Events:
1) the company released its annual report on March 30th, with revenue of 734 million yuan in 2016, down 31.72% from the same period last year, and net profit of-409 million yuan, down 1658.25% from the same period last year.
2) the company announced that it intends to acquire 100% equity of Tianjin Fuzhen with 900 million yuan in cash. Tianjin Fuzhen has promised to achieve a net return profit of 4323,6051 and 7134 / 81.78 million yuan from 2016 to 2019 after deducting non-recurring profits and losses.
Comments:
The traditional main business is under pressure, and the spandex business has suffered heavy losses: during the reporting period, the company is mainly engaged in spandex business and real estate business. Under the pressure of the domestic economy for 16 years, the downstream demand is depressed, the cost is rising, and the fundamentals of the industry have deteriorated. The company's spandex business lost 497 million yuan, which is the main reason for the company's declining performance.
Affected by the national real estate regulation and control, the company's two real estate businesses in Chengdu have less revenue. The net profit in 16 years was 23.9448 million yuan, down 60.90% from the same period last year.
The acquisition of Tianjin Fuzhen took the first step in the expansion of the robot industry: Wuxi Zhe Fang and Wuxi Lianchuang entered the company through major asset restructuring, injecting robot genes into the company. The company's actual controller has been engaged in robot research and management for many years, has rich industry experience, and is expected to lead the company to grow into a giant ship of the robot industry, relying on its profound industrial background.
The company's acquisition of Tianjin Fuzhen began the first step in the expansion of the robot field. Tianjin Fuzhen has been engaged in the research, design, manufacture and sales of automobile body intelligent flexible production line and automation control system for many years, and is a leading industrial automation manufacturer in China. It has established good cooperative relations with well-known automobile companies such as Jaguar, Land Rover, Changan Ford and Shanghai Volkswagen. The company promises to deduct the non-return net profit of 43.23 million yuan, 60.51 million yuan, 71.34 million yuan and 81.78 million yuan in 1619, which will significantly increase the company's profits.
Coordinated development of endogenesis and extension, seize the opportunity of robot development: intelligent manufacturing is "made in China 2025"
The main direction of attack. According to IFR statistics, from 2009 to 15, the sales of industrial robots in China increased from 5525 to 68556, with an average annual compound growth rate of 52.15%, ranking first in the world for three consecutive years. With the acceleration of the aging process of China's population and the improvement of manufacturing technology. The development of China's robot industry is expected to continue to accelerate.
The company grasps the great opportunity of robot development, and is expected to rely on strong industrial resources, through endogenous + epitaxial two-wheel drive, rapidly grow into a leading domestic robot enterprise, the future development is worth looking forward to.
Investment suggestion: we expect the company's operating income from 17 to 19 to be 15.1 million 16.9 / 1.86 billion yuan, and the net profit 5090max 9060 / 100.2 million yuan. We are optimistic about the development of the company's transformed robot business and give the Buy-An investment rating, with a 6-month target price of 16.50 yuan.
Risk hint: acquisition progress is not as expected
