Renaming "Harbin Engineering Intelligence" to create another pole of robots: with the consent of Harbin University of Technology Robot Group Co., Ltd., Harbin Institute of Technology Asset Investment and Management Co., Ltd., the company's renaming of "Jiangsu Harbin Engineering Intelligent Robot Co., Ltd." has been approved by the shareholders' meeting. Harbin University of Technology has one of the two national robot laboratories in China with strong technical strength. The company has changed its name to "Harbin Industrial Intelligence". On the one hand, it will inherit the brand assets of Harbin University of Technology, on the other hand, it will also get strong technical support from the school, and will rapidly grow into a leading enterprise in the robot industry.
Mastering all-aluminum body technology and benefiting from the development trend of new energy vehicles: the company's Tianjin Fuzhen Industrial equipment Co., Ltd. is the first professional company in China to master all-aluminum body welding technology. with aluminum plate riveting, laser welding, edge rolling and other core technologies, with Jaguar Land Rover, NIO Inc. Automobile, Guangzhou Automobile Honda and other customers to establish a stable cooperative relationship. In the past two years, Jaguar Land Rover alone has achieved an output value of about 400 million yuan. At present, China's new energy vehicles are in the ascendant, in order to extend the vehicle mileage, the lightweight of the car body has been put on the agenda, among which the all-aluminum body is a more popular solution. Fu Zhen has a leading edge in this field and is expected to benefit from the great development of the new energy vehicle industry.
Endogenous epitaxial two-wheel drive, high starting point and broad prospects for development: the company relies on platform and technical advantages, endogenous epitaxial two-wheel drive development.
1) Automotive industry robot intelligent equipment business: the company will continue to dig deep into the automotive industry robot field, relying on the existing technology and channel foundation. Although automobile is the industry with the highest robot density, it still has a lot of room to rise. The rapid development of new energy vehicles has brought another round of changes in the industry. the company will seize the opportunity of the popularity of new energy vehicles and the rise of domestic vehicle factories to expand and strengthen the automobile intelligent equipment business.
2) General industrial robot intelligent equipment business: the company will rely on Harbin University of Technology's leading advantages in national defense, aerospace and other fields to expand the robot market outside the automobile. The company has newly hired Xin Zhi as vice president of the company. He has rich experience in the field of robot sales and is expected to help the company open the market quickly.
3) artificial intelligence robot business: the company will also devote itself to the research and development of collaborative robots, giving robots intelligence and the ability to cooperate with people.
Investment suggestion: we estimate that the company's income from 2017 to 2019 will be 1.352 billion yuan, 1.609 billion yuan and 1.849 billion yuan respectively, and the net profit will be 83.4 million yuan, 95.2 million yuan and 124 million yuan respectively. Given an investment rating of Buy-A, the 6-month target price is 17.4 yuan.
Risk hint: market competition intensifies and new market expansion falls short of expectations
