TRICONEX 2658但公司的資產(chǎn)質(zhì)量持續(xù)下滑，在營(yíng)收增速個(gè)位數(shù)的情況下應(yīng)收款繼續(xù)大幅同比增長(zhǎng)23%至5.92億，應(yīng)收票據(jù)也增長(zhǎng)13%至4.87億，存貨同比增長(zhǎng)22.5%至5.04億。貨幣資金下滑7.63%至15.77億（老本依然很厚實(shí)），經(jīng)營(yíng)現(xiàn)金流同比增長(zhǎng)近300%，為2.85億，主要是貨款回收金額較上年同期有所增加；部分供應(yīng)商貨款結(jié)算以自開匯票代替匯票背書轉(zhuǎn)讓，匯票背書轉(zhuǎn)讓減少，匯票托收、貼現(xiàn)金額較上年同期增加。
研發(fā)投入同比增長(zhǎng)3.7%，占營(yíng)收比為9.8%，依然處在極高的水準(zhǔn)。2015年6月30日，公司共有員工3420人，其中專門從事研究開發(fā)的人員有733人，TRICONEX 2658占員工總數(shù)21.43%；公司及控股子公司擁有已獲證書的專利360項(xiàng)，其中發(fā)明專利46項(xiàng)，實(shí)用新型專利263項(xiàng)，外觀專利51項(xiàng)。2015年新增發(fā)明專利15項(xiàng)，新增實(shí)用新型專利34項(xiàng)，新增外觀專利2項(xiàng)。依然非常優(yōu)秀！
公司半年報(bào)中提到，公司將不斷優(yōu)化產(chǎn)品銷售結(jié)構(gòu)，加大對(duì)新能源汽車、高端自動(dòng)化設(shè)備、重型裝備等領(lǐng)域的拓展力度，以降低公司產(chǎn)品對(duì)電梯行業(yè)的依賴程度。上半年公司通過收購(gòu)及增資方式取得江蘇經(jīng)緯50%股權(quán)，獲得進(jìn)入軌道交通領(lǐng)域的資質(zhì)和相關(guān)技術(shù)，邁開了第一步。
股東方面，截止6月30日（大跌前），TRICONEX 2658公司股東人數(shù)大幅增長(zhǎng)，去年只有不到9000戶，現(xiàn)在高達(dá)25500戶，十大股東中社保和公募消失，除了大股東外，全部為個(gè)人股東，籌碼大幅分散。
總的來說，公司在傳統(tǒng)業(yè)務(wù)上遭遇困境，但自動(dòng)化行業(yè)長(zhǎng)期看好，而公司在新能源汽車業(yè)務(wù)上的擴(kuò)張是非常正確的一個(gè)決策。公司在工業(yè)4.0題材的炒作下，股價(jià)一度大漲，但相對(duì)其他題材股最高也就漲到了85倍PE，在經(jīng)歷一波下跌后公司PE回到45倍（相比機(jī)器人便宜得多），顯然在整個(gè)行業(yè)大周期向下的情況下這種估值不是買點(diǎn)。我認(rèn)為公司未來值得期待，短期繼續(xù)觀望。
二、機(jī)器人（新松）
2015上半年公司實(shí)現(xiàn)營(yíng)收8.1億元，同比增長(zhǎng)23.23%；凈利潤(rùn)1.57億元，同比增長(zhǎng)21.54%；扣非后同比增長(zhǎng)21.44%。
分項(xiàng)目看，工業(yè)機(jī)器人收入同比大增41%至2.84億，毛利率小幅提升2.4%至36.34%；物流與倉(cāng)儲(chǔ)自動(dòng)化設(shè)備收入同比下滑9.1%至1.98億，毛利率保持不變?yōu)?3.3%，自動(dòng)化裝配與檢測(cè)生產(chǎn)線及系統(tǒng)集成收入同比增長(zhǎng)22.2%至2.6億，毛利率提升6.6%至34.8%；交通自動(dòng)化系統(tǒng)因?yàn)槿ツ昊鶖?shù)較低，同比大增173.7%至6784萬，毛利率為30.52%。工業(yè)機(jī)器人依然是公司發(fā)展最快的業(yè)務(wù)，也是公司最大的收入來源。
公司營(yíng)業(yè)成本增速低于收入增速，毛利率同比提升3個(gè)百分點(diǎn)至34.6%，相比較年初小幅下滑。但費(fèi)用增幅較快，銷售費(fèi)用同比上升39.6%至1719萬，管理費(fèi)用同比上升49.3%至8274萬，財(cái)務(wù)費(fèi)用因借款增加而同比上升83.4%，導(dǎo)致公司凈利潤(rùn)增速低于營(yíng)收增速。TRICONEX 2658注意到公司研發(fā)投入僅同比增長(zhǎng)2.33%至1280萬，事實(shí)上過去幾年機(jī)器人的研發(fā)投入占營(yíng)收的比都在5%以下，從研發(fā)這一點(diǎn)上看，一些優(yōu)秀制造業(yè)企業(yè)比如匯川、科遠(yuǎn)，遠(yuǎn)比機(jī)器人來得好。
目前機(jī)器人毛利率34.6%，凈利率常年維持在19%-20%，ROE小幅增長(zhǎng)至7.82%，不過負(fù)債率較去年提升8個(gè)百分點(diǎn)至41.7%，ROIC同比下滑0.6個(gè)百分點(diǎn)至5.62%?？偟膩碚f，相比較同行業(yè)其他公司，機(jī)器人的盈利能力和業(yè)績(jī)?cè)鏊俣妓惴浅２诲e(cuò)，但在光鮮亮麗的利潤(rùn)表后面是非常糟糕的資產(chǎn)負(fù)債表。
