機(jī)器人
MAC112D-0-ED-4-C/130-4-2機(jī)器人：中國機(jī)器產(chǎn)業(yè)最佳代表
研究機(jī)構(gòu)：元大證券 分析師：黃柏璁 撰寫日期：2015-12-03
MAC112D-0-ED-4-C/130-4-2重申買入：新松股價(jià)自10月以來已上揚(yáng)30-40%，主要因中國政府發(fā)布新政策利好，例如十三五計(jì)劃。正如我們在中國機(jī)器人產(chǎn)業(yè)初次報(bào)告中提到的，三大利好將持續(xù)嘉惠機(jī)器人廠商，我們認(rèn)為新松是中國新興的機(jī)器人產(chǎn)業(yè)的最佳代表，系因新松1)產(chǎn)品項(xiàng)目較為完整多元；2)垂直整合程度較高；3)與中國政府關(guān)系較為緊密。因此，研究中心維持買入評級，目標(biāo)價(jià)人民幣86元。
MAC112D-0-ED-4-C/130-4-2與Siemens及Omron戰(zhàn)略性結(jié)盟將逐漸帶來利好：新松于11月宣布與Siemens(專精于可編程邏輯控制器、工業(yè)計(jì)算機(jī)、EMS)及Omron(專精于工業(yè)化傳感器)戰(zhàn)略性結(jié)盟。我們認(rèn)為結(jié)盟關(guān)系將逐漸為新松帶來利好，系因可幫助新松由穩(wěn)健的機(jī)器人硬件供貨商轉(zhuǎn)型為全方位系統(tǒng)整合商，在中國即將迎來工業(yè)4.0之際掌握更多商機(jī)。
2015年3季度回顧：營收環(huán)比下降34%至人民幣3.34億元。毛利率提升0.4個(gè)百分點(diǎn)至36.5%，系因產(chǎn)品組合稍微轉(zhuǎn)佳。盡管營收規(guī)模較小，營業(yè)利潤率僅下滑1.0個(gè)百分點(diǎn)，系因營業(yè)費(fèi)用控制得宜。整體而言，每股收益環(huán)比下降30%至人民幣0.1元。
2015年4季度展望：研究中心預(yù)估營收環(huán)比增長58%，系因4季度通常是主要機(jī)器人項(xiàng)目營收認(rèn)列的高峰。整體而言，我們預(yù)估每股收益環(huán)比增長51%至0.16元。
MAC112D-0-ED-4-C/130-4-2其他重點(diǎn)摘要：管理層表示1)2015年?duì)I收目標(biāo)為同比增長10-30%，2016-17年?duì)I收增長有望更為強(qiáng)勁，系因新產(chǎn)能將逐漸發(fā)揮；2)沈陽3廠將于2016年10月完工，屆時(shí)機(jī)器人年產(chǎn)能將達(dá)5，000組(目前的1廠與2廠合計(jì)為1，500組)。
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MAC112D-0-ED-4-C/130-4-2
MAC115B-0-GS-3-C/130-A-0
MAC90C-0-ED-4-C/110-A-0
MAC071
MAC112-B-0-LD-2C/130-A-0
MAC112-B-0-LD-3C/130-A-0
MAC112-C-0-HD-2C/130-A-0
MAC71-C-0-NS-2C/95-B-0
MAC90-A-0-ZD-2C/110-A-1
MAC90-A-0-ZD-2C/110-L-0
MAC90-B-0-JD-2C/110-A-1
MAC90-B-0-PD-2C/110-B-1
MAC90-B-0-PD-2C/110-L-0
MAC90-B-0-PD-3C/110-A-0
MAC90-C-0-GD-2C/110-A-0
MAC90-C-0-GD-2C/110-A-1
MAC71B0FS4C95A0
MAC112DED4C130A1
MAC093C-0-FS-4-C/110-B-2/W1520LV
MAC071C-0-JS-4-C1095-A-2/MR136
MAC090-0-GD-2-C/110B-0/S001
MAC63D-0-FS-1-C/95-A-1/1500
MAC090B-0-1D-1-B/110-A-1
MAC071C-0-GS-3-C-095-B-0-S001
MAC90C-0-GD-4C
MAC90C-0-GD-4C/110-A-0/WI520/S01
MAC090C-0-GD-3-C/110-A-0
MAC090B-0-PD-2-C/110-A-0
MAC090B-0-KD-1-B/110-A-0/J1250/S01
MAC090B-0-PD-1B-110-A-0/S001
