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Tanaka Precision Machinery: Acquired Ocean Shipping Xiangrui and cut into 3C to expand the layout of high-precision manufacturing

Tanaka Precision Machinery: Acquired Ocean Shipping Xiangrui and cut into 3C to expand the layout of high-precision manufacturing

Tanaka Precision Machinery: Acquired Ocean Shipping Xiangrui and cut into 3C to expand the layout of high-precision manufacturing

Information

  Recently surveyed the company and learned about its operation.
  The proportion of non-standard machines and special machines increased, and the R & D investment significantly increased the net profit: The company's main products are complete sets of CNC automation equipment for electronic coil production for basic electronic components and downstream manufacturers. The downstream companies are mainly 3C products and automotive electronics manufacturers. This year's revenue structure has undergone new changes. The proportion of orders for non-standard and special machines has increased. As of the end of the third quarter, more than 100 million new orders have been accumulated. Most of the new orders were concentrated in the third quarter, of which nearly 70% were non-standard and special machines , Compared with last year's 55.77% revenue share increased significantly. The company has established a long-term and stable cooperative relationship with downstream customers. The customers currently working with the company include OMRON Japan, Flextronics, COOPER, TDK-EPCOS (TDK-EPC), Nidec, and other world-renowned companies including high-quality customers.
  Acquired 55% equity of Ocean Sunray and cut into 3C automation, and the high-precision manufacturing layout is steadily advancing: The company acquired 55% equity of Ocean Sunray for RMB 390.5 million in cash. The main business of Ocean Sunray is the design and development of high precision CNC machine tools and related software , Production and sales, core products include Ruichuang series (precise engraving machine), Ruiteng series (drilling and tapping machine, highlighter), Ruizhi series (CCD visual positioning precision engraving machine) and robots (19.94, -0.260, -1.29%) automated production line, mainly used in the 3C field of glass and metal processing, major customers include Zhicheng Optics, Ruibita and other companies. The net profit promised by the target company in 16-18 years was 50 million, 65 million and 85 million, respectively.
  COSCO Xiangrui has sufficient orders in hand, and is expected to accelerate its expansion with the help of listed company platforms: from January to September, COSCO Xiangrui has completed orders of 181 million yuan (excluding tax), and has not yet completed orders of 107 million yuan (excluding tax), totaling 288 million. Yuan (excluding tax). The target company's hot bending machine project has already passed internal test proofing and provided to customers for trial. The production process is basically mature. In the future, it will be timely introduced to the market and mass-produced according to the development direction and progress of window glass. The target company is expected to accelerate the expansion with the high-quality and high-end customer base of the listed company's platform. The company is full of confidence in the business of 3C automation in COSCO Xiangrui, and the possibility of continuing to increase its holdings will not be ruled out in the future.
  Second, third, profit forecast and investment recommendations: Considering the consolidation of COSCO Xiangrui in 2017, the company's EPS is expected to be 0.37, 0.61, and 0.77 yuan in 16-18 years; if the company further holds 100% COSCO Xiangrui in the future, then The annual preparation EPS is 0.37, 0.95, and 1.19 yuan, respectively. Covered for the first time, given a cautious recommendation rating, and optimistic about the development opportunities brought to the company by the future 3C product market development.

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