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The power of capital operation is prominent, and COSCO Xiangrui reshapes Tanaka's new growth momentum

The power of capital operation is prominent, and COSCO Xiangrui reshapes Tanaka's new growth momentum

The power of capital operation is prominent, and COSCO Xiangrui reshapes Tanaka's new growth momentum

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  With the implementation of the government's deleveraging and strong supervision policy this year, investors have become more and more focused on studying the company's own development and performance changes, and the market investment style has gradually become more focused on the value investment of profit growth. According to the data from the Rising Sun Big Data Center, as of August 2, more than 2,100 listed companies announced their 2017 interim results, of which 1,220 were pre-increasing, 324 were pre-declining, 138 were pre-profit, and 182 were pre-losing. Loss reduction or basically the same. In a situation where the economic downturn has dragged down corporate performance growth, high-growth listed companies in order to obtain performance have achieved high growth in corporate performance through mergers and acquisitions. The more typical example is Tanaka Seiki's capital operation to achieve nearly 370% performance growth.

  According to the July announcement by Tanaka Precision Machinery: Tanaka Precision Machinery estimates that the net profit attributable to shareholders of listed companies in the first half of 2017 will be 16 million yuan to 17 million yuan (36.689 million yuan in the same period last year), an increase of 343.35% over the same period of the previous year. -371%. The main reason for the pre-increasing performance was that the company's holding subsidiary COSCO Xiangrui was included in the scope of the company's consolidated statements since November 2016, which significantly improved the company's performance level.

  Tanaka Seiki currently accounts for 43.86% of fine carving machines, 20.55% of non-standard machines, 15.83% of special machines, and 14.19% of standard machines. The carved machine business is the main business of the acquired subsidiary Xiangyang Xiangrui; it can be seen that the acquisition of Tanaka Precision by Tanaka Seiki accounted for 43.86% of the company's main revenue and contributed 396.2712 million yuan in main profit, accounting for 45.19% of total profit. Due to the impact of mergers and acquisitions, the company's comprehensive gross profit margin decreased by 4.72 percentage points, the debt ratio increased by 47 percentage points, net profit increased by more than 3.5 times, and the overall impact of net profit margin increased by 4.16 percentage points. If the profit contribution of the subsidiary Sino-Ocean Xiangrui is excluded, Tanaka Seiki has an increase of less than 150% and a profit of less than 9.31 million yuan. The acquired subsidiary Sino-Ocean Xiangrui contributed nearly 220% to the company's performance growth; this shows that the subsidiary Sino-Ocean Xiangrui is important to the company's performance growth.

  田中精机是2016年11月份通过现金支付的方式并购国内一线精雕机厂商远洋翔瑞。远洋翔瑞主要产品有玻璃精雕机、CNC雕铣机、钻攻机,3D热弯机等。尤其是精雕机先进的技术工艺及3D玻璃热弯技术均领先于行业标准;由于其大幅受益于双面玻璃和3D玻璃趋势下玻璃厂商的扩产。加上近两年新增的金属CNC设备订单需求旺盛,处于供不应求状态。远洋翔瑞储备产品热弯机技术攻关基本完成,下游3D玻璃一旦爆发公司将率先受益。

  随着手机外观创新的需要及无线充电功能对于背板材料的特殊要求,迫使主流旗舰机型将放弃目前主流的金属后盖转入玻璃后盖的队伍。3D玻璃以其独特的视觉效果,轻薄程度,强力抗指纹效果以及与OLED的完美搭配使得它在全球市场的需求量必将骤升。旭日大数据中心数据显示,全球玻璃盖板需求量在2016年达到了20.8亿片,其中3D玻璃的需求量6千万片。预计到2020年,全球玻璃盖板需求量将达到26亿片,其中3D玻璃的需求量将达到2.4亿片。由此可见,远洋翔瑞未来增长空间非常可观。

 

图表 1 2015-2020年全球玻璃盖板与3D玻璃盖板需求书记统计及预测(亿片)

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数据来源:旭日大数据中心

 

  远洋翔瑞在产品研发、市场响应和渠道营销等方面也具备较强的竞争力;拥有智胜光学、瑞立达(原瑞必达)等优质客户,产品被广泛用于华为、联想、小米等品牌。目前3D玻璃没有被市场大面积的使用,主要原因在于3D玻璃良率一直提不高,限制了3D玻璃的产能。而远洋翔瑞的产品可保证3D玻璃盖板或3D玻璃钢化膜在热弯过程中,产品良率能够得到更好的保障,通过其技术团队努力,克服了行业双轴CNC玻璃精雕机难以双路同步补偿的最大难题,自主开发出了行业最顶尖的双轴、双通道独立补偿的超高精度双轴CNC玻璃精雕机。

  In addition, many mobile phone brands around the world have begun to use 3D curved glass covers as the back cover of mobile phones. In addition, Ocean Sunray's customers have mobile phone brands with OLED flexible display resources. They also use 3D curved glass cover plates as front covers to assemble 3D curved display screens. COSCO Xiangrui learns the advanced technology made in Germany, and optimizes the most critical process parameters that affect 3D hot bending: temperature control and pressure control curves based on a variety of different glass materials and different 3D curvature arc structures. Based on this, Designed a high-efficiency, high-quality 3D curved glass bending equipment that leads the industry in terms of heating efficiency and temperature control.

  In recent years, COSCO Xiangrui's rapid growth; on the one hand, thanks to the upward trend in the appearance of consumer electronics products, the increase in the penetration rate of 2.5D / 3D glass and double-sided glass has driven the continuous expansion of the glass processing industry, and the glass processing equipment industry has remained high. Boom. On the other hand, due to the company's strong scientific and technological research and development capabilities and channel marketing capabilities, because only equipment suppliers that closely follow the industry's development trends can enjoy continuous long-term growth. In the future, COSCO Xiangrui is expected to fully enjoy the dividends brought by the downstream changes by virtue of the advantages of the company's listed platform.

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