Continue to expand the integrated business of automobile manufacturing automation by means of endogenesis and epitaxy.
Benefiting from the acceleration of model modification, the investment demand for body-in-white will remain stable. Compared with its domestic and foreign competitors, Shanghai Demeike is superior in technology, production line design experience, service quality and financial strength. With a strong competitive advantage, the company has full orders on hand and expand German car companies' orders, and the domestic market share (currently about 10%) may continue to rise.
The synergy benefit of DMW is gradually realized, contributing additional performance growth momentum.
The logistics delivery sector has become an important part of the company's existing main business. The DMW acquired in 2015 is mainly technical personnel, and most of the manufacturing capacity is outsourced. This part of the outsourcing business may cooperate with the company's Chinese production capacity in the future. Take advantage of the cost advantage made in China to further improve the profitability of the business in Europe and the United States.
Accelerate the layout of robot applications in the new downstream, the growth space is underestimated
The new expansion areas are aimed at areas with large room for automation improvement and high barriers to entry in the future, such as military robots, aviation manufacturing automation and so on. Previously, it was announced that Xi'an Longde Co., Ltd., which has a long-term and stable customer relationship and operation experience in the military industry, had acquired a 100% stake in Xi'an Longde Co., Ltd., with a total purchase amount of 91 million yuan. The layout of the company's military automation business is accelerated and is expected to become a new core growth pole in 2016-2017.
The establishment of industrial M & A fund indicates that the progress of follow-up industrial chain integration will be accelerated.
At the same time of the rapid expansion of domestic business, the company steadily promotes international industrial integration. Announced the establishment of an industrial M & A fund invested in industrial 4.0 intelligent equipment-related industries, of which Huachangda and Chairman Yan Hua, as limited partners (LP), intend to contribute 120 million yuan and 300 million yuan respectively with their own funds. We believe that this move indicates that the progress of follow-up industrial integration may be accelerated, the company's business layout is becoming more and more perfect, and the goal is to become a global leader in robot automation integration business.
The reduction is coming to an end, and the market's pessimistic expectations may be alleviated.
At the beginning of June, it was announced that the chairman and concerted actors planned to reduce their holdings by 59.31 million shares, accounting for 10.9% of the total share capital, in the form of bulk transactions and agreed transfers. At present, 8.8 million shares have not been reduced.
At present, the market value has great potential to rise, and the "buy" rating is maintained.
The layout of the company's robot business is excellent, and the intelligent manufacturing business will grow rapidly in the next 3 years. It is estimated that the income from 2016 to 2018 is about 20.0,23.4 and 2.69 billion yuan, and the net profit is about 1.3,1.5 and 180 million yuan. Maintain a "buy" rating.
Risk tip: new business growth is slower than expected.