Reporter Lu Yu of China's ** newspaper
Shuanghuan Transmission, which accounts for about 50% of the passenger car gear business, plans to spin off its RV reducer (i.e., high-precision reducer) business to be listed on the Science and Technology Innovation Board.
Shuanghuan Transmission announced on the evening of March 3 that the company's board of directors deliberated and approved the spin-off of its subsidiaryZhejiang Huandong Robot Joint Technology Co., Ltd. ***(hereinafter referred to as "Huandong Technology") to be listed on the Science and Technology Innovation Board.
Huandong Technology focuses on RV reducers, mainly serving the field of industrial robots and automation. After the spin-off, Shuanghuan Transmission will focus more on the gear business, while Huandong Technology will concentrate resources to strengthen the R&D and market expansion of RV reducers.
The performance continued to increase significantly
Huandong Technology is mainly engaged in the research and development, design, production and sales of robot joint RV reducer, providing customers with the overall solution of high-precision reducer covering 3-1000kg load robots, including RV reducer, precision accessories and harmonic reducer, RV reducer is the main product of Huandong Technology, which is widely used in high-end manufacturing fields such as industrial robots and industrial automation.
In 2021 and 2022, the revenue of Huandong Technology increased year-on-year respectively, and the net profit increased year-on-year respectively; In January 2023, the revenue of Huandong Technology was 24.7 billion yuan and net profit of 5850960,000 yuan, about % in 2022.
Hillhouse holds 1% of the shares
As of the date of the announcement of the plan, Shuanghuan Transmission held 6129% of the equity, and nominate 4 of the 6 non-independent directors of Huandong Technology, can control the voting rights of more than half of the non-independent directors of the board of directors of Huandong Technology, can have a significant impact on the production and operation decisions of Huandong Technology, and is the controlling shareholder of Huandong Technology.
Wu Changhong, Chen Jianfeng, Jiang Yiqing and Chen Juhua, as the actual controllers of the double-ring transmission, except for the control of the ring technology through the double-ring transmission 61In addition to 29% of the shares, Wu Changhong directly holds 574% of the shares, Jiang Yiqing and Chen Jianfeng indirectly hold 024% of the shares. Wu Changhong, Chen Jianfeng, Jiang Yiqing and Chen Juhua together controlled Ring Technology 6727% of the shares are the actual controllers of Huandong Technology.
In addition, the comprehensive announcement disclosed information and related information was checked, and advanced manufacturing ** held 329% equity, transformation and upgrading** holds 262% equity; Hillhouse's Hillhouse Chenjun and Hillhouse Yurun hold 05% equity, a total of 1% equity.
The localization rate of RV reducers is expected to increase
According to the Haitong ** research report, the annualized production capacity of NABTESCO, the global leader in RV reducers, in the fourth quarter of 2022 is about 1.06 million units, and the revenue in 2022 will be about 90 billion yen, equivalent to about 4.7 billion yuan.
According to Nabtesco's estimated 60% share of the global reducer market for medium and large industrial robots, the global demand for RV reducers for industrial robots will be about 1.7 million units in 2022, and the market size will be about 7.3 billion yuan. Nabtesco plans to expand its precision reducer production capacity to 2.06 million units by 2026, nearly doubling from 2022, demonstrating its confidence in the future growth of the global industrial robot reducer market.
In addition, according to Huajing Industry Research Institute and Wind data, the reducer is the core component that accounts for a high proportion of the cost of industrial robots. The precision reducer used in the global industrial robot is basically monopolized by Japan, and the high cost of the Japanese reducer has promoted the cost reduction demand of domestic robot manufacturers. Compared with Japanese reducers, domestic reducers are more cost-effective, which promotes the localization of reducers to accelerate their substitution.
Haitong believes that with the breakthrough of domestic robot brands in the market share of lithium battery and automobile industries, domestic large-load robots have been applied in more scenarios, and under the consideration of chain stability and cost reduction, domestic large-load RV reducer is expected to gain more application opportunities, and the localization rate of RV reducer is expected to continue to increase; Judging from overseas experience, the development of the domestic robot industry will drive the development of domestic reducer manufacturers.
Editor: Xiaomo Review: Xu Wen