Securities code: 003025 securities abbreviation: Sijin Intelligent Forming Machinery Co.Ltd(003025) Sijin Intelligent Forming Machinery Co.Ltd(003025)
Record of investor relations activities
No.: 2021-022
□ specific object research □ analyst meeting
□ media interview □ performance briefing
Investor relations activities □ press conference □ Roadshow
Category □ site visit ■ teleconference
□ others
ICBC Credit Suisse: Xing Mengxing, Du Yang
South Fund: Wan Chaohui
Name of participant and The Pacific Securities Co.Ltd(601099) insurance: Zhang Wei
Personnel name: Jingshun Great Wall: Liu Lisi
Industrial Fund: Chen Kaiyue
Everbright Securities Company Limited(601788) : Wang Rui
Time: 15:00 – 16:00 PM, December 24, 2021
Place: company conference room
Receptionist of listed company chairman / General Manager: Mr. Li Zhongming
Member name: Secretary of the board of directors / Deputy General Manager: Ms. Zhou Huijun
Question 1: what are the company’s leading products and main features?
The company is mainly engaged in the research, development, production and sales of multi station high-speed automatic cold forming equipment and die-casting equipment. The main products are: multi station high-speed automatic cold forming equipment, which is mainly used to manufacture various metal parts within a certain size range at room temperature. It is mainly used to produce fasteners by plastic forming process The main machine tool for special-shaped parts. In short, cold forming technology can be understood as “one-time forming technology of batch metal at room temperature”. Cold forming equipment integrates cold heading, cold extrusion, punching, trimming, chamfering and other cold forming processes. Its main features and advantages are summarized as follows: (1) high speed multi station continuous plastic deformation (one-time forming), which can produce dozens to hundreds of parts with different shapes per minute, which can save customers’ production space and human resources and improve production efficiency; in addition, the surface roughness and dimensional accuracy of plastic deformation products are good; (2) The continuous deformation of metal raw materials through multiple station molds conforms to the metal flow direction and improves the tensile strength and other mechanical properties of fasteners and special-shaped parts compared with the cutting process; (3) no cutting or less cutting, high material utilization rate; (4) processing various metal raw materials at room temperature to save energy; (5) machining metal parts with complex shape and difficult to cut.
Question 2: what is the downstream application field and market capacity of the company’s cold forming equipment industry?
The downstream customers of the company’s cold forming equipment industry are mainly manufacturers in various industries that mass produce metal connectors. There are a large number of downstream customers. The application fields of its downstream industries mainly involve automobile, machinery, nuclear power, wind power, electrical appliances, railway, construction, electronics, military industry, aerospace, petrochemical industry, shipbuilding and other fields.
The development of fastener industry can promote the development of cold forming equipment industry. In addition to standard fasteners, the demand for cold heading equipment in the manufacture of non-standard special-shaped parts is also increasing in recent years. During the design, selection and final delivery of the company’s cold forming equipment, personalized design or adjustment will be carried out according to the requirements of customers in terms of progressive die selection, workpiece size, accuracy requirements, process optimization, deformation process control, working condition environment, operation mode, etc. With the continuous innovation and improvement of cold forming process, cold forming equipment is increasingly widely used in the field of special-shaped parts, which will further increase the market demand of cold forming equipment industry. Since the first three quarters of this year, the orders of the company’s downstream industries in new fields such as electric tools and pneumatic tools have increased significantly.
In the next step, the company will continue to be market-oriented, continue to increase R & D efforts, focus on the development of intelligent, high station, large diameter and environment-friendly cold forming equipment on the basis of maintaining the market advantages of existing products, and constantly expand the new application fields downstream of cold forming equipment.
Question 3: what are the global and Chinese market sizes of cold forming equipment industry? What is the market share of the company’s cold forming equipment?
The company is the first listed company in A-share cold forming equipment manufacturing industry. Up to now, as there is no authoritative sales statistics in the cold forming equipment industry, and the main enterprises in the industry are non listed or non-public companies, it is impossible to obtain relevant data of various industries to calculate the corresponding market scale and market share of the company’s products. With the continuous innovation and improvement of cold forming equipment technology, the downstream industry application field will continue to expand and the market scale will further expand. In the future, on the premise of consolidating the existing industry position, the company will closely track the industry development trend and customer demand, continue to increase R & D investment, expand production capacity, improve and improve marketing ability and after-sales service ability, further expand the company’s leading advantage in Chinese enterprises and continuously narrow the gap with international well-known enterprises in the same industry, Further improve the market share of the company’s products.
Question 4: what is the company’s marketing model? What are the main representative customers? Where are the company’s overseas sales mainly concentrated?
