Estun (002747) Acquisition Review: Merger and acquisition of the world’s leading welding robot CLOOS further opens up growth space and accelerates internationalization

Estun (002747) Acquisition Review: Merger and acquisition of the world’s leading welding robot CLOOS further opens up growth space and accelerates internationalization

Major events The joint controlling shareholder increased its capital to Dingpai Machinery.

5.1 billion.

The company plans to increase the capital of Nanjing Dingpai Electromechanical with Nanjing, the controlling shareholder of Nanjing Prest.

5.1 billion (the company increased capital by 2.

After the completion, Dingpai Electromechanical has a registered capital of 700 million U.S. dollars, the company holds 49% of shares, and Prest holds 51% of the shares. The capital increase will be used to acquire Carl Cloos SchweiBtechnik GmbH, a global leader in welding robots.

1.

9.6 billion euros acquired the world’s leading welding robot.

The company intends to invest in cash through NJASD Holding GmbH, a German subsidiary of Dingpai Electron Company’s Nanjing Dingzhiju.

9.6 billion euros acquired Cloos 100% distribution and bear the interest and related intermediary fees required to pay under the lock-box mechanism.

  Event Comment German Cloos is the world’s leading welding robot company.

Cloos is the world’s leading 无锡桑拿网 welding robot company. Its products are sold in more than 40 countries around the world. The sub-brand QINEO is a high-end welding power source. Another sub-brand QIROX specializes in customizing complete robot solutions according to customer needs.

Cloos’s 2018 financial year is audited by a German audit agency to be 1.

4.4 billion euros and a net profit of 12.44 million euros.

Compared to KUKA (48 times PE), Guanzhi (24 times PE) acquisition valuation, Cloos 16 times PE pricing relative returns.

In 2016, Midea acquired 48 times the PE of global welding robot giant KUKA, HKUST smart acquisition of domestic welding integrator Guanzhi Automation PE 24 times, Cloos 16 times the relative cost of PE acquisition pricing.

M & A is an extension of the company’s dual-round dual-core development strategy, and technology, brands, 都市夜网 and channels can be increased.

This investment is followed by British Trio and German M.

One.

I.

After that, the European company was acquired again. After the acquisition, the company will obtain the world-class welding robot technology, brand and channel resources, which will have a synergistic effect with the company.

Thicken 50 million net profit, synergy effect transistor.

1) According to the 49% shareholding ratio, after the acquisition, the company will increase its net profit to nearly 50 million yuan; 2) Cooperate with the resources of both parties to seize the thin plate mid-to-high-end welding robot workstation market in the global market and open up new growth points for the Cloos business.

At the same time, it has entered the robot laser welding and laser 3D printing market with broader prospects; 3) Based on Cloos’ core technology, customer resources, and global sales service network, it promotes the company’s internationalization of robot products.

  Earnings forecast and investment recommendations are expected to return to mother’s net profit in 2019-2021.

3/1.

9/2.

7 trillion, a compound growth rate of 39%.

EPS is 0.

16/0.

23/0.

33 yuan, corresponding to 57/40/28 times the PE.

Based on scarce leaders, foreign preferences, and favorable mergers and acquisitions, 50 times PE in 2020 is given with a target price of 11.

45 yuan, maintain “Buy” rating.

  Risk warning: M & A landing risk, market recovery is less than expected, technology integration and R & D risks, account receivables and cash flow risks, stock lifting risk, goodwill impairment