The company's main business is to provide industrial robot automation, intelligent system integration solutions, mainly related to flexible automation, intelligent workstations and production line research and development, design, production, assembly and sales. At present, the company's main products include welding industrial robot system integration, non-welding industrial robot system integration and fixture and so on. In the future, the company will continue to upgrade existing products and actively layout other areas of products to expand the company's main business. With strong technical strength and timely and thoughtful precision service, the company has won customer recognition and good market reputation, and has outstanding competitive advantages in the field of flexible automatic welding of automotive metal parts and intelligent welding of high-end equipment manufacturing industry.
Robot system integration has entered the stage of "import substitution". Since the 21st century, in order to accelerate the upgrading of industrial robots and related industries, China has issued a series of industrial robot support policies, and domestic system integrators have gradually entered the market. With the rise of China's manufacturing industry and the vigorous promotion of intelligent manufacturing, domestic system integrators begin to seize the market gradually and enter the rapid development stage of "import substitution".
The competition in the automobile industry has intensified, and technological innovation has led to the development of robot system integration.
In recent years, due to the impact of the car sales base and the macroeconomic environment, China's car sales have shown negative growth, with sales of 28.0806 million vehicles in 2018, down 2.76% from the same period last year. The major car companies to increase car sales to seize the market, the competition is more fierce. This competitive situation urges vehicle manufacturers to speed up the introduction and industrialization of new models and technologies. In this context, the innovation of auto parts production technology has become the key for auto parts suppliers to meet the competitive needs of vehicle manufacturers, thus promoting the development of industrial robot system integration industry.
The fund-raising project has a bright future. After deducting the issuing expenses, the raised funds plan to invest in two projects, namely, the intelligent production line project and the R & D center project, and supplement the company's liquidity needs, with a total investment of 362.0288 million yuan. The intelligent production line project is expected to achieve an income of 699.15 million yuan and an additional net profit of 76.2341 million yuan for the company after reaching production. After the completion of the project, it will improve the company's product capacity and market scale, consolidate the company's competitive position in the field of system integration, and lay a solid foundation for the sustained growth of the company's performance.
We predict that the net profit of the owner of the parent company from 2019 to 2021 will be 49.52 million yuan, 56.01 million yuan and 63.38 million yuan respectively. According to the calculation of 117.34 million shares after issuance, the EPS of the company will be 0.42,0.48 and 0.54 yuan respectively. With the continuous improvement of domestic manufacturing labor costs, no matter how the downstream boom changes, the trend of manual substitution will not change. The company is the overall solution provider of domestic industrial robot automation and intelligent system integration. It is expected to benefit from the development of the industry for a long time, and the company's performance growth is also sustainable. Therefore, we propose to use the PE relative valuation method, the average price-to-earnings ratio of the comparison company in 2019 is 36.28 times, the stock price of the corresponding company should be 15.24 yuan per share, the total market capitalization of the corresponding company is 1.788 billion yuan, and the proposed inquiry range is 12.95-16.84 yuan per share.
Risk tips: 1) the slowdown of demand growth in the automobile industry; 2) the risk of high customer concentration.