[investment points]
Event: we investigated Ruiling shares on December 16 and made in-depth exchanges with company leaders, which are summarized below to provide dinner for readers.
In the form of epitaxial technical cooperation, the body of the welding robot is landed. As the leading inverter welding and cutting equipment supplier in China, the company has a deep accumulation in welding process technology, and will implement system integration by virtue of the advantages of welding process technology.
In the future, the company will focus on landing welding robot body in the aspect of welding automation, and consider mainly adopting extension or technical cooperation and so on. At the same time, the company will also actively seek to provide matching welding power for the robot workstations of other companies.
High-end welding equipment will be the focus of future industrial integration. At present, the company has the first market share of domestic inverter welding and cutting equipment, but there are still some deficiencies in high-end welding equipment products. In the future, high-end welding equipment will be considered as the key object of industrial integration.
The business prosperity of inverter welding and cutting equipment is lower than last year. Affected by the macroeconomic situation, the business prosperity of inverter welding and cutting equipment this year is lower than that of last year. At present, the company's product inventory is maintained at 1.5 to 2 months for sales.
The overseas prosperity of inverter welding and cutting equipment is better than that at home, resulting in an increase in the proportion of overseas income. The company accounted for a share of overseas revenue in 2014, and the prosperity of the overseas market is better than that of the domestic market this year, so that the share of overseas revenue has increased. Among them, Russia, Australia and other overseas markets account for a relatively high proportion. In the future, the company will still focus on independent brands to open up overseas markets.
Investment advice: we expect the company's 2015-2017 revenue to be 579 million, 637 million and 733 million respectively, and its net profit to be 101 million, 112 million and 128 million respectively, with year-on-year growth of-8.01%, 10.00% and 15.00% respectively. It is given a rating of "increasing its holdings", with a target price of 16 yuan, corresponding to P/E64 times in 2016.
Risk tips: the layout of welding robots is lower than expected; sales of welding and cutting equipment are lower than expected; industrial integration is lower than expected.
