Globalization of woodworking machinery industry: German and Italian brands account for about 45% of the world.
In the international woodworking machinery manufacturing industry, most of the production capacity is concentrated in a few countries such as Germany and Italy.In 2015, the total output value of woodworking machinery in Germany and Italy accounted for about 45% of the world. presentGerman, Italian and China have become the largest exporters of woodworking machinery.And gradually widen the gap with other enterprises.In terms of market competition pattern, Germany Haomai, Italy Biesse and Italy SCM Group account for 31%, 12% and 11% of the global woodworking machinery market respectively.,The advantages of large international enterprises are obvious, and the global woodworking machinery industry is relatively stable.
Industry demand shows a positive recovery, and global giants’ operating orders have entered a new stage of growth.
From the end of 2014, the industry economic index began to show positive signs, and the global woodworking machinery industry began to get out of the stagnant state after the economic crisis in 2008 and showed a rapid recovery, with North America and China markets occupying a prominent position.From the order index of Italian woodworking machinery and tools, the index in 2016 has returned to the level of 2007, especially for overseas demand, and its order index even reached a new high. What followed was that the operation of international giants entered a new stage.In Q1, 2017, German Haomai Group signed a new order of 401 million euros, a substantial increase of 64.7% year-on-year, and accumulated orders in hand of 520 million euros, the highest value in 10 years.
The genes for the success of overseas enterprises: innovative stand-alone products and flexible solutions that are improving day by day.
On the stand-alone side,Heroic constantly brings forth the old and brings forth the new, leading the industry trend.Such as a new generation of seamless (edge sealing) technology AirTec. On the other hand,Providing flexible and applicable solutions under the background of Industry 4.0 has become the most important trend in the industry.. Haomai has the whole process products from warehousing to assembly and packaging, and can provide various flexible solutions for batch serial production.In 2015, the single machine revenue accounted for 47% of the heroic revenue, and the production line and service revenue accounted for 30% and 21% respectively, and the proportion of production line and service revenue was already at a high level.
Domestic enterprises have made a breakthrough in single machine, and the capacity of the whole line plan has yet to be precipitated.
Benefiting from the recovery of domestic manufacturing industry, and at the same time, the trend of furniture customization has stimulated the willingness of enterprises to invest. Since 2016Q3, the income of domestic panel furniture machinery enterprises Hongya CNC and Nanxing Equipment has resumed high growth.From the product point of view, domestic enterprises only focus on a few processes of wood processing, such as edge sealing, cutting and drilling. Although there is a breakthrough in single machine, some products have reached the domestic substitution level, but there is still a great room for improvement from the international whole line provision scheme.
Investment advice:At present, the global woodworking machinery industry shows a positive recovery, and the domestic market is growing strongly under the catalysis of the trend of customized furniture. Hongya CNC and Nanxing Equipment are the first-line customized furniture equipment enterprises in China. We suggest focusing on domestic leading companies with core advantages in key equipment.
Risk warning:The macro environment, especially real estate investment, is uncertain; The competitive pressure brought by increasing domestic investment by multinational enterprises; Technology research and development is less than expected; The intensification of industry competition has led to a decline in gross profit margin.
One,Viewing woodworking machinery industry from the perspective of globalization
1.1 product structure: the trend of panel furniture is improving for a long time.
On the meaning of woodworking machinery.According to the different product forms from forest trees to furniture production, machinery and equipment can be divided into forestry machinery, woodworking and wood-based panel machinery and furniture machinery. In a narrow sense, forestry machinery refers to machinery used for afforestation (including afforestation, afforestation and forest protection), wood cutting and forestry lifting and conveying; Wood-based panel machinery refers to the machinery that rotates logs into veneers with a rotary cutting machine, and then glues and presses the veneers perpendicular to each other in the fiber direction to form wood-based panels; Furniture machinery refers to machinery for making furniture products, which can be divided into solid wood furniture machinery, panel furniture machinery, bamboo and rattan furniture machinery and non-wood furniture machinery according to furniture materials.
In the world, furniture machinery, wood processing machinery and wood processing machinery are usually included in woodworking machinery, excluding wood-based panel machinery and forestry machinery. For example, in Italy and Taiwan Province, the output value and export value of woodworking machinery usually refer to the statistics according to this classification. However, woodworking machinery in China usually incorporates wood-based panel machinery and forestry machinery into statistics. The woodworking machinery mentioned in this paper refers to the former, that is, it does not include wood-based panel machinery and forestry machinery.
