Zhejiang is the leading enterprise of aerial work platform with high speed
High speed operation platform leader: from the three quarterly point of view, the first three quarters of revenue of 497 million yuan, an increase of 41.61%, the net profit attributable to parent company 133 million yuan, an increase of 33.56%, continued high growth momentum. As the first domestic high level platform listed companies, the company has a significant advantage of first mover, and has a strong cooperation with the leasing company. It is one of the few enterprises in the field to achieve two years warranty of products.
Scissors type operation platform to achieve automatic production line, the fastest 15 minutes off a product, scale effect, cost advantage obvious, market share is close to 50%, leading position is stable.
In the overseas market as a starting point, China high-end manufacturing rookie to emerge: company development of aerial work platform business at the beginning has begun the layout of the international market, according to the company announcement, the overseas business distribution of United States 30%, 30% in Europe and 25% in Asia and other regions 15%, its own brand gradually penetrate the traditional industry giants Terex and JLG market share. The company achieved aerial work platform, patented more than, compared with the product performance has reached the same level, and the price of similar products on average 20% lower, coupled with high quality service, the company has the price and service advantages.
Fixed code arm type aerial work platform, expand the broader market space: arm type aerial work platform for the mainstream needs of overseas markets, Terex as an example, the arm products accounted for more than 50% of the whole. And the company had cut fork platform as a breakthrough point, the proportion of the total arm less than 10%. In August, the company launched the 1 billion 100 million fixed increase investment program, intended to be used for arm based large-scale intelligent high-altitude operation platform project development and production. The company's current fork platform production line has achieved higher automation rate, "machine substitution" strategy to promote rework rate decline, cost effective control, gross profit margin as high as 43.38%. The issuance will help the company to enhance the degree of automation of arm production, in order to improve the high-end product line while reducing costs and improving the gross profit margin.
Magni company increased R & D and channel, significantly enhance competitiveness: the company announced this month, announced the successful use of 14 million 375 thousand euros to increase the Italy fork loading company Magni, after the capital increase holds 20% shares of the company, and set up R & D center in Europe cooperation. Magni R & D ability outstanding, the technology can help to improve the performance of the rapid accumulation of high altitude platform products arm type, 8 new products with full arm co production will be shipped back home at the end of November BMW exhibition debut in Shanghai. In addition, we can share Magni in 150 countries and regions of the global sales outlets to achieve penetration of the company's products. In some countries and regions through OEM, use Magni industry reputation, in the market to avoid the phenomenon of price China manufacturing, so as to reduce the resistance, accelerate the pace to expand overseas.
Investment proposal: buy -A investment rating, 6 months target price 65 yuan. We expect the company's revenue growth in 2016 -2018 was 39.2%, 44.5%, 34.3%, net profit growth rate was 35%, 48.4%, 31.8%, growth prominent; for the first time to buy -A investment rating.
Risk warning: arm product market expansion is not expected, the deterioration of the macroeconomic environment.