MAC90B-0-PD-1-B/110-A-1/J625/S01
MAC090A-0-RD-1-B/110-A-0/11250/S01
MAC90B-0-JD-1-B/110-A-0/1-I250/S01
MAC90C-0-KD-1-B/110-A-0/J1250/S01
MAC090B-0-PD-1-B/110-A-0/T1250/S030
MAC112B-0-GD/130-1/J-625/S05
MAC90B-0-ID-1-B/110-A-0/J1250/S01
MAC90B-0-JD-1-X/110-A-0/J2500/S01
MAC090C-0-GD-4-C/110-A-0/WI524LX
MAC071C-0-GS-2-C/095-B-0/S01
MAC090B-0-PD-4-C-110-A-0/WI520LV
MAC90B-0-PD-1-B/110-A-1/I625/S01
MAC090B-0-PD-3-C/110-A-0/S001
MAC090C-0-KD-3-C/110-A-0
MAC090B-0-PD-4-C-110-A-0/WI524LX
MAC090C-0-GD-4-C/110-A-0/WI553/S01
MAC090C-0-GD-4C/110-A-0/WI553/S01
MAC090C-0-GD-4-C/110-A-1/WI520L/S001
MAC093B-0-GS-4-C/110-B-1/WI522LV
MAC112C-0-BD-1-B/130-A-0/J1250/S05
MAC063D-0-FS-4-C/095-B-0/WI517LV
MAC090B-0-JD-4-C/110-A-2/WI524LV/S018
MAC071B-4000-RPM
MAC063C-0-MS-4-C/095-B-1/WA612XX/S001
MAC090C-0-GD-3-C/110-A-2/S018
MAC093A-0-PS-4-C/110-A-0/WI538LX
MAC063D-FS-4-C/095-B-1/WI517LX
MAC90C-0-GD-4C/110-A-0/WI553/S01
MAC090B-0-PD-3-C/110-A-L/S001
MAC071C-4000-RPM
MAC063C-0-MS-2C/095-A-0/S001
MAC090C-2-GD-4-C-110-A-1-W1524LV
MAC071A-0-ES-2-C/095-A-0
MAC063D-0-FS-4-C/095-B-0/WI517LV
MAC090C-0-KD-1-B/110-A-1/SO1
MAC90B-0-PD-2-C/110-A-1
MAC90B-0-PD-1-B/110-A-0/J1000
MAC063C-0-MS-3-C-095-B-1-S001
MAC071B-0-TS-3-C/095-A-0
MAC90B-0-JD-1-B/110-A-0/J1250/S01
MAC071C-0-GS-3-C/095-A-0/WJ522LX
MAC132A-0-ED-1-B/B5-A-0/J625/S01
MAC093A-0-PS-4-C/110-A-0/WI538/S001
MAC090C-0-GD-4-C/110-A-2/W1520LX/S01
MAC112C-0-HD-1B/130-A-1/I1250/SO5
MAC071C-0-GS-4-C/095-A-0/J521LX
MAC092B-0-QD-2-C/095-A-2/S018
MAC093C-0-FS-3-C/110-B-0/S001
MAC090B-0-PD-4-C/110-A-1/WI520L/S01
MAC90B-0-PD-3-C/110-B-0/S005
MAC112B-0-GG-3-F/130-B-1
MAC090C-0-KD-4-C/110-A-2/WI522LV/S013
MAC090C-O-KD-1-B/110-A-O/-100625/S001
MAC090C-0-GD-3-C/110-R-0/WI520LV/S005
MAC090C-2-GD-4-C/110-A-1/WI524LV
MAC90A-0-RD-3C/110-A-0/S001
MAC090B-2-PD-4-C/110-B-0/WI520LV/S001
MAC071C-0-GS-3-C/095-A-0/S01
MAC071C-0-GS-3-C/095-A-0/S01
MAC090C-0-KD-4-C/110-A-0/WI520LV/S001
MAC090C-0-KD-4C-110-A-0-W1520-S01
MAC132A-1-JD/B5-0/1-J625/S01
MAC112D-0-ED-4-C/130-A-0/WI520LV/S005
