This article is the 185th article in the venture capital observation series.
Shared by: polar bear 3D printing network
In June 2019, Antarctica Bear noticed that two leading 3D printing manufacturers in China, Hangzhou Xianlin 3D (planned financing of 800,000,000 yuan, valuation of 3.2 billion yuan), Xi'an Pulite (proposed financing of 700,000,000 yuan, valuation of 2.8 billion yuan), and Application Cochuangban IPO have all made new progress one after another.
So, the question is, what is the value of 3D printing companies? Is it worth investing? Antarctic Bear hopes that the following summary and comparison will give readers a deeper understanding and insight into the essence, just like Buffett, to be a "value investor".
As of June 6, 2019, based on Yahoo Finance Stock data, Antarctic Bear Information, Venture Capital Investment data, etc., Antarctic Bear has made the following table
△ Polar Bear: market capitalization / valuation comparison of 20 3D printer manufacturers around the world
The following is a comparative analysis:
① about number one.
The world's most highly valued pure 3D printing company is EOS of Germany, the world's leading manufacturer of metal 3D printing, which has been valued at $2.6 billion, with revenues of more than $400m in 2018 and a net profit margin of more than 10 per cent. Its core technology and products are two types of industrial 3D printers: SLS laser sintering polymer 3D printing and SLM metal 3D printing. At the same time, I have also set up an EOS 3D printing investment fund (working with polar bears and looking for investments to connect with polar bears) to look for new technologies and products. GE; related to metal printing equipment, powder materials, manufacturing applications involves jet nylon 3D printers, metal 3D printers HP, and other industrial giants, its reinforced manufacturing business is also very valuable, but it is difficult to calculate its valuation or market capitalization independently. Therefore, the above table is not included. Polar Bear included the American IPG in the above list because IPG's laser is the core component of the global laser industrial 3D printer and has a high market share. I hope this will remind people in the 3D printing industry that our core technology and components may still be in the hands of other companies. As an industrial manufacturing service provider, Proto Labs in the United States has made great efforts to use 3D printers to achieve customized manufacturing in recent years, which is a model of 3D printing applications all over the world.
② about the new power.
The US Carbon3d that invented the high-speed light-curing 3D printing technology has been valued at US $2.2 billion, the US Desktop Metal that invented the low-cost desktop metal 3D printing is valued at US $1.5 billion, and the US Markforged that realizes the desktop low-cost 3D printing of materials such as carbon fiber / metal is valued at more than US $1 billion. These three start-ups with innovative technological breakthroughs have developed by leaps and bounds in recent years, the amount of financing continues to rise, and the products are gradually recognized by the market. It may even bring a breakthrough and impact to the old light-cured 3D printing technology and metal 3D printing technology. Formlabs, a leading manufacturer of desktop light-cured 3D printers, has a huge market imagination and a valuation of $1 billion with consumer-grade SLA 3D printers.③ about the old tycoon.Stratasys lost $10.96 million in revenue of $663.2 million in 2018 and now has a market capitalization of $1.23 billion, while 3D Systems lost $46 million in revenue of $687.7 million in 2018 and now has a market capitalization of $990 million. Compared with the market capitalization of $10 billion in 2014, the market capitalization of the two old 3D printing giants has fallen by 90%, and has been gradually surpassed by a group of new entrants. The borrowlism logic of investing in and buying other 3D printing companies has now proved to be not going well. Are the technical route, product route and market route all old?④ about metal 3D printing manufacturers.Originally, there are several leaders in metal 3D printing from Europe in the world. Since Arcam of Sweden and Concept Laser of Germany of SLM metal 3D printer manufacturer of electron beam melted metal have been acquired by GE, there are only two large metal machine manufacturers, SLM Solutions of Germany (which rejected the acquisition of GE) and EOS of Germany. But SLM (with revenue of 75 million euros in 2018, a loss of 13.38 million euros and a market capitalization of 600 million euros) is much smaller than the size and size of EOS (valued at 2.3 billion euros). Desktop Metal, Markforged and other new metal 3D printing process manufacturers, with low-cost, high-speed and other characteristics, the application field can enter the ordinary industrial field, the market imagination space is unlimited, the valuation also surpasses many established metal printing manufacturers. GE augmented manufacturing business, which includes Concept Laser, Arcam, and AP&C, a material supplier, is likely to be the largest 3D printing manufacturer in the world according to its total revenue. Among all the 3D printing enterprises in China, the metal 3D printing with the highest value / valuation is also the highest, and many of them reach more than one billion or more than two billion yuan.
