What is the relationship between Eontec and Tesla? Rose so strong!
2017-06-20 22:18:13
(SZ003250) $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
Today's market, Tesla concept of eye-catching performance, which Eonec, Tianmo mold the first limit, the day steam mold no need to say, Tesla industry chain standard, and there are three flower control (suspension), but Many people have asked that the technology should be a good relationship with Tesla? So check the next Eontec-related materials, but in addition to more than a year ago, the old material is the rumors; according to material speculation, its main "liquid metal" quality characteristics is led by Tesla new energy vehicles aspire to , The main need to provide the current parts, rumors, Tesla Model-x Falcon wing door on the black lock is to use the technology of liquid metal production, but Eontec did not comment , Only that the company's liquid metal products are used in the new energy car door lock on;
And regardless of whether the rumors are true, Eontec is a potential high-quality companies, want a specific understanding, take a closer look at the following report; In addition, its technical form is still in the low-risk operation range;
To say something, just to see someone commented on the report before, that I am a lie in the disk, I am also very helpless ah [heartbroken] , So, the steam mold, the three flowers Zhizhi and other relevant indicators of the specific research materials, who need to direct the private letter,
The following report is the last spring, but worth a visit;
abstract:
¦ liquid metal: light alloy material subversive, broad prospects for industrialization. The official name of liquid metal is amorphous alloy, in the performance, technology and cost has a significant advantage, is beyond the aluminum, magnesium, titanium and other traditional light alloy varieties of a new generation of subversive materials, in any need of high strength and high hardness, light, complex, bright Modeling of the structural parts of the field have a strong applicability, and commercial production cost is high, in the 3C, automotive, medical and other fields have broad application prospects.
¦ Eontec: master the liquid metal core technology, with a strong industrial integration capabilities. Eontec core competitiveness lies in the new material technology acquisition, research and development and industrialization integration. At present, the company has established a close cooperation with the Chinese Academy of Sciences metal ownership, with large-scale molding process, material composition and equipment manufacturing of the three core technologies, is by far the only one in the world can be announced with large block of amorphous metal Forming capacity of enterprises, high technical barriers, scarcity and strong, with a strong industrial integration capacity.
¦ The actual controller of the company intends to acquire Liquidmetal, a global leader in liquid metal. On the evening of March 13, the Company issued an announcement that the actual controller, Mr. Lugee Li, intends to acquire an 18% stake in Liquidmetal Technologies ("LQMT") and sign the relevant cooperation agreement and prepare for further increase to 46% in the future, Equity into the listed company.
¦ The company is complementary to LQMT and has a strong synergistic effect. LQMT advantage is mainly around the world of patents, sales and brand influence, but in large pieces of molding technology, equipment and raw materials there is flawed; Eontec can enter the large molding technology know-how, inexpensive zirconium Raw materials and molds, equipment, preparation and processing technology, significantly reduce its raw materials, equipment costs, fundamentally solve its three Mishap, and can take full advantage of LQMT brand influence and sales channels, large pieces of amorphous alloy products quickly To the world, and extensive technical authorization, is expected to help LQMT to achieve profitability, at the same time, LQMT small products can also use Eontec quickly docking domestic customers. In addition, with the A-share listing platform, both sides can get plenty of financing and capital operation support, synergies huge.
¦ Investment advice: "buy- A " investment rating, 6 -month target price of 30 yuan. We expect revenue growth of 10.2%, 69.8% and 40.6% for the year 2015-2017, respectively, and net profit growth of 11.7%, 43.9% and 45.7% respectively. Taking into account the company's rapid growth in 2015-2017 performance in the field of liquid metal monopoly and development potential, as well as in the field of new materials, capital operation energy, we give the company "buy-A" rating, target price of 30 yuan, Equivalent to 2016 85x dynamic price-earnings ratio.
(1) LQMT company continued losses; 2) liquid metal industry is not expected; 3) the company's aluminum and magnesium alloy industry performance is not expected, medical magnesium alloy clinical application slower than expected.
1. Liquid metal: subversive of light alloy material
1.1. Liquid metal performance is superior, is the light alloy material subversive, the industrialization potential of huge liquid metal, the official name of amorphous alloy ( Amorphous Alloy ). Amorphous alloy refers to the material from the liquid (or gaseous) rapid cooling, because less than crystallization at room temperature or low temperature to retain the liquid atomic arrangement of the state of agglomeration, the atoms do not grow into orderly, periodic and regular arrangement, and Is in a disorderly arrangement. In the preparation of conventional alloys, when it is cooled to a solid state, its atoms exhibit regular crystal geometries, but this structure has a weak regionor break points. However, the amorphous alloy in the cooling to the solid, with an approximate liquid, disorderly arrangement of the state, which makes its internal atomic structure is extremely dense, there will be no weak links, resulting in a very good strength and hardness.
