Guide to this report: we recommend that the reference valuation range of Ruisong Technology is between 0% muri 9% quartile, corresponding to a price of 27.08-27.76 yuan.
Summary:
According to the published release announcement, the actual quotation center quantile of Science and Technology Innovation Board enterprises Ying Hantong and set New Materials, which were asked for prices on January 17, 2020, has dropped below 9%, and the market has entered the stage of information effectiveness and inter-agency low-price game. According to the institutional game and quantile decline logic, the quotation quantile of Ruisong Technology for tomorrow's inquiry will be considered downward at 9% quantile.
Taking all things into consideration, it is expected that the inquiry range of Ruisong Technology on January 23 will be between 0% and 9% quantiles, corresponding to a price of 27.08 yuan to 27.76 yuan.
With the mission of "Science and Technology connection Intelligence", Ruisong Technology focuses on the field of robot and intelligent manufacturing, and provides customers with intelligent and flexible manufacturing system solutions. The main products of Risong Technology include robot automation production line (84.03% of revenue in 2018), robot workstation (10.67%) and robot accessories sales (5.30%). The company's products and services are mainly used in the automobile manufacturing industry (77.20% in 2018), but also expanded to 3C, machinery, elevators, motorcycles, shipping and other industries. Ruisong Technology mainly serves customers including Mazda, Guangzhou Automobile Toyota, Guangzhou Automobile Toyota, Guangzhou Automobile Mitsubishi and so on. The top five customers accounted for 76.82% of the revenue before 2018. The company is based in South China and develops the markets in Central and East China. The customer structure is stable and concentrated. The field of robot automation has a broad prospect and a high gross profit margin. The company has mastered automation control technology, robot welding technology, robot vision technology and so on. In the future, the company will adjust and optimize the product structure, give full play to the advantages of product research and development, effectively improve the production capacity of products and enhance the status of the industry.
Considering the business structure and the availability of wind consistent profit forecast data, we select Robot, Huachangda, Tianyong Intelligence, Clay Mechanical and Electrical Machinery, Tianqi shares, Sanfeng Intelligence, Harbin Engineering Intelligence, Xinshida, Bosch shares, Esston, Tosda, Hanchuan Intelligence, Jiangsu North Man-made comparable Company, the average price-to-earnings ratio of comparable companies in 2019 is 49.83 times. Based on the estimated total share capital of no more than 67.3606 million shares, the estimated market value after issuance is 18.24-2.335 billion yuan, and the corresponding offering price range is 27.08-34.67 yuan. The corresponding 18-year deduction net profit PE range is 42.57-54.49 times, and the corresponding 19-year return net profit PE range is 30.92-39.58 times.
Risk hints: (1) the actual quotation center is gradually moving down, be on guard against the risk of 10% high price rigidity elimination and the secondary game behavior on the day of market quotation. (2) the risk of the decline of the company's performance caused by the decline of the prosperity of the automobile industry in the downstream market.