Main points of investment:
Conclusion: the market positioning of the company stays in the tire abrasive manufacturing and other industries, we believe that the company seeks to enter the high-end intelligent equipment manufacturing industry, and in the industrial robot and other business layout results are beginning to show, the future growth is expected. The company's traditional main business was lower than expected, reducing its EPS to 0.24,0.29,0.33 yuan in 2016-2018, taking into account the sharp decline in the market valuation center, the target price was lowered to 19.2yuan, corresponding to 80 times PE, giving an overweight rating.
In cooperation with the Sino-German Foundation, the extension of intelligent robots is expected to be strong. ① and Sino-German fund cooperation, continue to increase the size of the intelligent robot industry, the acquisition of intelligent robots is expected to be strong. The policy support of ② is strengthened, and the acceleration of the localization of industrial robots is worth looking forward to. The layout of ③ industrial robot is beginning to show, and its growth is promising. The company's four-and six-degree-of-freedom light-load and heavy-duty industrial robots have completed batch finished products, and a major breakthrough has been made in the localization and industrialization of high-precision RV reducers. The company's robot business revenue reached 58 million yuan in 2013, accounting for 0.1%, 0.6% and 6.0% respectively from 2015 to 2015, with a rapid growth rate.
Indirectly control the German OPS company to accelerate the intelligent manufacturing layout of the company. ① indirectly controls 43.6% of the German company OPS, accelerating the company's layout in the direction of industrial robots and intelligent equipment. ② OPS's main products include industrial automation equipment, high-end CNC electric spark machines, high-end vertical machining centers; OPS has high-end customers such as BMW, Volkswagen, Ford, Visteon, Borda, Belros, Siemens, Nepro, elite moulds and faithful moulds. ③ OPS has revenue of 327 million yuan and net profit of 25 million in 2015, and the consolidated statement will strengthen the company's performance.
Catalyst: epitaxial expansion of intelligent robots.
Core risks: foreign investment risk, dependence on the tire industry risk, robot progress is lower than expected.