On October 11, 2010, Hangzhou Advance Gearbox Group Co., Ltd., the first unit of China A-share gear, entered the capital market.
As one of the most widely used products in the Chinese gear industry, the largest and most comprehensively competitive large-scale shipbuilding and shipbuilding machinery transmissions, and one of the most widely used gear transmission manufacturers in the domestic In the capital market, the issue price of 8.29 yuan/share and the issuance P/E ratio of 43.86 times became the 875th listed company of the Shanghai Stock Exchange, which received extensive attention from investors.
Industry development space is huge
In 1960, the establishment of Hangzhou Gear to protect the national equipment manufacturing industry, and the excellent performance of the company for 50 years without loss made analysts very optimistic about the company's development prospects.
The advancement of Hangzhou Gear is inextricably linked with the rapid development of the gear industry. According to statistics, the total industrial output value of the Chinese gear manufacturing industry increased by more than 18% year-on-year from 2005 to 2009. In 2009, the total industrial output value reached 78.185 billion yuan, which has become China's largest industrial base for Mechanical Parts. Analysts said that it is expected that by the end of the “Eleventh Five-Year Plan†period, China’s annual gear sales will reach 130 billion yuan, ranking second in the world.
In recent years, with the development of the machinery industry, the accumulation of technology and experience in domestic enterprises, and the substitution effect of high-end products have become more and more obvious. This has provided development opportunities for domestic enterprises with technological advantages, such as the advancement of Hangzhou Gear.
At present, the company has established competitive advantages in the sub-sectors such as ships, construction machinery, wind power, and heavy-duty vehicles. The company’s production and sales of marine gearboxes have a market share of 65%, ranking the first in the country for many years; construction machinery The transmission has a market share of about 20%. It is the highest share of transmission gear in the domestic construction machinery industry and the largest independent supplier.
The company has obvious competitive advantages
Some analysts said that HANGZHOU has a wide product range and strong anti-risk capabilities. The company's production and sales of products cover ships, construction machinery, automobiles, wind power, agricultural machinery, cement, electricity, metallurgy, mining and other industries, and are relatively small affected by individual industries, avoiding the risk of cyclical fluctuations in the market brought about by single-field products. .
At the same time, the multi-disciplinary nature of Hangto products has brought about mutual exchange and grafting of product development technologies, which is conducive to upgrading technological innovation capabilities and forming a broad product design platform; manufacturing and procurement of resource sharing are beneficial to reducing the manufacturing costs of products; these factors The superposition reflects the company's unique comprehensive competitive advantage and strong resistance to risks.
In the interview, the author discovered that in recent years, the company has established a complete product development system by increasing scientific research investment and optimizing research conditions and means. The company's technology center has been awarded the "National Technology Center" and the company has been awarded the "National High-tech Enterprise."
The advance of Hangzhou Tooth has also established a strong sales service network, with 4 domestic sales companies, 12 city-based offices, 36 first-tier agents, and more than 250 after-sale technical service stations; in Hong Kong and Malaysia, respectively. A wholly-owned, joint-venture subsidiary company with more than 40 agents in 35 countries and regions including Asia, Europe, the Americas, Oceania and the Middle East.
Using the capital market to meet new developments
This time, the proceeds from the advance of Hangzhe will be invested in advanced ship propulsion systems and high-precision marine gearboxes, construction machinery transmissions, capacity expansion projects for key parts of wind power transmission speed-increasing boxes, and heavy-duty and special-vehicle automatic transmission technology research and development projects. .
After the fund-raising project is completed, the company will further optimize its product structure, promote industrial upgrading, and maintain its leading position in the field of ship and construction machinery transmission devices. At the same time, according to the layout of China's economic development, the company will increase its investment in wind power gear transmission and high-precision gear transmission, and realize the company's new profit growth point. According to the feasibility study report of the project, after the three projects have all been completed, the annual sales income of Hangzhou Dental will be 1,546.28 million yuan, and the new net profit will be 144.24 million yuan.
After landing on the capital market, the progress of Hangzhou Tooth will usher in a new stage of development, relying on the technology, brand advantages and industry status of Hang Gear in the field of gear transmission in China to consolidate and expand the company’s large-scale manufacturing capacity. With high-end market share, the company has built an advanced manufacturing base for gear transmissions with strong international competitiveness, and has become the world’s number one supplier and service provider of integrated power transmission devices.
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