浙商的崛起是改革开放以来最为显著的一幕，正如电视剧《鸡毛飞上天》中所描绘的义乌从“鸡毛换糖”到全球小商品城的辉煌历程。七丰精工，即将在北交所上市（NQ：873169），其故事也是一个典型的小产品、大生意的缩影。
成立于2001年的七丰精工，位于浙江嘉兴海盐，是一家专注紧固件行业、拓展高端紧固件市场的企业。紧固件是日常生活中不可或缺的小部件，如螺栓、螺母和垫圈等，它们应用广泛，从建筑到轨道交通，再到汽车和航空航天领域。
公司产品主要分为建筑、轨道交通、仓储、汽车和航空航天五大领域，其中建筑和轨道交通占比最高。未来，公司将重点发展轨道交通和航空航天领域，这两大市场呈现出增长趋势，而建筑和汽车市场则出现下降趋势。
销售区域方面，七丰精工以外销为主，但近年来内销营收占比提升明显，其主要外销市场包括美国、日本及欧洲，其中美国与日本占据绝对优势，而欧洲市场份额较低。
紧固件可以分为普通强度紧固件与高强度紧固件两类。普通强度紧固件适用于普通机械设备等，而高强度緊固件则应用于航空航天设备、高端制造业等。这也反映了公司正在逐步拓展高端产品线的战略选择。
中国tight-fitting industry growth rate slow, rely on big customers downstream
根据国家统计局Wind数据显示，自2012年至2020年，我国tight-fitting industry收入从1115亿元增长至1212亿元，每年复合增长率约为1.05%。
然而，由于行业门槛低，小企业多，大规模自动化水平不高，因此国内存在结构性过剩的问题。
另一方面，对于汽车基础设施航空航天工程机械等行业需求的是更具特性的high-strength tight-fitting product，该产业由于研发能力弱且技术装备水平不高等原因而依赖进口。
尽管如此，“十四五”期间我国制造业转型升级期望实现从“制造大国”向“制造强国”的转变，有助于促进国产替代发展。
报告指出，我国high-strength tight-fitting market scale from 358.5 billion yuan in 2012 to 691.09 billion yuan in 2021, with an average annual compound growth rate of approximately 7.57%.
However, the high-end market's recent five-year compound growth rate is only 2.7%, indicating that while there is potential for growth, it may not be as rapid as expected.
Steel prices have a significant impact on the company's profitability due to its reliance on steel materials for production.
If future steel prices remain low, this could improve the company's profit margins.
The company has a high degree of dependence on major customers downstream; its top five clients accounted for nearly half of total revenue in 2020.
This dependency extends into key industries like rail transportation and aerospace where large-scale clients dominate the market.
In terms of employee structure and educational levels, seven-hundred precision machinery manufacturing is labor-intensive with most employees being production workers holding bachelor degrees at around seven individuals.
As such, despite facing challenges such as declining domestic demand and increasing competition from overseas markets due to higher raw material costs and shipping fees during COVID-19 pandemic times which led to reduced sales volume resulting in lower earnings before interest taxes depreciation amortization EBITDA margin decline by more than one third year over year according to choice data but also positive factors like continuous technological innovation efforts made by them towards improving efficiency through automation investments along side other operational efficiencies achieved through process improvements etc., overall outlook remains cautiously optimistic given their strong position within respective markets coupled together with long term commitment towards sustainable development goals especially environmental protection initiatives undertaken recently which should help maintain healthy financial performance going forward even amid ongoing global economic uncertainty scenarios surrounding us today henceforth!