Long-term trend of panel furniture.Panel furniture refers to assembled furniture with wood-based panels as the main substrate and panels as the basic structure. Common artificial boards include plywood, particleboard, medium density and high density fiberboard. When Heidegger invented steel hinges, wood-based panels and wood-based panel facing technology more than 50 years ago, panel furniture was recognized by consumers by virtue of its stable quality, individuality, high efficiency and low cost, and created a "panel era" in the history of world furniture. China’s furniture industry has introduced panel furniture for more than 20 years. At present, panel furniture has occupied half of China’s furniture consumption. At the same time, the vigorous development of panel furniture has promoted China’s development to a world-class furniture manufacturing country and exporting country.
The global output of sawn timber and logs has been basically stable at 1000 million m in the past 35 years. 3; Fluctuating up and down horizontally; In contrast, the output of wood-based panels has maintained a continuous growth, and has basically maintained an annual growth level of 5%~10% since 2000. In 2015, the global output of wood-based panels was 582.8 million m? 3; , reaching 52% of sawn timber log output. The long-term continuous growth of wood-based panel output reflects the long-term improvement of panel furniture trend.
According to Acimall data of Italian woodworking machinery and tool manufacturers association, in 2015, the output value of Italian woodworking machinery was 1.864 billion euros, accounting for 18% of the global output value of woodworking machinery, which calculated that the annual market size of global woodworking machinery was about 10 billion euros. In the international woodworking machinery manufacturing industry, Germany and Italy are in the leading position in the global market. According to Intracen data, in the European woodworking machinery market in 2015, German and Italian woodworking machinery accounted for 45% and 30% respectively. According to the European woodworking machinery market accounting for 60% of the world, the total output value of woodworking machinery in Germany and Italy accounts for 45% of the world.
At present, the supply center of woodworking machinery in the world is constantly tilting towards German, Italian and China.German and Italian woodworking machinery are in the leading position in the world in terms of output value and technology, and most of their products are exported. In 2015, 76% of the annual output value of Italian woodworking machinery was exported. However, China’s woodworking machinery industry is also expanding in scale, and the technology is also breaking through in the subdivision field, narrowing the gap with developed countries. In recent years, German, Italian and China have gradually widened the gap with their main competitors such as Taiwan Province, Austria and the United States. In 2015, the export value of German, Italian and China woodworking machinery was 1,899,1,329 and 1,301 million euros respectively, accounting for about 45% of the global woodworking machinery output value.
European woodworking machinery is mainly exported to America and Asia. In 2015, European woodworking machinery exports to America and Asia accounted for 12.6% and 13.3% of the total output value respectively. The United States and China are all important consumers. For example, in 2015, Italy exported woodworking machinery to the United States, accounting for 10.55% of the total output value, up 52% year-on-year; Most of the high-end market of panel furniture machinery in China is occupied by overseas enterprises.
The prosperity of the downstream furniture industry has rebounded and the willingness to invest has increased.The main downstream of woodworking machinery is in the furniture industry, and the overall prosperity of the furniture industry will affect the willingness of enterprises to invest and directly determine the demand for equipment. On the whole, after the financial crisis in 2008 led to a sharp decline in demand, the furniture industry boom is moderately picking up. However, it was not until 2014-2015 that the overall furniture industry showed a relatively positive signal after several years of recovery. The United States is one of the largest furniture consumers in the world. From the perspective of its retail furniture sales, the retail furniture sales began to show a straight-line recovery in 2009, and after 10 years, the sales returned to the level of 2007. According to the enterprise prosperity of IFO German furniture production industry, after a short recovery in 2011-2012, the German furniture industry was still in a relatively low state in 2013-2014. Until the second half of 2014, the industry prosperity index showed a strong recovery momentum, and the current German furniture industry prosperity still maintained a good prosperity.
