I. Overview
The company is a leading manufacturer of CNC machine tool spindles in China. In recent years, adhering to the development strategy of "based on independent technological innovation, serving the global advanced manufacturing", the company has seized the opportunity of the rapid development of China's high-end equipment manufacturing industry, based on the spindle industry, and with the company's accumulation in research and development, manufacturing, customers, brand, etc., it has been steadily expanding horizontally into the field of core functional components of high-end equipment such as CNC machines and industrial robots and is committed to becoming a global top-level design and manufacturing of core functional components for high-end equipment.
During the reporting period, the company actively responded to and strictly implemented the regulations and requirements of the national governments at all levels on the prevention and control of the new crown epidemic, and cooperated with the national epidemic prevention and control work, which effectively mitigated the adverse impact of the epidemic on the company, at the same time, the company utilized its own core technology, responded to the call of the government departments, developed the ultrasonic welding system and other core parts of the mask machine with independent intellectual property rights, and this part of the product The launch of this part of the product brought the Company a large incremental business; coupled with the fact that the Company completed the acquisition of Infranor Group of Switzerland at the beginning of the reporting period, and Infranor Group has been included in the scope of the Company's consolidated statements since 2020.
During the reporting period, the Company was in good operating condition, realizing an operating revenue of RMB458,840,000, representing an increase of 147.28% over the same period of the previous year; and net profit attributable to shareholders of the listed company amounted to RMB65,347,300, representing an increase of 424.19% over the same period of the previous year. As of June 30, 2020, the total assets of the Company amounted to RMB1,928,624,400, representing an increase of 6.84% compared with the beginning of the period; and the owner's equity attributable to shareholders of listed companies amounted to RMB966,139,400, representing an increase of 8.58% compared with the beginning of the period.
The business development of each business during the reporting period is as follows:
(I) Business situation
During the reporting period, the company realized an operating income of RMB 458.84 million yuan, an increase of 147.28% year-on-year, of which the business related to the spindle, rotary table and other functional components (including rotary table, linear motors, speed reducer, and parts of the mask machine), motion control products (servo drives, servo motors, motion controllers), maintenance and spare parts business income and other business income accounted for 33.39%, 32.10%, 26.47%, 7.99% and 0.05% of operating income, respectively, and the operation of each business segment is specifically analyzed as follows:
1. During the reporting period, the company's spindle sales revenue of 15,318,999,000 yuan, compared with the The spindle of high-speed machining center (drilling and tapping center spindle), spindle of PCB molding machine, spindle of PCB drilling machine increased compared with the same period of the previous year, and spindle of CNC engraving and milling machine and spindle of lathe decreased compared with the same period of the previous year. Affected by the company's Infranor Group into the scope of the consolidated statements and mask machine parts sales revenue is larger, the company's spindle business revenue accounted for a decline in the proportion of operating income.
2. During the reporting period, the company's business related to rotary tables and other functional components (including rotary tables, linear motors, gearboxes, and mask machine parts and components) realized a sales revenue of 147,280,700 yuan, an increase of 8,344.73% over the same period of the previous year. Among them, due to the new coronavirus pneumonia epidemic prevention and control needs, the company's independent research and development of mask machine parts for the company has brought a large incremental business, the current reporting period to achieve sales revenue of 113,292,900 yuan; due to the increase in market demand, the company's rotary table products in the current reporting period to achieve sales revenue of 33,315,100 yuan, an increase of 2,050.65% over the same period of the previous year.
3. During the reporting period, Infranor Group's motion control products (servo drives, servo motors, motion controllers) contributed sales revenue of 121,518,000 yuan.
4. During the reporting period, the company's maintenance and spare parts business realized an operating income of RMB 36,650,800, a decrease of 16.69% compared with the same period of the previous year, and a decrease in the proportion of the operating income from 23.71% in the same period of the previous year to 7.99%.
(B) Technology R&D
The company insists on independent innovation as the core, combined with market demand, consolidating and developing spindle products while continuously extending to the core functional components of robots and other industries.
As of June 30, 2020, the Company and its domestic subsidiaries together owned 503 patents, including 79 invention patents, 411 utility model patents, and 13 design patents; meanwhile, Infranor Group, which was acquired by the Company, owned 55 patents***. During the reporting period, the company invested 34,469,700 yuan in R&D, an increase of 32.39% over the same period of the previous year, accounting for 7.51% of the operating income.
