The performance growth is in line with expectations, and the spin-off of spandex business is over: the company recently released a three-quarter report, with operating income of 1.826 billion yuan in the first three quarters, an increase of 90.17% over the same period last year, and a net profit of 56.07 million yuan, an increase of 228.04% over the same period last year. Performance growth is in line with expectations. In the single quarter of Q3, the company achieved an income of 633 million yuan, an increase of 60.36% over the same period last year, and a net profit of 35.53 million yuan, an increase of 49.63% over the same period last year. On July 25, 2018, the spandex plate spun off by the company received the first transfer payment, the investment income increased significantly during the reporting period, and the company's main business no longer included spandex plate.
Epitaxial mergers and acquisitions continue to strengthen the intelligent welding business sector, and the industrial chain will be further improved: according to the October 25 announcement, the company's board of directors passed a motion to acquire 100% shares in NIMAK GmbH, NIMAK KG and NickelGmbH in Germany. NIMAK is a leading provider of industrial connection equipment and solutions, the main products are robot welding pliers, robot welding machines, robot glue machines and other automatic equipment, the main customers and partners include Volkswagen, BMW and other international first-tier automotive brands, as well as Airbus, KUKA, Bosch and other industrial giants, business network throughout the world. The company's acquisition will continue to increase the size of the intelligent welding business plate, and the business extends to the robot periphery and supporting products in the upper reaches of the industrial chain. It will form a synergy with Tianjin Fuzhen, a subsidiary of the system integrator in the intelligent welding field, and Rafer Mechatronics, which is to be acquired, to further extend the existing industrial chain. And form the industrial chain system of "robot periphery and supporting products + robot one-stop solution platform + intelligent welding production line system integration". NIMAK has accumulated more than 60 years of research and development achievements, reserves and capabilities will further enhance the R & D strength of listed companies, especially in the field of the automotive industry. At the same time, NIMAK, as a multinational enterprise with global layout, has a business network all over the world. Through the acquisition of NIMAK, the company has realized the first step of globalization.
It is proposed to set up a joint venture with Hyundai heavy Industry to strengthen the business strength of robot body: according to the announcement, the company has signed a "letter of intent to invest" with Hyundai heavy Industry, and the two sides plan to set up a joint venture company for robot body, which will hold 70% of the shares. The joint venture company will complete the construction of the factory in accordance with the capacity scale of the modern heavy industry Daegu plant and the standard of the smart factory. The cooperation with Modern heavy Industry will help to further consolidate the company's technology reserve, enrich the company's robot product line and product application scene, and expand the market space.
Expand the robot one-stop platform and build the whole life cycle ecological chain: relying on the 51ROBOT platform, the company signed strategic cooperation agreements with the world's leading robot manufacturers such as ABB, KUKA, Anchuan, launched a variety of standard workstations such as electric welding, arc welding, palletizing, friction stir welding, and won maintenance service orders from leading automobile companies, such as Hestemp, Yanfeng Bio, Dalian Volkswagen, etc. Cooperate with Hagong Haidu, a leading domestic industrial robot education service provider invested in by the company's M & A fund, to promote the popularization of industrial robot training and education. In addition, on the basis of 51ROBOT platform, the company has epitaxially laid out 51Cloud and other sub-platforms to form a circular industrial robot life cycle ecological chain of "industrial robot body, electronic control equipment, robot workstation-training-robot standard system-system integration-real-time remote health monitoring system software-maintenance-second-hand robot recovery-remanufacturing", and the whole industry robot platform has been initially formed.
Investment suggestion: the company continues to increase the size of the intelligent welding business through the extension strategy, and is expected to form a linkage with the robot one-stop platform to improve the layout of the industrial chain. The cooperation with Modern heavy Industry is expected to enrich the company's robot product line, consolidate the technology reserve, lay the foundation for creating new growth points, and be optimistic about the company's development prospects. It is predicted that the company's net profit from 2018 to 2020 is 136 million yuan, 174 million yuan and 222 million yuan respectively, and the corresponding EPS is 0.22,0.28,0.36 yuan respectively. The 6-month target price is 8.14 yuan, corresponding to 2018 37 times PE.
Risk tip: the price of raw materials is rising, the development of new products is not as expected, and the progress of acquisition is not as expected.
