Nanfeng shares temporary announcement comment: 3D printing adds a major cooperation intention, industrialization speed can be expected
Event: The company announced on December 30 that in view of the good potential of heavy metal 3D printing technology in the nuclear power nuclear chemical equipment industry, the company's holding subsidiary, Southern Additives and China Nuclear Power Engineering Co., Ltd. reached a cooperation on nuclear power nuclear chemical equipment fused additive technology. Intention to research and development, the two parties intend to sign a letter of intent for cooperation.
Comments:
The three major cooperation projects go hand in hand, and the industrialization layout is in order. In 2012, the company officially invested in the “Industrialization Project of Heavy Metal Components Electrofusion Precision Forming Technology†with its subsidiary Southern Additives as the main body. The project has achieved initial results after 4 years. In 2015, the company successively reached a technical cooperation agreement with the Shanghai Nuclear Engineering Research and Design Institute affiliated to the Guodian Investment Group and the China Nuclear Power Research and Design Institute affiliated to the China National Nuclear Corporation, respectively, in the nuclear power main steam pipe penetration simulation parts, ACP100 reactor pressure vessel. In the key metal components of nuclear power plants, cooperation in material research and development, prototype design and trial production, and standard preparation are carried out. The cooperation with China Nuclear Engineering will be the third heavyweight cooperation project of the year. The three projects are in line with the company's previous efforts to promote the 3D printing technology of heavy-duty metal components. The products cover millions of kilowatt-class nuclear power units and multi-purpose modular small reactors, and are expected to be applied to the ACP100 demonstration project as early as possible.
Professor Wang Huaming, the chief scientist of the “3D Printing Technology for Heavy Metal Components†project, was successfully elected as an academician of the Chinese Academy of Engineering in 2015. The team of experts has strong technical strength. Professor Wang Huaming holds a 31% stake in Southern Additives and is a leading figure in the field of additive manufacturing in China. Leading the professional and technical team to participate in the research and development of the project will play an important role in promoting the project. At the same time, the main members of the Southern Additives team include Mr. Chang Nan, former general manager of Tianwan Nuclear Power Plant, member of the International Nuclear Safety Group of the International Atomic Energy Agency, and Mr. Zhu Zhiyu, who has nearly 30 years of experience in nuclear power project management. Management, channels and other aspects to help the company's industrial development of heavy metal components 3D printing technology. On the other hand, Southern Additives also signed the "Technical Service Agreement" with Harbin Institute of Technology, and carried out joint research and development on the fused additive manufacturing equipment with Harbin Institute of Technology's disciplinary advantages in the fields of electromechanical automation and metal materials.
ZTE equipment, a wholly-owned subsidiary, is actively investing in customized R&D and production of 3D printing special metal raw materials. ZTE equipment is a professional supplier of stainless steel seamless steel pipe special pipe fittings for energy engineering such as petrochemical and nuclear power in China, and is the industry leader in this segment. The company has been cultivating in the field of special metal raw materials for many years, and has mastered a large number of first-line data. It has become a one of the core technologies of 3D printing by adjusting the trace elements of metal raw materials to achieve differentiated supply of raw material properties and molding properties. Nanfeng Co., Ltd. successfully acquired ZTE equipment to complete the key layout of the 3D printing industry chain, ensuring the internalization of the company's core technology, and achieving strong protection of raw material cost control and intellectual property rights.
Maintain a "Recommended" rating. We forecast that the company's 2015-2017 EPS (latest dilution) will be 0.18, 0.32 and 0.40 yuan respectively. Risk warning: "13th Five-Year" nuclear power installed capacity is not up to expectations, 3D printing technology industrialization of heavy metal components is blocked
(Editor)
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