It is proposed to acquire IWU and Qiancheng Machinery, showing a synergy effect to enhance the overall strength of the company.
On September 20, 2017, HKUST Intelligence plans to acquire a 100% stake in the company for 900 million yuan. The company achieved revenue of 267 million yuan in 2016, with a net profit of 42.272 million yuan for the parent company, equivalent to 15.42% and 15.28% of the revenue of the listed company and the net profit of the parent company in the same period. The Union of things promised that the net profit of the parent company would not be less than 45 million yuan, 65 million yuan, 81.25 million yuan and 97.5 million yuan respectively from 2017 to 2020. HKUST Intelligence plans to buy 43% of the remaining equity of Qiancheng Machinery with 140 million yuan. In 2016, the revenue was 65.015 million yuan, and the net profit of the parent company was 16.6295 million yuan, equivalent to 3.75% of the revenue and 6.01% of the net profit of listed companies in the same period. Qiancheng promised that the net profit from 2017 to 2020 would not be less than 24 million yuan, 30 million yuan, 37.5 million yuan and 46.88 million yuan respectively.
The company has completed the acquisition of Guanzhi Automation, Huaxiao Precision and dry bearing Machinery, creating an intelligent manufacturing industry layout from robotic arm to AGV, and then to flexible production lines, giving full play to the collaborative advantages of the three companies in industrial automation and committed to providing integrated solutions. In addition, the company through the acquisition of IoT, the deep integration of networking and intelligent manufacturing technology, to achieve the upgrading of intelligent manufacturing technology.
China's leading RFID supplier with advanced technology and high-quality customers
IoT is a high-tech enterprise specializing in the research, production, sales and technical services of RFID identification technology and related products, Internet of things big data system research and development, production, sales and technical services in the field of the Internet of things. The products mainly include RFID tag antennas, RFID tags and intelligent new retail systems. It is one of the earliest domestic companies to enter the field of RFID, and has a more obvious leading advantage in the field of RFID tags.
Over the years, the company has focused on the rich experience formed in the field of RFID, and has been able to provide different customers with personalized customized RFID antennas and electronic label products that meet specific needs. Customers mainly cover Europe, the United States, Southeast Asia and other overseas well-known enterprises, and is one of the few domestic enterprises that can directly compete with similar foreign companies in Europe and the United States and other developed countries with industrial Internet of things technology.
Introduce strategic investor JD.com to speed up the layout of intelligent logistics and intelligent new retail
With the continuous development of Internet and e-commerce technology, e-commerce retail business has grown rapidly by virtue of its advantages such as convenience, strong selectivity and relatively low price, which has brought about the continuous expansion of the scale of logistics and distribution business. intelligent warehousing system, intelligent logistics system and other potential demand The intelligent new retail business, represented by unmanned stores, which integrates Internet and Internet of things technology, has gradually become one of the important consumption forms in the future.
By raising matching funds, the company introduced strategic investor JD.com Jinquan, which is wholly funded by Jingdong Bangneng Investment Management Co., Ltd., and Liu Qiangdong holds 45% of JD.com Bangneng Investment Management Co., Ltd. is the actual controller. The establishment of a cooperative relationship linked by equity with the company to accelerate the development of intelligent logistics and intelligent new retail business market will help the company and IoT to seize the market opportunity to rapidly expand the market space such as intelligent load transfer, intelligent logistics and transportation, intelligent assembly, intelligent warehousing and RFID tag products, development of new intelligent retail system based on Internet of things and Internet of things technology, and big data management of Internet of things. It helps to improve the scale of the business.
Profit forecast: according to our estimates, the estimated return net profit of the company from 2017 to 2019 is 336 million yuan, 395 million yuan and 486 million yuan respectively, and the corresponding EPS is 0.46 yuan, 0.54 yuan and 0.67 yuan respectively. We are optimistic about the company's deep integration strategy of the Internet of things and intelligent manufacturing, with a 6-month target price of 32 yuan and a "buy" rating.
Risk hint: the expansion of intelligent manufacturing is slow and expected, and the performance of extension business decreases.