enhance the production capacity and market competitiveness, and inject strong impetus into the company's long-term development.
Steady growth in performance and recognition of technical strength
Whether a company has growth potential or not can be seen by combing the development process of the first five years after its establishment.
According to public data, in 2009, Ridi Smart Drive was established, and in just four years, the company successfully developed electromagnetic brakes, taking the lead in opening up the domestic market space with an independent brand. and expand the products to elevators, cranes, tower cranes, parking garages and other lifting equipment fields.
In 2018, Redi Smart Drive expanded the application of electromagnetic brakes to automatic control fields such as CNC machine tools and robots, and successfully developed a harmonic reducer to achieve small batch production.
At present, the "harmonic brake" product of the integration of Reddy smart drive harmonic reducer and electromagnetic brake has entered the development stage, which breaks through the problem of miniaturization of robot joints.
According to the prospectus, the income of electromagnetic brakes from 2021 to 2023 is 3. 5% respectivelyArcadedancemachine2.8 billion yuan, 274 million yuan and 331 million yuan, accounting for 60.27%, 48.73% and 58.51% of the total revenue respectively, while the income of precision transmission parts is 194 million yuan, 262 million yuan and 194 million yuan respectively, accounting for 35.69%, 46.48% and 34.18% of the total revenue respectively. The income of harmonic reducer is 3.385 million yuan, 8.8783 million yuan and 15.0425 million yuan respectively, although the proportion of income has not been highlighted, but the scale of income has always been a multiple growth during the reporting period.
Taking into account the changes in revenue, share and other data of the above-mentioned plates during the reporting period, the comprehensive competitive strength of Redi intellectual drive is gradually improving, from the dominant electromagnetic brake plate to the pattern of electromagnetic brake, precision transmission and harmonic reducer. The company is also a rare manufacturer of precision transmission parts, electromagnetic brakes and harmonic reducers in the industry with product design, manufacturing and testing.
The pattern that the three major plates go hand in hand also directly promotes the performance of the company. The financial data during the reporting period show that from 2021 to 2023, the operating income of Redi Smart Drive is 567 million yuan, 587 million yuan and 585 million yuan respectively, and the net profit of returning mother is 64.993 million yuan, 74.8843 million yuan and 96.5841 million yuan respectively.
Behind the continuous stability and improvement of the performance, in addition to the continuous increasing demand in the field of downstream automation applications, it has something to do with the fact that Redi has been practicing its internal skills for decades. The compound growth rate of R & D investment in the past three years is 23.91%, and the amount of R & D investment in the last year is 32.9811 million yuan.
It is understood that the ultra-thin servo brake for robots independently developed by the company has been widely used in the field of automatic control of precision small space, such as service robots and cooperative robots. The electromagnetic brake used in elevators independently developed by the company has passed UL certification, CE certification, RoHS certification and NETEC special equipment type test of the National Elevator quality Supervision and Inspection Center, and has won the national invention patent by virtue of low noise technology.
It is worth mentioning that the company's technical strength is also shown incisively and vividly in the patent data. By the end of the reporting period, the company had 114 patents and 9 computer software copyrights, including 27 invention patents, 84 utility model patents, 1 overseas utility model patent and 2 design patents.
In addition to strengthening the R & D strength within the company, it also tries to cooperate with universities to improve the technological level. The prospectus shows that the company has set up a joint laboratory and talent training base with the University of Electronic Science and Technology to engage in the research of transmission and braking technology, and has obvious technical advantages in the development of new products and the undertaking of scientific research projects.
In November 2022, Redi Zhihua won the Sichuan Provincial "specialized and New" small and medium-sized Enterprises evaluated by the Sichuan Provincial Department of economy and Information Technology; in September 2023, it received the fifth batch of specialized and special new "Little Giant" enterprises assessed by the Ministry of Industry and Information Technology. In addition, the company currently undertakes a total of 16 provincial and municipal scientific research projects, including 13 provincial scientific research projects and 3 municipal scientific research projects.
Domestic substitution is full of imagination and downstream industry demand blowout.
It is worth noting that Ridi Zhi driver not only has a certain say in technology, but also envies his peers on the relevant indicators of the company's internal control management.
For example, combined with the per capita output of the company's sales staff and main business income, the per capita output of Redi Zhifu in 2021 and 2022 is 20.1662 million yuan and 20.8912 million yuan respectively, while the industry average is 8.9099 million yuan and 9.1407 million yuan respectively.
For the number of sales staff is lower than the industry average, Redi Zhi driver said that the company's customers are mainly global well-known enterprises, the barrier to entry is high, and once entered, the follow-up cooperation is very stable. According to the prospectus, the company's customers are mainly global or domestic well-known enterprises in downstream fields, such as domestic industrial automation leader Huichuan Technology (300124), domestic head industrial robot company Easton (002747), world-famous elevator manufacturers Hitachi Elevator, Otis Elevator and Toshiba Elevator, international well-known transmission parts companies such as Lingfeida in Germany, Toshiba Machinery in Japan and Finner Transmission in the United States.
It is worth mentioning that the market space of the company's three major business sectors is full of imagination.
With the continuous expansion of the application scale of industrial automation equipment in machine tools, wind power, textile, packaging, plastic, construction, mining, transportation, medical and other industries, the market demand for transmission and braking equipment continues to expand.
