800 million

Huaheng (833444): Based on industrial robot automation equipment supplementary orders3.

800 million

Event: The company released its semi-annual report for 2019, which reported operating income2.

870,000 yuan, an increase of 12 in ten years.

26%, net profit attributable to mothers was 15.98 million yuan, a year-on-year increase of 73.

44%, deducting non-attributed net profit of 14.07 million yuan, an annual increase of 206.


Huaheng shares: specializing in the research and development, production and sales of industrial robot automation equipment.

The company is one of the few domestic companies with complete independent R & D and production capabilities for core modules of robotic automation equipment.

The main products include complete sets of welding robots, special equipment for welding automation, all-position tube welding equipment, cutting automation equipment, logistics storage automation equipment, planetary cycloid (RV) reducers, etc., which are widely used in engineering machinery, petrochemicals, rail transportation,Mining, shipbuilding, aerospace, military, marine engineering, nuclear power, medicine and other high-end equipment manufacturing fields and other important national economic industries.

Report quantity supplement order 3.

800 million, the domestic and foreign markets have developed steadily.

The total number of reports, the company’s orders as a whole rose, and a total of 3 supplementary orders.

800 million.

Among them, affected by favorable factors such as the promotion of the development of the robot and intelligent manufacturing industry in the country, the company’s downstream energy, petrochemical, engineering machinery and other industries’ fixed asset investment has steadily rebounded, and traditional industrial robots and welding / cutting automation equipment have increased orders and increased steadily.Report information, the company’s sales income of welding robot complete equipment1.

390,000 yuan, an increase of 47 in ten years.

21%, revenue accounted for 50%.

In addition, logistics and warehouse automation equipment achieved revenue of 3,558.

700,000 yuan, an increase of 138 in ten years.

35%, sales accounted for 5 from the same period last year.

24% increased to 12.


However, at the same time, the technology of the intelligent logistics equipment project is relatively complicated, the investment quota is extended, the contract period is long, and the number of intelligent logistics equipment increase orders has decreased.

There are outstanding independent research and development, production technology, and many products are in the domestic leading and international advanced level.

The company is a national-level demonstration enterprise of intellectual property advantages. Recently released, the company has 266 authorized patents in China, including 113 invention patents and 164 software copyrights in China.

The company is a key emerging company of the National Torch Program, with national enterprise post-doctoral workstations and national welding robot training centers, China-Ukraine welding process technology international joint laboratory, Jiangsu Province welding automation equipment key laboratory and other key research and development institutions, with international advancedLevel of experiments, processing, testing equipment, undertaken a number of national and provincial scientific research projects.

Among them, the company ‘s QXB series cycloidal planetary reducer products have replaced the strength of imported similar products after a long-term use test. The report shows that the company has processed the core patented reducer products of elastic compensation technology (ECT).Improve and upgrade, have started mass production and market application.

(Company semi-annual report) Continue to expand investment in research and development, with technical personnel accounting for 39%.

Reporting information, the company invested 2978 in research and development.

430,000 yuan, an increase of 8 in ten years.

68%, with R & D funding accounting for 10.

4%; the report added 21 additional engineering and technical personnel, the technical team expanded to 317, the proportion of personnel reached 39%.

In the first half of 2019, the company’s top five customers accounted for 24.

33%, Hangcha Group (603298.

SH), Eddie Precision (603638.

SH) is also the company’s top five customers.

Adopting a combined sales model, the sales expense ratio has decreased year by year.

The company adopts a combination sales model of direct sales, distributors, leasing services, overseas, and internet. In terms of direct sales, it has established companies in Kunshan, Shanghai, Xuzhou, Changsha, and Chengdu, and has more than 20 offices across the country. In terms of distribution,Has established long-term cooperation with more than 70 dealers in China; the company is equipped with equipment 厦门夜网 leasing companies to provide customers with high-quality equipment leasing services; overseas markets, the company has subsidiaries in Malaysia and India, in the United States, Europe, Brazil, Southeast AsiaHave agents in other places.In 2017, the company’s sales expense ratio continued to decrease, reaching 31 in the first half of 2019.

20%, reducing by 1 every year.

25 points.

Profitability has steadily improved, and cash flow performance has been outstanding.

The company’s profitability continued to improve, with a gross profit margin of 38 in the current period.

61%, an increase of 0 from the previous period.

97pct, net interest rate 5.

58%, an increase of 1 from the previous period.

9 points.

Net cash flow from operating activities for the period was 309.

890,000 yuan, an increase of 269 in ten years.


The number of reports and the decrease in inventory turnover rate were mainly due to changes in the production cycle and delivery cycle of engineering products. There was an increase in undelivered orders. In order to meet the timely delivery of orders, inventory needs to be prepared.

Investment suggestion: The company is expected to close at 2.

01 yuan / share with a market value of 5.

21 ppm corresponds to a PE (ttm) of 15.

52X, investors are advised to pay attention.

Risk reminder: risks of accounts receivable and inventory surplus, technology substitution risks, and fierce market competition.