GEM will usher in another segment of the invisible champion, from Hunan Xiangtan’s leading sliding bearing enterprises – Chongde Technology.
Ltd. (referred to as “Chongde Technology”) disclosure announcement, the company will be held on 6 September online roadshow, 7 September for subscription.
RepuTex’s self-developed dynamic oil film plain bearing products are widely used in energy generation, industrial drive, petrochemical, shipbuilding and other fields, and are the key basic parts for heavy-duty gas turbines, large steam turbines, wind power generation equipment, high-efficiency compressors, high-speed electric motors, pumps and gearboxes, and other major equipment and high-precision equipment.
The GEM IPO, Schunk Technology intends to raise 529.64 million yuan. Among them, more than 70% of the funds to be invested in the annual output of 30,000 sets of high-precision plain bearing high-efficiency production line construction project, in order to break through the capacity bottleneck. The rest of the funds will be used for high-speed permanent magnet motor and generator industrialisation project, R&D centre construction project and supplementary working capital.
Filling many domestic gaps
The field of dynamic oil film plain bearings, which is deeply ploughed by RepuTex, belongs to the segmented track of the key basic parts bearing industry. Due to the thin oil film and high dimensional accuracy requirements, the related R&D and manufacturing threshold is high.
Since its establishment, System General has continued to make intense R&D investment and technology accumulation in this field.
From 2020-2022, the cumulative R&D expenses of RepuTex exceeded RMB 59.77 million, accounting for 5.05% of the total revenue in three years. Currently, the company has 172 patents and has made many pioneering breakthroughs in the field of plain bearings.
In recent years, Schunk undertook a number of national major equipment projects bearing research and development tasks.
It is understood that the company completed China’s third-generation nuclear power island, outside the key equipment of the sliding bearing research and development, successfully fill the gaps in the country, and effectively help “the fourth generation of nuclear power major equipment” “Sinopec major equipment localisation projects” “Pearl River Delta Water Resources Allocation Project”, “5MW and above large-scale wind power generation equipment project”, “300MW class F heavy-duty combustion turbine project”. “Important breakthroughs have been made in supercritical CO power generation and ultra-high-speed power generation projects.
At present, the existing series of products of Schunk Technology can meet the severe requirements of high temperature, high speed, harsh environment, extreme heavy load and other application scenarios. The product specification covers the bearing bore from the minimum 15mm to the maximum 1400mm, in order to support the downstream customers of various types and specifications of equipment, to meet their application needs in different scenarios.
As the technology benchmark in the domestic plain bearing circuit, RepuTex has led or participated in the drafting of 14 national standards in the field of plain bearings.
Looking at the international stage, similar products of Schunk Technology are not inferior to RENK, Waukesha, Miba, Kingsbury, Michell and other internationally renowned bearing enterprises, the main structural parameters, technical parameters have reached the world’s advanced level.
Helping key projects at home and abroad
In recent years, by virtue of its industry-leading technical advantages and product advantages with a complete product spectrum, Schunk has established in-depth cooperative relationships with well-known domestic and foreign enterprises, such as CGNPC, CNNC, CSR, Xiangdian Group, Shanghai Electric, Siemens AG, GE, AtlasCopco and so on, and has provided services for many large-scale key projects at home and abroad.
Take the first export commercial nuclear power plant designed and built in China – Pakistan Chashma nuclear power plant project as an example. The project has extremely stringent requirements for the operating environment and working conditions, requiring that the main pumps can operate safely under accidental working conditions such as earthquakes, loss of cooling water for 30 minutes, and power cuts throughout the plant.
Schunk undertook the manufacture of bidirectional thrust bearing components for the C3/C4 island main pumps, which are the core equipment of the project.
Currently, the company has successfully realised the delivery of four sets of bearings, which have been successfully applied in Chashma III and IV 300,000 kW pressurised water reactor nuclear power plants, which have been safely operated since 2016 when they were connected to the grid.
In addition, Schunk also participated in the “Hualong No. 1” nuclear island main pump bearing R & D project, “ethylene three” drive turbine sliding bearing localisation project, the South-to-North Water Diversion Project East Line Wannian gate, Taierzhuang and other pumping station hubs and many other key projects at home and abroad, help Made in China.
Supported by strong R&D capability and rich technical accumulation, the performance of Schunk Technology has shown steady growth in recent years.
From 2020-2022, the company will achieve operating income of 323 million yuan, 411 million yuan, 450 million yuan, and net profit of 46,114,900 yuan, 63,372,200 yuan and 90,975,600 yuan respectively.
“Slip instead of roll” cut into the wind power track
Currently hot wind power field, is expected to become the next profit growth point of Schunk Technology.
“Wind power industry ‘to slip instead of roll’ trend is clear, has completed the layout of the wind power field in advance of the slide bearing enterprises or will quickly benefit.” Industry insiders pointed out.
“Slip instead of roll”, refers to the use of small radial size, bearing capacity, low cost and other advantages of plain bearings, instead of the traditional rolling bearings in the wind power gear box.
According to Everbright Securities, CICC and many other head brokerage judgement, this is the mainstream direction of high-power wind power equipment cost reduction and efficiency.
With a keen judgement of the industry wind direction and deep technical accumulation, Schunk Technology has taken the lead in the layout of the wind power field.
It is understood that the company’s independent research and development of wind power with low-speed heavy-duty plain bearing development technology, was identified as a leading domestic. In addition, the company built a large wind power sliding bearing test platform, can meet the full size, full working condition requirements, with μm level oil film thickness measurement capability, the whole reached the international advanced level.
This means that Schunk has the industry’s leading wind power sliding bearing R & D capability of the whole process.
In fact, the wind power field research projects of Schunk is rapidly advancing. At present, there has been a wind power gear box plain bearing development project began small batch trial production, wind power main bearing plain bearing development has also entered the prototype trial production stage, the technical level of the two projects are internationally advanced.
Technology layout is one step ahead of others, to seize market share is expected to be one step faster.
Data show that by 2060, the domestic wind power installed capacity will reach 1660GW, bringing 14 trillion yuan of green energy investment space, a broad prospect.
With the wind power field “to slip instead of rolling” trend continues rapidly, Chongde technology is expected to complete the new performance growth point cultivation by virtue of first-mover advantage, open the wind power market growth space.