Woodworking machinery industry shows positive recovery.. Due to the globalization of woodworking machinery industry, its overall demand is mainly affected by global macro-economy. Along with the boom of the downstream furniture industry, its investment will continue to strengthen, thus releasing the demand for woodworking machinery. According to the Italian woodworking machinery and tool order index of Acimall, the Italian woodworking machinery and tool manufacturers association, the global woodworking machinery is showing a positive recovery. In 2007, the output value of Italian woodworking machinery and tools was close to 2.2 billion euros, the highest value in the past ten years. Directly affected by the economic crisis in 2008, the industry output value fell by nearly 40% in 2008. After experiencing a normal rebound in 2010, it was basically in a long-term stagnation in 2011-2014, and the traditional mature market demand did not keep up with the industry capacity. Until the second half of 2014 or 2015, economic indicators began to show positive signs, and domestic and foreign demand began to grow. From the order index of Italian woodworking machinery and tools, the index in 2016 has returned to the level in 2007, especially for overseas demand, and its order index even reached a new high.
From the perspective of the output value of Italian woodworking machinery industry, it reached a sustained and rapid growth of 8.4%, 11.4% and 9.9% respectively in 2014-2016. Acimall predicts that the total domestic sales of Italian woodworking machinery industry will increase by 20% in 2017, exceeding 700 million euros, influenced by the Italian government’s Industry 4.0 plan; The total output value will reach 2.2 billion euros, an increase of about 10%; The total export volume will reach 1.6 billion euros, up about 6% year-on-year. The total output value has returned to the highest level in history in 2007.
With the deepening trend of customized furniture, the new market has strong momentum.On the one hand, the recovery of global demand for woodworking machinery industry lies in the macroeconomic recovery of traditional mature markets, which gradually releases the equipment investment in furniture industry that was suppressed in previous years; On the other hand, in emerging markets such as China, with the vigorous development of new trends such as custom-made furniture, the urgent requirement of transformation has brought investment demand for advanced equipment, which has become a new impetus for the global woodworking machinery industry.
At present, the custom-made furniture industry in China is in a high development stage. From 2013 to 2016, the average income growth rate of listed custom-made furniture companies was mostly 20%~40%, and the polarization phenomenon became more and more obvious. Companies in the industry have sought to go public in order to increase equipment investment to seize the market. In 2017 alone, many industry-leading customized furniture companies, including Shangpin home delivery, Ou Pai Home, Wo Le Home, Gold Kitchen Cabinet, etc., made IPOs.
In the global woodworking machinery industry, leading enterprises in Germany and Italy have led the development of the industry. In terms of scale and technology, the global woodworking machinery industry is basically occupied by several large enterprises such as Germany Haomai and Italy BIESSE, and the overall pattern is relatively stable. According to the investor relations report released by Toure Group (which acquired Germany Haomai in 2014) in 2017, Germany Haomai, Italy Biesse and Italy SCM Group accounted for 31%, 12% and 11% of the global woodworking machinery market respectively. In the high-end market, several large international enterprises have a higher share.
2.1 Brief introduction of Germany Haomai and Italy Bias Company
HOMAG (Germany):German Haomai Group was founded in 1960 and listed in Germany in 2007. In 2014, the company was acquired by Duel Group. Germany Haomai is a global leader in woodworking machinery industry, currently occupying 30% of the global market share. The company has about 6,000 employees, 15 production bases, 23 sales and service subsidiaries and 60 exclusive sales partners in 7 countries around the world.
Haomai products cover almost a full range of products such as CNC machining center, drilling and assembly, edge processing, packaging, panel cutting and sanding. Company customers include furniture manufacturers, structural components manufacturers, wood structure housing manufacturers. In 2015, the income from furniture manufacturers accounted for 84% of the total income.
Haomai Group includes many brands such as Brandt, Friz, Holzma, Homag, Weeke, etc. Each brand has a clear product positioning. For example, Brandt was integrated into Haomai Group in 1976, and its superior products are edge banding machines; Friz’s superior products are in packaging technology; Holzma products are mainly panel saws, and the product portfolio includes independent saws, manual angle saws, automatic feeding and stacking systems. In 2017, Haomai Group established a brand strategy, announcing that individual brands will be included in the business unit, and Haomai is the label of all products. At the beginning, "a heroic" mainly emphasized the internal structure and wanted to create a new and powerful company organization. Now this strategy will further consider the technical platform and standardized technical standards.
BIESSE, Italy:BIESSE was founded in 1969 and listed on the Italian stock exchange in 2001. At present, it occupies about 12% market share in the global woodworking machinery industry. The company has 3,800 employees, 9 production bases, 37 branches and representative offices and more than 300 distributors worldwide. BIESSE mainly processes machinery and accessories for wood, glass, stone, advanced materials and metals. In 2016, BIESSE’s revenue was divided by segments, and the income of wood, glass and stone and mechatronics accounted for 72.9%, 15.5% and 14.0% respectively.
