The application for the initial listing of green harmonic technology innovation board was accepted recently. The company mainly produces the reducer, one of the three core components of industrial robots, breaking the monopoly of overseas brands in the hard core field of harmonic reducer. In 2017, the company’s sales volume of this product was second only to the international leader hamenaco.
The company plans to raise 546 million yuan for the project with an annual output of 500000 precision harmonic reducers and the upgrading and construction project of R & D center.
Green harmonic is a high-tech enterprise specializing in R & D, design, production and sales of precision transmission devices. Its products include harmonic reducer, mechatronics actuator and precision parts. Among them, the harmonic reducer, controller and servo motor are collectively referred to as the three core parts of the robot.
Reducer is divided into harmonic reducer and RV Reducer. Green harmonic products mainly focus on harmonic reducer. After years of continuous R & D investment, the company took the lead in realizing the industrialized production and large-scale application of harmonic reducer in China, breaking the monopoly of overseas brands in the domestic robot market.
According to the prospectus, the shipment volume of green harmonic precision harmonic reducer is among the best in the world. It has successfully exported to international mainstream robot manufacturers, realized domestic independent control of precision harmonic reducer, greatly reduced the procurement cost and procurement cycle of robot core parts, and shortened the technical iteration cycle of robot and robot core parts.
In the field of industrial robot, harmonic reducer is generally used in the arm, wrist or hand joint of robot. The main end customers of harmonic reducer or mechatronics actuator of the company include well-known brands and manufacturers such as Xinsong robot, Huashu robot, xinshida, matching technology and universal robots. At the same time, the company is a supplier of precision parts for ABB, general electric, nazhibueryue, Alfa Laval and other enterprises.
According to the prospectus, the company’s harmonic reducer product shipments are leading in the domestic independent brand harmonic reducer Market. According to the statistics of GGII, in 2017, the company’s shipment of reducer products ranked second in the industry, second only to hamenaco.
Hamenaco is an international leading enterprise in the field of reducer. It has won a leading position in the fields of harmonic reducer and RV Reducer with nabotesk respectively. They have a long-standing cooperation with international industrial robot manufacturers such as abb, FANUC, KUKA and Yaskawa, and have a prominent market position.
Green harmonic indicates that after years of R & D investment, the company is in the forefront of the industry in theoretical innovation and technical R & D strength of harmonic reducer, and its products have reached the international advanced level in transmission error, back clearance, space error, transmission efficiency, noise, operating temperature rise and other indicators. As of the signing of the prospectus, the company and its subsidiaries have a total of 81 patents. Among them, there are 9 invention patents and 72 utility model patents.
From 2017 to 2019, the operating revenue of green harmonic was 176 million yuan, 220 million yuan and 186 million yuan respectively, and the net profit attributable to the parent company was 48.5863 million yuan, 65.0669 million yuan and 58.4783 million yuan respectively. In 2019, the company’s revenue and profit decreased by 15.32% and 10.13% respectively year-on-year.
Harmonic reducer business is the main source of the company’s revenue. The sales revenue of harmonic reducer from 2017 to 2019 was 128 million yuan, 174 million yuan and 145 million yuan respectively, accounting for 73.07%, 79.05% and 77.74% of the revenue respectively. The sales revenue of this business in 2019 decreased by 16.72% year-on-year.
The unit price and sales volume of harmonic reducer have declined. In 2019, the unit price of the company’s harmonic reducer was 1631.95 yuan / set, a year-on-year decrease of 13.43%; The sales volume was 88600 units, a year-on-year decrease of 3.80%.
As for the reasons for the decline in the unit price of harmonic reducer products, the company said that with the increase of production scale, process improvement and strengthened cost management, the average cost of products decreased; At the same time, the proportion of small and medium-sized harmonic reducers increased.
Green harmonic pointed out that the company’s core product is precision harmonic reducer, and its largest downstream application field is industrial robot. In recent years, the industrial robot industry has developed rapidly. According to the data of the National Bureau of statistics, the output of industrial robots in China from 2016 to 2018 was 72400, 131100 and 147600 respectively, with a compound growth rate of 42.80%. Since the fourth quarter of 2018, the production and sales of domestic industrial robots have declined due to the slowdown of downstream automotive and 3C electronics industries. The company’s operating revenue in 2019 was 186 million yuan, a year-on-year decrease of 15.32%.
The company said that the automation, intelligence and digitization level of medical devices, photovoltaic equipment, aerospace and other industries is the future development trend. As one of the core parts of the downstream high-end equipment manufacturing industry, the company’s harmonic reducer will usher in a broader market development prospect.
For the impact of novel coronavirus pneumonia, Green’s harmonic indicates that the logistics distribution cycle of the company is affected by traffic control. The company’s suppliers and customers were affected by the epidemic, and the resumption time was delayed. The above situation may have a certain impact on the company’s short-term performance. However, the epidemic situation does not affect the industry status of the company; The company actively takes various measures to ensure the smooth progress of production. The company resumed work on February 10. As of the signing of the prospectus, the proportion of employees returning to work has exceeded 95%, and the production and operation activities have been carried out in an orderly manner.
According to the prospectus, at present, the precision reducer Market is dominated by Japanese enterprises, and the company is facing great competitive pressure. In the global reducer Market, the industry leader of harmonic reducer is hamenaco, Japan, and the industry leader of RV Reducer is nabotesk, Japan. The two companies account for about 70% of the global industrial robot reducer Market in the precision robot reducer Market.
Green harmonic plans to issue no more than 30.1042 million shares, accounting for no less than 25.00% of the total share capital after issuance; The fund to be raised is about 546 million yuan, which will be used for the project with an annual output of 500000 precision harmonic reducers and the upgrading and construction project of R & D center after deducting the issuance expenses.
Among them, the project with an annual output of 500000 precision harmonic reducers plans to build the production line and supporting facilities of precision harmonic reducers and expand the production capacity of the company’s precision harmonic reducers. The construction period is 4 years.
From 2017 to 2019, Green’s harmonic R & D investment was 16.1725 million yuan, 24.9962 million yuan and 24.2353 million yuan respectively, accounting for 9.20%, 11.39% and 13.04% of the revenue respectively. As of December 31, 2019, the company has 89 technical and R & D personnel, accounting for 15.61% of the total number of employees.
Green harmonic means that it is committed to becoming the world’s top R & D and manufacturing enterprise of precision transmission devices. In the next three years, the company plans to greatly expand the capacity of R & D personnel, sales engineers and management personnel, and establish a professional talent team to meet the needs of the company’s rapid development. The company will, in combination with its own situation, industry development and capital market conditions, timely select enterprises for mergers and acquisitions, vertically integrate industrial layout, extend the company’s industrial chain, enrich product structure, expand production capacity and improve comprehensive competitiveness.
According to the prospectus, the actual controllers of the company are natural persons Zuo Yuyu and Zuo Jing. They are brothers, holding 27.19% of the shares of the company respectively and controlling 54.38% of the shares of the company in total. They serve as the chairman, director and general manager of the company respectively.
In terms of other shareholders, the advanced manufacturing fund directly holds 10.2 million shares of green harmonic, accounting for 11.29% of the total share capital; The third phase of Purun, participated by the listed company Jinhe industry, directly holds 7201800 shares of the company, accounting for 7.97% of the total share capital. In addition, Three Gorges Jinshi, Fangguang capital and CITIC M & A Fund ranked among the top ten shareholders of the company.
Responsible editor; zl