The way to make money

As an industry in the industry in the automotive mold industry, today I talk about how much money to open a mold factory and how much profit can earn:

funds can be two parts, that is, construction How much starting funds are needed for a mold factory and how much flow funds are required to operate a mold factory.

Since the size of the mold factory has the size of the size, the required input is naturally different. I want to give a conclusion, that is, the model factory that is 100 million yuan, what is the need? The 200 million yuan of revenue model is a model factory, which has a certain scale advantage.

Automotive mold is divided into plastic molds, stamping molds, forging molds, casting molds, and rubber molds, wherein both of the plastic molds and stamping molds are total 80% in automotive products molds. This paper analyzes the automotive stamping mold factory, and the sample selected is \”Tacrodynamic Model\”, which is a listing company for car body stamping molds and stamping parts. Both data sources are publicly financial report data, and there is not much to say, go straight to theme …

1. How much funds need to build mold manufacturers

According to the disclosure, the 2018 annual operating income is 2.226 billion, of which stamping The business operating income of 561 million, the mold related business is 1.642 billion yuan. There are 11 mold manufacturing factories, distributed in Tianjin (6), Hebei (2), Hunan (1), Hubei (1) and Germany (1), with an average of $ 149 million, in line with our observations standard.

Let’s take a look at the part of the fixed asset, the final report of the Group’s fixed assets at the end of 2018 The original value is

1.894 billion yuan, is divided into housing and buildings, machinery equipment, transportation equipment and others.

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Due to the production of stamping parts in the Tacroform business operation, we need to peel off the fixed assets of the stamping factory to obtain the fixed assets of the stamping plant. There are 7 Tacroform stamping factories, distributed in Tianjin (5), Hunan (2). But unfortunately, the public financial report did not list the fixed assets of the stamping plant, and the company has not raised funds in the year. Therefore, we can only calculate from other stamping manufacturers. Take Jin Hongshun and Hongda Technology as an example, the fixed assets required for unit revenue are 0.48.

Table 1-2

According to this, IWe calculate the fixed assets of the Tacroform stamping plant of 269 million, and some fixed assets of the mold manufacturing plant in the Trust model are 1.625 billion yuan. In addition, in the company’s non-fluid assets, it is 31 million yuan in the construction project of 0.56 billion and long-term expenses (renovation and CAE software). This is to say a total of 1.628 billion yuan for fixed assets (including house buildings, machinery, transportation equipment, etc.), which need to be investing in a fixed asset (including house building, machinery, transport equipment, etc.), which is required to enter fixed assets. 99.15 million, this has not yet included land use costs. At this moment, we know that the land use cost of the city center is expensive, so how is the land use cost for the mold factory (the geographic location is in the edge of the city)?

What is the building area required to build a mold factory? There is a total of 11 models

The factory has a total of 144,300 square meters, with an average of 13,110 square meters, and the operating income of 100 million yuan is 8790 square meters. The land of the Turkish model contains both its own land, also including rental land, and the rental land is a single price of 250-300 yuan / square meter (see Table 3). If we are based on the highest price, if the company’s land is rental, the land annual rent is 26.37 million, and the occupancy is 2.64%.

Therefore, such an investment threshold is still relatively high, suppose to build a year of income of 100 million yuan. Model, 30% for its own funds, and the remaining 70% of the annual interest rate of 6% (normal interest rate), then the initial investment is about 30 million, and the loan interest + this gold is 6.35 million. Of course, the fixed assets of this paper are calculated based on the original value and the level of the Turkey mode, considering depreciation factors, if you buy second-hand equipment or other low price equipment, then your investment is much less.

2. How much funds need to operate

The mold factory has the differences in batch production manufacturers:

1. Mold factory is a single production company. That is to say, each mold has its own uniqueness.

2. Order and revenue confirmation of the mold factory have an unbearable month.

3. The development cycle of the mold is long and there is a lot of variables (the development cycle is from the orders to the final experience. These features make the mold factory’s cash flow or operating funds are uncertainty and Stability, but we still try to find some rules from public disclosure data.