The development process of BIESSE Group can be roughly divided into three stages: (1) from 1969 to 2001, it was an endogenous growth stage, in which BIESSE mainly focused on the development of woodworking machinery, and later products were expanded to glass and stone machinery; (2) From 2002 to 2011, BIESSE grew mainly through internationalization and mergers and acquisitions, such as setting up overseas production bases in India, setting up Bias Switzerland in Lucern and establishing Bias Middle East in Dubai; (3) From 2012 to now, BIESSE has further expanded internationally and developed through mergers and acquisitions.
The growth trajectory is synchronized with the industry, and the operation has entered a new stage of growth.The income growth track of Haomai and BIESSE is in sync with the woodworking machinery industry, which can be basically divided into four stages from 2005 to now:
(1) From 2005 to 2007, the demand in mature markets increased. At this stage, as the main demand market of woodworking machinery in Europe, the macro-economy is in a good growth environment, which drives the demand for equipment, and the woodworking machinery industry is in a relatively stable growth.
(2) In 2008 -2009, the global economic crisis caused a sharp drop in demand. At this stage, affected by the economic crisis in 2008, the demand declined sharply from the second half of 2008. The order index of Italian woodworking machinery industry experienced six consecutive quarters of decline from 2008Q2, and the order index in 2009Q3 was only 40.5% of that in 2008Q1.
(3) In 2010 -2013, the demand was sluggish and stagnated. At this stage, the macro-economy of mature markets in Europe is in a relatively low state, and the demand in emerging markets has not significantly boosted. The woodworking machinery industry showed a normal rebound in 2010 -2011, but the demand declined immediately in 2012, and it was basically the same as the previous year in 2013.
(4) In 2014 -2016, mature markets rebounded moderately, and the demand potential in North America and Asia gradually emerged. At this stage, on the basis of stable demand in the European market as a whole, the demand in the United States, China and other regions showed rapid growth, thus driving the woodworking machinery industry into a new round of growth.
In synchronization with the growth track of the industry, the revenues of Haomai Group and BIESSE were also in a state of stagnation in 2010-2013. Until 2014, the revenues of the two companies showed obvious signs of growth. The revenue growth rate of Haomai Group reached 13.55% in 2015, and slowed down to 4.14% in 2016, mainly due to the large scale base of the company. In 2016, Haomai’s operating income reached 1,082 million euros. In 2015-2016, the revenue growth rate of BIESSE reached 21.6% and 19.3% respectively. And the company plans that the revenue growth rate in 2017-2019 will reach 9.21%, 11.24% and 9.84% respectively.
New orders are good.In 2016, Haomai Group signed a new order of 1,165 million euros, a year-on-year increase of 10.1%; In Q1, 2017, the newly signed orders were 401 million euros, up 64.7% year-on-year, and the accumulated orders in hand were 520 million euros, the highest value in 10 years. In 2016, BIESSE signed a new order of 507.9 million euros, a year-on-year increase of 14.7%; In 2017, the newly signed orders were 138.7 million euros, up 14.3% year-on-year, and the accumulated orders in hand were 188.5 million euros.
The stock price performance is in line with the performance expectation.Because the order index precedes the performance for about half a year, it is the leading indicator of the company’s performance, and its stock price performance is often synchronized with the company’s order index, reflecting the expectation of the company’s future operating results. The performance of woodworking machinery industry, Haomai and BIESSE companies began to show signs of recovery in the second half of 2014, but before the income recovered, the share prices of Haomai and BIESSE began to rise at the end of 2013.
Taking Haomai as an example, the company’s share price hovered at the bottom from 2009 to 2013, and since the end of 2016, the share price of Haomai has risen significantly. As of July 4, 2017, the share price of Haomai increased by 245% compared with January 2, 2008, while the DAX index in Frankfurt, Germany only increased by 57% in the same period.
Since 2011, Haomai’s share price has experienced two ups and two stable stages of "bottom fluctuation-up-stable-up". The change of share price trend is consistent with the inflection point of the growth rate of new signing orders. The stock price increase is often driven by the high growth of new signing orders, and after the new signing orders stabilize or decline, the stock price will slow down.
