Heiner smart, the most popular baby diaper maker,

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Heiner intelligence for baby diapers, once again sprint to the Hong Kong Stock Exchange

Heiner intelligence for baby diapers, once again sprint to the Hong Kong Stock Exchange

18:27 source:

original title: Heiner intelligence for baby diapers, once again sprint to the Hong Kong Stock Exchange

on October 10, Heiner intelligence equipment submitted its watch to the Hong Kong stock exchange for the second time, which seemed to be full of strength

author | Wang Chenchen

source | IPO

data support | hook up big data

located in Jinjiang, a small city on the southeast coast of Fujian Province, it now has 42 well-known trademarks and more than 100 well-known brands, and is a well-known "brand capital" in China. The brand has become Jinjiang's shining city card. In the list of "2019 top 500 Chinese brands", a total of 11 Jinjiang brands have been listed, with a total brand value of 50.901 billion yuan. Among them, Anta sports group ranks the top in the market value of the clothing industry, and Hengan Group, a veteran enterprise, ranks first in the commodity industry

Heng'an group, founded in 1985, is one of the first enterprises to enter the Chinese sanitary napkin Market. It is a well-known domestic household goods enterprise. Its business scope involves disposable products for women and children. Its leading products include well-known seven dimensional space, Anle sanitary napkins, Anle baby diapers, etc. Although Jinjiang has always been known to the world as the country's largest shoe product production base, in fact, led by Hengan Group, Jinjiang is also a nationally famous maternal and child health products base, with hundreds of local related enterprises

on October 10, Haina intelligent equipment, a disposable sanitary products automation machine manufacturer from Jinjiang, submitted its listing application to the Hong Kong stock exchange, and Jianquan financing acted as the exclusive sponsor. The company designs, develops and manufactures disposable sanitary products machines with its own brand "Haina machinery", which is located in the upstream of the sanitary products industry chain. Customers' demand comes from the equipment procurement of downstream brands

it is worth noting that this is not the first time that heina intelligent equipment has hit the market. On April 3 this year, the company also applied for listing, but it was invalid


income is highly dependent on baby diaper machines,

How did you expect the business to be weak

Haina intelligent equipment was founded in 2011. The disposable sanitary products automatic machine designed and manufactured by it can cover products such as baby diapers, adult diapers and women's sanitary napkins (as shown in the figure below). The company provides customers with comprehensive services, including product design in cooperation with customers, customized products according to customer specifications, treatment monitoring, product delivery to customers, product installation for customers and after-sales service. The prospectus shows that the baby diaper machine equipped by Heiner intelligent can produce up to 550 pieces per minute, the adult diaper machine can produce up to 300 pieces per minute, and the female sanitary napkin machine can produce up to 850 pieces per minute

as of June 30, 2019, Haina intelligent equipment has operated 18 and 6 production lines in Fujian Jinjiang production base and Hangzhou production base respectively, with capacity utilization rates of 63.0% and 77.8% respectively, and the capacity is still abundant

in 2016, 2017, 2018 and the first half of 2019, Haina intelligent equipment achieved revenue of 113 million, 261 million, 337 million and 176 million respectively. In 2017, 2018 and the first half of 2019, the revenue increased by 130.97%, 29.1% and 25.7% respectively. It can be seen that the company's revenue growth continued to slow significantly

specifically, by product category, the revenue of Haina intelligent equipment is divided into four parts: baby diaper machine, adult diaper machine, female sanitary napkin machine, parts and components. Among them, baby diaper machine is the company's core revenue source, and its contribution to the company's revenue in 2016 and 2017 exceeded 90%. However, the business share of this category of machines has shown a shrinking trend in recent years. In 2018 and the first half of 2019, the revenue share of baby diaper machines was only 80.3% and 59.0% respectively, and the revenue growth in 2018 was lower to 9.8%. In the first half of 2019, the company's revenue from baby diaper machines was 1.04 billion, only 38.5% of the revenue of Baby Diaper Machines in 2018

it is not difficult to see from the above data that in the past, the business of Haina intelligent equipment was highly dependent on baby diaper machines, but the growth of this product business in recent years was slightly weak, resulting in the loss of support for the overall revenue growth of the company. In 2018 and the first half of 2019, the revenue share of Adult Diaper Machines was 9.2% and 36.1% respectively, which gradually increased, proving that the company is trying to shift the focus of its business

similar to the changing trend of the income share of Baby Diaper Machines and Adult Diaper Machines, there is also the regional distribution of the income of Haina intelligent equipment. In 2016, 2017, 2018 and the first half of 2019, the company's revenue share in China was 94.7%, 77.2%, 71.3% and 48.3% respectively, and the proportion continued to decline. The revenue from Vietnam, Indonesia, the Philippines and other Southeast Asian countries gradually increased, which means that the company's adult diaper machine products may be more popular in overseas markets. It can also be found from the prospectus of Haina intelligent equipment that one of the purposes of the company's fund-raising is the research and development investment of Adult Diaper Machines

in 2016, 2017, 2018 and the first half of 2019, the gross profit margin of heina intelligent equipment is 21 respectively, and parameters such as clock frequency can be freely defined 6%, 21.7%, 22.7% and 24.8%, and the cost control remains stable; The net profits were 8.627 million, 30.031 million, 39.227 million and 13.998 million respectively, with year-on-year growth rates of 248.1%, 30.6% and -14.6% respectively, following the continuous decline in the growth rate of baby diaper machine business, and even negative growth


the product replacement cycle is long, and the company's business may face the embarrassment of industry saturation

according to the frost Sullivan report, China's disposable sanitary products machinery market is still relatively fragmented, with about 70 machinery manufacturers in 2018. Based on the income from the sale of disposable sanitary products machinery, the five major disposable sanitary products machinery manufacturers, including foreign-funded enterprises and domestic enterprises, together accounted for about 19.3% of the market share in 2018. In terms of revenue in 2018, Haina intelligent equipment ranks the third largest manufacturer of disposable sanitary products machinery in China, with a market share of about 3.8%, and the leading effect is not obvious

from 2014 to 2018, the compound annual growth rate of the sales value of disposable sanitary products in China was 15.4%. It is expected that the compound growth from 2019 to 2023 will only continuously put forward higher, newer and more requirements for waterproof testing machines, with 7.1%. The growth rate is almost halved, which means that the future development of heina intelligent equipment in China will undoubtedly be more difficult, and the rising space elasticity is not large

for Haina intelligent equipment, the business is now facing the embarrassment of transferring from baby diaper machine to adult diaper machine, and from China to overseas business. The embarrassment of the company comes not only from the scattered Chinese market and narrow growth space, but also from the cycle limitations of the company's own products to a large extent

according to industry reports, Chinese manufacturers of disposable sanitary products tend to replace or upgrade their products every three to five years. Because the company's product replacement cycle is relatively long, customers may not make regular purchases before planning to expand production or upgrade production facilities

in addition, in view of the quality and stability of the company's products, customers may not need to protect and maintain the bellows ring stiffness testing machine when replacing products

therefore, if Haina intelligent equipment fails to attract new customers or develop new products to meet the changing technology and capacity requirements of new and existing customers, the growth of the company's revenue from product sales may be limited. Domestic baby diaper machine demand is saturated, and it has not entered the peak period of centralized replacement, which may also be one of the reasons for the decline in revenue growth of the company

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