The advantages of liquid metal is reflected in three aspects, namely, performance, process and cost, so that it has great potential for industrialization. First, the performance advantages. From the structural point of view, the liquid metal high strength, high hardness, with a strong wear resistance and corrosion resistance, can be said that the current hardest light alloy. (7.8 g / cm3), between the stainless steel (7.8 g / cm3) and the titanium alloy (4.4 g / cm3), the ratio of aluminum (2.8 g / cm3), magnesium alloy (1.8 g / cm3) ) Slightly heavier, but its strength, hardness is quite tough, the strength is aluminum, magnesium alloy more than 10 times, stainless steel, titanium alloy more than 2 times the hardness is aluminum, magnesium alloy more than 10 times, stainless steel, titanium 1.5 times Above, in the light alloy, the specific strength (unit density intensity) the highest, the advantages of light is very significant. From the functional point of view, the liquid metal in the heat dissipation, electromagnetic shielding in the light alloy in the outstanding, but not easily deformed under heating conditions, easy to heat.
Second, the process advantages. First, the liquid metal to amorphous cooling, shrinkage is very small (shrinkage rate of only 0.25%, suitable for precision parts, and powder metallurgy shrinkage up to 26%, limiting the preparation of its precision components), and can be like plastic The same can be achieved by injection molding, die casting and other processes to get the ideal shape, light and small, very high precision, can achieve a molding, save a lot of post-processing; Second, you can change the structure of the material composition to change the color, This is the existing anodic oxidation of aluminum alloy, magnesium alloy micro-arc oxidation and simple spraying process can not be compared, the latter are generally faced with a single color, Diaoqi, easy to scratch and other defects. Third, because it is completed in a completely vacuum state of plastic, the surface of the high finish, very beautiful.
Third, the cost advantage. First, the liquid metal products is basically a net shape, and the surface finish is high, save a lot of post-processing; Second, the use of die-casting process to prepare liquid metal, the efficiency is very high, to Eontec-made die-casting equipment, for example, each machine Can be achieved die-casting 600 times / day, compared to CNC machine processing a few hours compared to the efficiency of a process, the cost advantage is quite significant, about half the cost can be reduced.
1.2. Liquid metal in the 3C is expected to take the lead in heavy volume, automotive, medical, aerospace and other fields for us that liquid metal is beyond the aluminum, magnesium, titanium and other properties of a new generation of light alloy materials, in any need of high strength and high hardness, Complex, bright shape of the structural parts of the field have a strong applicability, and commercial production of the cost is high.
The large-scale commercialization of liquid metals is first possible in the field of 3C product structure. This is mainly based on the following three reasons: First, 3C products and people's daily life Erbinsimo, the need for material characteristics is to be small and lightweight, and wear, resistant, anti-carved. The most significant advantage of liquid metal is high strength, high hardness, high wear resistance, and both light and thin, which just to meet the above core characteristics.
Second, 3C products with a stylish, beautiful appearance demands. Liquid metal injection molding, die-casting molding, to meet the needs of a wide variety of demands; the same time, due to light, thin, and in the vacuum after the treatment of its surface caused by high brightness, coupled with the current proven in the actual processing technology By changing the atomic structure to have a different color, which is more enhanced the applicability of liquid metal. Third, because the liquid metal in the process close to the "net forming", the need for late processing less, can effectively reduce the excessive processing costs.
In fact, liquid metal has long been in the field of 3C cut a striking figure. Swatch, Omega and other high-end watch brands since 2009 in its products in the application of liquid metal, the table number and scale on the use of liquid metal material, in addition to SIM to take the needle, card slot, shaft has also been successfully applied On a smartphone. Apple's SIM to take the needle is a liquid metal into the public view of the first show, in fact, the domestic OPPO, Huawei and other brands of smart phones have been applied to the shaft, SIM card slot.
Iphone Plus "curved door" for liquid metal as a new generation of ultra-thin widescreen smart phone frame material to provide opportunities. Although the early high hopes for the "sapphire + liquid metal" was temporarily abandoned by Apple makes the market confidence in the application of liquid metal has been shaken, but Iphone Plus's "curved door" for the application of liquid metal to find a breakthrough. As the thickness of the Iphone 6 Plus is only 7.1mm, the body width is 77.8mm, 67mm than the iPhone 6 67mm more than nearly 20mm, 58mm than the iPhone 5s more than 19mm, the traditional aluminum alloy forming the overall strength of the border is lower, So wide, thin and hard to bear at greater pressure.
Liquid metal in the widescreen, ultra-thin smart phone cost-effective reflected in three aspects, one is thin enough, hard enough, its strength is 10 times the strength of aluminum; two is beautiful enough, it can change the molecular structure by different Color, and vacuum preparation to make it look very bright; three is cheap enough, as far as we know, a liquid metal phone frame price is about 80-120 yuan/month, which than the small cell phone 304 stainless steel frame and Apple's aluminum CNC integrated molding frame are cheaper about half.
In addition, 3C products, the liquid metal in the automotive manufacturing, medical machinery, aerospace and military fields have broad application space.
1.3. Open the liquid metal giant blue sea key
Liquid metal has the potential to subvert the traditional light alloy, but we have to address the three core issues in the application of the promotion, namely, technical bottlenecks, bottlenecks and manufacturers monopoly. Who can solve these core problems, you can find the key to open the liquid blue sea blue.