In terms of marketing mode, the company adopts the marketing mode of direct sales. The company mainly carries out product promotion and customer development by participating in industry exhibitions outside China, publishing advertisements in professional magazines and online media, and some products are sold by bidding. In 2020, the company won four bidding projects, and the main customers are: 1. M12 five station bolt cold forming machine project of Fawer Automotive Parts Limited Company(000030) fastener branch; 2. Procurement project of cold heading machine (bolt cold heading forming machine) of China Railway Nanchang Bureau Group Co., Ltd.; 3. Procurement project of special-shaped parts six station cold heading machine of Dongfeng Automobile Co.Ltd(600006) Fastener Co., Ltd.; 4. Bidding project of large-size cold heading machine procurement of Chongqing Standard Parts Industry Co., Ltd. heavy standard factory branch.
The company’s overseas sales areas are mainly concentrated in India, Brazil, Turkey, Russia, Vietnam and other countries.
Question 5: how long is the delivery cycle of the company’s products? How about the company’s orders and production scheduling under the current macroeconomic situation?
According to the number of cold forming equipment and the size of various manufacturable parts, there are great differences in the volume, quality, structure, process complexity and number of parts of different models of products, as well as the total manufacturing time and manufacturing difficulty of a single product. It usually takes 3-5 months from the purchase of raw materials to the organization of processing and assembly, and then to the commissioning and delivery. Up to now, the company has sufficient orders on hand and tight production scheduling.
Question 6: what are the main raw materials purchased by the company? In the first three quarters of 2021, the company’s upstream raw material prices continued to rise, but the company’s net profit increased significantly after deducting non-profit. What are the specific reasons?
The raw materials purchased by the company mainly include castings, electrical parts, forgings, weldments, sheet metal parts, copper parts, pneumatic components and bearings. For the main raw materials, the company shall sign a semi annual framework contract with the supplier and issue a purchase order to the supplier during the actual purchase.
In the first three quarters of 2021, the price of upstream raw materials of the company continued to rise, which did not lead to significant fluctuations in the company’s operating performance, and the net profit increased significantly after deduction, The main reasons are summarized as follows: (1) the company adopts the strategy of mass production, which is conducive to cost optimization and has achieved remarkable results; (2) the company’s pricing model in raw material procurement and product sales can effectively deal with the impact of raw material fluctuations on the company’s profitability. The company and major raw material suppliers such as castings and forgings generally adjust their prices every six months (except under special circumstances), thus ensuring the relative stability of the price of the company’s main raw materials. In short, the frequency of the company’s adjustment of sales price is basically the same as that of the supplier’s purchase pricing, which can timely transmit the material price fluctuation to the downstream market.
Q7: can the company expand production through outsourcing when the company’s orders are saturated?
The company has established a complete production system including product R & D, metal processing, whole machine assembly, testing and commissioning. With the continuous expansion of the company’s business scale, in order to overcome the shortage of processing equipment and production site and improve the supply speed, the company realized some parts processing processes with low processing technical difficulty and occupying more sites through specialized outsourcing units, which met the needs of the company’s business growth in recent years and improved the overall economic benefits of the company. However, the processing method of outsourced machined parts is relatively simple, the amount of processing expenses accounts for a low proportion of total procurement and operating costs, and the processing of heavy equipment gold has special production site requirements. The supporting services of outsourced manufacturers can only meet some needs, and the company does not rely on outsourcing manufacturers for technology.
Question 8: what are the main projects under research?
At present, the company’s research projects mainly include: sjnp-33b-6s part compound forming machine, sjnf-28b-6s six station bearing cold heading machine, sjbf-204ll extra long high-precision cold heading machine, sjbf-254ll four station extended cold heading machine, sjbf-304ll four station extra long intelligent cold heading machine, sjbl-105 continuous extrusion machine, sjbs-106r concave flat bottom combination machine There are more than ten R & D projects, such as sjbp-276s heavy-duty precision full-automatic parts cold heading forming machine, sjbp-306l full-automatic large-size parts cold heading forming machine, sjbp-88s complex parts cold forming machine, sjbp-108s multi link precision parts cold forming machine, sjbl-108r drawing, flattening, punching and collecting combination machine, etc.
Q9: what is the current capacity utilization rate of the company? How is the progress of the raised investment project?
The capacity utilization rate of the company has been high. The large processing center purchased with its own funds has been in place and put into production, and the capacity has been gradually released; All imported equipment purchased with raised funds have been put in place. At present, installation and commissioning are under way, and will be put into use successively. The overall construction of the raised investment project is in order.
Question 10: what is the future development direction of the company in cold forming equipment? In the next two years, based on the existing capacity scale and product series, the company will expand capacity according to the company’s development plan, further improve the production scale, and enrich and improve the cold forming equipment series products; At the same time, by increasing R & D investment, strengthening independent R & D and innovative means, and continuously developing new products and technologies to meet the escalating market demand, the company will further consolidate its leading position in China’s cold forming equipment industry. In terms of product development plan, the company will continue to be market-oriented and maintain the existing
Based on the advantages of the product market, focus on the development of intelligent, high station, large diameter and environment-friendly cold forming equipment, mainly develop sjnp / sjpf series intelligent cold forming equipment, sjbp series eight / nine station cold forming equipment, sjbf / sjbp series super large cold forming equipment and other products, improve the complete set of technical service capacity and further improve the added value of products.
Annex list (if any) none
Date: December 24, 2021
