Beijing Jinchengzi, a laser processing control system company, has passed the IPO meeting, and its revenue will exceed 200 million yuan in 2021
On May 25, the 42nd review meeting in 2022 of the Shanghai Stock Exchange's Science and Technology Innovation Board Listing Committee was held. According to the announcement of the results, Beijing Golden Orange Technology Co., Ltd. (first issue): meets the issuance conditions, listing conditions and information disclosure requirements.
Founded in 2004, Golden Orange is one of the leading laser processing control system companies in China. It has long been committed to the automation and intelligent development of advanced laser manufacturing. The company's main products include laser processing control systems, laser system integration hardware and laser precision processing equipment. From 2019 to 2021, the company's operating income was 92.4231 million yuan, 135.1330 million yuan and 202.8149 million yuan; net profit was 16.0555 million yuan, 40.1970 million yuan and 52.6253 million yuan respectively.
As of December 31, 2021, the actual controllers of the company, Ma Huiwen, Lv Wenjie, Qiu Yong and Cheng Peng, directly held a total of 66.98% of the company's equity, and controlled 22.63% of the company's equity through Keruizi and Jingchengzhi. People control 89.61% of the company's equity.
Main laser galvanometer control system
The laser servo control system is in the market development stage
The development of China's laser industry benefits from the application and development of laser as a processing tool in various fields. Laser processing is inseparable from laser processing equipment, and the laser processing control system is the core numerical control system for the automatic control of laser processing equipment. It takes motion control software as the core and is used in combination with motion control cards. Technically, the laser processing control system integrates advanced technologies in computer, laser and optics, motion control and automation, visual tracking and other fields, and supports lasers, high-precision galvanometers and other components to achieve advanced laser manufacturing needs.
After years of development, Jinchengzi's product series covers laser marking, laser cutting, laser welding and other fields. From the perspective of the laser control system segment, the company's laser processing control system is mainly based on the laser galvanometer control system, which is mainly used in laser marking, laser precision cutting, laser welding and other micro-processing fields; A variety of micromachining corresponding to power lasers. The company's laser galvanometer processing control system includes standard function control system and mid-to-high-end control system. From 2019 to 2021, the company's laser processing control system sales accounted for 70.03%, 75.47%, and 72.62%, respectively.
In the initial stage of establishment, Jinchengzi was mainly engaged in the research and development, design and sales of laser processing control systems, and its product technology was mainly applied to laser equipment of plane marking type. With the continuous evolution of downstream needs and the company's technology upgrade iterations, products that can be applied to various downstream uses such as marking, cutting, engraving, and micro-machining have been successively developed, such as the Zeus system for PCB board cutting, 3D printing technology products and tapes. Flexible laser control system with vision function and robot automation control, etc. In 2021, Jinchengzi launched the laser servo control system product. Since it was put into the market in the second half of 2021, it has achieved sales of 153,000 yuan, which is still in the market development stage.
The field of low-end galvanometer control system has basically achieved localization
The localization rate in high-end applications is only about 15%
With the continuous technology research and development and experience accumulation of Chinese laser companies, after the realization of localization in the medium and low power segment, they continue to move towards the high power segment and enter the high-end application field. The development of domestic laser control systems has also continued to improve from mid-to-low-end applications. After the rapid development of domestic suppliers in recent years, localization has been basically achieved in the field of mid-to-low-end galvanometer control systems; in high-end applications, the German Scaps , Germany Scanlab and other international manufacturers dominate, the localization rate is only about 15%.
In terms of product categories, the laser galvanometer control system has a wide range of applications, among which high-end applications mainly refer to applications with high requirements in high-speed, high-precision, and complex processes, such as wafer cutting, photovoltaic dicing, remote welding, etc. Fine removal of glass film, laser cladding in aerospace industry, PCB processing, semiconductor resistance repair and engraving, etc. Compared with international manufacturers, Golden Orange still has a certain gap in technologies such as robot and 3D galvanometer linkage processing technology, large-format splicing control technology, real-time beam fluctuation offset compensation technology, laser cladding and other technologies; at the same time, in the field of high-end applications. The proportion of control system sales is still at a low level. From 2019 to 2021, the company's mid-to-high-end control system sales accounted for 69.23%, 58.46%, and 61.56%, respectively, and the sales of standard function control systems accounted for 30.77%, 41.54%, 38.44%. In the field of laser servo control system, domestic companies such as Baichu Electronics and Weihong Co., Ltd. occupy major market shares and form a strong first-mover advantage. Golden Orange has entered the field of laser servo control system for a relatively short time and is still in the market development stage.
In fact, the core of the Golden Orange laser processing control system is the control software, and there has been serious piracy in the industry in recent years. In particular, the pirated products of the laser galvanometer control system have occupied a large market share, which not only has a brand and market impact on Jinchengzi, but also hinders the further development of the domestic laser control system. This requires laser control system companies to continuously upgrade and iterate products and create technical barriers while combating piracy.
With the expansion of application scenarios and changes in different processing requirements, as well as the improvement of my country's industrial manufacturing automation and intelligent requirements, there are higher requirements for the R&D innovation of control system companies. As of December 31, 2021, Golden Orange has obtained 19 patents, including 6 invention patents, 11 utility model patents, 2 appearance patents, and 80 software copyrights.
Laser processing applications provide future market development space
Fundraising projects will enhance the company's core competitiveness
The transformation and upgrading of China's manufacturing industry is inseparable from the efficient processing method of laser processing. As a key supporting technology for the transformation and upgrading of the manufacturing industry, laser processing has a broad space for growth, thus providing a solid foundation for the growth of laser processing control systems. With the continuous increase of application scenarios, technological innovation, and expansion of applications, the laser processing control system has a relatively clear growth prospect.
In terms of customers, Golden Orange has established good cooperative relations with Huagong Technology, Feiquan Laser, etc., has a high-quality customer group, and has established direct or indirect cooperative relations with more than 1,000 downstream customers at home and abroad. Through years of deep cultivation of laser control technology with galvanometer control as the core, based on the important position of galvanometer in the field of high-precision laser control, the company has fully explored the production process of galvanometer. After independent research and development, the company has integrated the technical research and development results into the products. The existing 2D and 3D high-precision galvanometer products have a high level of product technology. There are few competing products in my country, and they have certain alternatives to foreign products. The company's rich experience in R&D and application will provide a solid foundation for the company's follow-up implementation of high-precision digital galvanometer system projects.
In addition, the company raised funds to invest in the following projects: laser flexible precision intelligent manufacturing control platform research and development and industrialization construction projects, high-precision digital galvanometer system projects, marketing and technical support network construction projects. Through the fundraising project, it will be able to meet the market demand for flexibility in laser processing, enhance the company's core competitiveness; promote the development of domestic laser galvanometer systems, and accelerate the process of domestic replacement of laser galvanometer systems for high-end application scenarios.
