Robots and logistics warehousing automation business growth

Source：Updated：2017-03-14 10:01:14

Siasun robot automation co., LTD., released 2016 annual report: the company in 2016 operating income of 2.033 billion yuan, up 20.65% from a year earlier. Realize net profit attributable to shareholders of listed companies of 411 million yuan, up 4.04% from a year earlier, realize the basic earnings per share 0.26 yuan. 
 
2016 revenue rose more than 20%, the fourth quarter accelerated significantly. Company in Q1 and Q2, Q3 and Q4 business income is 354 million yuan respectively, 535 million yuan, 357 million yuan and 535 million yuan, up 15.40%, 6.30%, 15.40% and 6.30% respectively, in the fourth quarter of operating revenue growth. 
 
Robots and logistics warehousing automation business to restore growth, integrated gross margin declined slightly. In 2016, the company industrial robots, logistics, warehousing automation business rose 26.09%, 30.30% respectively, growth is about 17, 35% higher than in 2015 respectively. We believe that the downstream demand picks up and company capacity release is a robot and automatic logistics warehousing business growth. The products of the company integrated gross margin of 31.7%, 2.4% lower than in 2015. 
 
Effect of scale, management fee to drop significantly. In 2016, the company sales fee, management fee is respectively 2.3%, 13.7%, year-on-year growth of 0.5 and 0.2%, respectively. In the fourth quarter of 2016, the company sales rate and management fee rates were 1.7%, 13.9%, increased by 0.1 and 7.9% respectively, compared to the month-on-month drop 1, 2.9% respectively. Sales rate held steady overall, management fee to benefit from economies of scale and significantly decreased. 
 
Earnings forecasts and rating: the company is the domestic leading enterprises in the industrial robot and intelligent equipment, is a benchmarking enterprise in the field of industrial 4.0, will fully benefit from the rapid development of industry, we expect the company from 2017 to 2019 EPS were 0.31 yuan, 0.37 yuan and 0.44 yuan, to "overweight" rating. 
 
Risk tip: robot industry market competition; Intelligent logistics market development of not exceeding the expectation ".