MAC090C-1-6D-1-B-110-A-2-I00625-S013
MAC090B-0-JD-4HC-110-A-0-W1524LV-S001
MAC063B-0-JS-1-C-095-B-1-I0100-S001
MAC090C-1-GD-1-B/110-A-0/I01250
MAC071A-0-ES-3-C-095-B-0-S001
MAC071A-0-ES-4-C-095-B-0/WA612XX/S001
MAC090C-0-GD-4-C/110-A-1/WI524LV/S001
MAC112B-0-GD-1-B/130-A-0/J625/S05
MAC090B-0-PD-3-C/110-B-1/S005
MAC112B-0-GD-4-C/130-A-2/WI521LX/S018
MAC071B-0-PS-2-C/095-A-0/S047
MAC112D-0-ED-1-B/130-A-1/1250/S05
MAC090B-0-PD-3-C-/110B0
MAC090C-0-FS-3-C/110-A-2/S001
MAC063A-0-RS-4-C/095-A-0/W1634LX
MAC071C-0-JS-2-C/095-A-0
MAC090C-0-GD-4-C/110-A-0/WI520LV/S001
MAC132A-0-ED-1-B-B5-A-0-J625-S01
MAC115B-0-GS-3-C-130-B-0-S001
MAC071C-0-GS-4-C/0-95-B-0/WI522LV/S001Motor
MAC090C-1-GD-4-C/110-A-0/WI520LV
MAC090B-0-PD-1-B/110-A-0/I01250
MAC112C-0-ED-3-C/130-B-1
MAC090B-0-PD-1-B/110-A-0/I01000
MAC112C-0-HD-3-C/130-B-1/S021
MAC090B-0-PD-4-C/110-B-0/WI520LV/S001
MAC071B-0-PS-2-C/095-A-0/S047
MAC090B-0-PD-4-C/110-A-0/WI520LV/S001
MAC112A-0-VD-4-C
MAC093B-0-JS-2-C/130-B-0/S005
MAC090A-0-ZD-4-C-110-A-0-WI524X-S001
MAC112C-0-ED-4-C/130-A-0/W1551/S05
MAC090B-0-PD-4-C-110-A-2/WI520LV/S018
MAC132A-0-ED/B5-0/1-625/S01
MAC090C-0-GD-4-C/110-A-0/MR138/S001
MAC112C-0-HD-3-C/130-B-1/S05
MAC112B-0-GD-4-C/130-A-1/WI524LV/S005
MAC112B-0-GD-2-C/130-A-0/S05
MAC112D-0-ED-4-C
MAC112D-2-FD-1-B/130-A-0/J1250/S05
MAC071C-0-NS-4-C/095-A-0/WI522LV/S001Motor
MAC071C-0-NS-4-C/095-A-0/WI518LV
MAC112C-0-HD-1-B/130-A-0/I01250/S005
MAC090A-0-ZD-4-C/110-A-0/WI524LX/S001
MAC090C-1-GD-4-C/110-A-2/WI520LV/S013
MAC090B-0-JD-3-C/110-A-0/S001
MAC090B-0-JD-3-C/110-A-0/S001
MAC-090A-0-RD-4-C/110-A-0/WI522LX/S001
MAC132A-0-ED-1-B/230-R-0/-I00625/S001
MAC093C-0-FS-4-C/130-A-2/W1520LV/S001
MAC90C-0-G-4C/110-A-1/W1520/S01
MAC112B-0-LD-1-B-130-A-0
MAC112B-0-GD-1-B/130-A-0/J1250/S05
MAC90C-1-GD-1-B/110-A-1/J625
MAC-092B-0-QD-2-C/95-B-0/S001
MAC112D-0-HD-3-C/130-A-1//S05
MAC090C-0-GD-4-C/110-A-0/WI520LV/S001
MAC-132A-1-JD-4-C/230-R-0/DIS20LX/S001
MAC115B-0-GS-2-C-180-B-0-S001
MAC071A-0-OS-3-C