The overseas market has a strong stickiness in the high demand for Chinese mechanical transmission parts products. According to Chinese customs statistics, in 2021, 2022 and 2023, the total customs exports of transmission parts related to toothed wheels, sprockets and other transmission components and clutches and couplings (including universal joints) were 22.557 billion yuan, 25.796 billion yuan and 25.303 billion yuan respectively, with year-on-year growth rates of 35.17%, 14.36% and-1.91%, respectively.
According to the statistics released by the China Business Industrial Research Institute, during 2021-2023, the market size of China's industrial motor industry is 350.13 billion yuan, 361.21 billion yuan and 387.356 billion yuan respectively; electromagnetic brakes are used as supporting devices for industrial motors, according to the industry experience and orders, the domestic market capacity of electromagnetic brakes from 2021 to 2023 is 16.188 billion yuan, 17.605 billion yuan and 19.889 billion yuan respectively, maintaining sustained growth.
In the harmonic reducer sector, according to the latest statistics from the Institute of High-tech Robotics Industry (GGII), the Chinese market sold 316000 industrial robots in 2023, an increase of 4.29 percent over the same period last year, and sales in China are expected to exceed 320000 in 2024. According to the market experience, the market scale of harmonic reducer for industrial robots in China is 2.212 billion yuan in 2023.
In addition, the three main businesses of Redi Smart Drive all have the concept of "domestic substitution". For example, the prospectus shows that the domestic replacement of the brake market is transitioning from the low end of the market to the middle and high end, and there is more room for growth in the future. Redi Smart Drive, as an early enterprise engaged in independent research and development of this product, has reached the same level of international well-known brands through years of continuous research on technology and technology.
Driven by the development of intelligent manufacturing industry, based on the deep accumulation of processing technology in the field of precision transmission parts, the harmonic reducer developed and produced by Redi Zhi driver has been maturely applied in the robot industry because of its small backlash, high motion precision, large transmission ratio, small volume, light weight and so on. and promote the localization rate of robot core parts to rise continuously.
For example, based on the principle of controllable elastic deformation in the field of harmonic drive, Redi smart drive uses digital technology to parameterize the tooth profile to form a set of automatic tooth profile generation system with independent intellectual property rights; through the harmonic reducer production testing system, the parameters and performance of the harmonic reducer are tested and recorded online, and the information system is used to optimize the parameters of the harmonic reducer parts.
Raise 350 million yuan to enhance market competitiveness
In recent years, China has continuously launched policies to promote the development of the key core parts industry, the development of basic components of automation equipment, with a better policy environment, and the expansion of downstream application fields has also brought a broad market space for Redi intellectual drive. Reddy intellectual driver also intends to seize the opportunity of landing in the capital market to further enhance competitiveness.
According to the prospectus, the company intends to raise 357 million yuan this time, and the funds raised will be mainly used for the construction of the electromagnetic brake expansion project and the Redi intellectual drive R & D center construction project, with a planned investment of 307 million yuan and 51 million yuan respectively.
It is worth noting that the "electromagnetic Brake capacity expansion Project" is the key project to raise funds for this IPO, accounting for 86% of the funds. after the project reaches production, it can achieve a total annual production capacity of 3.59 million sets of electromagnetic brakes, providing a guarantee for achieving the company's overall development strategic goals.
Electromagnetic brake is a key component of braking system of automatic equipment, which is usually used in many industries with all kinds of industrial motors. With the continuous improvement of the degree of automation in the downstream application field of industrial motor, the development prospect of electromagnetic brake is very clear, but at present, the main business is electromagnetic brake.
In recent years, due to the limitations of site size and funds, the existing production capacity of Redi Zhi-driven electromagnetic brake can no longer meet the needs of the company's rapid growth, and the overall capacity utilization in 2021 has reached 99.92%. If the company wants to consolidate and improve its leading position in the industry, it must seize the market opportunity, break through the current production capacity restrictions, enhance the production capacity of middle and high-end products, and maintain simultaneous growth with the market.
The analysis shows that the market scale of the domestic electromagnetic brake will be tens of billions of yuan in the future. Redi Smart driver, as the first listed company with electromagnetic brake as its main business, will undoubtedly be able to seize the development opportunity with the successful implementation of the fund-raising project.
In addition, the R & D center construction project, another investment project of the company, is also quite in line with Redi's development strategy. According to reports, the company's competitive strategy is mainly reflected in the client and the product end, the client focuses on locking the leading quality customers in the industry and establishing a stable cooperative relationship, while the product side is based on the business strategy of "stable wings + core upgrading". The "smooth two wings" means that the precision transmission parts and electromagnetic brake products are regarded as the two wings of the steady development of the company, focusing on the development of key customers, optimizing and upgrading the products in the existing application fields, while constantly developing new products and entering new application fields. and rely on customer advantages and quality advantages, steadily enhance the market share at home and abroad. "Core upgrade" means to take the harmonic reducer as the core of the company's industrial upgrading in the future, speed up the process of independent research and development, complete the certification of high-quality customers in the industry as soon as possible, carry out mass production, and achieve a significant improvement in the company's products and profits.
Whether it is to lock in high-quality leading customers, or to update product upgrading, it should be based on strong R & D strength. Wen / Zhang Bo
