華中數(shù)控
MAC071華中數(shù)控：稀缺國產(chǎn)數(shù)控系統(tǒng)龍頭，3C應(yīng)用貢獻高業(yè)績彈性
研究機構(gòu)：東吳證券 分析師：陳顯帆，黃海方 撰寫日期：2015-11-16
投資要點
MAC071公司是稀缺國產(chǎn)高端數(shù)控機床及系統(tǒng)龍頭，產(chǎn)品的3C應(yīng)用有望貢獻高業(yè)績彈性。強大的研發(fā)能力使公司產(chǎn)品已在航天軍工、3C領(lǐng)域取得重大突破，與沈飛達成合作、3C領(lǐng)域打破西門子與發(fā)那科國外技術(shù)壟斷。受益于3C高景氣及金屬件滲透率提升，公司3C高速鉆攻系統(tǒng)有望高速放量，同時公司結(jié)合數(shù)控優(yōu)勢及子公司華數(shù)機器人布局，已與勁勝精密合作共建3C智能工廠國家示范項目，3C應(yīng)用未來貢獻高業(yè)績彈性可期。
收購江蘇錦明，豐富公司自動化集成業(yè)務(wù)。今年9月公司公告擬作價2.8億以2014年13倍PE收購江蘇錦明100%股權(quán)，標(biāo)的2015-17年扣非歸母凈利2210萬元、2865萬元、3715萬元。錦明強項在系統(tǒng)集成，主要下游是食品、酒類、3C等行業(yè)，已在雙匯、金種子酒、華為等行業(yè)龍頭有過成功集成案例，公司與強項在本體的華數(shù)機器人形成互補、具一定協(xié)同性。錦明集成經(jīng)驗豐富，未來業(yè)績有望超預(yù)期。
MAC071我們與市場觀點的差異：1)市場認為經(jīng)濟下行、機床行業(yè)整體不景氣對公司拖累甚重，但我們認為公司產(chǎn)品在3C的應(yīng)用足以提供覆蓋傳統(tǒng)業(yè)務(wù)的高業(yè)績彈性；2)智能制造領(lǐng)域，市場對數(shù)控機床關(guān)注度低于工業(yè)機器人，但我們認為機床作為工業(yè)母機是制造強國的基礎(chǔ)，中國制造2025也將發(fā)展數(shù)控機床列為重點戰(zhàn)略方向，公司作為龍頭有望打破國外壟斷，手握產(chǎn)品定價權(quán)，應(yīng)享受龍頭估值溢價；3)市場認為公司作為校企，公司治理、經(jīng)營效率、市場開拓一般。但我們覺得目前國企改革、高校改革正在全面推進，公司未來改革的邊際收益大。
投資建議：公司是國產(chǎn)數(shù)控機床及系統(tǒng)龍頭，高端數(shù)控機床+機器人+職業(yè)教育布局良好，有望受益3C、機器人高景氣及中國制造2025政策紅利。預(yù)計2015-17年攤薄EPS為0.05/0.42/0.58，對應(yīng)PE 617/77/56，增發(fā)后公司市值約55億，與相關(guān)公司比仍有增長空間，首次覆蓋，給予“買入”評級。
MAC071催化劑：數(shù)控機床“十三五”規(guī)劃、訂單超預(yù)期、錦明超預(yù)期
----商務(wù)熱線---廈門興銳達自動化設(shè)備有限公司
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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
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
MAC112D-0-ED-1-B/130-A-0/J625/S05
MAC112C-0-HD-4-C/130-A-0/WI520LX/S005
MAC112C-0-ED-4-C/130-A-0/WI520LV/S005
MAC112D-0-ED-1-C/130-A-0/S05/J625
MAC112C-0-HD-3-C/130-B-0/S005
MAC112D-0-ED-4-C/130-B-2/WI522LV/S018
MAC112C-0-ED-4-C/130-A-0/WI520LV/S005
MAC90C-0-GD-3C/110-A-O-S001
MAC112C-1-HD-3-C/130-A-0
MAC112D-O-ED4