First of all, the technical barriers of liquid metal is very high, mainly in the material composition, equipment manufacturing and process control in three areas, especially the "large forming" problem to become a constraint to its large area of ??application bottlenecks. First, the material composition, usually based on a metal, other metals, such as iron (mainly containing Fe, Ni, P, B, etc.), zirconium (mainly containing Zr, Cu, Ni, Al, Nb, etc.), because the material composition to a large extent determine the structure and functional properties of liquid metal, the major suppliers of its patent composition of the strict confidentiality. At present, the zirconium-based liquid metal in the field of 3C is more popular, but still face a larger density, slightly heavier weight, how to find a more thin amorphous component is a major issue.
Second, the equipment manufacturing, due to the need for liquid metal in the vacuum to complete the rapid cooling to prevent the oxidation and crystallization of materials, so how in the existing die-casting, injection molding process to complete the above process, the device itself is very High demand, the corresponding equipment cost is also very high.
Third, the process control, the liquid metal to complete the "large-scale molding" is extremely difficult, such as chamfering, sandblasting and other surface treatment process is still a bottleneck, lower yield, which has been more than 30 years troubled liquid metal Range of application barriers, but also the current application of small and medium parts for many reasons. 3C products, the framework of the shell are all large pieces of molding, which means that in order to promote the large area of ??the material, we must master the core of large-scale molding technology.
Second, the current involved in liquid metal manufacturers rare, production capacity is difficult to rapid expansion, making a large number of downstream manufacturers to promote the use of concerns. From the global perspective, there are few manufacturers with liquid metal preparation, including the US Liquid Metal Company, China's Eontec, BYD and some Russian companies, can really form a large-scale manufacturing may only be the domestic technology (in the Large-scale molding technology patents), BYD (mainly small card slot, shaft and other accessories) and other manufacturers, their technology have their own strengths, production capacity is small, which makes such as Apple, Samsung 3C manufacturers so hard to really hurt Determined to abandon the original large number of investment in CNC machining routes, to use capacity expansion bottlenecks, technically easy to be a small number of monopoly manufacturers card neck liquid metal.
2. Eontec: master the liquid metal core technology, with a strong industry integration capabilities
2.1. Not the same Eontec: the core competence of the re-examine
The core competitiveness of Eontec - the ability of new materials to acquire, develop and integrate industrial. What is the core competitiveness of Eontec? Is the mainstream of the market to understand the "light alloy die-casting aspects of technology, production and customer advantages, coupled with some of the concept of new products" After the long-term tracking and understanding of the company, we believe that such an understanding is far from enough, in fact, the essence of the core competitiveness of Yen is the new material technology acquisition, research and development and industrialization of the ability to integrate.
Mr. Lugee Li, chairman of the company in the core competitiveness of the building to play a decisive role. First, the chairman of the board with deep materials and industrial design professional background, itself is a technical expert, with relevant domestic and foreign universities and research institutes for very smooth, in-depth communication and cooperation, which makes it the integration of domestic new materials, the field of top scientific research resources The ability is very strong.
Chairman of the Board graduated from the Montreal Institute of Polymer Science in Canada, has a strong academic background and strong research and development capabilities, proficient in foreign languages, which makes it with the relevant scientific research and technology institutions at home and abroad in the exchange of highly accepted. He is a visiting professor of Shanghai Jiaotong University, Huazhong University of Science and Technology, Jiamusi University, Ningxia Institute of Technology, Beijing University of Science and Technology, and so on. He has published more than 10 academic papers and has worked with domestic companies such as Shenyang Institute of Metallurgy, Changchun Yinghua, Homes and other top scientific research institutes to establish a close contact.
Second, the chairman of the board has a listed company platform and capable research and development, production and marketing team, and management control (management holdings, the middle and the core technical staff have equity incentive) and capital operation ability, can be domestic and foreign research institutes (Including even its joint research and development) rapid industrialization, which includes the process level equipment modification manufacturing, material composition and preparation technology research and development, listed companies financing and production advantages and customer training and docking and so on.
Third, in the field of new materials, China's universities and research institutes there are a lot of good ideas and patents, and ultimately in the country behind the education, research and development mechanism under the constraints of the abdomen or shelter, mostly only at the paper level, which is A huge institutional disadvantage and a waste of resources. Eontec as a technology, production and financing advantages of listed companies, scientific and technological achievements will be the rapid selection and industrialization of the current China is commendable.
2.2. Deeply bound with the Chinese Academy of Sciences metal, leading the global trend of liquid metal
China's amorphous alloy research come from behind, at the global leading level. Each of the climax studies of amorphous alloys is derived from breakthroughs in amorphous alloy fabrication techniques with practical prospects and breakthroughs in the size of amorphous alloy specimens. Historically, Japan's amorphous alloy research than the United States started late, but by virtue of their own innovation in the field of thin strip eventually catch up with the United States. California Institute of Technology is also 40 years after innovation in the field of large amorphous alloy leading the world, while creating an excellent economic benefits.
