博實(shí)股份
MAC90C-0-ED-4-C/110-A-0博實(shí)股份：三季度凈利潤(rùn)同比下滑，戰(zhàn)略轉(zhuǎn)型持續(xù)推進(jìn)
研究機(jī)構(gòu)：華金證券 分析師：張仲杰 撰寫日期：2015-11-04
投資要點(diǎn)
MAC90C-0-ED-4-C/110-A-0凈利潤(rùn)同比出現(xiàn)下滑：公司前三季度實(shí)現(xiàn)營(yíng)業(yè)收入5.69億元，同比增長(zhǎng)13.47%；歸屬母公司股東凈利潤(rùn)為1.47億元，同比下降9.86%。其中，第三季度實(shí)現(xiàn)營(yíng)業(yè)收入1.4億元，同比增長(zhǎng)18.30%；歸屬母公司股東凈利潤(rùn)為2823.43萬(wàn)元，同比下降44.19%。公司傳統(tǒng)產(chǎn)品受宏觀經(jīng)濟(jì)影響，發(fā)展有限。公司積極對(duì)智能裝備、節(jié)能環(huán)保產(chǎn)業(yè)、高端醫(yī)療診療裝備、新材料領(lǐng)域進(jìn)行戰(zhàn)略布局，力爭(zhēng)通過(guò)轉(zhuǎn)型取得突破。
收購(gòu)瑞爾醫(yī)療，加碼高端醫(yī)療裝備領(lǐng)域布局：公司10月26日公告，擬以瑞爾醫(yī)療600萬(wàn)元股權(quán)，卙瑞爾醫(yī)療目前2500萬(wàn)元注冊(cè)資本的24%。公司在石化化工后處理智能成套裝備領(lǐng)域深耕多年，具有領(lǐng)先的競(jìng)爭(zhēng)優(yōu)勢(shì)。我國(guó)健康醫(yī)療服務(wù)產(chǎn)業(yè)處于快速發(fā)展期，公司已將高端醫(yī)療裝備定為未來(lái)戰(zhàn)略發(fā)展的重要方向之一。瑞爾醫(yī)療的主要研發(fā)產(chǎn)品為IGPS-O圖像引導(dǎo)放療定位系統(tǒng)、IGPS-V圖像引導(dǎo)放療定位系統(tǒng)，具有高精確度、高技術(shù)附加的特點(diǎn)，未來(lái)有望替代升級(jí)醫(yī)院現(xiàn)有的普通醫(yī)療裝備。
MAC90C-0-ED-4-C/110-A-0新品研發(fā)進(jìn)展順利：公司獨(dú)立研發(fā)高溫作業(yè)機(jī)器人本體、控制系統(tǒng)及配套工具，可應(yīng)用在復(fù)雜、高溫作業(yè)環(huán)境中，目前該產(chǎn)品在現(xiàn)場(chǎng)環(huán)境測(cè)試取得積極進(jìn)展，力爭(zhēng)在年內(nèi)取得銷售訂單；智能貨運(yùn)移載裝備完成了建材、煙草、食品三個(gè)行業(yè)的三種型號(hào)樣機(jī)，在現(xiàn)場(chǎng)環(huán)境模擬測(cè)試中取得良好效果，面向食品行業(yè)的全自動(dòng)裝車機(jī)已在用戶現(xiàn)場(chǎng)成功應(yīng)用。
投資建議：我們公司預(yù)測(cè)2015年至2017年每股收益分別為0.51、0.63和0.72元。我們給予增持-A建議，6個(gè)月目標(biāo)價(jià)35元，相當(dāng)于2016年55倍的動(dòng)態(tài)市盈率。
MAC90C-0-ED-4-C/110-A-0風(fēng)險(xiǎn)提示：下游市場(chǎng)需求低于預(yù)期；業(yè)務(wù)拓展或低于預(yù)期。
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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
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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
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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
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MAC112C
MAC112D-2-FD-1-B/130-A-1/J1250/S05
MAC112B-0-GD-1-B-130-A-0-J625-S05
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MAC112B-0-GD-1-B-130-A-1-S05J625
MAC090B-0-PD-3-C/110-A
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MAC071C-0-NS-3-C/095-A-0/S001
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MAC041B-0-BS-4-E
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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
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MAC112D0FD2C130
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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
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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
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MAC071C-0-NS-2-C/095-A-0/S001
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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
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
MAC90A-0-RD-4C/130-A-0/WI52Q/S011
MAC112D-0-FD-4-C.130A-0.WI520X.S005
MAC112D-HD-3-C.130A-0.S005 Used
MAC112D-0-E0-4-C/130-A-0/WI520LX/S005
MAC112D-2-HD-3C/130-A-0
MAC112D-0-ED-4-C/130-A-1/WI520LV/S005
MAC112D-0ED-4-C/130-A-0/WI520LV/S005
MAC112C-2-ED-4-C/130-A-2/WI520LV/S018
MAC112D-0-ED-3-C/130-A-2/S018
