Colliers (002892) Company In-depth Report: Domestic Leading Servo Motor of Weite Motor Tries to Open Up Growth Space

Colliers (002892) Company In-depth Report: Domestic Leading Servo Motor of Weite Motor Tries to Open Up Growth Space
Core Views The domestic leader in the micro and special motor industry, with continuous and steady growth in performance: Collier focuses on the manufacture of mid-to-high-end micro and special motors, covering a wide range of products and a wide range of applications. The sales of single-phase shaded-pole motors are leading in the industry.The company’s merger has developed rapidly, and its revenue has continued to grow for many years. In 2018, it achieved revenue of 7.At the same time, the company’s expenses are reasonably controlled, and the expense ratio during 2018 was only 11.29%, and maintain a stable level throughout the year.Benefiting from the slowdown in the rise in prices of major raw materials, the company’s gross sales margin and net sales margin immediately began to pick up, and the company’s profitability will be promoted in the future. The micro-motor industry in China has a huge market space, and the company’s core competitiveness is outstanding: downstream applications of micro-motors are widely used. At present, China is the world’s largest producer of micro-motors, with a global share of 70 in 2015.9%.The company’s products are positioned in the global mid-to-high-end market, and mainly provide supporting motor products for well-known global household appliance manufacturers.Compared with the world’s leading first-level indicators, the company’s product quality is similar or close, but the product price is lower than expected, and the cost-effective advantage is obvious.Rating with domestic companies in the same industry, the company has a high reputation in the field of single-phase shaded pole motors for white goods worldwide. The company has been in this field for a long time, has deep technology deposition, large manufacturing scale, and broad brand influence. It has obvious advantages in motor R & D capabilities and quality assurance.Furthermore, the company has a large number of high-quality customer resources, including well-known customers such as Electrolux, Whirlpool, 武汉夜网论坛 Athletics, and Panasonic.Therefore, the company’s core competitiveness in the domestic market is outstanding, and it will continue to seize the potential of the market in the future. Many years of deep-seated servo motors have been put into the market in batches, opening up future growth space: After years of research and development, the company’s replacement of servo motors in the field of industrial automation has gradually started to enter the market in batches. It has been widely used in automation equipment, industrial robots and 3C markets.And other enterprises have established a good cooperative relationship.The servo motor market has grown rapidly, maintaining 15 in 2008 and 2017.3% of composite carbides, of which the emerging manufacturing industry represented by robots, has brought huge market demand for servo motors.The promotion of the company’s servo motors in the robotics and industrial automation markets and the expansion of its brand influence, as well as the rapid development of the internal robotics and industrial automation industries, will bring value to the company. The servo motor business will become the company’s sustainable development of new profitsgrowth point. Investment advice: We expect the EPS for 2019-2021 to be 1, respectively.1 yuan, 1.3 yuan and 1.5 yuan, corresponding to PE is 41 times, 34 times and 29 times, respectively, the first coverage is given a “recommended” level. Risk reminder: The company’s export ratio is high, and downstream products are mainly home appliances and other products. Sino-US trade friction may affect the company’s export orders, and trade friction may also suppress downstream demand; servo motor market expansion is less than expected risk; exchange rate fluctuation risk; Customer concentration affects the company’s performance, changes in raw material prices affect the company’s profitability, environmental protection violations and other risks.