China's amorphous alloy research started more than Japan, but the development of fast, with the overall level of manufacturing in China to enhance the stability of scientific research mechanism and innovation system for the establishment of China's ultimate catch up with the world's advanced level to provide the best Time, as long as adhere to the application-oriented, small plot to Dacheng, and ultimately will develop to meet market demand, good performance amorphous alloy products.
Chinese Academy of Sciences metal block amorphous and its composite materials research on behalf of the world's highest level. Institute of Metal Research, Chinese Academy of Sciences is the Institute of Metal Research Institute of the Chinese Academy of Sciences and the Institute of Corrosion and Protection of Chinese Academy of Sciences in May 1999. It is one of the strongest institutes in the field of advanced materials research in China, led by Academician Hu Zhuangqi The team has reached the leading level in the study of massive amorphous alloys and their composites, representing the highest level of metal materials research.
Eontec has established close cooperation with the Chinese Academy of Sciences metal equity cooperation in the liquid metal research and industrialization made a major breakthrough. Eontec since 2010 is committed to the study and industrialization of amorphous materials, and now has achieved a milestone in the results. At the beginning of 2014, Mr. Lugee Li, chairman of the board of directors of science and technology research and development team, and the Chinese Academy of Sciences established a strategic partnership, jointly carry out the preparation of new materials and forming key technology in-depth research, focusing on high-end electronic information products and high precision automotive parts products Depth development and expansion of applications, with a view to achieving new materials, industrial transformation.
Beginning in July 2014, Eontec and the Chinese Academy of Sciences where the metal Songshan Lake to build a new material research laboratory. Site area of ??about 400 square meters, with ICP, DSC, oxygen and nitrogen tester, carbon and sulfur tester, high and low temperature alternating hot and humid testing machine, UV UV weathering test machine and other precision testing equipment, as well as melting furnace, Preparation device.
The laboratory mainly for the alloy material for component testing, performance testing, alloy product testing, and to undertake the Chinese Academy of Sciences metal alloy composition design and preparation of key technologies to the enterprise transfer, transformation. At the same time, the laboratory can be shared by the Chinese Academy of Sciences Materials Science National (joint) laboratory equipment resources, technical resources, for enterprise technology research and product development to provide more strong support.
In the patent application, the company and the Chinese Academy of Sciences jointly applied and obtained the "amorphous alloy construction casting molding equipment" (authorized notice number: CN203578719U) patent; the same time, the company independently applied for "large amorphous and nano-crystal surface chemical polishing Technology and polishing liquid "(application publication number: CN103789770A).
Equity cooperation, January 28, 2015, Eontec and the Chinese Academy of Sciences of the aforementioned cooperation agreement, the unified use of the company has invested 14 million yuan in cash, so its own patented technology invested 6 million yuan, a joint venture to set up "Liaoning should An liquid metal Technology Co., Ltd. ". The company and its cooperation, is conducive to the use of metal equipment, technical resources, play the company's own industrial advantages, and constantly promote the pace of liquid metal industry.
2.3. Master the material, technology and equipment core technology, with strong industrial integration capabilities
The company has three core amorphous technology, in the liquid metal industry has a strong scarcity and technical threshold, is by far the world's only one can be announced with large-shaped block amorphous metal forming capacity of the enterprise. As we have analyzed the above, look at the world, there are few manufacturers with liquid metal preparation, including the United States LiquidMetal, China's Eontec, BYD and some Russian companies, can really form a large-scale manufacturing may only domestic Eontec (in the large piece of technology has a patent), BYD (mainly small card slot, shaft and other accessories) and other manufacturers.
At present, the company through cooperation with the Chinese Academy of Sciences and independent research and development, has mastered the zirconium-based amorphous alloy material composition, large-scale molding and surface treatment technology and related die-casting equipment prepared by the three core technologies. Up to now, the company already has the capacity to produce large-scale amorphous alloys represented by 5.5-inch mobile phone boxes (the company has been carrying the liquid metal frame Iphone Plus in 2015 to participate in the CES show 2015). The existing four related equipment, has been mass production, to the OPPO, Huawei, Cool, Lenovo and other manufacturers supply liquid metal card slot and shaft.
Is about to open up a viable light asset expansion model. The company understands the core issues of the liquid metal industry as described above. We expect the company to focus more on the output of the liquid metal core technology and downstream enterprises on the basis of self-built capacity to open up a practical light Asset expansion model, so as to better fit the downstream business demand for liquid metal, faster to open the blue ocean market.
3. The actual controller to buy the US liquidmetal stake in the world's liquid metal king meteorology gradually
3.1. The actual controller intends to acquire 46% of the controlling interest in Liquidmetal , which is expected to be marketed
On the evening of March 13, the company announced that the company's actual controller Mr. Lugee Li control of the liquid metal Co., Ltd. (the company is established for the shares LQMT established, registered in Hong Kong) to be listed in the United States OTCBB listed companies LiquidmetalTechnologies, Inc ("LQMT") 18% stake and signed the relevant cooperation agreement, while the company signed a strategic cooperation agreement with LQMT (parallel license agreement).
