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【招商证券】南京熊猫:有望成为CEC军用通信电子及装备整合平台
[China Merchants] Nanjing Panda: it is expected to become a CEC military communication electronics and equipment integration platform.

招商证券 ·  {{timeTz}}

公司是中国电子信息集团(CEC)下电子装备工业的一面旗帜,近期在国企改革加速、CEC资产证券化、管理层调整等多重因素推动下,从CEC 集团层面加快优质资产整合的步伐正在加快。目前CEC 集团下电子装备和军工资产盈利能力强,质地优良,而公司正是集团电子装备及军工优质资产最佳整合平台,未来资产整合空间大,此外以机器人产业为代表的电子装备也有望成为现有主业的发力点。现阶段,我们认为公司尚处于市场预期低点,而大股东中电熊猫资产注入有迹可循,新的预期正在逐步形成。预计公司16-18 年EPS 为0.16、0.17 和0.19元,综合考虑公司作为CEC 集团下优质军用通信电子及装备资产的核心平台地位,可注入优质资产空间大,首次覆盖给予“强烈推荐-A”评级,12 个月目标价22 元-27 元。 资产证券化目标明确,管理层调整,中国电子信息集团(CEC)资产重组加速。中国电子一直致力于推动旗下资产优化配置,重组兼并。今年两会,集团总经理刘烈宏明确表示:“中国电子将从引进战略投资者的混合所有制、员工持股和资产证券化三个角度实践国企改革,CEC 计划将整体资产证券化率从现在的55%左右提高到80%左右,特别CEC 目前的军工资产证券化率较低,还不到整体军工资产的10%,大大低于集团其它资产证券化水平,未来将大幅提升。”同时,近期中电熊猫董事会管理层大换血,更年轻的领导团队有望加快集团整体资产整合进度。今年3 月,长城电脑和长城信息两家上市公司完成合并重组,并注入集团内优质军工资产中原电子,已经为中国电子旗下其它上市公司资产重组树立了成功样板。 中电熊猫资产优质,公司有望成为CEC 下军用通信电子及装备整合平台。中电熊猫四大优质军工主体熊猫汉达科技、科瑞达电子装备、长江电子和三乐电子分别是我国军工通信、电子对抗、军用雷达和军用真空电子方向的龙头企业,具有较强的盈利能力。南京熊猫作为中电熊猫优质军工资产的最佳载体,将有望成为CEC 旗下的电子装备及军工类优质资产的整合平台。 以机器人为代表的电子装备是现有主业的发力点。公司致力于打造国内一流的大型电子装备上市公司,是国内为数不多具有显示面板、玻璃基板等大型电子装备生产线制造能力的厂商。公司瞄准工业机器人蓝海,已形成机器人整机,核心部件、整体集成、系统软件等产业链研发生产能力,并在江苏、上海、日本等多地设立机器人研发中心。中国目前“机器人密度”仅为发达国家的1/10,未来市场空间巨大,预计到2020 年,中国工业机器人市场将达到2000 亿元。参考富士康“百万机器人计划”投放电子制造,公司背靠CEC,是大集团内唯一的工业机器人提供商,可尽享CEC 集团在电子电器制造等方面对工业机器人的需求,看好百亿内部市场空间。 资产注入有迹可循,新预期正在逐步形成,首次覆盖给予“强烈推荐-A”评级,12 个月目标价22-27 元。现阶段,我们认为公司尚处于市场预期低点,而中电熊猫资产注入有迹可循,新的预期正在逐步形成,。预计公司16-18 年EPS 为0.16、0.17 和0.19 元,综合考虑到公司作为CEC 集团下优质军用通信电子及装备资产的核心平台地位,可注入优质资产空间较大,首次覆盖给予“强烈推荐-A”评级,12 个月目标价22 元-27 元。 风险提示:机器人市场开发不利、集团资产注入进度不及预期。

