Since last year, with the increasing prominence of international trade issues, the concept of domestic substitution has frequently appeared in front of the public. What is striking is the anxiety of domestic substitution in the domestic chip field. But in fact, my country's domestic substitution problem in other industries also needs to be solved urgently. Domestic companies including high-end bearings, display materials and industrial information security are increasing their research and development efforts, striving to contribute to the realization of domestic substitution. Luoyang Xinqianglian Slewing Bearing Co., Ltd. (hereinafter referred to as 'Xinqianglian'), which is about to land on the GEM, is one of them. This time, Xinqianglian plans to issue no more than 26.5 million shares at a price of 19.66 yuan per share, accounting for no less than 25% of the total share capital after the issuance. The funds raised will be used for supporting bearing construction projects of 2.0MW and above high-power wind power generators and to supplement working capital. Breaking the foreign monopoly and realizing import substitution Xinqianglian was established in August 2005. It is a high-tech enterprise specializing in the research, development, production and sales of large slewing bearings and industrial forgings. The company has strong research and development capabilities and advanced production technology. After years of R&D and production practice, the company has developed three-row roller main shaft bearings for 2 MW permanent magnet direct-drive wind turbines, main bearings of shield machine series (belonging to the national '863' Torch Program), anti-corrosion marine rotary Support and other products have obtained the appraisal of scientific and technological achievements by China Machinery Industry Federation. The company's wind power main shaft bearings and shield machine main bearings have reached international technical standards, breaking the situation of foreign monopoly of bearing products in this field and realizing import substitution. The company has advanced wind power main shaft bearings, yaw bearings, pitch bearings, shield machine bearings and key components, research and development, design and production capabilities of offshore equipment crane slewing bearings, has become a high-end wind turbine, shield machine and other high-end A major manufacturer of equipment supporting bearings. Long-term investment in technology and research and development has allowed Xinqianglian to gain a number of high-quality customers. In terms of wind power products, the company has cooperated with a number of wind power machine manufacturers, and has become a long-term main supplier of large domestic wind power machine manufacturers Mingyang Wisdom, Xiangdian Wind Energy, etc., and became a qualified supplier of Envision Energy in 2018. In terms of shield products, the company has established a strategic cooperative relationship with China Railway Equipment and has become its excellent supplier; in terms of marine equipment products, the company has maintained a good relationship with well-known enterprises such as Zhenhua Heavy Industry, CSSC South China, and Wuchuan Machinery. Cooperation. In addition, the years of cooperation with these customers also reflect the stable market position of Xinqianglian. The five companies whose cooperation period exceeds 10 years are Hunan Electric Wind Energy, China Railway Equipment, Zhenhua Heavy Industry, CSSC South China, and Wuchuan Machinery. In recent years, the performance of Xinqianglian has been outstanding. The prospectus shows that from 2017 to 2019, the company's operating income was 371 million yuan, 457 million yuan, and 643 million yuan respectively, with a compound annual growth rate of 32.02%, and revenue increased by 0.73 times in three years. The company's profitability has also continued to increase. The net profit attributable to shareholders of the parent company increased from 40.8576 million yuan in 2017 to 99.8305 million yuan in 2019, with a compound annual growth rate of 57.34%. In addition, the gross profit margin of Xinqianglian has been maintained at around 30% for many years. The '2016-2018 Bearing Industry Economic Annual Report' released by the China Bearing Industry Association shows that the average sales profit margins (total profits/main business income) of major domestic bearing manufacturers in 2017-2018 were 5.87% and 5.22% respectively, while According to the data disclosed in the prospectus of Xinqianglian, its sales profit margins in 2017 and 2018 were 13.03% and 14.96%, respectively, much higher than the industry average. Leading product technology and occupying a stable market share As a high-tech enterprise, Xinqianglian has been engaged in the production of slewing bearings for more than ten years, and has a long-term R&D team focused on the production of large-scale slewing bearings. As of the end of 2019, the company has a total of 78 technical and R&D personnel. , accounting for 12.34%. The company invests a lot of money in product and technology research and development every year. According to the prospectus, Xinqianglian invested 30.2058 million yuan in research and development in 2019. With the joint efforts of the R&D team and the guarantee of a large amount of R&D capital investment, the company's technological achievements have been remarkable.
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