Estun (002747): Dual-core business focuses on revenue and maintains high growth
In the first three quarters of 2018, the company achieved operating income10.
6.5 billion, an annual increase of 60.
15%; net profit attributable to mother 7071.
50,000 yuan, an annual increase of 20.
03%; basic return is 0.
Judging from the single quarter situation, 2018Q3 company achieved operating income3.
4 billion, an annual increase of 38.
42%; net profit attributable to mother is 1439.
0.94 million yuan, a decline of 23 per year.
The company expects to achieve a net profit attributable to mothers of 0 in 2018.
Between 3 billion, an annual increase of 杭州桑拿网 0-40%.
The overall gross profit margin increased, and the expenses were well controlled during the period.
The report summarizes that the company’s comprehensive gross profit margin has increased year by year3.
47 good 36.
14%, the highest level in the same period since 2014.
During the first three quarters of 2018, the company’s period expense ratio increased and decreased 6.
42 averages to 21.
42%, of which, the reduction in sales expense ratio was avoided 1.
17 good to seven.
09%; the management expense ratio decreases by 6 every year.
78 perfect to 11.
42%; financial expense ratio increases by 1 every year.
53 perfect to 2.
The increase in asset impairment losses and the decrease in non-operating income led to a slower growth in net profit than in revenue.
In total, the company’s assets impairment loss was 635.
650,000 yuan, -472 in the same period in 2017.
20,000 yuan, the increase in asset impairment losses was mainly due to the temporary settlement of the company’s smart manufacturing project, and increased provision for bad debts.
In the first three quarters of 2018, the company’s non-operating income decreased by 54 year-on-year.
12% to 1255.
570,000 yuan, mainly due to reduced government subsidies.
The dual-core business is equally important, and revenue has maintained high growth.
The company has established a development strategy that focuses on “core functional components of intelligent equipment” and “industrial robots and intelligent manufacturing systems” as well as core business. The report states that the company’s motion control system product revenue has increased by more than 50%, and the industrial robot and intelligent manufacturing business revenue has increased annually100% or more.
As the only company in China that has three technical platforms and a complete series of products including CNC system, electro-hydraulic servo system, motion control and AC servo system, providing customized and personalized motion control solutions for industry customers has become the core control function of intelligent equipment.The main development direction of parts business.
The company is one of the few domestic robot companies with core components such as controllers, servo systems, and reduction gears with independent technology. The self-sufficiency rate of core components has reached 80%.
The company actively promotes the “robot +” strategy, based on the competitive advantage of the entire industry chain of “core components + entities + robot integrated applications”, and gains a first-mover advantage in the market competition of complete solutions for intelligent manufacturing systems.
“Endogenous + extension” together, two-wheel drive forward.
The company has always focused on R & D, and the R & D expenses in the first three quarters of 2018 increased by 85 each year.
68% to 1.
04 trillion, accounting for 9 of the current operating income.
77%, high R & D investment provides continuous driving force for the company’s endogenous growth.
Pioneer, the company has acquired the British TRIO, holding the German M.
The company, shares in the United States BARRETT, Italy Euclid and other companies, completed the international layout in terms of brand and technology, and the synergy effect has initially appeared.
With the company’s further internationalization, overseas business is expected to become an important source of revenue for the company.
Profit forecast and investment rating.
It is expected that the company’s net profit attributable to the parent from 2018 to 2020 will be 1.
3.9 billion yuan, EPS is 0.
29 yuan, 10 the previous trading day.
At the closing price of 06 yuan, the corresponding dynamic PE is 70, 48, and 35 times, respectively, maintaining the company’s “recommended” investment rating.
Risks of mergers and acquisitions and business integration; risks of intensified market competition in the robotics industry; uncertainty risks caused by the Sino-US trade war; and systemic risks in the internal secondary market.