During the reporting period, the Company carried out continuous optimization and upgrading in the product areas of robot gearboxes, linear motors, high-speed fans, servo systems, servo motors and CNC systems to meet the needs of the downstream industry related to the continuous changes in materials, structures and technological processes, as well as the ever-increasing requirements for production efficiency and machining accuracy, and to consolidate the Company's leading edge in terms of products.
In terms of speed reducer, the company has obtained 7 invention patents, 5 utility model patents, and 12 invention patents are in the process of applying for (of which 10 invention patents are in the stage of substantive review). At present, the harmonic reducer produced by the company has reached a high standard of precision and life, and the relevant products have begun to realize batch sales. The company's robot reducer won the "Top Ten Customer Trusted Brands 2019" issued by GG Robotics, and the company's harmonic reducer won the "Innovation Product Award" in the "Golden Finger Award 2019 China International Robotics Annual Selection". Product Award".
In terms of linear motors, the company has obtained two invention patents and nine utility model patents, and nine invention patents are in the process of application (seven of which are in the substantive review stage).
In terms of high-speed fan, the company has declared 7 invention patents and has obtained the acceptance notice. During the reporting period, the company developed a fuel cell compressor prototype, magnetic levitation and air levitation aeration blower prototype, and has passed the company's internal debugging verification. At the same time, the company built a set of fuel cell compressor comprehensive performance test platform, can realize the automation test.
In terms of servo systems, servo motors and motion controllers, the company continues to promote exchanges, learning and cooperation between the R&D team in the country and the R&D staff of Infranor Group in Switzerland, and gradually absorbs, digests and masters the core technologies of Infranor Group in the servo systems, servo motors and numerical control systems in Switzerland, and gradually develops servo motors that meet the demands of the domestic market, while promoting the related products in the domestic market. In addition to the promotion of related products in the domestic market, we will gradually develop servo motors, servo drives and numerical control systems to meet the needs of the domestic market.
(C) Actively respond to the call of the state, using the company's R & D strength and core technology to help the development and production of mask machine, for the prevention and control of the new coronavirus epidemic contribute to the power
During the reporting period, in the face of the outbreak of the new coronavirus pneumonia epidemic and the spread of the company, the use of ultrasonic spindle field of technological accumulation, the company quickly developed with independent intellectual property rights of the ultrasonic welding system, such as mask machine core components, replacing the traditional manual welding core components of the mask machine with independent intellectual property rights, replacing the traditional manual welding method and effectively improving the production efficiency of the mask machine. With a strong competitive advantage, the company's mask machine core components to achieve a large number of sales, new mask production capacity around China to provide sufficient upstream core component support, for the prevention and control of China's new crown epidemic has made a positive contribution.
(D) actively promote the company's external development
In January 2020, the company through its wholly-owned subsidiary Haozhi International (Hong Kong) Limited completed the acquisition of 100% shares of the Swiss Infranor Group and BleuIndimSA, and successfully expanded the company's products horizontally to the field of motion controllers, servo motors and servo drives, the company's overall The company's overall strategic layout is being gradually implemented. For details, please refer to the relevant announcements disclosed by the company on the Juchao Information Network.
(E) 2020 GEM to a specific object to issue shares
The company held the twenty-eighth meeting of the third session of the board of directors and the first extraordinary general meeting of 2020 on July 8, 2020 and July 27, 2020, respectively, and considered and passed the "2020 GEM to a specific object to the issuance of shares program on the company's proposal," "on the". <Proposal for the Company's 2020 GEM Stock Offering to Specific Objects>", "Proposal on Changing the Use of Proceeds" and other relevant proposals. The number of shares to be issued to specific objects will not exceed 36 million shares (inclusive), the total amount of funds raised will not exceed RMB 45,000,000, and the number of objects to be issued will not exceed 35. The investment projects to be raised from the issuance of shares to specific targets are "Harvest Intelligent Manufacturing Base Construction Project" and "Supplementary Working Capital Project".