MAC-090A-0-RD-4-C/110-A-0-WI524LV-S001
MAC115B-0-GS-2-C-180-B-0-S001
MAC093B-0-GS-4C-11-0-B-0-WI520-S01
MAC090A-0-RD-3-D/110-A-0-S001
MAC093C-2-FS-4-C-110A-0-WI520LX-S001
MAC112D-0-ED-1-B/130-A-0/J1250/S05
MAC90A-1-RB-1-B/110-A-1/J625
MAC90C-0-KD-3-C.110-A-D.S001
MAC090C-1-GD-1-B/110-A-0/-101250
MAC090B-0-PD-4-C/110-A-0/WI/520LV-/S005
MAC071C-0-NS-4HC/095-B-0/WI518LV
MAC90C-0-GD-C-110-A-0/MR119/5001
MAC115A-0-HS-2-C/130-A-0/S001
MAC-0250-0-QS-4-E/040-B-0/WI652LV/S001
MAC071C-0-JS-4-C/095-A-0/W1520LV
MAC090B-0-PD-2-C/110-A-1
MAC112C-0-HD-4-C
MAC090B-0-PD-2-C/110-A-1
MAC112D-0-ED-1-1B/130-A-1/J625/S05
MAC90A-0-ZD-4-C/110-A-0/WI524/S001
MAC112D-0-FD-1B-130-A1/I1250/S05
MAC071B-0PS-4-C/095-A-2/WI520LV/S001
MAC112D-1-FD-3HC/130-A-0/S005
MAC71B-0-FS-3-C/095-A-0/S018
MAC112C
MAC112D-2-FD-1-B/130-A-1/J1250/S05
MAC112B-0-GD-1-B-130-A-0-J625-S05
MAC112B-2-GD-3-C/130-B-0/S001
MAC112B-0-GD-1-B-130-A-1-S05J625
MAC090B-0-PD-3-C/110-A
MAC112A-0-VD-4-C/130-A-1/WI524LV/S005
MAC071C-0-NS-3-C/095-A-0/S001
MAC90C-1-GD-1-B/110-A-2/J625/S013
MAC112D-0-HD-4-C/130-A-1/WI520LX/S05
MAC041B-0-BS-4-E
MAC112B-0-LD-4-C/180-A-0/WI522LX/S003
MAC112B-0-PD-3-C/180-A-2/S019
MAC112D-0-HD-3-C-130-A-1/SO5
MAC112D-0-FD-3-C-130A-1
MAC112C-0-ED-2-C/130A-1/505
MAC112C-0-HD-3-C/130-B-0/S005
MAC092B-0-QD-1-B
MAC090B-0-PD-3-C/110-A-
MAC071B-0-FS-4-C/095-A-0/WI520LV/S001
MAC112D-0-FD-3-C-130-A-1
MAC90C-0-GD-4-110-A-0/MR136LV
MAC071C-0-US-3-C/095-A-0/S001
MAC112D MAC112D-0-HD-4-C
MAC090C-2-KD-4-C/110-A-I4/DI-520
MAC093B-0-JS-2-C-130-B-0-S005
MAC093B-0-JS-2-C-130-B-0-S005
MAC071B-0-PS-4C/095-B-0/WI522/S001
MAC-112B-0-GD-3-C/130-A-0
MAC071C-2-NS-4-C/095-A-0/W1524LV/S001
MAC112C-0-ED-3-C/130-A-0/S05
MAC112C-0-ED-3-C/130-A-1
MAC112D-0-ED-1-B/130-A-0/ID1250/S05
MAC-112D-0-FD-3-C/130-A-//1
MAC071C-0-NS-4-C/095-A-0/W1520LV
MAC092B-0-QD-4-C/095-B-0/W1518L
MAC112B-N-030-N7L-130PBD
MAC112B-0-GD-2-C-130-A-0-S014
MAC112D-2-FD-1-B/130-A-1/I1250S05
MAC112C-0-HD-2-C/130-A-2/S018
MAC063D-0-JS-1-C/095-A-01-I01000
