BOAMAX(002514)2022-12-06 11:31Company Overview - Baoxin Technology was founded in 2001, restructured into a joint-stock company in 2007, and listed on the SME board in 2010 [3] - The company specializes in CNC sheet metal technology, producing precision metal structural components for industries such as power, communication, finance, medical, and new energy equipment [3] - Since 2012, the company has transitioned into the energy-saving and environmental protection industry, acquiring Nanjing Youzhi Technology and Shanghai Apani, and is currently acquiring Jiechi Technology [3] Subsidiaries and Acquisitions Youzhi Technology - Focuses on gas flow measurement, with strong R&D capabilities and multiple patents [3] - Specializes in matrix gas flow measurement technology, solving issues in dusty and slurry environments, and providing solutions for power industry applications [3] Shanghai Apani - High-power, energy-efficient, and environmentally friendly high-voltage electrode boilers [3] - Utilizes off-peak electricity and heat storage technology for centralized heating, offering significant economic benefits [3] Jiechi Technology (Proposed Acquisition) - Specializes in PCB etching liquid recycling systems, reducing waste and environmental risks [3] - Owns core technologies such as PCB copper-containing waste liquid treatment and resource recovery [3] - Has a stable customer base in the PCB industry, with potential for expansion into industries like printing and dyeing, and chemicals [4] Market and Technology Insights - Jiechi Technology's BOO contracts typically last 5-10 years, with no instances of customers building their own recycling systems [4] - Alkaline etching liquid accounts for 30% of the market, while acidic etching liquid accounts for 70%, with similar copper content in both [4] - Apani's market advantage lies in using off-peak electricity for heating, which is more cost-effective compared to gas boilers [4] Challenges and Solutions - Delays in Apani's projects were due to unclear government policies on external power supply, but local governments are now addressing these issues [4] - Baoxin Technology, Youzhi Technology, and Jiechi Technology have synergies in the environmental protection industry, with Baoxin providing manufacturing support for various environmental equipment [4]