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【申万宏源】太原刚玉:更名英洛华科技凸显转型战略,新能源汽车和机器人自动化战略布局逐渐落地,维持买入评级!

[Shen Wanhongyuan] Taiyuan corundum: renamed Yinglohua Technology highlights the transformation strategy, the strategic layout of new energy vehicles and robot automation has gradually landed, and maintain the buy rating!

申萬宏源 ·  Jan 18, 2016 00:00  · Researches

The company plans to change its name to Yinglohua Technology to change its business scope and demonstrate its determination to transform. According to the company's strategic plan, in order to fully reflect the company's development strategic objectives, meet the needs of industrial structure optimization, and further enhance the company's image, the company plans to change its Chinese name from "Taiyuan Twin Towers Corundum Co., Ltd." to "Yingluohua Technology Co., Ltd." (subject to the approval of the administrative department for industry and commerce), according to the resolution of the board of directors on January 15, 2016. It is proposed to change the abbreviation of securities from "Taiyuan corundum" to "Yingluohua" (the company will apply to the Shenzhen Stock Exchange after the relevant motion is examined and passed at the shareholders' meeting and after completing the registration procedures for industrial and commercial change. The securities abbreviation shall be subject to the approval results of the Shenzhen Stock Exchange). The business scope is to add motor and drive and control, fire intelligent equipment and control system integration.

Introduce mature teams to develop new energy vehicle relays, photovoltaic relays and other market areas. On January 15, 2016, the company announced that in order to optimize the product structure, introduce new technology and new talents, and open up market areas such as new energy vehicle relays and photovoltaic relays, it is proposed to set up Zhejiang Yingluohua New Energy Electronic Control Technology Co., Ltd. as a joint venture with Mr. Guo Xiaobin.

The new company is responsible for R & D, production and sales of all kinds of relays, battery control boxes, high-voltage distribution boxes and other products. Mr. Guo Xiaobin worked as a manager of R & D and sales department in Xiamen Dazhen Motor for a long time and has rich experience in motor production and development. The R & D team led by it has rich experience in relay structure design and manufacturing process. Among them, Lianyi Electric contributed 27.5 million yuan with its own capital and held 55% of the equity in the joint venture company. Mr. Guo Xiaobin invested 20.25 million yuan in the currency 2.25 million yuan and the evaluation of the proprietary technology of high voltage DC relays owned by him, and held 45% equity in the joint venture company.

The volume of robot servo motor and control system is just around the corner, and there is plenty of room for local procurement. The company's long-term robot servo motor business is expected to enter the volume phase in 2016. The company began to focus on developing foreign customers in 2014, benefiting from the fact that foreign robot companies have set up factories in China one after another, the company has the advantage of local procurement and will face a huge market alternative space in the future. we estimate that the order size of servo motors for a single foreign company may exceed 100 million yuan.

The market space of fire protection simulation training system is more than 15 billion yuan, and the barrier to entry is high. Relying on the accumulation of data in precision manufacturing and large-scale real scene simulation, many times of cooperation with domestic fire brigades, and a deep understanding of the fire field, the company has undertaken to build the first fire simulation training system in China. The profit model of the fire control simulation training system is rich, which is "total project package income + operation and maintenance income + tour income". At present, only Lianyi Motor is doing it, and the threshold for entry to the market is higher: 1, the simulation training system is a work of art, each is unique; 2, Lianyi Motor pre-emptive registration of patents raised the entry threshold. Assuming that each of the 291 prefecture-level cities in the country is equipped with a fire control simulation training system, based on the construction income of 50 million yuan for each training system, the market space for project contracting alone is 14.6 billion yuan.

Maintain earnings forecasts and buy ratings. According to the neutral assumption, Taiyuan corundum is expected to achieve a net profit of-60 million yuan (traditional business has not yet contracted, Lianyi Motor only consolidated for 4 months), 137 million yuan, 225 million yuan, respectively, from 2015 to 2017, with fully diluted earnings per share of-0.14, 0.24 and 0.40, respectively, with a "buy" rating for 2017 PE25X. In addition, the profit forecast does not take into account the company's intelligent logistics project will enter the production period in 2016 and the performance that the newly established Inlohua New Energy Electronic Control Technology Company may contribute, and the future profit forecast is still likely to be revised upwards.

The translation is provided by third-party software.


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