⑤ is listed on 3D printing in China.The opening of the Shanghai Stock Exchange's Kechuang board, the support for innovation and advanced manufacturing, let China's 3D printing companies see the hope of listing, otherwise, it will be very difficult to list IPO in China, both in terms of revenue scale and profits. Hangzhou Xianlin 3D (main 3D scanners, 3D printers, 3D printing manufacturing services, etc.; 2018 revenue of 400 million yuan, loss of 29.56 million yuan; proposed financing of 800 million yuan, sale of 25% shares, valuation of 3.2 billion yuan), Xian platinum (main metal 3D printers and metal 3D printing manufacturing services; 2018 revenue of 290 million yuan, profit of 57 million yuan The proposed financing of 700 million, the sale of 25% of the shares, with a valuation of 2.8 billion yuan), and the application Kechuangban IPO have all made some progress. Antarctic Bear sincerely wishes these two companies a successful Science and Technology Innovation Board IPO. However, then again, Science and Technology Innovation Board's stock speculation funds should be 500000 threshold, a large number of ordinary investors are blocked out, and those who can invest in stocks are institutional investors and high net worth individuals. These qualified investors are relatively rational and less impulsive to be leeks. Finally, the market value of the enterprises successfully listed in Science and Technology Innovation Board will be high, so the polar bear dare not say, so they have to look forward to it.⑥ on minority areas of biological printing, circuit printing, sand printing.
The main business sand casting 3D printer Exone of the United States (2018 revenue of 64.64 million U.S. dollars, loss of 12.67 million U.S. dollars, market capitalization of 130 million U.S. dollars) and German Voxeljet (2018 revenue of 26.01 million euros, loss of 8.73 million euros, market capitalization of 40 million U.S. dollars), both revenue and market capitalization are not high.
Nano Dimension, an Israeli manufacturer of circuit 3D printers, has a market capitalization of $20 million. In 2018, the revenue was $5.1 million and the loss was $15.49 million, which is a state of burning a lot of money.
Organovo of the United States is one of the leaders in biological 3D printing in the world, with a revenue of $3.09 million and a loss of $26.63 million in 2018. Artificial meat online renzaofood.com has also produced some applications of biological 3D printing artificial meat, and the market demand is very strong, there is a great opportunity for popularization.
Compared with other 3D printing application directions, these three 3D printing directions are currently in the niche stage and have not yet been applied on a large scale, which is expected to continue for a few more years.⑦ on the market value of listed 3D printing companies in Europe and the United States is reasonable (price-to-sales ratio). Antarctic Bear adds up the market capitalization of 3D printing manufacturers such as 3D Systems, SLM, Organovo, Materialise, PRODWAYS, Stratasys, Proto Labs, etc., to get the total market value, and the operating income adds up to the total income. Then the total market value / total income = the price-to-sales ratio, it is found that the price-to-sales ratio is only about 3.5! A market-to-sales ratio of only 3.5. If you look at the amount of profit, more than 70% of the enterprises are in a state of loss. In other words, if a 3D printing company has annual revenue of Rmb400m, its market capitalization should be Rmb1.4 billion. Of course, these listed 3D printing companies generally have a long history, and the imaginative space given by the market is not high. But fresh ones such as Carbon3d, Desktop Metal, Markforged and so on are favored by a lot of capital, even if the revenue is not high or even zero, it can also give a very high valuation.⑧ on the valuation of China 3D Printing Company.Antarctic Bear learned that China has a large number of 3D printing companies with a valuation of more than 100 million yuan. For example, Xin Jing (metal 3D printing service), Hunan Huashu Hi-Tech (metal / nylon 3D printing), Beijing UNIZ (high-speed light-curing 3D printing), Beijing Qingfeng Technology (high-speed light-curing 3D printing), Beijing AVIC Matt (metal powder), Shanghai Liantai Technology (industrial grade light-curing 3D printing), Guangdong Hanbang Technology (metal 3D printing), Shanghai Yingpu (SLS laser sintering 3D printing), More than 20 companies such as Hangzhou Jienofei (Biological 3D Printing) and Beijing Shangpu (Biological 3D Printing) Even some of the latest round of financing has been carried out according to the valuation of more than $1 billion. If we compare the market-to-sales ratio of ⑦-listed 3D printing companies in Europe and the United States, the valuation of 3D printing companies in the Chinese market is already considerable. After all, China has a large application market capacity and a relatively high valuation of Chinese investment as a whole. Who has a bubble? How big is the bubble? The 3D printing industry is growing so fast that it is difficult to predict what will happen next. It's like a mysterious box, and you never know what's in it until it's fully opened.
