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【广发证券】维宏股份:专注运动控制领域、掘金制造业升级

廣發證券 ·  Apr 25, 2016 00:00  · Researches

The company is a high-tech enterprise specializing in motion control system solutions. The company is a high-tech enterprise providing motion control system solutions for CNC equipment manufacturers. Its main business is R&D, production and sale of industrial motion control systems. The company's main business revenue and net profit in 2015 declined slightly due to macroeconomic effects. The 2013-2015 revenue was 110 million yuan, 140 million yuan and 130 million yuan respectively, with a compound growth rate of 9.98%; net profit was 45.19 million yuan, 61.46 million yuan, and 51.69 million yuan respectively, with a compound growth rate of 6.95%. The upgrading of the manufacturing industry has helped the company enter a stage of rapid development. As China's manufacturing industry continues to upgrade, China's labor shortage, and labor costs rise, enterprises need to rely on technological improvements to raise productivity levels, thus providing automation manufacturers with unprecedented market opportunities. Since its establishment, the company has focused on the field of motion control. After years of development, it has become a well-known enterprise in the field of motion control in China. It has many customers and strong influence in products and technology, providing a good guarantee for the company's future performance growth. Raise 210 million dollars to break the constraint of insufficient capital and enhance competitiveness in the field of motion control systems. The capital raised by the company this time plans to mainly invest in integrated controller product upgrades and production expansion, R&D centers, construction of a national marketing network and servo drive industrialization projects and supplementary operating capital to expand the production capacity of the company's existing main products, enhance the company's R&D strength and brand reputation, enhance the competitive advantage of products, and increase market share. The 16-18 results were 1.00 yuan/share, 1.11 yuan/share, and 1.20 yuan/share, respectively. We expect the company's revenue growth rates in 2016-2018 to be 11.6%, 12.1%, and 9.4%, respectively, and net profit growth rates of 9.67%, 11.6%, and 7.61%, respectively. It is estimated that in 2016, 2017, and 2018 EPS will be 1.00, 1.11, and 1.20 yuan after full dilution of the new share capital issued under the listing. Risk warning. Market competition increases risk; risk of capital raising investment project implementation; risk of declining comprehensive gross margin

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