Shanghai Kelai Electromechanical Automation Engineering Co., Ltd. is a flexible automation equipment and industrial robot system application provider. It is committed to the research, development and manufacture of non-standard intelligent equipment and industrial robot system integration. The products are widely used in automobiles, 3C electronics, food, Tobacco, medical machinery and other industries. The company was successfully listed on the main board of the Shanghai Stock Exchange on March 14, 2017 (stock code: 603960).
The automotive electronic automation system integrates scarce standards and is tied to quality customers.The company's main business is flexible automation production line and industrial robot system integration application, the application field is mainly automotive electronics, automotive interiors, etc., customers include United Electronics (Bosch holding 51%), Germany Bosch, Denso, Shanghai Industrial Transportation, Tianhe Electronics, Brose, Shanghai Johnson Controls Automotive Interiors, and Chongqing Yanfeng Automotive Trim Systems, etc., accounted for 72.9% of revenue from Bosch in 2017, and are deeply bound to quality customers. Most of the company's core management teams are from Shanghai University. In 2017, the number of technical R&D personnel was about 65%, and the sales staff was only 8 people, demonstrating the company's deep technical strength. The company is a scarce standard for automation system integration in China's automotive electronics field, fully benefiting from the vast demand for automated production of automotive parts, and the business is welcoming rapid development; in 2017, revenue reached 252 million yuan, a year-on-year increase of 30.9%; net profit attributable to mothers was 4.9 billion Yuan, an increase of 37.6%. The company's net profit margin is as high as 20.0%, and its profitability is outstanding. The net operating cash flow is higher than the net profit, and the profit quality is stable.
In terms of market capacity, the data of the forward-looking research institute shows that the global automotive electronics market in 2016 was US$234.8 billion, and the 2012-2016 CAGR was 9.8%. In 2016, China's automotive electronics market was US$74 billion, accounting for 31.5% of the global total. It is estimated that by 2020, the market size will exceed 100 billion US dollars. In terms of penetration rate, the industry information network data shows that in 2016, automotive electronics accounted for 15% of compact cars, 28% of mid-to-high-end cars, 47% of hybrid cars, and 65% of pure electric cars. The output of new energy vehicles such as hybrid and pure electric is gradually increasing, and the overall penetration rate of automotive electronics will continue to increase. Automotive electronics has consumer attributes, a wide variety of products, rapid technology iterations, and a large demand for automation equipment. According to equipment investment accounting for 10% of production value, China's automotive electronics automation equipment market space will exceed 10 billion US dollars in 2020.
Endogenous + epitaxial two-wheel drive, step into the rapid growth period.Endogenous, first of all, in the domestic market, United Electronics purchases about 2 billion yuan per year, and the company accounts for less than 10%. It is expected to benefit from the localization rate of equipment; in addition, the Bosch global market purchases about 16 billion yuan annually. In 2017, the company obtained Bosch's global key supplier qualifications, and successively signed orders with Suzhou Bosch and Bosch of India. From United Electronics to Bosch Global, from the domestic market to the global market, the company has a long space for generation. In terms of extension, the company extended to the downstream auto parts field. At the end of last year, it acquired Shanghai Zhongyuan. Shanghai Zhongyuan is mainly engaged in auto high-pressure fuel dispensers, high-pressure oil lines and cooling water pipes. It is one of the important suppliers of Volkswagen. The company will have synergies with Shanghai Zhongyuan in terms of technology and channels, and its performance is expected to exceed expectations.
For the first time, give a “buy†rating. It is estimated that the net profit of the company will be 0.93, 1.32, and 165 million yuan from 2018 to 2020, corresponding to EPS of 0.89, 1.27, and 1.58 yuan/share respectively. According to the latest closing price, the corresponding PE is 40, 28, and 23 times, respectively. To the company is the scarcity of automotive electronics automation, the performance is more flexible, the first coverage, giving a "buy" rating.
At present, Kelai Electromechanical products can be divided into two categories: flexible automated production lines and industrial robotic systems. They are mainly used in automotive electronics, automotive interiors, etc. From the perspective of equipment functions, the products cover assembly lines, test lines, welding lines, Various non-standard intelligent equipment such as glue line and bend line. In 2012, the company became a small giant cultivation enterprise in Shanghai and a high-tech enterprise in Shanghai. The R&D team has won the second prize and third prize of Shanghai Science and Technology Progress Award. The company is a member of Shanghai Industrial Robot Association and Shanghai Robot Society. Vice chairman unit.
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