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Welding robot leader lifts the ban on over 40% of restricted shares, and the decline in revenue and profit is difficult to stop

Yesterday evening, Kelda issued an announcement that some restricted shares will be listed and circulated in the initial public offering. The number of restricted shares listed and circulated this time is 31.7011 million shares, accounting for 40.4276% of the company’s total share capital, and the restricted period is 12 months. Later, this part of the restricted shares will be listed for circulation on October 25, 2022.

Shenwan Hongyuan Securities, the sponsor of Kelda’s listing, has reviewed and has no objection to the listing and circulation of the restricted shares.

It is understood that Kelda landed on the Science and Technology Innovation Board on October 25 last year. It broke on the first day of opening, and then quickly rose. The closing increase was 10.76% at 52.18 yuan, but it has been ups and downs since then, and the whole is in a downward trend. , As of today’s close, Kelda’s share price was 34.6 yuan, with a market value of 2.713 billion, a drop of more than 45% since its listing.

Revenue and profit both decline in the first half of the year

Founded in 2009, Kelda is aIndustrial robotTechnology and industrial welding technology as technical support, provide customers withWelding RobotAnd a high-tech enterprise of industrial welding equipment, the main products include weldingrobotRobot-specific welding equipment and fully manual and semi-automatic welding equipment.

Kelda’s 2022 interim report shows that during the reporting period, the company’s main income was 207 million yuan, a year-on-year decrease of 39.0%; the net profit attributable to the parent was 22.6742 million yuan, a year-on-year decrease of 39.11%; in the second quarter of 2022, the company’s single-quarter main income 81.694 million yuan, a year-on-year decrease of 51.5%; single-quarter net profit attributable to the parent was 8.0675 million yuan, a year-on-year decrease of 54.97%.

Welding robot leader lifts the ban on over 40% of restricted shares, and the decline in revenue and profit is difficult to stop

Regarding the decline in revenue and profit, Kelda said that the epidemic had a greater impact on the supply chain and logistics in the first half of 2022, and it did not ease until mid-to-late June. Judging from the larger decline in the second quarter, the epidemic’s impact The impact is indeed large, but from the overall trend, it is still in a downward channel.

In a recent institutional survey, Kaierda said that the company’s self-developed robot arm and controller technology have reached the international advanced level, and related products are gradually realizing import substitution. At the same time, the company’s downstream terminal fields are relatively scattered, including automobiles and spare parts. , fitness equipment, metal furniture, electric bicycles and other industries, so that the company’s ability to resist risks will not be greatly affected by fluctuations in a certain industry.

For the new energy vehicle industry, Kelda has launched a robot servo arc welding system. Compared with the traditional double-pulse fish scale welding, the operation is simpler, the arc is more stable, and the welding speed is more efficient. At present, the servo welding robot has been used in GAC passenger cars and Chery New Energy Automobile and many other car companies have been well applied, and have entered the field of new energy battery tray manufacturing.

The proportion of outsourcing robots has decreased

It is understood that Kelda is closely connected with Yaskawa Group, one of the “Four Families” of industrial robots. Its complete robots are mainly purchased from Yaskawa Group of Japan, and the proportion was once 100%. In addition to core suppliers, Yaskawa Group is still Kelda’s second largest shareholder holds 13.75% of the shares. Yaskawa Group is also among them.

According to the prospectus and the 2021 annual report, from 2018 to 2021, the proportion of Kelda’s purchase of complete robots from Yaskawa Group was 100%, 100%, 98.97%, and 98.92%, respectively. It can be seen that Kelda welding robots use Almost all of the robots are purchased from Yaskawa Group, which is heavily relied upon.

However, in the recent 2022 semi-annual report, Kelda introduced that the proportion of purchased robots used in the company’s external sales of welding robots is 84.29%, of which the proportion of the total number of welding robots sold using Yaskawa robots is 81.65 %, although the dependence is still serious, the proportion has dropped significantly.

Kaierda said that at present, the company is actively increasing the stocking of raw materials and accelerating the construction progress of the fundraising and investment project – “Intelligent Welding Robot Production Line Construction Project”, in order to reduce the impact of insufficient production capacity of self-produced robots. It is expected that after the completion of the fundraising project, the company’s robot production, assembly, debugging capabilities and production automation will be improved, and an annual production capacity of 4,400 units will be formed.

In June 2020, Kelda began to launch self-developed robots. The sales volume of welding robots using Kelda’s self-produced robots was only 76, and the proportion of Kelda’s outsourcing robots in 2021 is still slightly The increase shows that last year Kelda’s self-produced robot machine has not been widely recognized by customers and applied in batches, and it is still in the trial stage.

However, in the first half of this year, the proportion of Kelda’s outsourcing robots has dropped significantly, which seems to indicate that its self-produced robots have been initially recognized by the market. Yaskawa’s heavy reliance.

In a recent survey, Kelda said that the company’s self-produced robots have been significantly improved in the market, and orders mainly come from auto parts, construction machinery,medicalEquipment, electric bicycles, motorcycles, metal furniture and other industries, the market sales are good.

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