Good news: SCANTECH (HANGZHOU) , a 3D scanning company, has successfully passed the review for its IPO on the Science and Technology Innovation Board, raising 569 million yuan.

admin 2024-8-6 21:43 3D Scanners

Summary: SCANTECH (HANGZHOU)思看科技, founded by three alumni from Zhejiang University, has become a leader in its field, distinguished by its outstanding performance in both industrial high-precision and professional cost-effective segments. With an annual revenue of 270 million yuan in 2023, the company's IPO application on the Science and Technology Innovation Board has been approved, pending registration. This marks SCANTECH (HANGZHOU)思看科技 as the first publicly listed 3D scanning company.

On August 2, 2024, panda3dp.com discovered that the 18th deliberation meeting of the Listing Committee of the Shanghai Stock Exchange in 2024 was held on August 2, 2024. The meeting's review results are as follows:
1. Review results of the initial public offering of SCANTECH (HANGZHOU)思看科技 Co., Ltd.: compliance with issuance conditions, listing conditions, and information disclosure requirements.
2. Main issues raised during the Listing Committee meeting:
1) Please issuer’s representative explain the commercial rationality of the company's scattered and highly fluid distribution network, and the high inventory of demonstration machines, considering the company's industry, product characteristics, application fields, and sales model. Is revenue recognition true and accurate? Please provide a clear opinion from the sponsoring representative.
2) Please issuer’s representative explain the sustainability of the company's market expansion and operating performance growth, considering the technical advantages and disadvantages of the company's main products, customer structure and demand, market share, and fixed asset investments. Have the relevant risks been fully disclosed? Please provide a clear opinion from the sponsoring representative.
3. Further actions required:
None.
Shanghai Stock Exchange (SSE)
Listing Review Committee
August 2, 2024

Raising 569 million yuan

If the financing is successful, the net proceeds of 569 million yuan, after deducting issuance expenses, will be used for the following projects:
- Expansion of production capacity for 3D vision digital products and automated inspection systems: 196 million yuan.
- Construction of R&D center: 285 million yuan.
- Supplementing working capital: 87 million yuan.

Breaking global monopolies, independent high-precision 3D scanners
Ten years ago, the domestic market for high-precision industrial 3D digital scanning equipment was dominated by global brands such as Zeiss, Creaform, and Hexagon. This posed limitations for industries like defense and aerospace. In 2015, three alumni from Zhejiang University's mechanical and computer science departments founded SCANTECH, aiming to change this situation. The company introduced the HSCAN series of handheld 3D digital laser scanners, breaking the monopoly of global enterprises in this field.

Aviation engines, aircraft fairings, rocket nozzles, wind turbine hubs and blades, ship propellers, and oil drill bits—these strategic and critical pieces of equipment are vital to national defense and economic development. SCANTECH's handheld and tracking 3D vision digital products can perform faster, more comprehensive, and more flexible scanning inspections in real-time on the assembly site of major core equipment compared to traditional contact measurement devices and fixed 3D scanners. This plays a crucial role in the digital transformation and upgrading of intelligent manufacturing. Reducing dependence on imported critical scanning equipment and gradually achieving independent innovation and export is of great significance for the safety of China's equipment industry.

SCANTECH has actively responded to national strategies, focusing on developing optical 3D digital scanning inspection products for high-end manufacturing since its inception. With cutting-edge technology as the breakthrough point, it strives to achieve independent control over essential core technologies. The company has accumulated extensive technical capabilities in key optical components, core 3D vision algorithms, high-performance hardware structure design, 3D analysis, and measurement comparison software. It has established a relatively complete 3D vision digital technology platform and developed a variety of innovative products to meet different application needs.

Currently, the company's product line covers two major areas: industrial high-precision and professional cost-effectiveness. It includes portable 3D vision digital products, tracking 3D vision digital products, professional-grade color 3D vision digital products, and industrial-grade automated 3D vision inspection systems.

