
The robot business continues to grow at a high speed, and the market prospect of intelligent equipment is promising
Time of issue:
2021-09-15
The two main businesses of the company, robot and intelligent equipment core control functional parts, have developed in coordination. The company has strong technical advantages in the field of core components of intelligent equipment such as numerical control system and servo system. The self production rate of key parts of robots has reached about 80%, of which the cost of components such as the control system of autonomous industrial robots accounts for about 50% of the cost of outsourcing foreign brands. Industrial robots are mainly 6-axis products, which have strong competitive advantages such as cost-effective and after-sales service.
The two main businesses of the company, robot and intelligent equipment core control functional parts, have developed in coordination. The company has strong technical advantages in the field of core components of intelligent equipment such as numerical control system and servo system. The self production rate of key parts of robots has reached about 80%, of which the cost of components such as the control system of autonomous industrial robots accounts for about 50% of the cost of outsourcing foreign brands. Industrial robots are mainly 6-axis products, which have strong competitive advantages such as cost-effective and after-sales service.
The robot business is expected to double its annual revenue and maintain a rapid growth in 2017. The sales revenue of industrial robot and intelligent manufacturing system business from January to September 2016 increased by about 120% year on year. It is expected that the annual sales will double, and the proportion of sales this year is expected to reach about 40%. The market demand of downstream industries such as household appliances, auto parts, new energy, 3C, etc. is good. With the investment projects put into operation, it is expected that the growth rate will remain high in 2017.
The market share of AC servo system increased and maintained rapid growth. From January to September 2016, the sales revenue of AC servo system increased by more than 50% year on year; The main competitors are Panasonic, Yaskawa, etc. The products are mainly used in textile machinery, machine tools, packaging machinery, 3C, robots and other industries. The company has established an overseas channel business network and has UL and 3C certification. The sales growth in overseas markets is fast.
Traditional CNC system business is expected to benefit from the recovery of downstream industry demand. The main downstream industries of the company's CNC system and electro-hydraulic servo system are metal forming machine tools. The sales growth of the machine tool industry tends to pick up and is expected to gradually improve in 2017.
Accelerate development through mergers and acquisitions. In 2016, the company further enhanced the competitiveness of industrial robot business by acquiring Praxair and Fengyuan Automation. Praxair is a domestic leader in the automation integration industry of die casting machine robots. In addition, this year's investment in Euclid, an Italian company engaged in the R&D and production of 3D robot vision, will help the company improve its competitiveness in the robot industry.
Investment suggestion: It is estimated that the net profit from 2016 to 2018 will be 69 million yuan, 97 million yuan and 136 million yuan, and the EPS will be 0.25 yuan, 0.35 yuan and 0.49 yuan, with the corresponding P/E ratio of 131.6, 93.6 and 67.2 times. The company's robot industry is in a rapid development period and is expected to become a leading supplier of robot ontology and system integration in China. It has technical advantages in the field of intelligent equipment core components and maintains the "recommended" rating.
Risk warning: robot business development is lower than expected, downstream market demand declines, etc.

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Jiangsu Saiou Intelligent Technology Co., Ltd.
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