(1)2013Q4-2014Q4, the first stage of stock price rise. This stage began with a substantial increase of 111.2% in the new signing orders of Haomai in Q4, 2013, and the level of new signing orders in this stage rose by a step compared with that in 2011-2013. However, with the year-on-year decline of 32.6% in newly signed orders in Q4 2014, the company’s share price reached a stage high in February 2015. Since then, in 2015, the overall new signing level has been the same as that in 2014, and the share price of Haomai has been basically stable.
(2)2016Q3-2017Q1, the second stage of stock price rise. This stage is marked by an increase of 64.7% in newly signed orders in Q1, 2017, and the level of newly signed orders in this stage is higher than that in H1, 2014-2016.
Regional Market: The growth of China and North America can not be ignored.According to the current income structure of HAMA and BIESSE, Europe accounts for about 60% of the global woodworking machinery, and North America and Asia account for 20% respectively. In 2015, Central Europe, Western Europe and Eastern Europe accounted for 21%, 18% and 17% respectively, North and Central America accounted for 22% and Asia/Pacific accounted for 19%. In 2016, the proportion of BIESSE’s revenue from Western Europe, Eastern Europe, North America and Asia was 45%, 13%, 18% and 21% respectively. The income structure of the two is basically the same according to the market region.
The driving force for the growth of the global woodworking machinery market lies in: the demand for living space brought by the urbanization trend, the demand for personalized furniture brought by the cocoon life trend, and the scarcity of resources. As an outstanding representative of the emerging markets in the world, China market is increasingly willing to invest in more flexible and efficient production equipment with the deepening trend of customized furniture, and China market has become an important market that cannot be ignored by international large woodworking enterprises such as Haomai. According to BIESSE’s annual report, it is estimated that the global woodworking machinery market will grow at a compound annual growth rate of about 4% from 2017 to 2019. According to Inomis Database, the market size of woodworking machinery industry in China was 658 million euros in 2015, and it is predicted that the market size will increase to 923 million euros by 2020, with a compound annual growth rate of 7%.
For the North American market, take the United States as an example. As one of the largest consumers of furniture in the world, the retail furniture sales in the United States showed a straight-line recovery from 2009, and after 10 years, the sales returned to the level of 2007. The furniture market in North America is showing a prosperous scene under the background of macro-recovery, which has led to the positive development of wood processing equipment.
Haomai Group: Occupy the potential market and fully benefit from the trend of customized furniture in China.Haomai Group is a global leader in woodworking machinery, and its market share is far ahead of other enterprises. The company’s products focus on woodworking and wood processing machinery, mainly used for processing wood. No matter in mature markets or emerging markets, due to the technology, experience and scale strength accumulated by the company for a long time, when the woodworking machinery market in a certain region recovers or rises, Haomai, as a global leader, has more advantages to enjoy market growth.
In 2015, Haomai’s income reached 1 billion euros, and the income kept hitting new highs, but the income structure changed greatly. The proportion of income in Europe fell from 79% in 2008 to 56% in 2015; North American market revenue rose from 75% in 2008 to 22% in 2015; The proportion of revenue in Asian market rose from 9.9% to 19%. With the spread of custom-made furniture in China in recent two years, China furniture manufacturers increased their investment in equipment, and China market became the strongest part of heroic growth. At present, the proportion of revenue from Asian market will be higher.
In the North American market, in 2014, Haomai acquired the remaining shares of Stiles Company in the United States and completed the wholly-owned acquisition. Founded in 1965, Stiles has a market share of 35% in the United States, and is the largest enterprise providing machinery and production line distribution and services for the woodworking industry in North America. Stiles has 290 employees. In 2013, stiles earned $158 million, an increase of 22% compared with 2012. The company has been cooperating with Stiles since 1992. The completion of the wholly-owned acquisition of Stiles will further guarantee the expansion plan of Haomai in North America. In 2014, Haomai Group earned 169 million euros from the North American market, up 134% year-on-year; In 2015, North America’s revenue was 233 million euros, up 38% year-on-year.
In the China market, HAMA occupies a fairly high market share in the high-end market. According to the data of BIESSE Company, it is estimated that in the China market in 2015, the market size of products that BIESSE can provide is about 300 million euros, of which Haomai accounts for 100 million euros, 2.5 times that of the second place. With the development of customization in China furniture enterprises in recent two years, many large-scale customized panel furniture enterprises have increased their equipment investment, and this part of enterprises often choose to purchase equipment and services from international large enterprises such as Haomai, and Haomai has undoubtedly become the most beneficiary. On May 5, 2017, Oupai signed a contract with HAMA for about 30 million euros, with a total of 307 stand-alone equipment, including 79 panel cutting machines, 103 edge banding machines and 125 CNC machines, of which 33 were produced by HAMA’s factory in China. Including the 300 devices this time, Oupai will have more than 1,000 devices from Haomai in use.