The specific agreement is as follows:
First, the two sides agreed to liquid metal Co., Ltd. shares LQMT 18% stake in LQMT largest shareholder, Mr. Lugee Li as LQMT directors, and further increase in the future to about 46%
Second, the company signed a strategic cooperation agreement with LQMT (parallel license agreement), the two sides agreed to their respective patents, trademark authorization in their respective exclusive use of the region;
Third, the liquid metal Co., Ltd. first to use its own funds to invest in shares, and strive to Eontec to maintain the investment integration opportunities. And promised the future share of the rights and interests in the LQMT, with its investment amount and the corresponding financial costs, and the project related to the reasonable taxes and fees and fees to determine the fair price, by the priority of the acquisition of technology.
Fourth, LQMT is currently in a state of loss, if Eontec directly into the shares, may be adverse effects on the technology, in favor of Eontec mature time, by Eontec Transferee Liquid Metal Co., Ltd. held Have all the shares of LQMT.
3.2. US Liquidmetal is the world's most famous liquid metal faucet, but in recent years operating into a difficult
Liquidmetal Technologies, Inc. is the world's best known liquid metal manufacturer. The company was listed in NASDAQ in the United States in 2003, but later due to performance and share price down year after year, and finally to OTCBB listed. Its liquid metal technology patent was originally from the California Institute of Technology, on this basis, the company developed 154 applications and process patents.
The company's revenue is mainly from product manufacturing and third-party technology licensing, 2015 annual output value of 125,000 US dollars, of which product manufacturing and technical licensing accounted for 78% and 22% respectively. The company's operating model is simple and clear, injection equipment mainly from ENGEL, raw materials from MATERION, the main customers in consumer electronics, medical equipment, aerospace, sporting goods, industrial machinery and other fields, the top three customers in 2015 accounted for 52% The Among them, Apple, Swatch, etc. are or have been the company's main technology licensing enterprises.
The most famous is the company and Apple in August 2010 signed for the exclusive use of electronic products, technology licensing contracts, although the smash hit "sapphire screen + liquid metal frame" design program was eventually abandoned by the Iphone, the authorization The contract also expired in February 2016, but it is also sufficient to show the company's high position in the field of liquid metal.
LQMT 's core strengths are mainly reflected in the following three points: patent advantage, sales advantages and brand advantage.
First, the patent advantage. As an OTCBB listed company, LQMT is the world's leading research and development of massive amorphous metal, with the world's core and most comprehensive block of amorphous metal-related intellectual property rights, covering almost the world's most core amorphous Metal materials, key processing technology and other related intellectual property rights, is also the United States Apple in the block of amorphous metal materials and technology rely on the unit.
Second, the sales advantage. Apple, Microsoft, Google and other large companies headquarters, CMF and design departments are in California, LQMT in the promotion of massive amorphous on the inherent advantages. In the market segments, LQMT and Vertu, Omega and other luxury brands have had close cooperation for the development of the luxury market has its unique market advantage. But also with many areas of science and technology, such as medical, automotive, golf, aerospace, cutting tools, has been in-depth research and development and potential customers.
Third, the brand advantage. "Liquid metal" is created by LQMT and exclusive use of LIQUIDMETAL trademark, but also the global industry standard-set, in the market visibility is almost monopolistic. Every month a large number of inquiries and visits in the market development has a unique advantage.
However, LQMT since 2012 began to lose year after year, as of 2015 has accumulated losses of 218 million US dollars, mainly from the following three Mishap: First, the technical level, the company in the amorphous alloy chunks have been no substantial breakthrough, Almost no more than 20g of large liquid metal products, which makes the company's product line is limited to a small amount of small products, market size and added value is greatly limited, while continuing research and development costs to the company's profits caused by increasingly high drag; Is the equipment, mainly to the ENGEL company procurement, do not have their own molds and equipment R & D and manufacturing and continuous improvement of capacity, resulting in procurement costs and operating costs high; Third, raw materials, the company's amorphous alloy raw materials mainly to the MatureION company procurement , High procurement costs, pulled down the gross margin.
3.3. Only Eontec allows LQMT to reproduce the light, the two sides have great potential for synergies
Looking at the world, only Eontec has a corresponding industrial base and ability to make year after year loss of LQMT reproduction light. Eontec has more than 20 years of new materials research and development, mold, mechanical preparation, molding and production experience, with a complete industrial chain, in the field of metal materials have a very high status, has now become a strong growth potential of the new materials company , To integrate the field of liquid metal top scientific research resources, scientific research institutes, institutions related to the rapid industrialization of liquid metal patents.
First of all, Eontec through the Chinese Academy of Sciences with the liquid metal team in depth binding and cooperation, with three major technical advantages. First, zirconium-based amorphous alloy material composition of the patent, as well as non-zirconium-based amorphous alloy research and development capabilities, and second large-scale molding and surface treatment process, the third is related to mold and die-casting equipment preparation capacity. We believe that this is the technology and technology can be integrated with LQMT to achieve the basis of synergies, at the same time, look at the world, and only Eontecc have this foundation and ability to make years of loss of LQMT reproduction light.
