Fu Nike: a leader in the market for superhard materials and superhard tools

Company Profile

Fu Nike Superhard Materials Co., Ltd. (hereinafter referred to as "Fenike") was established in 1996. The company's main business is mainly engaged in research and development, production, sales and technical services of super-hard materials and products. Products include super-hard materials, high-performance super-hard composites and super-hard tools for excellent metal and non-metal processing, super-hard cutting and grinding tools. The company's products are mainly used in high-end manufacturing fields such as automotive, electronics, aviation, and intelligent manufacturing. The company's products are sold mainly in super-hard materials and super-hard tools.

In terms of super-hard materials, Fenike's products include CBN materials and FCG materials. Superhard materials currently account for 39.50% of the company's operating income. For superhard tools, Fenike's products include CBD tools, precision tools (automobiles, electronics) and more. Superhard tool products currently account for 57.07% of the company's operating income. The main consumer groups of the company's products cover automotive, aerospace, marine, steel, machine tools, molds and various mechanical processing areas.

The sales of the company's products use a combination of direct sales and distribution. The direct sales model is directly sold by the company to the end customer; the distribution model is that the company sells the product to the dealer, and then the dealer sells it to the end customer. In addition, the company has established an e-commerce marketing channel in line with the development of e-commerce.

Fu Nike was listed on the New Third Board and traded on the market. As of April 27, 2018, the company's total share capital was 12,906,000 shares, of which 63,538,800 shares were tradable shares, trading in the New Third Board.

Company highlights

The company drafted and formulated the national standards of the industry, and the industry has a major voice. The company drafted and developed the national standard for superabrasive cubic boron nitride (GB/T 6408-2003), the national standard for superabrasive particle size testing (GB/T 6406-2016) and polycrystalline cubic boron nitride for superabrasive metal processing. Industry standard (JB/T 12981-2016). As the drafting and formulating unit of national and industry standards, the company's core competitiveness and market discourse rights have been greatly enhanced, and high industry and technical barriers have been set for the company.

The company has been cultivating the superhard materials industry for many years and has accumulated a long time in the industry. Since its inception, the company has always focused on the super-hard materials industry and has created a good brand image in the industry. The company's existing majority of customers have been working for more than 10 years. Years of industry accumulation helped the company to establish the advantages of the entire industry chain, and established a "super-hard material - super-hard composite materials - super-hard tools - technology solutions - brand service effect" full industrial chain business model.

The company has mastered the four core technologies of production, and the technology sources are all developed independently. The company has successfully developed high-grade cubic boron nitride abrasive and tool manufacturing technology suitable for different metal processing fields and applications, and mastered the four major links of raw and auxiliary materials processing, high temperature and high pressure synthesis control, single crystal abrasive and micro powder preparation and tool manufacturing. The core technology forms an independent and complete cubic boron nitride abrasive and tool manufacturing technology system, which utilizes high-purity cubic boron nitride preparation technology, new binder preparation technology and welding technology of polycrystalline brazing tools. Some of the products produced by the core technology have reached the international leading level. The company has formed a technical system with its own characteristics and mastered the core technology with independent intellectual property rights. The source of the company's technology is mainly independent development, and the main production technologies are in the stage of scale application.

Institutional shareholding

As of April 28, 2018, seven of the top ten shareholders of Fenike were institutional investors. The names of the seven legal person shareholders, shareholding ratio and total share capital ratio are as follows.

Among the seven legal person shareholders of Fenike, except Pengda Co., Ltd. holds 17,121,600 shares with restricted sales, accounting for 13.27. The shares held by the other six corporate shareholders are all three-way tradable shares.

Motherboard related concept stocks

Yellow River Cyclone (600172): The company's main products are super-hard materials, super-hard materials, UDS series diamond presses, construction machinery, etc. The leading products are super-hard materials and super-hard materials, of which the annual output of synthetic diamonds exceeds the rest of the world. Sum. The company is the earliest enterprise focusing on the research and development of superhard materials and its production and operation. It has long been committed to the research and application of superhard materials. "Cyclone" brand products are popular in developed countries such as Japan, the United States, Europe and Southeast Asia. The company has become the world's largest production base of superhard materials and a leading enterprise in the domestic superhard materials and products industry.

Yu Diamond (300064): The company is a domestically produced synthetic diamond manufacturer with the most complete technology and R&D capabilities in China. The leading product is synthetic diamond, which has become one of the major manufacturers of synthetic diamonds in China. The production and sales volume of synthetic diamond ranks third in the country. All the synthetic equipments for the production of synthetic diamonds are self-developed and domestically original. They are the synthetic diamond production equipment with the largest synthetic cylinder diameter, high precision, good stability and highest production efficiency in China, and are in the leading position in China. The company has mastered core technologies such as large-scale synthesis equipment, large-cavity synthesis technology and raw and auxiliary materials for large-cavity synthetic synthetic diamond.

Financial data perspective

In 2017, the company's operating income increased by 26.26% compared with the previous year, mainly due to the steady growth of the original product market, and the sales of the super-hard tool market for processing 3C electronic (mobile phone, computer) products increased significantly. The company's net profit increased by 54.07% compared with the previous year, mainly due to the increase in the company's operating income. There is no significant change in the company's revenue classification. The main product categories are superhard materials and superhard tools.

The company's main customers are Xingtai Weishuo Cubic Boron Nitride Tool Sales Co., Ltd., MAGMA TOOL CO., LTD, Saint-Gobain Abrasives (Shanghai) Co., Ltd., MI Company, Saint-Gobain Abrasives (Shanghai) Co., Ltd., etc. In 2017, the company achieved an operating income of more than 200 million yuan and a net interest rate of around 20%.

Review

Fu Nike has a strong voice in the market for super-hard materials and super-hard products. The company has mastered the core technology with independent intellectual property rights, and the product production technology is in the stage of scale application. The company has the world's leading automatic grinding processing center, 3D laser processing center, ultrasonic precision machining center and other high-precision manufacturing equipment and precision testing equipment, the high-precision and high-performance advantages brought by the advanced equipment, the product advantage brought To provide customers with the advantage of stabilizing customer resources, most companies have a customer service period of more than ten years. In the “13th Five-Year Plan”, the super-hard materials will be one of the key support areas, and the equipment manufacturing industry such as the super-hard materials industry will also be supported by key areas. The company will have more room for development in the future.

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