Investment suggestion
We estimate that the EPS of the company from 2016 to 2018 is 0.23,0.30 and 0.37 yuan, respectively, and the corresponding PE is 68, 53 and 43 times. The company is the leading enterprise in the domestic automobile tire mold industry and hydraulic vulcanizing press, with the first market share in China. The first batch of high-grade CNC EDM machines produced by the company have been successfully offline, high-precision light and heavy-duty robots have been widely used in related industries, and great breakthroughs have been made in the research of robot RV reducer. Cover for the first time and give recommended rating.
Main points of investment
Under the background of the "new normal" of economic development, the overall demand of the industry is weak. In 2015, the company achieved 988 million yuan in operating income, down 7.46% from the same period last year, and the net profit returned to its mother was 129 million yuan, down 16.27% from the same period last year. Among them, the sales income of tire moulds and hydraulic vulcanizing presses of the company's main business was 485 million yuan and 408 million yuan, down 12.20% and 13.97% from the same period last year. Precision machine tool business products have been offline, contributing 2.78 million yuan in sales revenue, the future development is worth looking forward to. The company's sales expenses in 2015 were 15.9415 million yuan, down 29.84 percent from the same period last year, mainly due to the decline in sales; the management expenses were 104 million yuan, up 10.34 percent from the same period last year, mainly due to the increase in investment in research and development; and the financial expenses were 25.6602 million yuan, mainly due to the reduction of bank loan interest rates and suppliers' preferential discounts.
Extension and endogenesis go hand in hand, layout new profit growth point: the company clearly defines the future industrial development plan for the further development of industrial 4.0 equipment field, the development of industrial robots and other high-end intelligent sets of equipment. In terms of epitaxial mergers and acquisitions, the company makes full use of the processing advantages of German Ogiso machine tools, which are to be indirectly controlled, in the 3C industry to gradually form a 3C industry machining automation solution of machine tool machining center + robot loading and unloading. in the future, it is expected to further open the sales situation of the 3C industry. In terms of endogenous development, the company has developed a series of light-duty and heavy-duty robot molding products and complete sets of equipment, among which the first industrial robot automation line customized for Hangzhou China Strategy has been officially put into use. it has become a model for the application of industrial robot automation line in the industry, and the industrialization process can be accelerated in the future.
The RV reducer has achieved a major breakthrough, and the "intelligent chemical plant solution" has initially taken shape: in 2015, the company continued to increase its R & D investment and obtained 9 patents related to industrial robots and automation, among which "an industrial robot RV reducer" has been applied and sold in the company's products, breaking the foreign technology monopoly, and will have a positive impact on the company's market development and the transformation of scientific and technological achievements. With its industrial robot complete machine, core components and unit control system, the company has initially built an integrated "intelligent chemical plant solution" to take the lead in the competition of intelligent manufacturing.
Risk tips: the decline of the prosperity of the tire industry, the risk of foreign investment environment.