公司應(yīng)收款同比增長(zhǎng)44.6%至6.4億，存貨同比增長(zhǎng)36%至12.2億，直接導(dǎo)致經(jīng)營(yíng)活動(dòng)現(xiàn)金流凈額同比下滑87%至-2.07億。短期借款較年初增長(zhǎng)1.1億至3.7億，長(zhǎng)期借款較去年增長(zhǎng)2億較年初增長(zhǎng)1億至3.84億，公司的現(xiàn)金流十分吃緊。
股東人數(shù)增加2萬至75913戶，十大股東基金全部換手，小非減持。
總的來說，看完三張表，我認(rèn)為機(jī)器人在國(guó)企的體制下，在較低的研發(fā)投入下，在糟糕的資產(chǎn)負(fù)表下，其管理層、基本面、財(cái)務(wù)數(shù)據(jù)應(yīng)該是不如匯川、科遠(yuǎn)等公司的。
TRICONEX 2658雖然公司研發(fā)投入不高，但是公司對(duì)在研產(chǎn)品的介紹滿滿寫了一大篇。其實(shí)其他同行業(yè)公司要寫也可以寫一大篇，但沒必要，只要把核心的重要的幾個(gè)項(xiàng)目寫出來就好了，從這里也可以看出機(jī)器人對(duì)市值是非?？粗氐模ó?dāng)初起了機(jī)器人這個(gè)股票簡(jiǎn)稱就可見一斑了）。我就簡(jiǎn)單總結(jié)一下公司的重要研發(fā)項(xiàng)目吧。
----商務(wù)熱線---廈門興銳達(dá)自動(dòng)化設(shè)備有限公司
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TRICONEX 2658
TRICONEX 8300
Triconex 8310
TRICONEX 8311
TRICONEX 8310
TRICONEX 4119A
TRICONEX 3006
TRICONEX 2553
TRICONEX 2652
TRICONEX 4107
TRICONEX 2661
TRICONEX 2752
TRICONEX 3005
TRICONEX 4507
TRICONEX 3601E
TRICONEX 3604E
TRICONEX 8300A
TRICONEX 3501E
TRICONEX 8305A
Triconex 4000058-110
Triconex 4000043-310
TRICONEX 2553-8 USPP 25538
Triconex 4351A
TRICONEX 3604A
Triconex 3614E
TRICONEX 3603B
TRICONEX 3503E
TRICONEX 3601E
TRICONEX 3003-EMPII USPP 3003EMPII
TRICONEX 3501T
TRICONEX 3604E
TRICONEX 2752-2 USPP 27522
TRICONEX 3000110-380 USPP 3000110380
TRICONEX 2660-63 USPP 266063
TRICONEX 3000120-380 USPP 3000120380
TRICONEX 3000142-220 USPP 3000142220
TRICONEX 7400028-100 USPP 7400028100
TRICONEX ICM4101
Triconex 8305
TRICONEX 3000120-360 USPP 3000120360
TRICONEX 3000250-010 USPP 3000250010
TRICONEX 3000110-360 USPP 3000110360
Triconex 8300
Triconex 4000043-310
Triconex 4000043-120
Triconex 3708E
Triconex 2652-300
Triconex 3501E
Triconex 2652-1 7400058-310
Triconex 9000011-000
Triconex 4000042-120
Triconex 4000042-320
Triconex 7400169-310
Triconex 4000043-325
Triconex 4000043-332
Triconex 2551 7400056-110
Triconex 4000043-320
Triconex 4000042-125
Triconex 4000029-025
Triconex 2658 74000110-010
Triconex 2551 7400058-110
Triconex 2553 7400056-310
Triconex 2755 7400061-600
Triconex 3636R
Triconex 2652-310
Triconex 2652-350
Triconex 2750
Triconex 2755-020
Triconex 3624
Triconex 8300A
Triconex 8305A
Triconex 2553-8 7400056-380
Triconex 2652-5 7400058-350
