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Photovoltaic is the point of cutting into the field of automation, creating a platform for intelligent manufacturing

Westdollar.com February 11, 2019 00:00 Essence Securities Li Zhe, Wang Shuwei View original PDF

Roberto (300757)

Photovoltaic automation equipment leader, the whole plant intelligent system acceptance and commissioning. The company is a high-tech enterprise that develops high-end automation equipment and intelligent manufacturing execution system software (MES) based on industrial internet technology. Among them, industrial automation equipment includes intelligent automation equipment, intelligent detection equipment and intelligent warehousing and material transfer systems, mainly used in photovoltaic, automotive, food and pharmaceutical fields. Compared with the traditional solar cell production line, the company's industrial 4.0 high-efficiency battery production line can reduce the use of workers by 40%, energy consumption by 30%, production efficiency by 25%, and competitive advantages. According to the announcement, in the first half of 2018, the company's research and development of the world's first single cell battery plant intelligent system business Aixu technology project acceptance and commissioning, the realization of income of 144 million yuan.

The trend of the Internet is the trend of the photovoltaic industry, and the company is expected to benefit in depth. On January 9, 2019, the National Development and Reform Commission and the Energy Bureau issued the "Notice on Actively Promoting Non-subsidized Internet Access for Wind Power and Photovoltaic Power Generation", which is expected to drive demand for downstream PV installations. According to the statistics of China Photovoltaic Industry Association, the price of PV module system has dropped by 90% in 2007-2017. At present, the production cost of PV modules in China has dropped to 2 yuan/W, and the price of PV is expected to be online. At present, the level of automation of domestic photovoltaic equipment is relatively low. Under the background of continuous improvement of the automation penetration rate of the photovoltaic industry, the company has a significant competitive advantage as the leading automation equipment.

In the hand orders to ensure performance growth, fundraising to strengthen the company's advantages. In the first three quarters of 2018, the company achieved revenue of 517 million yuan, a year-on-year increase of 92.14%; net profit of home fell by 64 million yuan, an increase of 31.54%. According to the company's announcement, in 2018, H1's photovoltaic cell automation equipment and projects in hand orders exceeded 500 million yuan; orders for automobiles, semiconductors, food and other fields exceeded 142 million yuan. The company plans to use the raised funds of 257 million yuan for the industrial 4.0 intelligent equipment production project, which is expected to further promote the company's main business development and R&D investment, and strengthen the company's core competitive advantages.

Investment suggestion: The company is deeply involved in the field of photovoltaic cell and automotive precision component assembly test equipment, and seizes the opportunity of intelligent manufacturing transformation to create a growth point. We expect the company's net profit from 2010 to 2020 to be 1.05, 1.47, and 197 million yuan, respectively, corresponding to EPS of 1.31, 1.84 and 2.46 yuan. For the first time, the investment rating of Buy-A is given, and the 6-month target price is 76.26 yuan.

Risk warning: Industry competition is intensifying and PV industry policies are fluctuating.

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Roberto Fundamental Data
  • Total share capital of 80 million shares
  • Circulating shares of 20 million shares
  • Earnings per share 0.80 yuan
  • Undistributed profit per share 2.22 yuan
  • Net assets per share of 7.95 yuan
  • Return on equity (25.34%)
  • Net profit of 638.899 million
  • Net profit growth rate 31.54%
Roberto Investment Rating
Overall rating within one month
Overall rating in March
Statistical period Buy Overweight neutral Reduction Sell total
Within one month210003
Within three months210003
Within six months210003
Within a year210003
Roberto's earnings forecast
                                index 2017A 2018E 2019E 2020E
Earnings per share (yuan) 1.09 1.35 1.88 2.51
Net profit (100 million yuan) 0.87 1.08 1.50 2.01
name Quote change Number of research reports Institutional investment rating (nearly six months)
Buy Overweight neutral Reduction Sell
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Mingyang Intelligence 9.96% 0 0 0 0 0 0
Jinchen shares 9.29% 3 1 2 0 0 0
Youde Precision 8.07% 0 0 0 0 0 0
Roberto 6.36% 3 2 1 0 0 0
Haimo Technology 6.16% 0 0 0 0 0 0
Gaochun shares 5.90% 0 0 0 0 0 0
Hangyang shares 5.49% 8 4 4 0 0 0
Jiechang drive 5.42% 3 2 1 0 0 0
Core Energy Technology 5.37% 0 0 0 0 0 0
Pure technology 5.29% 13 6 7 0 0 0
Hongyu shares 5.14% 0 0 0 0 0 0
CNC machine 4.84% 3 2 1 0 0 0
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Data Sources:Eastern Fortune Choice Data