MAC092B-0-QD-2-C/095-B-2/50.1
MAC071C-0-NS-4-C/095-B-0/W1520LV/S001
MAC090C-O-KD-4-C/110-A-O/WI522LV/S001
MAC071B-0-PS-4-C/095-A-2/WI520LV/S01
MAC112A-0-LD-4-C/130-A-0/WI520L/S05
MAC-112D-0-FD-3-C/130-A-//1
MAC112B-0-GD-4-C/130-A-1/W1518LV/S021
MAC093B-0-JS-2-C/130-B-0/S005
MAC112D-0-ED-1B/130-8-0/IO1250/S005
MAC-112A-0-LD-2-C/130-A-0
MAC112D0FD2C130
MAC093C-0-FS-2-C/110-A-0/S005
MAC093C-0-FS-2-C/110-A-2/S005
MAC112C-0-HD-3-C/130-B-0
MAC112D-0-FD-2-C/130-A-0
MAC-112B-2-GD-3-C/130-B-0/S001
MAC112C-0-ED-4-C/130-A-1-WI520/S005
MAC071B-0-PS-4-C/095-A-0/WI520LV/S001
MAC112D-2-FD-1-B/130-A-1/J625/S05
MAC112B-1-GD-1-B/130-A-1/J625
MAC112C-0-HD-1-B/130-A-1/I01250
MAC092B-0-QD-4-C
MAC092B-0-QD-4-C
MAC112B-1-GD-1-B/130-A-1/J625
MAC112C-0-ED-3-C/130-A-2/S018
MAC071C-0-NS-2-C/095-A-0/S001
MAC112D-0-ED-4-C/130-A-2/WI520/S018
MAC112B-0-LD4-C/130-A-0/W1520LV/S005
MAC115D-0-CS-4-C/130-A-2/WI520LV/S001
MAC112A-0-VD-3-C/130-A-0
MAC112C-0-ED-4-C/130-A-0/WI520B/S05
MAC112C-1-HD-3-C/130-A-0/S005
MAC115D-0-CS-4-C/130-A-2/WI520LV/S001
MAC112C MAC112C-0-ED-4-C/130-A-0
MAC071B-0-TS-3-C/095-B-0/S001
MAC112D-0-ED-3-C/130-A-2/S016
MAC112C-0-ED-4-C/130-A-0/WI538/S05
MAC063C-0-MS-4-C/095
MAC112D-0-ED-4-C/130-1-0/W1511LV
MAC112C-0HD-2-C-130-A-0-S05
MAC112A-0-LD-3-C/130-A-0/S005
MAC112C-0-ED-4-C/130-A-0/WI520L/S05
MAC112C-0-ED-4-C/130-A-0/WI524/S05
MAC112C-0-HD-4-C/130-A-1/WT5201V
MAC112A-0-VD-4-C Rexroth
MAC112C-0-KD-GC/130-A-1/S05
MAC112D-0-HD-3-C/130-A-0
MAC1120-0-HD-3-C/130
MAC112D-0-ED-4-C/130-A-0/WI524L/S05
MAC112D-0-ED-4-C/130-A-0/WI520LV/S005
MAC112DMAC112D-0-ED-4-C/130-A-0
MAC71C-0-JS-4C/095-A-2/MR119/S001
MAC112C-0-ED-4-C/130-A-0/WI520LV/S05
MAC112D-0-ED-4-C/130-A-2
MAC115D-2-CS-4-C/130-A-2/WI520LV/S001
MAC112C-0-ED-4-C/130-A-0/WI516LV/S005
MAC112B-1-GD-1-B/130-A-2/J625/S013
MAC112B1GD1B/130A1/J625
MAC115D-0-DS-2-C/130-B-0/S001
MAC112B-2-PD-4C/130-A-0/DI520LV/S005
MAC071B-0-PS-4-C/095-A-0/WI520LV/S001
MAC1120-2-HD-4-C/130-A-0/W-I520LX/S005
MAC112C-0-HD-4-C/130-A-0/WI518LV/S021