▲SCANTECH's Product Line

Application fields

SCANTECH's 3D scanning products are widely used in aerospace, automotive manufacturing, engineering machinery, transportation, 3C electronics, green energy, and other industrial fields, as well as in education and research, 3D printing, art and cultural heritage, healthcare, public security, virtual worlds, and other digital professional fields. The products serve enterprise users, covering different market segments from industrial-grade to professional-grade and commercial-grade. Industrial-grade products mainly serve the automotive, machinery, aviation, and transportation industries; professional-grade products serve the medical, education, cultural heritage, and 3D printing fields; commercial-grade products are aimed at virtual reality, gaming, and 3D sensing industries. 3D scanning technology helps users efficiently collect, analyze, compare, and reconstruct 3D information in product development, quality inspection, part measurement, digital display, and research.

SCANTECH's impressive revenue
In 2023, SCANTECH's main business revenue reached 272 million yuan, with portable 3D scanners contributing 157 million yuan as the primary source of income. Additionally, tracking 3D vision digital products generated 72.22 million yuan in revenue, achieving an astounding 94% growth rate. Industrial-grade automated 3D vision inspection systems became the fastest-growing product line with a 103% growth rate, reaching sales of 17.97 million yuan. Color 3D scanners also contributed 13.14 million yuan in sales.

From 2021 to 2023, SCANTECH's operating income showed steady growth, reaching 161 million yuan, 206 million yuan, and 272 million yuan, respectively, with an average annual compound growth rate of 29.88%. This growth rate reflects the strong momentum of the company's business and the high recognition of 3D scanning technology in the market. At the same time, the company's overall gross profit margin for its main business remained at a high level, at 77.01%, 76.40%, and 78.38%, respectively, demonstrating the company's advantages in cost control and profitability.

In 2023, SCANTECH achieved a net profit of nearly 114 million yuan. This achievement not only reflects the company's profitability but also highlights its leading position in the 3D scanning industry. The financial performance and growth trend of SCANTECH fully demonstrate its competitiveness and development potential in the field of 3D scanning technology.

SCANTECH's profound influence in the upstream and downstream industries
In 2023, more than 70% of SCANTECH's revenue was concentrated in three major industrial downstream application fields: automotive manufacturing, aerospace, and engineering machinery. The automotive manufacturing industry contributed nearly 40% of the revenue, becoming the largest field, showing the company's strong position in this field. The engineering machinery field ranked second with a revenue share of 24.34%, while the aerospace field ranked third with a revenue share of 10.43%. These data highlight SCANTECH's profound influence and market recognition in key industrial fields.

The integration of upstream and downstream industries is crucial for the development of 3D scanning technology. Upstream, high-quality raw material suppliers provide a solid foundation for SCANTECH, ensuring product performance and quality. Midstream manufacturing enterprises adopt SCANTECH's 3D scanning technology to achieve innovation in product design, optimization of production processes, and precision in quality control, thereby improving overall manufacturing levels.

Downstream, with the increasing demand for high-precision 3D scanning technology in various industries, SCANTECH's products have been widely used in automotive manufacturing, aerospace, medical equipment, and other fields. These industries, through the use of SCANTECH's 3D scanning technology, have not only improved production efficiency but also ensured product quality and safety, further promoting technological progress and industrial upgrading.

▲Main business sales by downstream applications

3D printing companies are preparing for IPOs

According to panda3dp.com, there are currently dozens of 3D printing companies in China with revenues of several hundred million to several billion yuan, all preparing for IPOs. (For detailed revenue data, please follow panda3dp.com.)

If the 3D printing industry continues to grow rapidly in the future and further deepens and expands its scale of industrial applications, coupled with strong national support, it is likely that within the next six years, around ten 3D printing companies will be listed, securing a place on the global stage!

panda3dp.com has been dedicated to building a platform for the 3D printing industry for more than ten years. As long as the direction is right, a longer journey is nothing to fear!