3D printing repairing fighter landing gear beam business broke out and quadrupled, Chao Zhuo Aviation plans to IPO on the Science and Technology Innovation Board

Introduction:
Metal3D printingThe use of technology in repair and remanufacturing of parts and components has always been a direction that has attracted much attention. However, there has been no relevant data report on how big the market in this field is and which company is currently doing the larger one.Recently, Hubei Chaozhuo
aviation
Technology Co., Ltd. (hereinafter referred to as Chaozhuo Hangke) moved to A shares and disclosed the IPO application documents of the Sci-tech Innovation Board in May 2021, which introduced their achievements in the remanufacturing business of airframe structures in customized additive manufacturing , The document said: due to the increase in the number of repairs to the landing gear girders of fighter jets in 2020,
income
Compared with the rapid growth in 2019, from 2018 to 2020, Super Aviation’s customized additive manufacturing business achieved revenues of 12.4867 million yuan, 17.0209 million yuan, and 68,603,300 yuan respectively, accounting for 30.68% and 33.66% of the main business revenue respectively. , 61.63%.

Nearly three years after delisting from the NEEQ, Hubei Chaozhuo Aviation Technology Co., Ltd. (hereinafter referred to as Chaozhuo Hangke) switched to A-shares and disclosed the IPO application documents on the Science and Technology Innovation Board in May 2021. After the delisting of the New Third Board in August 2018, the main business classification of Super Aviation has changed. In addition to the maintenance of airborne equipment, customized additive manufacturing has been added. In 2020, the customized additive manufacturing business suddenly exploded and became the largest main business of Super Aviation, making it meet the requirements for operating income for listing on the Science and Technology Innovation Board.

2020 custom3D printingBusiness explosion

Additive manufacturing is commonly known as3D printing, Chaozhu Aviation’s customized additive manufacturing business specifically includes airframe structure remanufacturing, parts production and manufacturing, covering aviation, target materials and other fields. In the 2017 annual report during the NEEQ listing period, Chaozhuo Aviation did not introduce this business, but only pointed out the “risk of getting involved in the field of metal remanufacturing”, and related projects have small-volume trial production capabilities.

From 2018 to 2020, Super Aviation’s customized additive manufacturing business achieved revenues of 12.4867 million yuan, 17.0209 million yuan, and 68.603 million yuan respectively, accounting for 30.68%, 33.66%, and 61.63% of the main business revenue, respectively. It can be seen that in 2020, the customized additive manufacturing business suddenly exploded, becoming the largest main business and also the main factor of the company’s performance growth. From 2018 to 2020, the company achieved operating income of 41.1115 million yuan, 51.2306 million yuan, and 122 million yuan, respectively.
profit
6,839,300 yuan, 10,712,800 yuan, 64,206,400 yuan.

Specific listing selected by Super Aviation
standard
Is: “Expected
Market value
Not less than RMB 1 billion, the net profit in the last two years has been positive and the accumulated net profit is not less than RMB 50 million, or the estimated market value is not less than RMB 1 billion, the net profit in the most recent year is positive and the operating income is not less than RMB 50 million. Less than RMB 100 million.” The outbreak of customized additive manufacturing business in 2020 will make Chaozhuo Aviation’s operating income exceed the 100 million yuan listing requirement.

The customer concentration of Super Aviation is relatively high, and the top five customers accounted for more than 70% of the sales during the reporting period. The reporter noticed that in 2018 and 2019, the revenue of customized additive manufacturing mainly came from the A overhaul factory and the B overhaul factory. In 2020, in addition to the substantial increase in sales to the A overhaul factory and the B overhaul factory, the The factory and the Hangbaichuan Department also increased the sales of customized additive manufacturing.

The prospectus (application draft) shows that in the airframe structure remanufacturing business in customized additive manufacturing, the number of repairs to the landing gear girders of fighter aircraft in 2020 will increase, so the revenue will increase rapidly compared with 2019; and in terms of parts production and manufacturing, 2020 will be successively Completed the service projects entrusted by Hangbaichuan customers, and delivered 1,137 target materials to Hangbaichuan customers, achieving an income of 12.566 million yuan.

Customized additive manufacturing has formed its main business for only a few years, so is the revenue level of this business sustainable in 2020? In response to this, Chaozhu Hangke responded to an interview with the “Daily Business News” reporter, saying that in the future, with the scale of my country’s military aircraft demand With the continuous increase in military training and the enhancement of training intensity, the maintenance and support requirements of various models will also be further increased, and the company’s business scale will be expanded accordingly, and the main business will have continuity.

However, Chaozhuhangke also reminded related risks. During the reporting period, the company realized the application of cold spray additive manufacturing technology in the field of target production and processing in the field of electronic devices, but the business scale was relatively small. Since the company has mainly focused on the field of aviation maintenance and support since its establishment, it has insufficient market accumulation in other fields such as electronic devices, and there is a risk that market development will not meet expectations.

The main business of Super Aviation

The company is one of the few domestic companies that have mastered cold spray additive manufacturing technology and industrialized it in the field of aircraft maintenance and remanufacturing. It is mainly engaged in customized additive manufacturing and airborne equipment maintenance. Since its establishment, the company has focused on the maintenance of aviation airborne equipment, mainly engaged in the maintenance of military and civil aircraft pneumatic accessories, hydraulic accessories, fuel accessories and electrical accessories. At the same time, after years of R&D and innovation, the company has adopted customized design of production line, construction of raw material supply chain and raw material quality inspection system,
mineral powder
The formulation and modification of the cold spray process parameters and the research on the adaptability of the matrix material have achieved high-strength deposition of a variety of metal materials, established the company’s cold spray additive manufacturing technology system, and successfully applied the technology The field of body structure remanufacturing.

Cold spray additive manufacturing technology is a coating preparation method based on high-speed particle solid-state deposition. The sprayed particles collide with the substrate in the solid state, and undergo violent plastic deformation to deposit to form a coating. The cold spray additive manufacturing technology has no thermal effect on the substrate, and can be used as a near-net forming technology to directly spray blocks and parts. It has broad application prospects in the preparation of protective coatings and functional coatings, equipment manufacturing and remanufacturing . At present, cold spray additive manufacturing technology has been used in the repair and remanufacturing of military equipment such as helicopters, fighter jets, bombers, and submarines in developed countries and regions such as the United States, Europe, and Australia.

The schematic diagram of the cold spray additive manufacturing process is as follows:

Based on the mature application of cold spraying and other additive manufacturing technologies, the company continues to develop and expand the application scenarios and downstream markets of additive manufacturing technology. During the reporting period, it developed targets suitable for the field of electronic devices and suitable for aviation high temperature and high pressure. Environmental aviation fastener products.

The company has been deeply involved in the aviation field for more than ten years, and has obtained the maintenance license issued by the Civil Aviation Administration of China (CAAC), the Federal Aviation Administration (FAA) and other global mainstream airworthiness standards setting bodies. At the same time, it has obtained the military product business related qualifications. Civil and military aircraft maintenance license qualification.

The company is a high-tech enterprise and is recognized as a national enterprise technology center.The company uses cold spray additive manufacturing technology to repair and remanuaerospaceThe status appraisal of the technical review panel composed of experts from universities, scientific research institutes and base-level overhaul plants is the only supply for the repair and remanufacturing of fatigue cracks in the landing gear beams of multi-type military aircraft under the A and B base overhaul plants of the Chinese Air Force Equipment Department It has added hundreds of thousands of flight hours of flight resources to my country’s military units, created significant military and economic benefits, and has a prominent position in the industry.

(Editor in charge: admin)