Under normal circumstances, the operational capital of the company is equal to the difference between non-flow assets and flow-type liabilities. That is to say, operating capital is an enterpriseThe industrial contained funds required for future needs. Combined with the last three years, the capital of Tacroform operation is as follows:

But this operational capital data has two problems: First, the data is static, only the state of December

31, does not react all-year situation; second, liquid assets (including receivables, etc.) are not easy .

Let’s check the traffic flow of cash flow in 2016-2018 (reflecting the \”status of

in the quarter, it can be seen that the operating cash flow does not have regularity.

We will analyze this problem from the perspective of logistics and fund flow, participate in the mold factory Operating on the host factory OEM, mold factory, raw material supplier tripartite. The main plant refers to the BMW public and other car manufacturers, and the raw material supplier refers to the supplier of the raw materials and foreign aggressions of the mold factory. Logistics flows from raw material suppliers to the mold factory and flows to OEM, cash flow from OEM to the mold factory to re-flow to raw material suppliers, then what is the actual situation? That is to say, which is more about the funds of each other.

Table 2-3

can be seen from the table At that, the funds of OEM occupied molds from 1.269 billion to 1.698 billion, an increase of 33.8%, while the revenue is only 14% year-on-year. The mold factory occupant rose from 564 million to 760 million, an increase of 34.7% year-on-year. In the 18 years of overall downturn in the automotive market, with the deterioration of the business situation of the host factory, the pressure of funds naturally turned to the upstream of the supply chain. This also reacts in the automotive industry chain, OEM’s strong status exists in most cases, at least in the mold supply chain, the status of the mold factory is relatively weak. Similarly, the above funds is only the state of the year-end node, and it is also not possible to reflect the full fluctuation status.

So we will start from another angle, intend to build a monthly inventory factor, but unfortunately, the steam mold does not disclose the monthly stock, we can only find the data in the annual report, and then organize as follows :

We can see the highest difference between the peaks and troughs of the inventory factor from 14 to 18 years.

Therefore, the cash of the revenue for about 1 month is necessary, that is

The status of the mold plant in the supply chain is weak, and too much funds have been taken to reflect this fact. In addition to transferring this funds to their suppliers. In addition, it can be seen from the figure below that the company has funded a total of 1.789 billion in 14-18, except for the loan of the bank, there is a better way to loans to banks, that is, financing / commissioning .

The company issued 410 million convertible bonds in February 2016, the interest rate is as follows . And the company released a 471 million convertible bond program in the near future, 25% of which were used to supplement flow funds. In addition, the financing funds in the company listed, are also partially used to supplement flow funds.

3. How much profit can earn in the mold factory

Finally, let’s talk about how much money can you earn?

The overall business cost of the company in the past three years accounts for 80%, three fees and other than 16%, net profit margin of 4%. There are 5 kinds of Tacroform business, and the company discloses hair interest rates are as follows:

Mold, gross profit margin 20.8%

punching parts, gross profit margin 12.01%

Try clamp, The gross profit margin is 26.3%

The gross profit margin is 43.6%

Military products, gross profit margin 47.3%

Remove the stamping business, the revenue of the mold factory mold 1.642 billion yuan, net profit of 0.8 billion yuan, net interest rate is 4.87%, that is, more billion yuan revenue, net profit of 4.87 million yuan.

In addition, the cost of operating costs of molds is 47% in labor costs and manufacturing costs, 2% energy fees, 51% of material fees and external costs. The production of the foreign association is due to the imbalance of the mold factory order, it is likely to cause a certain period of time production capacity and require an outcome.

How much is your money to make a mold factory? Of course, each mold factory has its own uniqueness. This article is simply analyzed according to public information, and it is hoped to provide some reference for people in the industry.