Events:
The company announced that it intends to increase 23550 shares of Germany Ogiso Machine tool Co., Ltd. (OPS) through the participation of Germany Ogiso holding Co., Ltd. (OPSHolding), accounting for about 21.32% of the shares of OPS, to achieve indirect control of OPS.
Main points of investment
OPS is the world's leading manufacturer of CNC EDM machines and high-speed machining centers. OPS (Ogiso Machine tool) has about 60 years of experience in the manufacture of discharge forming machines and nearly 20 years of experience in manufacturing high-speed machining centers. The customer structure is high-end: including BMW, Volkswagen, Ford, Visteon, Borda, Belros, Siemens, Nepron, Elite molds, faithful molds, etc., with high brand value. As of December 31, 2015, the target company had total assets of 30.57 million euros, net assets of 12.26 million euros and sales revenue of 36.61 million euros in the first three quarters of the 16th fiscal year of 2015, with a net profit of 3.08 million euros. China's high-end CNC machine tools market space is tens of billions +, of which 90% + imports, including high-precision EDM machines, high-precision high-speed machining centers, etc., the world's leading OPS machine tool in the Chinese market demand is huge.
The company plans to increase the equity of OPS21% with 20 times of PE in 2015, which will achieve indirect holding of OPS after the increase, and is expected to be domestic and mass-produced in the future. The company had previously invested a total of 1.51 million euros to participate in the shares of Germany's Ogiso Holdings (OPS Holding) indirectly held 22.34% of Germany's Ogiso Machine tool (OPS) during 2011.12 / 2012.3, while the company's subsidiary, Giant Wheel Europe, took a stake in OPS Holding49.9%, and OPS Holding held 44.68% of the shares. According to the "put and call option Agreement for share Sale" signed by 2011.10. 21 OPSHolding and the parties to the transaction, "OPSHolding" has the first call option right to purchase 23550 shares of OPS shares held by OPS from Reiner Jung OPS GmbH & Co. KG, a shareholder of OPS, at an agreed price from 00:00 on March 31, 2016. According to the agreed algorithm, the transaction price is less than 10 million euros, corresponding to the share of 2015 net profit of about 20 times. The company's capital increase has been approved by the board of directors, and after increasing its holdings through OPSHolding, the company will indirectly hold shares in 66%OPS Holding and 43.6%OPS to achieve indirect holding of OPS. We expect that the company may further accelerate the localization and mass production of OPS in response to Chinese demand.
Robot + 3C machine tool machining + vulcanization automation integration, intelligent manufacturing layout acceleration. In 2015, China Daily reported that the robot business has reached 25.29 million yuan in revenue, the scale has exceeded the whole of 2014, and is in an accelerated release period; in terms of 3C automation, the company combines the layout of robots and high-precision machining centers to gradually supply 3C customers such as XIAOMI accessories. The company's tire vulcanizer has the first domestic market share, has a deep understanding of the vulcanization process, and has the natural advantage of extending the vulcanization automation production line. the vulcanization production line delivered to the domestic tire manufacturing leader Hangzhou Zhongze runs well and is expected to become bigger and stronger in the future; the company has previously ordered an additional 250 million automatic plate, which is expected to gradually reach production in 16 or 17 years, and is expected to increase revenue by 228 million and net profit by 48.9 million after full production.
The traditional main tire mold is robust, and the hydraulic replacement of the leader of the vulcanizing press is accelerated.
Profit forecast and investment advice: the company's tire mold, vulcanizing press leading industry is robust, robot + 3C machine processing + vulcanization automation integrated intelligent manufacturing layout accelerated overall layout. It is estimated that in 2015-17, the EPS is 0.180.24x0.31, corresponding to PE 99Unix 75gam57X, which is rated as "overweight" for the first time.
Risk hint: the decline of the traditional main business is higher than expected; the progress of the robot human business is low.
