山東威達(dá)
MAC112-B-0-LD-2C/130-A-0山東威達(dá)：收購(gòu)蘇州德邁科，工業(yè)自動(dòng)化拓展更近一步
研究機(jī)構(gòu)：海通證券 分析師：龍華，熊哲穎 撰寫日期：2015-12-03
投資要點(diǎn)：
12月2日，山東威達(dá)公告擬通過向特定對(duì)象非公開發(fā)行股份的方式購(gòu)買蘇州德邁科100%的股權(quán)、精密鑄造100%的股權(quán)及募集配套資金，本次收購(gòu)進(jìn)一步增強(qiáng)了公司在工業(yè)自動(dòng)化領(lǐng)域的技術(shù)實(shí)力及綜合競(jìng)爭(zhēng)力。
MAC112-B-0-LD-2C/130-A-0收購(gòu)德邁科+精密鑄造。本次交易共包括三個(gè)部分：(1)收購(gòu)蘇州德邁科100%的股權(quán)，交易金額為3.65億元；(2)收購(gòu)?fù)_(dá)集團(tuán)持有的精密鑄造100%的股權(quán)，交易金額1.21億元；(3)募集配套資金1.40億元(費(fèi)用約2000萬(wàn)元)。收購(gòu)德邁科擬募集配套資金7000萬(wàn)元，收購(gòu)精密鑄造擬募集配套資金5000萬(wàn)元。
MAC112-B-0-LD-2C/130-A-0蘇州德邁科業(yè)績(jī)有望保持高增速，市值空間大。蘇州德邁科主要從事智能制造系統(tǒng)集成及智能裝備業(yè)務(wù)。工廠自動(dòng)化業(yè)務(wù)德邁科服務(wù)的客戶超過80%以上都為跨國(guó)公司在中國(guó)的工廠以及國(guó)內(nèi)的頂尖企業(yè)，我們認(rèn)為回款情況會(huì)優(yōu)于3C、家電和一般工業(yè)領(lǐng)域；物流自動(dòng)化業(yè)務(wù)和機(jī)器人及智能裝備業(yè)務(wù)15-16年業(yè)績(jī)預(yù)計(jì)會(huì)延續(xù)高速增長(zhǎng)。公司16年全年有望實(shí)現(xiàn)2500元的凈利潤(rùn)，顯著超過承諾凈利潤(rùn)2100萬(wàn)元，考慮到目前二級(jí)市場(chǎng)給予工業(yè)4.0和智慧工廠板塊較高的PE估值，我們采用市值估算方法，預(yù)計(jì)德邁科16年市值有望達(dá)到40億元。
MAC112-B-0-LD-2C/130-A-0精密鑄造業(yè)績(jī)穩(wěn)定、協(xié)同性強(qiáng)。精密鑄造系威達(dá)集團(tuán)全資子公司，公司經(jīng)營(yíng)業(yè)績(jī)穩(wěn)定，不存在過高的市場(chǎng)預(yù)期，我們估算其15-16歸母凈利潤(rùn)與承諾業(yè)績(jī)基本持平，分別為490萬(wàn)元、790萬(wàn)元，此次公司收購(gòu)作價(jià)1.21億元，對(duì)應(yīng)15年承諾凈利潤(rùn)24.7倍、16年承諾凈利潤(rùn)15.32倍，估值屬于合理價(jià)值區(qū)間，16年達(dá)到790萬(wàn)元的承諾利潤(rùn)屬于大概率事件。
MAC112-B-0-LD-2C/130-A-0盈利預(yù)測(cè)與投資建議。山東威達(dá)15-16年公司本部歸母凈利潤(rùn)預(yù)計(jì)為6918萬(wàn)元、7827萬(wàn)元，按照通用設(shè)備16年估值，我們給予公司本部+精密鑄造16年35倍估值，市值30億元。目前二級(jí)市場(chǎng)給予工業(yè)4.0和智慧工廠板塊普遍較高的估值，德邁科公司為客戶提供真正的整體自動(dòng)化解決方案，且下游客戶多為跨國(guó)公司及國(guó)內(nèi)頂尖企業(yè)，客戶回款情況普遍高于國(guó)內(nèi)其他的自動(dòng)化解決方案提供商。我們給予德邁科公司16年高于市場(chǎng)平均估值的160倍PE，預(yù)計(jì)德邁科16年市值有望達(dá)到40億元。綜合計(jì)算，山東威達(dá)16年總市值預(yù)計(jì)可達(dá)70億元。12月2日收股價(jià)11.95元/股，目前總市值50.19億元，未來(lái)還有約40%的上漲空間，完全攤薄后EPS15-17年分別為0.22元、0.26元、0.30元，未來(lái)六個(gè)月目標(biāo)價(jià)16.68元/股，我們給予買入評(píng)級(jí)。
----商務(wù)熱線---廈門興銳達(dá)自動(dòng)化設(shè)備有限公司
聯(lián)系人：王文光
++QQ:2851759104
手機(jī)：15359273780
電話：0592-5580707 400-855-5103轉(zhuǎn)001
傳真：0592-5361289
郵箱：2851759103@qq.com
網(wǎng)址：http://www.xmxrdauto.com
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