Second, China is a global production base for a variety of industries, with a broad market space. In particular, consumer electronics, auto parts, tool fixture, audio, sporting goods, medical equipment, with Eontec for many years of visibility, if there are excellent products, the market is easy to develop.
Again, Eontec as A- share listed companies, with strong capital operation advantages. Eontec since the listing has been actively to the new material field transformation and upgrading, with its own capital market in all aspects of resources, access to financing opportunities, to further expand production and develop the market.
The synergies between the two sides have great potential, mainly in the following four points:
First, Eontec and LQMT through technology sharing, to further strengthen the amorphous metal production technology, is bound to accelerate the basic research and development of amorphous metal and commercial applications to promote the revolutionary breakthrough of amorphous metal, and effectively reduce the LQMT R & D costs. For example, LQMT and Apple have built a research team, only limited to the material aspects of research and development, and Eontec cooperation, Eontec can provide a large number of machinery and equipment and production technology, contribute to the tripartite joint research and development of new products.
Second, Eontec can LQMT input large-scale molding of the know-how, inexpensive zirconium-based raw materials and molds, equipment, preparation and processing technology, significantly reduce its raw materials, equipment costs, improve its field management experience, fundamentally change LQMT can not prepare large pieces of amorphous alloy Mishap, broaden its product line and market space.
Third, make full use of LQMT excellent brand influence and sales channels, the bulk of amorphous alloy products quickly to the global promotion, and extensive technical licensing, making LQMT is expected to quickly achieve profitability, enhance the industry and the impact of LQMT industry; At the same time, LQMT small products can also use Eontec fast docking domestic customers.
Fourth, the use of Eontec in the domestic A-share market platform, LQMT can get plenty of financial support. In addition, once the LQMT to achieve profitability, and ultimately to inject into the listed company, will help Eontec to enhance the market value and further capital operation, to help master the global core technology of China's liquid metal industry continues to become bigger and stronger.
4. Aluminum, magnesium alloy main industry: 3C gradually tamped, automotive magnesium alloy is rising, medical magnesium alloy in the industrialization of the night
4.1. 3C business foundation gradually solidified, automotive magnesium alloy will become the main growth pole in 2016
Eontec from the traditional light alloy die-casting business to 3C industry chain transformation of the story has long been known for the market. The company landed on the GEM in June 2012, benefiting from the trend of 3C product burst and the trend of 3C structure, magnesium and aluminum alloy structure to replace the traditional stainless steel, plastic materials become the industry trend, the company began to 3C industry chain Transformation.
Up to now, this transformation results significantly, 3C business base gradually solidified. First, the proportion of 3C income from 33% in 2011 rose to 60% in 2014, the second is 3C products from a single magnesium alloy internal support to the development of magnesium, aluminum alloy internal bracket and shell, the application range from the original Smartphone internal bracket has been extended to the Tablet PC, notebook shell; third from the customer structure, from the initial development of the Amazon to Lenovo, Huawei, millet, Samsung, Panasonic, Toshiba, GoPro, HTC and other 3C international manufacturers , And other domestic smart phone brand; Fourth, from the capacity to follow up, the company various types of die-casting machine (especially for notebook shell large die-casting machine), CNC number steadily increased for order access and stability Supply and lay the foundation; five from the M&A synergy point of view, the company in the third quarter of 2013 cash acquisition of Dewei casting injection production capacity, intended to cooperate with the company's die-casting capacity, from 3C product structure two suppliers into a Level suppliers to help companies take the initiative in order access and price negotiations in the future.
Automotive die-casting business is emerging, will become the main business of the company's main growth pole. From the industry trends, the importance of automotive lightweight aluminum, magnesium alloy pull increasingly obvious, and related product structure is also escalating. At the same time, the company in the large-scale die-casting structure of the technology, production capacity, site management capabilities, is to benefit from this trend, aluminum, magnesium alloy die casting business gradually rise.
As early as 2012 before the listing, the company has been jointly developed with the United States General Motors magnesium alloy door, is currently undergoing a major project in Guangdong Province, "high-performance rare earth magnesium alloy in the automotive large parts and components on the application of" scientific research, with strong Technical reserves and industrialization capacity.
In recent years, the company adhere to the core customer strategy, with ThyssenKrupp, Tesla, HBA, TRW and other internationally renowned customers have to cooperate. Since 2014, the company's auto die-casting revenue accounted for has risen to about 25%, and the car order is more stable. According to the company understand that since the beginning of 2016, ThyssenKrupp as the representative of the automotive magnesium alloy demand is increasing, will gradually become the main growth performance of the company pole.
