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华昌达(300278)点评:加码机器人业务 向数字化工厂迈进

Huachangda (300278) comments: plus Robot Business strides forward to Digital Factory

廣發證券 ·  Oct 13, 2015 00:00  · Researches

Core ideas:

Huachangda plans to buy 100% equity in Shidewei Technology and 100% equity in Knox Technology by issuing shares and paying cash, with the former estimated at 1500 million yuan and the latter with an estimated value of 330 million yuan. And to Beijing Kaishi Fuller, Shanghai Muga Investment, Zhejiang Bank Huizhi issued shares to raise supporting funds. Of the underlying consideration, Huachangda pays 70% in shares and the remaining 30% in cash.

"Internet + Manufacturing" extends to a digital factory. Shi Dewei, the target company, is mainly engaged in information services and Internet access services, software development, network engineering and system integration business in value-added telecommunications services. Baidu, Inc. is the general agent in Suzhou, Yangzhou, Huai'an and Suqian. The addition of Shi Dewei will enable listed companies to have a good technical foundation in industrial 4.0 core technologies such as the system software development and application capabilities of "digital factories", and speed up the development of digital factories. The company promises that the total net profit deducted from 2016 to 2018 will not be less than 480 million yuan, and the net profit in 2016 will be no less than 130 million yuan, which will enrich the business composition of listed companies and improve the risk-resistant ability of operation.

Acquisition of Knox Technology, plus welding robot business. Kunshan Knox is a professional company that provides robot welding production line for automobile body-in-white welding. At present, it is one of the few domestic enterprises that master the technology of high-end automobile robot welding production line. This acquisition of Knox is another effort after the acquisition of de Mecco, which will strengthen the company's business coordination in the field of welding robots and enhance the overall market share of listed companies. Knox promises that the cumulative net profit for the three years from 2016 to 2018 will not be less than 105 million yuan, and the net profit for 2016 will be no less than 30 million yuan.

Profit forecast and investment advice: the company's operating income from 2015 to 2017 is expected to be 1496 million yuan, 4477 million yuan and 5153 million yuan respectively, the corresponding share capital diluted PE is 0.20,0.41,0.47 yuan respectively, and the corresponding pre-share price PE is 120,57,50 times respectively. Based on the company's continuous layout in the welding robot business and the growth space of business integration in the later stage, we give the company a "cautious overweight" rating. Risk hint: the coordination of business integration is lower than expected; there is uncertainty in the acquisition.

The translation is provided by third-party software.


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