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维宏股份(300508):专注运动控制领域、掘金制造业升级

廣發證券 ·  Apr 26, 2016 00:00  · Researches

The company is a high-tech enterprise specializing in motion control system solutions. The company is a high-tech enterprise that provides motion control system solutions for CNC equipment manufacturers. Its main business is R&D, production and sales of industrial motion control systems. The company's main business revenue and net profit declined slightly in 2015 due to macroeconomic effects. In 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 51.96 million yuan, respectively, with a compound growth rate of 6.95%. The upgrading of the manufacturing industry pushes companies into a stage of rapid development. With the continuous upgrading of China's manufacturing industry, the shortage of labor in China, and the rise in labor costs, enterprises need to rely on technological improvements to raise productivity levels, thus enabling automation manufacturers to gain unprecedented market opportunities. Since its establishment, the company has focused on the field of motion control. After years of development, the company has become a well-known enterprise in the field of motion control in China, has many customers, and has strong influence in terms of products and technology, providing a good guarantee for the company's future performance growth. Raising 210 million yuan to break the constraints of insufficient capital and enhance competitiveness in the field of motion control systems, the company plans to raise capital mainly in integrated controller product upgrades and production expansion, R&D centers, national marketing network construction and servo drive industrialization projects, and supplementary working capital to expand the production capacity of the company's main products, enhance the company's R&D strength and brand reputation, enhance product competitive advantage, and increase market share. The 16-18 year results are 1.00 yuan/share, 1.11 yuan/share, and 1.20 yuan/share respectively. We expect the company's 2016-2018 operating income growth rates to be 11.6%, 12.1%, and 9.4%, respectively, and net profit growth rates of 9.67%, 11.6%, and 7.61%, respectively. We expect EPS issued in 2016, 2017, and 2018 to be 1.00, 1.11, and 1.20 yuan, respectively, after full dilution of the additional share capital issued in 2016, 2017, and 2018. Risk suggests increased risk of market competition; risk of implementation of capital raising investment projects; risk of decline in comprehensive gross margin

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