Triconex 2750-2 300012-220
Triconex 2553 7400056-380
Triconex 2750 7400061-210
Triconex 4119A EICM
Triconex 2553-300
Triconex 2755-020
Triconex 4200 RXM
Triconex 2553 7400056-310
Triconex 4107 EICM
Triconex 2652-350
Triconex 2750-010
Triconex 3006 EMPII
Triconex 4000029-020
Triconex 2553-300
Triconex 2651
Triconex 3601E
Triconex EICM 4107
Triconex 2652-9 7400058-390
Triconex 7400078-100 EICM4107
HISHPTB/32/TR-A0-01 105-0567A
Triconex EICM2 7400145-200
Triconex Expansion Chassis 7400028-100
Triconex Expansion Chassis 7400027-100
Triconex FSDO 7400159-030
Unused Large Engine Generator Turbine Model 364437
NEW Woodward Governor 8516-076DC
WOODWARD GOVERNOR 28 CHANNEL RELAY MODULE P/N 5441-407
WOODWARD 501, 503, 509, SPEED INPUT MODULE,EXC COND
WOODWARD 501, 503, 509, ANALOG INPUT MODULE,EXC COND
WOODWARD 501, 503, 509, ANALOG OUTPUT MODULE,EXC COND
Waukesha / Dresser WOODWARD GOVERNOR UG-8L , 900-1550 RPM 035179, NEVER USED
WOODWARD 501, 503, 509, DISCREET OUTPUT MODULE,EXC COND
WOODWARD 501, 503, 509, DISCREET INPUT MODULE,EXC COND
WOODWARD GOVERNOR TYPE PG-PL PUMP CONTROL 8552-674, NEW
WOODWARD TYPE PG-PL GOVERNOR PUMP CONTROL 8552-558, NEW
Woodward 8271-715 A EG-M Control
New Woodward NetCon 5000 8 CH Semi-Isolated RTD Input Module 5464-013 REV. J
New Woodward Governor Power Supply 5439-730
New Woodward NetCon 5000 Remote Chassis Transceiver Module 5464-835 REV NEW
WFRP30 Tube pipe bender bending rolling machine - Woodward-Fab - Power 220 volt
SC-5355, WOODWARD GOVERNOR TYPE PGD. PART # 8570-776
Woodward Governor - 5437-092 Rev F - Netcon Expansion Chassis Power Supply
Power slip roll rolling machine 16 gauge x 51" length - Woodward-Fab - New
New Woodward NetCon 5000 Remote Chassis Transceiver Module 5464-836 REV NEW
New Woodward NetCon 5000 Non-Volatile Memory Module 5464-756 REV. NEW 4M
New Woodward NetCon 5000 8 Channel Isolated Input Module 5464-785 REV L 4-20 MA
Woodward EG Remote Sump Motor Assy 8250-390 Servo 8250-102 Actuator AR9900-217GH
Rblt Woodward Turbine Control PGPL Governor 8570-110
WOODWARD C8556-985 PGD NSNB
New Woodward NetCon5000 8 Ch Semi-Isolated RTD Input Module 5463-874 REV G
New Woodward NetCon5000 8 Ch Isolated Analog Input Module 5463-785 REV J 4-20 MA
Power notcher notching pipe tube coper Woodward-Fab