4.2. Medical magnesium alloy business is on the eve of industrialization
Medical metal materials with excellent mechanical properties, compared with ceramic and polymer materials more suitable as the load-bearing parts of the implanted material, but there are obvious defects. The current clinical application of medical metal materials include: 316 L stainless steel, titanium and titanium alloy and Co -Cr alloy.However, there are three main drawbacks: 1) corrosive, toxic ions causing bodily inflammation. Since the release of toxic metal ion or particles caused by corrosion caused by inflammation; 2) high modulus of elasticity, causing stress shielding at the time of implantation; 3) non-degradable, as a temporary implant materials such as vascular stents, bone screws, bone plates, bone needles, the need for a secondary operation to remove, causing physical and economic burden on patients.
Magnesium and magnesium alloys have a number of advantages over existing biomedical metallic material properties. First, the good biocompatibility, in particular, is essential in bone metabolism. Second, excellent mechanical properties, relieve stress shielding of orthopedic implants. Third, the human body degradability, and the degradation period can be matched with tissue healing period. Standard equilibrium potential magnesium is -2.37V, industrial metals than other implant materials. An oxide film which is porous, in particular, exhibits high chemical and electrochemical activity in corrosive media containing chloride ions, it has a strong advantage of the natural biodegradable. Magnesium corrosion can be degraded while the body's own repair biological degradation of the corrosion products can be absorbed by the body or excreted. Fourth, good thermal conductivity which is non-magnetic. Interference with the CT examination of the small has some significance for clinical diagnosis and treatment of post-implant metal material.
Fifth, excessive corrosion rate of magnesium is its main flaw, but there are a variety of solutions to adjust the corrosion rate, prospects are very optimistic. Causes rapid degradation of the accumulation of hydrogen gas generated around the implant delayed healing tissue problems. Corresponding solutions include: ? purity magnesium alloy, reducing the impurity content; ? adding alloying elements reduce the corrosion rate. ? improve the corrosion rate by deformation processing. ? magnesium alloy surface modification, such as rare earth conversion coating, micro-arc oxidation coating.
China's aging intensifies, will give rise to rapidly growing medical device market. Gradually approaching China's huge population base and aging era, and the gradual increase in per capita health care costs, making the scale of rapidly growing medical device market. According to the new material online predicted that by 2015 the domestic medical equipment market will reach $ 76.9 billion in 2020 to accelerate growth to $ 234.6 billion, accounting for 29% of the world. Wherein, orthopedic implants and medical devices accounted for about 13%.
China orthopedic market space is big, fast growth, 2012 - 2015 average annual growth rate of up to 18% , 2015 the market size will increase to 166 billion yuan, becoming the world's second largest orthopedic market. The new material online data show that in 2012-2015, the global orthopedics market compound annual growth rate of 3.1%, in 2015 the global market size of $ 47.2 billion. And China orthopedic devices market in 2012, the market size of only 100 billion yuan, is expected in 2012 to 2015 compound annual growth rate of 18% in 2015 will reach 16.6 billion yuan, will surpass Japan to become the world's second largest orthopedic market.
China Orthopedic magnesium alloy potential market size of up to 120 billion yuan, with the arrival of an aging population will lead to the rapid growth of industry demand. According to China Science and Technology Network reported in China each year about 300 million people do fracture surgery, joint Ge exchange about 25 million cases of spinal loading Ge of about 400,000 cases, in addition to a large number of medical trauma and repair material is a magnesium alloy material potential application areas. On the other hand, China has become the world's second-largest country in the amount of surgery in the world after the United States. With the arrival of an aging population, orthopedics industry compound annual growth rate of about 15% -20% over the next 10 to 15 years is only the size of the market for medical magnesium alloy material will reach 12 billion, will soon usher in the medical magnesium alloy R&D and industrialization of the rapid growth in demand.
Eontec in biodegradable magnesium alloy medical aspects of solid scientific research and industrial capabilities in the promotion of industry standards, clinical application and industrialization, significant first-mover advantage.
First, the company is a medical magnesium alloy industrial technology innovation alliance chairman of the unit, with strong research cluster advantage. Led by the company, the joint several well-known colleges and universities (including domestic magnesium alloy strongest biological Shanghai Jiaotong University), research institutions and hospitals to set up the country's first medical technology innovation alliance magnesium alloy industry, actively introducing domestic and foreign scientific and technological innovation and integration of resources Construction biodegradable magnesium alloy industry of medical technology innovation platform, basically monopolized the currently leading research-related resources at home and abroad.
Second, to promote industry standards, clinical application and industrialization of high-impact, first-mover advantages. First, the company in recent years by the medical magnesium alloy Industry Alliance, in promoting domestic industry standards, the clinical application of a lot of work, and the FDA domestic and foreign-related institutions has accumulated a lot of resources, and strong industry influence.
Second, industrialization forefront. The company has been promoting the industry for its innovative process of transformation of the company "biodegradable magnesium alloy implant devices and related innovative research and development team," the introduction of Guangdong Province, the second batch of innovative research teams.
Third, 2014 Nian 11 2025 , the company to the Chinese Academy of Food and Drug test on the company's production of "biodegradable magnesium in the bone fixation screws" submit application materials, the company has taken a medical magnesium alloy industry an important step, once clinical trials, industrialization starting obvious advantages.
