Amazon trial robot technology giants are involved in smart equipment

According to foreign media reports, Amazon warehousing trial robots, the company's three warehouses have been working with 1,400 robots, saving up to about $900 million in labor costs per year. Not long ago, Google acquired seven robotics companies, and Apple also announced that it will invest $10.5 billion in smart equipment manufacturing, including assembly robots.

According to the agency's calculations, by 2020, the output value of Chinese robots and systems will reach 100 billion yuan, and drive the 300 billion yuan parts market, with a growth space of about 10 times. For listed companies, the robot is mainly engaged in the main body of industrial robots and system integration. The servo system developed by Incheon Technology (300124, stock bar) and Invitrogen (002334, shares) is the core component of industrial robots.

Robot: Winning the recommended rating for the new defense heavy-duty robot R&D project

Category: Company Research Institute: Researcher of CICC: Shi Chengbo, Wu Huimin

The company's current situation announced today that the bidding contract amount of 20 million equipment automatic support system (including robots, control systems, hydraulic systems, etc.) development projects.

Comment 1. Conducive to eliminating market concerns about the company's continued expansion in the defense industry. The project has consolidated the company's position as a qualified supplier in the field of defense, accelerated the in-depth development in the field of national defense, and facilitated the company's continued seizure in other military projects.

2. The winning new standard heavy-duty robot system is different from the previously-accepted transfer conveyor system (AGV), and the market has huge imagination. The company's successful transfer conveyor system (heavy mobile robot AGV system) was derived from the company's traditional advantage AGV products. This successful bidding research and development project belongs to a new type of special robot, which will overcome key technologies such as high-speed robotic stationary motion technology, robotic electro-hydraulic servo system high/low speed, high precision, and coordinated motion control. Although it is a research and development project, and the contract amount is not large, but after the successful development, it means that the broad application demand will break out, and the company will enjoy a feast.

3. We maintain our previous views: 1) over 2 billion orders in hand, indicating that future performance growth is guaranteed; 2) special robots used by the company for defense industry will continue to grow; 3) 4Q completed unconfirmed project entry confirmation During the peak period, the performance is expected to exceed expectations; 4) The proportion of net profit after deducting the year is improved, and the quality of earnings is improved.

Valuation suggestion: The net profit for 2013-14 is expected to be 2.79 and 360 million yuan respectively; the corresponding EPS is 0.94 and 1.21 yuan respectively. Corresponding to the current share price, the company's P/E in 2013-14 is 44.9x and 34.8x respectively. Considering the high growth of the company and the scarcity of high-quality targets in the smart equipment industry, it enjoys a certain valuation premium and maintains a “recommended” rating.

Risk: Construction projects are confirmed to be postponed and industry competition is intensifying.

Huichuan Technology: Adjustment is a buying opportunity to buy a rating

Category: Company Research Institute: Oriental Securities Researcher: Zeng Duhong

Investment points:

The market has announced a notice of misrepresentation or misunderstanding. It is only a requirement for information disclosure, and the method of reducing holdings is relatively friendly.

Huichuan announced the announcement of the controlling shareholder and concerted action reduction plan, the stock price fell nearly 8 points, the market for the reduction announcement. First, the reason for the reduction of the announcement is that according to the information disclosure requirements of the exchange, the shareholding ratio of the controlling shareholder and the concerted action share of less than 50% must be announced. The share capital of the shareholders and concerted actions of Huichuan is 51.06%. More than 4.13 million shares will be less than 50%, so this announcement will be made; second, the number of reductions will not exceed 18.44 million shares, the proportion does not exceed 4.74%, the market may not understand this, may be mistaken for the same Sexually moving people want to reduce their holdings so much, in fact, it may only be to explain the proportion of supervision that should not exceed 5% at most. In the most recent month, there were two large groups of 1 million shares, and the company’s total share capital ratio was 9.54 million. Stocks, so 18.44 million shares were also introduced according to the rules of the exchange, and did not fully represent the actual amount of reductions. Third, the announcement also mentioned that in order not to bring too much impact on the capital market, Zhu Xingmin, etc. Ten natural persons also agreed to submit the issue of reduction to the unified arrangements of the Secretary for the Treasury, and through the block trade, to find a suitable take-over party, we estimate that the take-over party is mainly held in the medium and long-term, and it is expected that the Secretary-General will make a one-time security as soon as possible.

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