WOODWARD SPEED CONTROLLER TG-17
Turbine Generator Control Panel Digital Electrical Box Woodward 505 Governor
Woodward-Fab tube pipe notcher abrasive belt 220 volt #WFN5
Pipe tube tubing notcher notching coper - Woodward-Fab
WOODWARD 9905-092 USPP 9905092
NEW Woodward 5453-276 F/T Relay Discrete In Relay 5009 5453276 NNB Input Rev C
WOODWARD MILITARY PG DIAL GOVERNOR; P/N: 9900-149 ~NEW~SURPLUS~
WOODWARD MILITARY P.G. DIAL GOVERNOR; P/N: 9900-149 ~NEW~SURPLUS~
WOODWARD MILITARY PGD DIAL GOVERNOR; P/N: 9900-149 ~NEW~GOV~SURPLUS~
US MILITARY WOODWARD P.G. DIAL GOVERNOR; P/N: 9900-149 ~NEW~SURPLUS~
WOODWARD 9905-090 NSPP 9905090
Woodward UG-8L Governor
WOODWARD 8406-117 NSFP 8406117
Woodward Governor - 5464-013 Rev G - RTD Input Module
WOODWARD 5464-544 4-CHANNEL ACTUATOR CONTROL MODULE *NEW OUT OF A BOX*
WOODWARD NETCON 5000 CPU MODULE, NEW, EXCELLENT COND
Woodward GSOV25 9907-487 Gas Valve
NEW/UNUSED WOODWARD POWER SENSOR 8272-720
WOODWARD GOVERNOR 5 AMP RELAY INTERFACE P/N 5441-637
WOODWARD NETCON 5000 ACTUATOR DRIVER OUTPUT MODULE,EXC
WOODWARD 501, 503, 509, OPERATOR CONTROL PANEL,EXC COND
WOODWARD GOVERNOR 8 CHANNEL RELAY MODULE P/N 5441-673
WOODWARD NETCON 5000 DISCREET OUTPUT MODULE, EXC COND
WOODWARD FINAL DRIVER, PN 8230-815, EXC COND
Woodward Governor - 5466-353 Rev C - Transceiver Module
Woodward Governor - 5464-544 Rev E - 4 Channel Actuator Control Module
Woodward Governor - 5463-581 Rev H - 8 Channel Isolated 4-20 mA Input Module
Woodward UG Actuator Governor UG-8 8522-745EN NOS Diesel Engine
Woodward UG Actuator Governor A8251-758 NOS Diesel Engine
Woodward UG Actuator Govenor B8251-758 NOS Diesel Engine
New Woodward Governor UG-8 Dial Control 9903-151-ESI 752-1590
WOODWARD AUTO POWER TRANSFER & L.C., 9905-007 / 171-057
WFBP4812 Woodward Fab 48" 4 ft. Box and Pan Brake 12 guage bending folding
Woodward-Fab weld grinder shaver
WOODWARD 9905-795 USPP 9905795
Woodward Governor w/ Bodine Electric Co Motor for Detriot Diesel - P/N: 8561-537
Woodward Servo Postion Controller 8200-226 Rev B
VALVE SOLENOID * 1310-105 (MFR Woodward Governor)
Woodward Governer Company Control Board # 8270-238 ( 671 or 971 diesel motor )
Power Bead Roller Woodward-Fab ~~~POW!!! ZAP!!! ~~~ 16 Gauge!!!
