The market valuation of China’s BLT and Farsoon is higher than the combined market valuations of all U.S. and European companies
BLT is worth more than three times as much as Stratasys and nearly five times more than 3D Systems
The statement that Chinese companies are outperforming their American and European counterparts is slowly becoming a truism. The value of "Western" publicly traded companies has been plummeting for several years, with some experiencing declines of up to -95%. On the other hand, Chinese companies report nothing but successes—numerous implementations, machine installations, and the adoption of their technology in mass production of various parts and components. However, no one expected the gap between Western and Asian companies to be this vast…
For many years, the Canadian publication Fabbaloo has been releasing weekly summaries of AM companies listed on global stock exchanges. This week, for the first time, they included two Chinese companies listed on the Shanghai Stock Exchange—Xi’An Bright Laser Technologies Co. Ltd. (BLT) and Farsoon Technologies Co. Ltd. The difference in valuation is dramatic (for Western companies).
Before we go any further, let me clarify a few things… The valuations below do not reflect the actual value of the companies, but rather their stock market value on a given day based on the closing price. In other words, the number of shares issued is multiplied by the closing price to give a result.
Such a valuation does not account for the company’s assets. A company could have assets worth $100 million, while its stock market value might be $10 million. Although theoretically, someone could acquire the company by buying all its shares, in practice, the stock price would immediately rise during such an attempt, and some shareholders might refuse to sell.
Nevertheless, stock market valuation allows us to visualize the overall state of affairs and compare companies.
Fabbaloo frequently includes companies like Xometry and Protolabs in its rankings—two large digital marketplaces that act as intermediaries in manufacturing services. 3D printing represents only a fraction of their offerings—traditional manufacturing techniques like CNC milling or injection molding account for a much larger portion. Therefore, I am excluding these companies from my analysis as they distort the overall picture.
According to Fabbaloo (all values are expressed in millions of dollars):
BLT = $1,697
Xometry = $995Farsoon = $891
Protolabs = $770Stratasys = $551
Nano Dimension = $494
3D Systems = $351
Materialise = $325
Desktop Metal = $144
Titomic = $105
BigRep = $100
Markforged = $54
AML3D = $31
Aurora Labs = $17
Massivit = $12
Velo3D = $11
Freemelt = $10
Steakholder Foods = $7
Sygnis = $4
Zortrax = $3
If we exclude Xometry and Protolabs from the analysis, BLT's market value is higher than the combined value of all American companies (Stratasys, 3D Systems, Desktop Metal, Markforged, Velo3D, etc.).
Under the same assumption, the combined market value of BLT and Farsoon is higher than that of all other companies combined.
BLT is worth more than three times as much as Stratasys and nearly five times (4.8) more than 3D Systems.
Why is this the case? That’s a topic for a separate article, but in short, their valuation reflects the company’s dominance in the vast Chinese market and its growing global presence.
At this point, it seems that the only thing that could stop BLT from reaching the top of the AM industry is political issues.
Considering the economics alone—Western companies are likely out of luck...
Source: www.fabbaloo.com