The company is a banner of the electronic equipment industry under China Electronic Information Group (CEC). Recently, driven by the acceleration of state-owned enterprise reform, CEC asset securitization, management adjustment and other factors, accelerating the pace of high-quality asset integration from the CEC group level is accelerating. At present, CEC Group has strong profitability and excellent quality of electronic equipment and military assets, and the company is the best integration platform for electronic equipment and high-quality military assets, and there is a lot of room for asset integration in the future. in addition, electronic equipment represented by the robot industry is also expected to become the starting point of the existing main industry. At this stage, we believe that the company is still at a low level of market expectations, while the major shareholder CLP Panda asset injection can be traced, new expectations are gradually taking shape. It is estimated that the company's EPS for 16-18 years will be 0.16,0.17,0.19 yuan. Considering the company's position as the core platform of high-quality military communications electronics and equipment assets under CEC Group, the company can inject large space into high-quality assets and give it a "highly recommended-A" rating for the first time, with a 12-month target price of 22-27 yuan. The goal of asset securitization is clear, the management is adjusted, and the asset restructuring of China Electronic Information Group (CEC) is accelerated. China Electronics has been committed to promoting the optimal allocation of its assets, restructuring and mergers. At the two sessions this year, Liu Liehong, general manager of the group, made it clear: "China Electronics will practice the reform of state-owned enterprises from the perspective of introducing mixed ownership of strategic investors, employee stock ownership and asset securitization. CEC plans to increase the overall asset securitization rate from 55% to about 80%. In particular, CEC's current military asset securitization rate is low, less than 10% of the overall military assets. It is much lower than the level of securitization of other assets of the group and will be greatly improved in the future. " At the same time, the management of the board of directors of China Electric Power Panda has been greatly changed recently, and the younger leadership team is expected to speed up the overall asset integration of the group. In March this year, two listed companies, Great Wall computer and Great Wall Information, completed their merger and restructuring and injected Zhongyuan Electronics, a high-quality military industrial asset in the group, which has set a successful example for the asset restructuring of other listed companies of China Electronics. CLP Panda assets are of high quality, and the company is expected to become a military communications electronics and equipment integration platform under CEC. The four high-quality military main bodies of CLP Panda, Panda Handa Technology, Krida Electronic equipment, Changjiang Electronics and Sanle Electronics, are the leading enterprises in China's military communications, electronic countermeasures, military radar and military vacuum electronics, respectively, with strong profitability. As the best carrier of CLP Panda's high-quality military assets, Nanjing Panda is expected to become an integrated platform for CEC's electronic equipment and military high-quality assets. The electronic equipment represented by robots is the starting point of the existing main industry. The company is committed to creating a domestic first-class large-scale electronic equipment listed companies, is one of the few domestic manufacturers with display panels, glass substrates and other large-scale electronic equipment production line manufacturing capacity. Aiming at the blue ocean of industrial robots, the company has formed the R & D production capacity of industrial chains such as robot complete machines, core components, overall integration, system software, etc., and has set up robot R & D centers in Jiangsu, Shanghai, Japan and other places. At present, the "robot density" in China is only 10% of that in developed countries, and the future market is huge. It is estimated that by 2020, China's industrial robot market will reach 200 billion yuan. With reference to Foxconn's "million Robot Project" to launch electronic manufacturing, the company, backed by CEC, is the only supplier of industrial robots in large groups, and can fully enjoy the demand for industrial robots in CEC Group in electronics and electrical appliances manufacturing, and is optimistic about 10 billion yuan of internal market space. There are signs of asset injection, and new expectations are gradually taking shape, covering the "highly recommended-A" rating for the first time, with a 12-month target price of 22-27 yuan. At this stage, we believe that the company is still at a low level of market expectations, while the injection of CLP Panda assets can be traced, and new expectations are gradually taking shape. It is estimated that the company's EPS for 16-18 years will be 0.16,0.17,0.19 yuan, taking into account the company's position as the core platform of high-quality military communications electronics and equipment assets under the CEC Group, there is more room for injecting high-quality assets, and the "highly recommended-A" rating is given for the first time, with a 12-month target price of 22-27 yuan. Risk tips: the development of the robot market is unfavorable, and the progress of the group's asset injection is not as expected.

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