Woodward 5461-652 P Current Input PCB
Cold saw cutting bl 12 1/2" blade ~ New
Woodward Digital Remote Final Driver (DRFD) 8239
NEW Woodward 8200-226 Servo Position Controller Rev C 8200226 Positioner Control
Foot stomp bl cutting shear 52" - Woodward-Fab
Woodward 5463-095 A CPU Module
WOODWARD 8239-078 DIGITAL REMOTE FINAL DRIVER 132/140V-AC/DC 1.8A AMP B305710
Woodward Governor 5466-258 Module Simplex Discrete I/O
(BO) 1 NEW WOODWARD G8516-039 GOVERNOR
Tiffany Repousse Goblet Grosjean and Woodward Sterling Silver 1853
Woodward - Module CPU Ver 7.1 - p/n 5466-025
Woodward Governor - 5464-132 Rev B - FC198 Co-Pro
Woodward Governor - 5463-473 Rev D - DCS 4.4 SIO OPSYS Module
WOODWARD GOVERNOR 8561-801 PSG
WOODWARD GOVERNOR TRANSIENT LOAD SENSOR 5462-599F
WOODWARD GOVENOR P.G.A. DRIVE SPEED 300-960RPM NICE
EATON / WOODWARD ENGINE GENERATOR CONTROL ATC-5000 PN 8440-1680 D - GCP3245 XPQ
New Woodward TM-100 Digital Remote Final Driver Dual Feedb 8200-150 REV. J/L
Woodward 9905-708 Digital Synchronizer and Load Control Rev L
WOODWARD 9907-005 NSFP 9907005
NEW WOODWARD 8272-720 E REAL POWER 115/230V-AC SENSOR B424285
Woodward Remote Panel for easYgen-3000 Series Genset Controls 8440-1923
New Woodward Type PGPL Governor W8570-419
WOODWARD 8406-113 DIGITAL CONTROL OPERATOR INTERFACE EGCP-3 8406113 REV. M
WOODWARD TYPE UG-8 GOVERNOR 8522-300 1075-1650RPM
SP3-1-3-52 Woodward Fab 3 in 1 Shear bend bending slip roll sheet bl 52"
WFEW44 English Wheel 44" throat depth Woodward-Fab
Cold cut bl chop saw sawing Woodward-Fab - 10" blade diameter 220 volt
WFPR30 HEAVY INDUSTRIAL HYDRAULIC SHOP PRESS WOODWARD FAB 30 TON
Woodward Easygen 3000 Genset Controller 8440-1831H
Woodward Governor Company 5503-267 RT S/0 Module Netcon IIIB 3 9 pin
Woodward Governor - 5463-785 Rev J - Isolated 4-20 mA Analog Input Module
WOODWARD GOVERNOR ACTUATOR EG3P - P/N: E8250-479
Bead beading roller rolling 43" Throat Depth - MONSTER!!! Woodward-Fab
WOODWARD 8273-140 USPP 8273140
WOODWARD 9907-014 NSPP 9907014
Woodward Governor p/n 5441-629 A 5 Amp Relay 5 Component Interface Module
WFPH26-T PLANISHING HAMMER/ ENGLISH WHEEL METAL FORMING WOODWARD FAB 26" THROAT
WOODWARD GOVERNOR 8272-164 NSPP 8272164
Woodward 2301D-EC 8273-505 Digital Load and Speed Control 2301D
WOODWARD 8271-425E *NEW IN A BOX*
Woodward Protech 203 Overspeed Protection System 9905-990 Rev G Missing 2 PS
Woodward - I/O Module FTC - DCS II - p/n 5462-916
WOODWARD EGCP-3 OPERATOR CONTROL INTERFACE EGCP-3 8406-113 EGCP3 8406113
WOODWARD GENERATOR LOAD SENSOR MODEL 8290-048 F -- CLEAN
Woodward NetCon 5000 x5466-032 Rev: NEW
Woodward NetCon 5000 x5466-033 rev. NEW
New Woodward Governor Gas Shut-Off Valve 9907-304 24 VDC
New Woodward Governor Gas Shut-Off Valve 9905-451 24 VDC
New Woodward Governor Gas Shut-Off Valve 9907-059 24 VDC Solenoid
Woodward Governor EGB-c
Woodward GOVERNOR for Military 100KW Cat Generator MEP007A D333C p/n 8510-212
Woodward Governor Model 210340 - Overhauled
Woodward Governor Model 210433 - Overhauled