BIESSE, Italy: Multi-products develop together and enjoy industry recovery.BIESSE not only provides equipment for wood processing, but also develops processing equipment for stone, glass, metal, composite materials and other new materials, including carbon fiber, foam, plastic, aluminum and titanium. With the economic recovery in recent years, the company’s various businesses have shown certain growth, but overall, the company’s woodworking machinery business has grown faster than other businesses. In 2016, BIESSE’s timber revenue, glass and stone, and mechatronics accounted for 68%, 14% and 13% respectively.
In terms of market share, according to BIESSE’s annual report, in 2016, BIESSE accounted for 12% in the woodworking machinery market (mainly for furniture manufacturing), 20% in the residential market (mainly for wooden buildings), 26% in the glass machinery market and 23% in the stone machinery market. In terms of market size, the current market size of woodworking machinery is about 2,700 million euros, and the potential market size is 3,500 million euros; However, the markets of glass, stone, metal and new materials are relatively small at present, and the overall growth space is relatively large.
Although BIESSE has been involved in many non-wood processing machinery fields, and they all occupy a certain market share. But at present, these markets are small, and the market size of wood processing machinery is more than twice that of other markets (glass, stone, metal, new materials, etc.). Moreover, in the past two years, BIESSE’s income growth rate in the woodworking machinery division is higher than other divisions. In the future, BIESSE will mainly increase its market share in the wood processing machinery market, while the income of other branches will mainly benefit from the growth of the industry.
From the perspective of income regions, BIESSE’s income structure has the same change as that of Haomai, that is, the proportion of European market has declined, while the proportion of North American and Asian markets has increased. In 2016, the market revenues in Europe, Asia and North America were 58%, 21% and 18% respectively. However, since 14 years, BIESSE’s revenue in Europe has resumed rapid growth. In 2016, its revenue growth in Europe, Asia and North America all exceeded 20%. In the European market, BIESSE’s revenue in this market in 2016 was 358 million euros, a year-on-year increase of 20.8%, which has exceeded the company’s revenue in Europe in 2007.
Whole process product layout.Whether it is heroic or BIESSE, it pursues the whole product layout in the whole process of wood processing. Taking Haomai as an example, Haomai supplies from stand-alone equipment for handicraft enterprises to a complete networked production line for highly industrialized and customized furniture production. According to the technical classification, Haomai products not only have equipment that can meet various requirements in important technological parts such as cutting, edge sealing, drilling and surface technology, but also have corresponding products in warehousing technology, sorting, assembly, packaging, automation and other technologies. The whole process equipment has become the basis for providing various automation solutions.
In terms of cutting technologyHaomai has various kinds of cutting saws for plates, with the protruding height of the saw blade of 58~190mm and the cutting length of 3200~6500mm. Haomai module45 sawing machine can realize oblique cutting function. Bevel cutting is a daily process in handicraft industry. Usually, this process is completed on a separate cutting disc saw after cutting. However, Haomai HPS 320 flexTec products have revolutionized the cutting technology in batch production, and can realize personalized cutting on a large scale.
In terms of edge sealing technologyIn 2009, Haomai launched a new generation of seamless (edge-sealing) technology, laserTec. AirTec is an efficient resource-saving solution, which can significantly improve the productivity of equipment and reduce the noise output. The core of this technology is an innovative rotary air preheater. The "seamless" technology under optics has become the quality standard in the current industry. After years of research and development, the company has launched Ambition series edge banding machine, which is based on intelligent modular system and can be customized according to customer requirements. At the same time, it can be equipped with airTec to achieve seamless edge sealing.
In terms of CNC technologyHaomai has a CNC machining center from small to large, and all-round CNC technology from furniture to doors and windows to the production of building components. The entry-level Venture 320 solution is used for industrial series production and laser cutting zero joint bonding, just like a high-performance portal machining center.
