Dongjie Intelligence: logistics equipment leader, profoundly benefiting from the rapid growth of the logistics industry, Dongjie Intelligent main business is the design, manufacture, installation, commissioning and sales of intelligent logistics equipment. The company's main products include intelligent logistics delivery system, intelligent logistics warehousing system, intelligent three-dimensional parking system, AGV industrial robot, supply chain software. It is one of the largest intelligent logistics equipment manufacturers and integrators in China.
The population structure of our country is aging gradually, and the working population is decreasing sharply. In 2015, China had 144.34 million people aged 65 and over. By 2027, the aging population will be more serious, and the labor force dividend will gradually disappear. The e-commerce business in China is growing rapidly. According to the statistics of the National Bureau of Statistics, in 2017, the number of express deliveries above the scale in China reached 40 billion, and the revenue from the express delivery business above the scale reached 495.7 billion yuan, an increase of 24.7% over the same period last year, achieving a sustained high-speed growth model. In order to hedge against the increase of labor costs, the logistics industry is in the stage of development from automation to intelligence, driving the investment of logistics automation equipment. According to the Information Center of China Logistics Technology Association, it is estimated that the market scale of automatic logistics equipment will exceed 260 billion yuan in 2022.
According to the company announcement, listed companies will reverse their losses in 2017 and are expected to make a profit of 35.15 million yuan to 40.15 million yuan. In 2016, the company was in a critical period of transformation and upgrading, investing 22.68 million yuan in technology research and development, affecting the short-term profits of listed companies. At present, the company's logistics delivery system and logistics warehousing system account for 48% and 37% of the company's operating income, respectively.
Announced the acquisition of Changzhou Hayden and the expansion of automobile intelligent manufacturing line business on September 30, 2017, listed companies announced that 22,0758 million common shares were issued to purchase 100% equity of Changzhou Hayden, and the matching funds raised by non-public offerings did not exceed 225 million yuan. Recently, it has been approved by the CSRC. After the completion of this reorganization, the main business of listed companies will be expanded from intelligent transportation complete sets of equipment to the field of automobile intelligent painting production line.
Hayden's professional team in the field of industrial painting engineering has more than 20 years of experience in the field of automobile manufacturing production line engineering, and the company has formed a complete engineering system from supply chain management and engineering design to integrated installation, commissioning and operation and maintenance. it is one of the few general contractors and service providers that can provide the whole process production system in China.
Dongjie automobile production line transportation business and Hayden automobile painting production line business show synergistic effect, and the downstream customers are mainly automobile manufacturers. The two sides have strong similarity and complementarity in technology research and development, product design, R & D direction, target market, personnel training, production and sales mode, etc., and there is a large space for integration in downstream market, technology research and development, material procurement, financial management and so on.
With the acceleration of investment in new energy vehicle production line, the leader of Hayden automobile painting production line has benefited from the fact that after more than a decade of development, China's automobile industry still has great potential for development. we predict that the total automobile output will reach 37.29 million in 2020. the number of new and renovated production lines has reached 97. 202new energy vehicle projects have been launched in China from 2015 to 2017, and there will be 244 new energy models by 2020. many non-traditional automobile companies will join the new energy vehicle team, which will lead to a big increase in orders from upstream equipment manufacturers, bargaining power and gross profit margin.
Through years of exploration and accumulation, Hayden has customers including Shanghai Volkswagen, Beijing Mercedes-Benz, Changan Ford, Weima Automobile, Dongfeng Nissan, NAC Mingjue, Jiangling Ford, Dongfeng Motor and other well-known automobile manufacturers. At present, it ranks second in the domestic painting field. Hayden promised net profits of 35 million yuan, 46 million yuan and 60 million yuan respectively from 2017 to 2019.
Profit forecast: according to our estimates, the company's net profit from 2017 to 2019 is expected to be 39 million, 93 million and 1.22 respectively. The corresponding EPS is 0.28,0.57 and 0.74 yuan respectively. We are optimistic about the two-line development of the company's logistics industry and automotive automation production line business in the future, giving a "buy" rating with a target price of 21 yuan.
Risk hint: the growth rate of the express logistics industry slows down, and the sales volume of the automobile industry decreases; financial data and valuation