WFPR20 HEAVY INDUSTRIAL HYDRAULIC SHOP PRESS WOODWARD FAB 20 TON
NIB Woodward Type PGD Pressure Compensated Large PG Governor 6571 619
2" 300 Woodward GE Gas Fuel Control Valve 9904-952 38487089P002
WOODWARD 5501-372 USPP 5501372
WOODWARD 8250-807 MECHANICAL GOVERNOR STEAM TURBINE ACTUATOR B259826
WOODWARD 8271-795 *NEW NO BOX*
WOODWARD GOVERNOR CONTROL 24V DC 8270-1002 2910013687644
Slip roll bending rolling machine WOODWARD-FAB WFSR50 - VIDEO DEMO
WFPH26-T PLANISHING HAMMER WOODWARD FAB 26" THROAT HEAVY FORMING MACHINE
WOODWARD GOVERNOR 5462-757 C Indicator Board
Used Woodward TM-100 Digital Digital Remote Final Driver 8200-150 REV. J
English wheel 24" throat depth bl bing CAST IRON # WFEWC24 Woodward-Fab
WOODWARD 9905-068C USPP 9905068C
Woodward Synchronizer Actuator PN: 66503 ASSY 5485-020-AB NEW OLD STOCK (11028)
Rockport Massachusetts " Cape Ann Surf " Stanley Woodward
WOODWARD 9905-028 USPP 9905028
9907-838 Woodward
WOODWARD NETCON 5000 ( PART# 5463-879 ) SERIAL NO. 11956569
WOODWARD NETCON 5000 (PART # 5464-588) SERIAL #11459522
Elite slip roll rolling sheet bl 41" x 16 gauge Woodward-Fab VIDEO
Woodward-Fab sheet bl corner notcher 1/8" capacity
1850's Coin Silver Grosjean & Woodward Canfield Bros Butter Dish Pheasant Finial
WOODWARD 9905-970 USPP 9905970
Woodward Equipment 1726WA Valve Seat Grinding Kit
NEW WOODWARD B8511-416 OVERSPEED GOVERNOR GOVENOR
3pc English Yapp, Woodward Sterling Silver Miniature Christening Liturgical Set
WOODWARD 8280-192 USPP 8280192
WOODWARD 9905-020P USPP 9905020P
WOODWARD LOAD SHARING AND SPEED CONTROL, PN 8272-288, NEW/UNUSED
WOODWARD GOVERNOR DYNA-CONTROLLER PART NUMBER 8270-1010
Woodward Governor - 5461-655 Rev H - Fuel Valve Final Driver Module
Woodward Governor - 5437-051 Rev C - 32 Channel Relay Interface
Woodward Governor - 5437-079 Rev A - Field Terminal Module
Cylinder assembly 5293052 for 9900-035 Woodward governor Unused
OLD FRENCH MARKET - INSIDE, etching by William Woodward New Orleans artist
Woodward Governor / 5441-693 Module 24 IN 12 OUT
Woodward Governor Type UG-8 PN: 34381 NOS
Belt grinder sander 3" wide belt ~~~~ Woodward-Fab
Woodward 9905-711 Rev. L Digital Synchronizer and Load Control DSLC
Woodward 5461-646 J SIO Module
WFEW English Wheel 37" Throat Depth Woodward Fab Heavy Metal Forming
OUTSTANDING 4 BRANCH SILVER EPERGNE TABLE CENTREPIECE Birmingham 1919 H Woodward
WOODWARD 9907-252 NSFP 9907252
Woodward-Fab power bead roller w/ dies 23" throat depth
Woodward UG-8 Governor 8522-447CR
WOODWARD GOVERNOR SG GOVERNOR P/N 8511-453 NEW/UNUSED
WOODWARD 8271-442 J *USED*
New/Unused Woodward Governor Field Terminal Module 5437-079
Woodward-Fab power bead beading roller rolling 36" throat 110 volt WFBR36P
Woodward 9905-797 Digital Synchronizer and Load Control Rev B
Woodward 9907-005 Rev. G Master Synchronizer & Load Control
Woodward Governor Company 5466-353 Rev. A Transceiver Module
Woodward Governor Company 5464-643 Rev. D D/I Module
Woodward Governor R210652