First, after the company and the China Drug Administration will communicate fully, the probability of application materials through greater. If passed the test samples and standards review China Institute of Food and Drug test, test and obtain Chinese Academy of Food and Drug awarded the "registration inspection report", the company will apply for the next clinical trial China Food and Drug Administration. The first half of 2016 is expected to enter clinical trials, clinical trial time is about 12-18 months.
Secondly, the project sufficient reserves, industry first-mover obvious advantages. Long before the listed company has been actively developing medical reserves and magnesium alloy implant technology, there are seven patents, as well as national and two provincial-level scientific and technological projects now underway, will conduct clinical trials in the country with strong industrial first-mover advantage.
12 Yue 5 , the company jointly 20 more than medical and scientific research institutions, the formation of a strategic alliance biodegradable magnesium implants innovative clinical transformation, is expected to further accelerate the biodegradable magnesium implants in the field of medical devices clinical transformation process. A move that will help the members of the coalition an absolute advantage in the field of research, erected biodegradable magnesium multi-center clinical study of translational medicine platform to carry out all biodegradable magnesium fixing screws companies biodegradable products in clinical trials and in the application of magnesium bone, while facing its clinical conversion implant alloys, magnesium biodegradable implant to promote clinical conversion process in the surgical field.
According to the company announcement, December 7, 2015, the Company approve the guidance document based medical device clinical trial program, submitted the application for approval of biodegradable materials in the magnesium clinical trials bone fixation screws to the State Food and Drug Administration review center.
5. "Buy -A" rating, 6-month target price of 30 yuan
Financial performance, 2015-2017 years is expected to maintain rapid growth. The main drivers come from: the internal structure, product development and customer orders for housing grew 1) 3C product; 2) to ThyssenKrupp Automotive, represented a significant increase in demand for power tools magnesium alloy, will become 3C growth beyond the main pole; 3) structures, liquid metal technology licensing business models and the actual capacity is gradually provided, and a downstream customer development, growth related orders; 4) to bring the magnesium alloy after medical commercial performance increment.
Our estimates show that the company's 2015-2017 revenues were 567 million, 964 million and 13.56 million yuan year on year growth was 10.2%, 69.8% and 40.6%, respectively; net profit of 055 million, 079 million and 115 million yuan , respectively, year on year to 11.7%, 43.9% and 45.7%.
Taking into account the company's unique core competencies in the fields of new materials, as well as the actual control of the acquisition of Liquidmetal After the equity of listed companies and LQMT potentially large synergies, deserve a higher valuation premium. Yee technology as new materials company with unique core competencies, is currently in the 3C aluminum, magnesium alloy business basis to gradually build up to the liquid metal, automotive, building the field of medical magnesium alloy rapid advance stage, during which the business model, heavy volume of orders for the company and the acquisition of epitaxial growth brought about a fundamental improvement.
Especially given the actual controller Mr. Lugee Li is expected to acquire 46% stake in US LQMT companies, listed companies are expected with the fact, technology, market, huge capital synergies multiple levels, and gradually consolidate the dominance of the global liquid metal company we believe that the company should enjoy a higher valuation premium.
We give the company a "buy -A" rating, 6-month target price of 30 yuan, equivalent to the market value of 6.72 billion yuan, 2016 85x dynamic price-earnings ratio. Taking into account the company's existing aluminum-magnesium alloy business 2015-2017 high growth performance, if given the dynamic price-earnings ratio of 20x in 2017, the company's market capitalization should be at 23 billion yuan.
But from a longer-term look at the market value of the space, even if we consider only the liquid metal, magnesium alloy medical aspects of the two big market space, scarcity of strong market Yee technology to estimates, a conservative look at the incremental market value should be 10 billion dollars or more.
Liquid metals, according to Chinese industry predicted net, as only consider liquid metal frame mobile phone market in 2015, expects global smart phone shipments of 1.4 billion, assuming a 10% penetration rate, 140 million, 100 yuan / unit, corresponding 14 billion yuan output value of the market, assuming that the company holds 30% market share, which corresponds to the output value of 4.2 billion yuan in revenue and net profit of 420 million yuan (10% profit margin, in accordance with the equity investment projects conservatively set), if given 20x price-earnings ratio, the conservative will have a market value of 8.4 billion yuan increment of.
Medical magnesium alloy, we consider only the orthopedic medical magnesium alloy, according to the new material online estimate, at least in the future of the market value of 120 billion yuan, the company will assume a 10% market share, revenue corresponding to 1.2 billion yuan, 240 million yuan of profits (assumed to be 20% margin), if administered 20x PE, corresponding to 4.8 billion market value of the increment.
Integrated 2015-2017 in aluminum, magnesium alloy main business profit growth, the company's monopoly status and development potential in the field of liquid metal, and the company's capital operation in the field of new energy materials, we give the company a "buy -A " rating, target price of 30 yuan, equivalent to the market value of 67.2 billion yuan, 2016 Nian 85x dynamic price-earnings ratio.
The above research report from this internal reference material;