"WoFeng Intelligent Manufacturing Base Construction Project" is the company's 2017 annual non-public offering of shares to raise funds for investment projects, the original total planned investment of 675,873,000 yuan, planned to invest in raising funds of 65,000,000 yuan, due to the company's 2017 annual non-public offering of shares, the actual net proceeds were less than the amount of funds raised. net proceeds were less than the amount of proceeds to be invested in the fund-raising project as originally planned, the Company decided to use the proceeds from the 2017 annual non-public offering of shares of RMB207,055,500,000 for the construction of the said project in accordance with the actual situation. According to the company's business development, the company adjusted the planning products of "WoFeng Intelligent Manufacturing Base Construction Project", and correspondingly adjusted the related inputs such as machinery and equipment, and the total planned investment of the project after adjustment was 670,512,000 yuan, using the previous fund-raising of 20,705,500 yuan, and the proposed use of the current fund-raising of 33,000,000 yuan. The fund-raising is mainly used for the construction and equipment purchase related to the construction of WoFeng Intelligent Manufacturing Base. The implementation of the fund-raising investment project "WoFeng Intelligent Manufacturing Base Construction Project" will further enhance the production capacity of the company's rotary table and speed reducer and promote the industrialization of the servo motor in China, so as to perfect the company's production capacity and improve the company's production efficiency. "Supplementary working capital project" intends to use the proceeds of 120 million yuan, the project is conducive to strengthening the company's capital strength, optimize the company's capital structure, improve the company's financial situation, alleviate the company's main business development of the capital pressure, to protect the company's main business sustained and healthy development.
On August 19, 2020, the company's 2020 GEM stock issuance to specific targets has been accepted by the Shenzhen Stock Exchange notice.
C. Analysis of core competitiveness During the reporting period, the Company's core competitiveness did not undergo any significant changes, and there were no cases in which the core competitiveness of the Company was seriously affected due to the departure of the core management team or key technical personnel, or the loss of franchises, etc. The Company's core competitiveness has been severely affected. 1, technology research and development advantages The company attaches great importance to research and development investment, the company's research and development investment in 2017, 2018 and 2019 were 44.601 million yuan, 59.816 million yuan, 54.2181 million yuan, accounting for 10.01%, 12.97% and 15.42% of operating income, respectively, and research and development expenses and their proportion of operating income have been increasing year by year. Increase. The Company has a strong R&D team. As at the end of June 2020, the Company had 271 R&D personnel (including overseas R&D personnel), accounting for 16.94% of the total number of employees, most of whom possessed bachelor's degree or above, and had relatively rich technical accumulation and R&D experience. After a long period of business accumulation and technological innovation, the company has gradually established and formed an advanced R & D system, and has "Guangdong Province Electrical Spindle Engineering Technology Research Center", "Guangdong Province Enterprise Technology Center" and "Guangdong Province Electrical Spindle Engineering Laboratory". The company has established and formed an advanced R&D system, and has "Guangdong Electric Spindle Engineering Technology Research Center", "Guangdong Enterprise Technology Center" and "Guangdong Electric Spindle Engineering Laboratory". At the same time, the company's overseas subsidiaries Cybelec Switzerland, Infranor France and Mavilor have independent technology development departments, respectively focusing on the development of motion controllers, servo drives and servo motors, the company is actively integrating the R & D resources and technology accumulation of the Swiss Infranor Group in the field of motion control, and continuously promote the company's overall R & D level and product performance improvement. The company is actively integrating the R&D resources and technology accumulation of Swiss Infranor Group in the field of motion control to continuously promote the overall R&D level and product performance. In addition to relying on its own technical force for research and development, the company also focuses on "production, learning and research" cooperation with universities, colleges, research institutes and other external organizations, and Harbin Institute of Technology, Hunan University, Guangdong Province Institute of Intelligent Manufacturing, the Fraunhofer Institute of LBF in Germany, and other universities, colleges and professional institutions to establish good cooperative relationships, and constantly strengthen the company's R & D. We have established good cooperative relationship with Harbin Institute of Technology, Hunan University, Guangdong Province Institute of Intelligent Manufacturing, Fraunhofer Institute LBF, Germany and other universities, colleges and professional organizations, and constantly strengthened the company's R&D personnel to master and learn the basic theories and technologies, which further improves the ability of R&D personnel and strengthens the company's technological reserves and technological innovation. Relying on the strong R&D strength, many of the company's products have been awarded as "National Key New Products" and "High-tech Products of Guangdong Province", and the company has also won the second prize of Science and Technology Progress Award of Guangzhou Municipality, the third prize of Science and Technology of Guangdong Province, etc. The company has also taken the lead in undertaking and completing the "National Key R&D Program", which is a national key research and development program. We have also taken the lead in undertaking and completed the research and development of the National Key R&D Program "Development of Major Scientific Instruments and Equipment" and the key special project "High-speed and High-precision Motor Performance Comprehensive Tester". The company's strong R & D strength and