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"Endogenesis + epitaxy" helps the company to become the leader of automobile intelligent manufacturing. The company started as an automotive intelligent conveying system, through the acquisition of de Mecco layout automotive robot intelligent manufacturing system integration, the acquisition of American DMW,LCC to enter the American automotive delivery system market, 15 years in the automotive intelligent manufacturing field revenue of 1.745 billion, for the domestic automotive intelligent manufacturing leader At the same time, the company laid the foundation for the development of logistics warehousing automation through the acquisition of WenchH in the United States, and gradually developed the business of military industry through the acquisition of Xi'an Longde Science and Technology. "Endogenesis + extension" helps the company's long-term development.
De Meike is the leader of the integration of body-in-white intelligent manufacturing, and the integration coordination is inferior to the expected development. De Meike's main business is to provide robot intelligent manufacturing integration of body-in-white welding production line to vehicle manufacturers; after the acquisition, de Meike does not have good cooperation in capital and customer management. De Meike quickly grew from the 4th and 5th position in the industry to the local leader in the industry. De Mecco promised 14-and 15-year net profits of 50 million and 65 million, actual net profits of 56.6 million and 74.96 million, and over-performance commitments of 13.2% and 15.3%. At the end of the first quarter of 16, the company received 250 million of its accounts in advance, a sharp increase of 40% over the beginning of the period. we judge that the sharp increase in advance is mainly due to the substantial increase in Demecco's orders. in addition, CEO of Kuka China became president of de Mecco before June 16, and the new plant is expected to be completed within 16 years, and the growth of de Mecco's performance is expected to accelerate in the future.
DMW,LCC is the leader of automobile delivery equipment in the United States, and the synergy effect is expected to be realized. With a history of 68 years, DMW,LCC is the absolute leader of American automobile delivery equipment, and its main customers are the three major car factories in North America; DMW Buhuachangda can form good coordination. First, Demecco can expand its body-in-white welding business to North America with the help of DMW; secondly, Huachangda headquarters can take advantage of domestic manufacturing non-service costs to reduce the existing outsourcing costs of DMW and enhance DMW profitability. Third, the company can provide financial support for DMW to help it carry out some new mergers and acquisitions and resource integration in North America. In 16 years, the company will gradually complete the integration of domestic and North American teams, and the synergy effect is expected to be realized.
It is predicted that the net profit of the company in the year of 16-18 is 1.65 pound, 2.21 billion, 257 million yuan, and the share price PE before the corresponding share price is 55-41-35. The company is the leader of intelligent automobile manufacturing in China, and de Mecco is developing rapidly. In the future, the realization of DWM synergy will greatly increase the profit, giving the company 50 times PE in 17 years, corresponding to the target price of 20 yuan, covering it for the first time and highly recommended.
Risk hint: the integration with DMW is lower than expected, and the development of automobile industry is lower than expected.