In terms of software, Haomai launched woodWOP 7 with 3D function, which is the result of years of strategic product development. In addition to a series of new functions, especially the optional CAM plug-in, it is helpful to program a new method of milling path. In addition, you can now use CAM plug-ins and software to automatically calculate the path. The latest version of woodCAD|CAM 12.0 pays more attention to user-friendliness, has a complete user interface, simplifies operation, and achieves the purpose of improving operation efficiency by improving user-friendliness. Improving the user-friendliness of products is also an aspect that Haomai pays more attention to this year.
Important trends in solutions.Under the background of moving towards Industry 4.0, providing solutions that can maximize production efficiency is the most important trend of customer demand in the future. Due to the high demand of customized furniture for production flexibility, the solution in the furniture industry not only includes serial production, but also the production with batch as one occupies a prominent position. Through the combination of warehousing, processing, transportation and workpiece processing, personalized network production can be realized, which can provide batch-based solutions to realize the flexibility of production of a wide range of products, and can also provide series production solutions to realize the efficiency of production. As early as 2001, Germany Haomai launched high-efficiency machines in batches, and BIESSE also transformed its previous triangular strategy of dividing customers into a dual strategy of providing integrated units and complete sets of equipment.
In 2015, the single machine revenue accounted for 47% of the heroic revenue, and the production line and service revenue accounted for 30% and 21% respectively, and the proportion of production line and service revenue was already at a high level. In 2016, BIESSE was classified by income, and the income of equipment, services and accessories was 83% and 17% respectively; According to the sales volume of equipment, stand-alone products account for 82% and systems account for 18%.
IIoT industrial internet of things.BIESSE is currently cooperating with Accenture and Microsoft on an IIOT industrial Internet of Things project to provide customers with new services and enhance the after-sales market. Based on predictive maintenance and in-depth data analysis, we provide flexible services to customers to reduce machine failures and improve production efficiency and customer satisfaction. The company plans to launch a service with 10,000 machines on the basis of successful pilot. BIESSE’s advanced IIOT function will improve its control over equipment and enhance its overall competitive advantage.
Haomai exhibited a brand-new digital platform "tapio" in the woodworking industry at the International Woodworking Machinery Exhibition (LIGNA) in Hanover in May 2017. tapio combined the digital products of the whole woodworking industry with hundreds of production machines and diversified materials and tools, and integrated them into an Internet of Things (IoT) platform.
The domestic manufacturing industry is picking up, and the trend of furniture customization stimulates enterprises to demand more flexible automatic production lines. Since 2016Q3, the income of domestic panel furniture machinery enterprises Hongya CNC and Nanxing Equipment has resumed high growth. In Q1 2017, Hongya CNC’s operating income was 188.89 million yuan, up 83.3% year-on-year. Nanxing Equipment released the semi-annual performance forecast, and it is estimated that the company’s net profit attributable to shareholders of listed companies in 2017H1 is 36.27 ~ 45.34 million yuan, up 60%~80% year-on-year.
At present, domestic enterprises often only focus on some areas of woodworking machinery, such as solid wood furniture machinery and panel furniture machinery. In a certain field, it is only mechanical equipment dedicated to a part of the process. For example, Hongya CNC and Nanxing Equipment, the leading domestic panel furniture machinery, mainly provide the most important edge banding machines, panel saws and multi-row drills in panel furniture production, and have also made some progress in machining centers. In terms of automation solutions, large international enterprises such as Haomai can provide automation solutions for the whole process from warehousing to assembly and packaging, and domestic enterprises gradually provide complete production lines with automatic feeding machines, but they can only be regarded as part of the whole line provided by international enterprises. There is still a big gap between domestic enterprises and international leading enterprises in terms of solutions.
On the stand-alone side, such as Hongya CNC, its advantage products are rich in types of edge banding machines, and at the same time, its product performance is constantly improving, and some products have reached the level of import substitution. Compared with foreign enterprises, domestic enterprises have certain advantages in product cost performance and applicability.
Investment advice:At present, the global woodworking machinery industry shows a positive recovery, and the domestic market has a strong growth momentum under the catalysis of the trend of customized furniture. The domestic first-line equipment enterprises include Hongya CNC and Nanxing Equipment. It is suggested to focus on leading companies with core advantages in key equipment.
Risk extractionshow：The macro environment, especially real estate investment, is uncertain; The competitive pressure brought by increasing domestic investment by multinational enterprises; Technology research and development is less than expected; The intensification of industry competition has led to a decline in gross profit margin.
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