continuous investment in R & D helps the company not only to continue to optimize and upgrade the performance of existing products, but also to quickly respond to customer demand for customized development, and independent layout of the research and development of new products, new technologies to meet the downstream industry related to the continuous change of the material, structure and technology and process of continuous change, as well as production efficiency, processing precision requirements continue to improve the demand, consolidate and continuously improve the company's product market competitiveness. The market competitiveness of the Company's products. As at June 30, 2020, the Company and its domestic subsidiaries had a total of 503 patents, including 79 invention patents, 411 utility model patents and 13 design patents. During the reporting period, the Company and its domestic subsidiaries newly authorized 6 invention patents and 5 utility model patents. The situation is as follows: Meanwhile, Infranor Group, which was acquired by the Company, owns 55 patents***. The company's innovation ability, R&D level and patent reserves remain at the leading level in the industry. 2、Product Advantage The company's products are oriented to the middle and high-end markets, and the comprehensive performance of the main products has reached the leading level in China, and some of the products can compete directly with the leading international brands. In the pursuit of leading product performance at the same time, thanks to the domestic manufacturing industry's labor cost advantage, the company's good cost control capabilities, compared with foreign competitors, the company's products have excellent performance, more competitive prices, and provide a longer warranty life, better after-sales service, follow-up maintenance costs are lower, with a more obvious price-performance advantage. At present, the company's product applications cover PCB drilling machines, PCB forming machines, CNC engraving and milling machines, high-speed machining centers, drilling and tapping centers, grinding machines, lathes, woodworking machinery, industrial robots, medical equipment, warehousing and logistics, and other fields, the product variety of a complete series. The company's complete product line and wider downstream application areas can effectively disperse the impact of market fluctuations in individual application areas on the company's operating results. With strong R & D strength and deep experience, the company continues to upgrade and modify products, in order to improve product performance, to maintain the leading edge of the product on the basis of the market trend, but also follow the market trend, the development of new products and reserves, and continue to broaden the field of application of the product, to cultivate a new point of growth in profitability, at present the company's reserves and the development of the products include RV gearboxes, oscillating head, high-speed fan products, and so on. 3、Precision Manufacturing and Quality Control Advantage In the process of spindle production for many years, the company has accumulated a wealth of high-precision manufacturing equipment production line optimization design, use, debugging and maintenance experience, mastered a series of advanced process routes, process parameters and process control measures, and gradually established a perfect product quality control system, forming a large-scale precision manufacturing capabilities. At the same time, the company also continues to explore the application of industrial Internet technology to further enhance the control and management of the production process, the company has a strong advantage in precision manufacturing and quality control. 4, business model advantages The company focuses on high-end equipment manufacturing, based on the spindle, with the company's accumulation in R & D, manufacturing, customers, brand, etc., and steadily expanding horizontally to the CNC machine tools and robots and other core functional components industry, enriching the company's product mix, to maintain the company's leading edge of the company's products and technology and diversity, to support the company's sustainable development in the future. The company's all-round, diversified comprehensive service system and rapid response to customer needs, and constantly improve the market share and brand influence, has won a good reputation in the industry, and further enhance the company's core competitiveness. 5、High-end customer advantages The company is a leading enterprise in the domestic spindle industry, after years of operation and accumulation, the company now has a large number of well-known machine tool manufacturers customer resources, the company's R & D strength, technical level, product quality, pre-sales and after-sales service capabilities, etc. by the manufacturers of CNC machine tools and industrial robots recognized. The company will continue to consolidate the cooperative relationship with existing customers, in-depth exploration of customer demand. Meanwhile, in the process of long-term cooperation with the above customers, the Company has the opportunity to follow the development and innovation rhythm of the customers to obtain information on industrial and technological advances and customer demand, and to better recognize the gap between the Company and its foreign competitors in terms of product performance, service level, management, etc., so that the Company can obtain the impetus for continuous improvement and innovation. In addition, the company acquired Infranor Group Switzerland, Germany, France, Spain, Italy, the United States, the United Kingdom and other countries have subsidiaries, and has partners in many emerging markets, in the global CNC systems, servo motors, servo drives and other areas with a certain degree of visibility, the company will take advantage of Infranor Group's worldwide marketing network to continue to expand overseas sales The company will continue to expand overseas sales channels with the help of Infranor Group's worldwide marketing network. The company has strong R&D, design and manufacturing capabilities, and is able to quickly respond to and meet customer needs. At the same time, the company focuses on building the company's marketing channels and after-sales service management capabilities, and constantly broaden the channels of communication with customers to enhance the company's market share and competitiveness.