The first digital workshop project landing is just the beginning
The robot issued a major contract announcement: signed a "Book Intelligent Digital Printing Workshop Supply and Demand Contract" with Liaoning Meicheng Online Printing Co., Ltd. The contract value is 229 million yuan, accounting for about 21.9% of the company's 2012 operating income. According to the contract, the equipment will be delivered within 24 months.
The digital workshop is part of the customer's 1.5 billion yuan expansion project, and the risk of order default is low:
According to public information, Liaoning Meicheng is the largest printing company in Northeast China. It achieved sales revenue of +500 million yuan in 2011. Its major customers include Coca-Cola, Beijing Normal University Press, Renjiaoshe, and Foreign Education Club. The capital strength and credit of US Cheng are good. The digital workshop signed this time is a core component of its expansion project with an investment of 1.5 billion yuan (the output value is 2 billion yuan after the production is reached). It is expected that the equipment delivery and installation will be in line with its second phase The project is completed synchronously, and the risk of order default is very low.
With the large-scale and high-end automation products, the digital workshop will become an important development direction in the future:
This cooperation is the company's first digital workshop developed for the domestic printing industry, including: production process control system, integrated monitoring system (BAS) and other software products, digital printing process equipment, and fist products-AGV, palletizing robot, Automated storage system and other parts. This order once again validates our judgment that the company's automation products are becoming larger, higher-end, and systematic. We also emphasize that the digital workshop will be a major direction for the company to develop in the next few years. In the future, downstream industries such as electronics and military industry may be applied, and the value of individual projects will gradually increase, adding momentum to the company's continued high-speed growth.
The downstream has blossomed, and automation applications are ushering in a "golden age":
We believe that downstream decentralization and multi-point flowering are a key factor for the automation industry to hedge against economic cyclical risks and maintain independent growth. As a non-traditional market, the printing industry has shown a strong demand for automation equipment, reflecting that in the wave of manufacturing upgrades and machine replacement of labor, the automation application market in various industries is accelerating. Therefore, we anticipate that the downstream distribution of the company's products will be more decentralized in the future, and the cyclical fluctuations in traditional application markets such as automobiles and machinery will be smoothed out by the rise of new application areas.
Performance and orders will show a gradual upward trend, continue to be optimistic about the company's long-term high growth, recommend:
We emphasize once again that the small fluctuations in performance caused by the rhythm of order delivery do not affect the judgment of the company ’s high growth in certainty this year and good long-term growth. We judge that with the successful delivery of the accumulated first and second orders of military products, the company's performance in 2013 will show a upward trend quarter by quarter. In addition, in terms of new orders: It is expected that as the company gradually completes the technical cooperation with the air, sea and land forces, initiates bidding for rail transit projects in various regions, and the automotive market warms up to the level of automation equipment procurement, the growth rate of the company's newly signed orders will also be graded. up. It is predicted that in 2013 and 2014, the EPS will be 1.03 yuan and 1.42 yuan, and the three-year compound growth rate will reach 40%. The current stock price corresponds to the dynamic price-earnings ratio of 32x and 23x, and continues to be recommended. The target price is 42 yuan, based on 28x 2014 EPS.
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