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Estun (002747) Interim Review: First Half Results Meet Expectations Acquisition of Global Welding Robot Leader CLOOS

Estun (002747) Interim Review: First Half Results Meet Expectations Acquisition of Global Welding Robot Leader CLOOS

Estun (002747) Interim Review: First Half Results Meet Expectations Acquisition of Global Welding Robot Leader CLOOS

The growth rate of operating income in the first half of the year fluctuated slightly, and operating cash flow was considerable: According to the company’s semi-annual report, the company’s net profit attributable to shareholders of listed companies in the second quarter of 2019 was zero.

3.8 billion, an increase of 12.

10%; operating income is 3.

60 ppm, an increase of 99 from the previous month.

34%; net cash flow from operating activities is zero.

29 trillion, an increase of 122.

28%.

The second quarter results have improved compared to the first quarter.

In the first half of 2019, the net profit attributable to shareholders of listed companies was zero.

5.7 billion, an increase of 0 every year.

69%, the amount of non-recurring gains and losses on net profit is 0.

1.8 billion.

Affected by the continuous rapid economic growth, insufficient demand in the industrial control market, and the pressure of single-servo-shaft business to reduce the price of metal forming machine tools, the company’s operating income was 6.

81 ‰, a decrease of 6 per year.

00%.

Net cash flow from operating 杭州桑拿网 activities is zero.

42 trillion, an increase of 147 per year.

48%, thanks to the company’s focus on the prevention of capital risks, strict control of accounts receivable, and increased efforts to collect funds.

The company’s comprehensive gross profit margin reached 36.

88%, increasing by 0 every year.

73%, scale effect and profitability are further reflected.

The penetration rate of industrial robots will gradually be released, and the business of industrial robots will continue to grow: intelligent manufacturing has developed rapidly around the world and has become a major trend in manufacturing, and industrial robots are the development direction of intelligent equipment.

According to Morgan Stanley’s “Investment in the Second Machine Revolution-Picking Winners” released in July 2019, robotics will increase in automation.

Assuming a composite strength of 10% -15%, after 21 years, the global penetration rate of robots will be from the current 0.

9% increased to 7% -18%.

In order to solve the labor gap problem caused by aging in the manufacturing industry, reduce manufacturing costs and improve manufacturing efficiency, the industry is also undergoing industrial upgrading in the direction of intelligence, and the demand for automation will be released.

In the first half of 2019, despite the continuous changes in the environment, the company benefited from the improvement of robot technology and performance, the growth of segmented industries and customized development, and the robot main body business continued to grow.

In the first half of the year, the real income of industrial robots increased by about 10%, and high-end applications of multi-joint robots accounted for about 80% of the company’s total sales, achieving better economic benefits.

The new robot standardized work unit composed of robot body, automation equipment and information system can greatly reduce the customer’s on-site installation and commissioning costs, improve safety, and has started mass sales, which is beneficial to the company’s future business development.

External investment in internal value-added capital and asset reorganization: In order to implement the company’s strategy of external development, the company and Perest built a platform for acquisition-Dingpai Electromechanical.

On August 10, 2019, the company plans to jointly increase the capital of Dingpai Electromechanical with RMB 148.89 million in cash with the controlling shareholder Perest.

On the 22nd, they jointly increased capital by 551 million yuan.

After the completion of the capital increase, the registered capital of Dingpai Electromechanical increased from 149 million yuan to 700 million yuan, of which Estun Automation held 49% of Dingpai Mechanical and Electrical and 51% of Dingpai Mechanical and Electrical.

The funds after the continued capital increase will be used to implement the acquisition of the global leader in welding robots.

German SPV is a subsidiary of Dingpai Electromechanical, a registered subsidiary of Dingzhiju in Germany. German SPV intends to invest in cash1.

960.7 billion euros to acquire 100% equity of Cloos and bear the interest and related intermediary fees required under the lock-box mechanism.

The participation of Prest is mainly to participate in the international development strategy of listed companies and provide financial support.

After the acquisition agreement is completed, Perest will start the process of merging the target company into the listed company.The target company Cloos is one of the world’s most prestigious companies in the field of robot welding, and is one of the first companies in the world to have completely autonomous welding robot technology and products.

This investment is a merger and acquisition project that is highly in line with the company’s strategy. It will enable the company to occupy the high points of the robot industry’s subdivided industries, obtain the top technology of welding robots, and jointly develop the standardized robot welding workstation business, occupying the global market, which is beneficial to the company’s future development.

Investment suggestion: We predict that the company’s EPS for 2019-2021 will be 0.

15 yuan, 0.

22 yuan and 0.

29 yuan, corresponding to PE is 59 times, 42 times and 32 times.

Maintain the “Highly Recommended” rating.

Risk reminders: market demand risk; market competition risk; operational risk brought about by extensional development; uncertainty risk brought by Sino-US trade friction.