新時(shí)達(dá)
MAC115B-0-GS-3-C/130-A-0新時(shí)達(dá)三季報(bào)點(diǎn)評：資本運(yùn)作提高機(jī)器人產(chǎn)業(yè)鏈競爭力
研究機(jī)構(gòu)：渤海證券 分析師：張敬華 撰寫日期：2015-10-28
公司業(yè)務(wù)增長略低于預(yù)期
MAC115B-0-GS-3-C/130-A-0受電梯行業(yè)整體增速放緩的影響，公司電梯控制系統(tǒng)及變頻器業(yè)務(wù)收入增速出現(xiàn)一定的波動；同時(shí)，今年以來公司加快了在產(chǎn)業(yè)鏈中的布局，加大了對機(jī)器人業(yè)務(wù)本體和運(yùn)動控制新產(chǎn)品等的投入，使得公司銀行借款增多，一定程度上侵蝕了公司的凈利潤水平。不過公司在海外的銷售將在一定程度上彌補(bǔ)公司國內(nèi)電梯業(yè)務(wù)的下滑；另外，公司也加大了對電梯物聯(lián)網(wǎng)的投入，預(yù)計(jì)全年將突破1萬套的裝機(jī)量，這也有助于公司在電梯行業(yè)調(diào)整的過程中，切入電梯后服務(wù)市場。
資本運(yùn)作不斷，完善機(jī)器人產(chǎn)業(yè)鏈布局
MAC115B-0-GS-3-C/130-A-0公司以現(xiàn)有資產(chǎn)與國投先進(jìn)制造產(chǎn)業(yè)投資基金共同成立以機(jī)器人本體、運(yùn)動控制、工業(yè)自動化生產(chǎn)線和新能源汽車動力控制系統(tǒng)等為主營業(yè)務(wù)的合資公司，這將為公司完善機(jī)器人產(chǎn)業(yè)鏈建設(shè)提供有力的資金保障和可靠的業(yè)務(wù)實(shí)現(xiàn)平臺。同時(shí)，公司還計(jì)劃通過定向增發(fā)10億元，用來購買會通科技100%股權(quán)和曉奧享榮剩余49%的股權(quán)。其中，會通科技是松下伺服驅(qū)動系統(tǒng)的全球最大渠道代理商，公司將利用會通科技的渠道優(yōu)勢，形成互補(bǔ)，進(jìn)一步完善整體技術(shù)解決方案和一體化服務(wù)。另外，公司收購曉奧享榮剩余49%股權(quán)，將曉奧享榮變身全資子公司，繼續(xù)發(fā)揮曉奧享榮在白車身領(lǐng)域的優(yōu)勢，為國內(nèi)主流車企提供規(guī)劃化柔性機(jī)器人生產(chǎn)線，進(jìn)一步的夯實(shí)公司“核心部件—本體—工程應(yīng)用”的完整機(jī)器人產(chǎn)業(yè)鏈模式。
盈利預(yù)測及投資建議
MAC115B-0-GS-3-C/130-A-0盡管公司受到了來自電梯行業(yè)整體增速下滑的影響，但一方面公司積極開拓海外電梯市場、并深耕電梯物聯(lián)網(wǎng)市場；另一方面，公司積極向產(chǎn)業(yè)鏈上下游擴(kuò)張，并購會通科技有利于形成優(yōu)勢互補(bǔ)，并購曉奧享榮發(fā)揮白車身市場的優(yōu)勢?；诒徊①徆镜臉I(yè)績承諾，會通科技和曉奧享榮預(yù)計(jì)在2016-17年將為公司貢獻(xiàn)每股收益0.144元和0.164元。在不考慮并入公司業(yè)績的情況下，我們預(yù)計(jì)公司2015-2017年EPS分別為：0.39、0.46和0.53元/股，維持對公司“增持”的投資評級。
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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
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MAC090B-0-PD-2-C/110-A-0
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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
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MAC090C-0-KD-3-C/110-A-0
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MAC112C
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MAC112D0FD2C130
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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
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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
MAC112B-0-LD-3-C/130-A-0
MAC112D-0-HD-4-C/130-A-0/WI520LV/S005
MAC112D-0-ED-4-C/130-B-0/WI520LV/S005
MAC112D-0-ED-4-C/130-A-2/WI520LV/S013
MAC112C-0-HD-3C-130-A-0-S005
MAC112D-0-ED-4-C-13-A-D-WI520LV-S005
MAC112C-0-HD-2-C/130-A-0/S05
MAC115A-0-FS-3-C/130-A-0/S001
MAC112C-0-HD-3-C/130-A-0-2/WI520LV/S001
MAC112C-0-HD-3-C/130-A-0
MAC112C-0-HD-2-C/130-A-0/S05
MAC112D0ED4C/130A0/WI520LX/S005
MAC112C-0-ED-2-C/130-A-0/S005
MAC093B-0-0S-3-C/130-A-0/S001
MAC112D-2-HD-3-C/130-A-O/S05
MAC112D-0-ED-4-C/130-A-0/WI520LX/S005
