Nengke (603859): Industrial software field layout precise intelligent manufacturing solution provider clear strategy

Nengke (603859): Industrial software field layout precise intelligent manufacturing solution provider clear strategy
Summary of the report: The company’s intelligent manufacturing business has developed rapidly in recent years, and its subsidiaries have consolidated in 19 years, resulting in a more stable performance. The company achieved revenue in 20184.08 million yuan, an increase of 78 in ten years.12%, net profit attributable to mothers was RMB 50.71 million, an annual increase of 32.93%; Total operating income for the first quarter of 2019 was 8,564.710,000 yuan, an increase of 31 in ten years.71%, net profit attributable to mothers was 9.22 million yuan, an increase of 61 year-on-year.33%, performance growth is rapid.The company’s smart manufacturing revenue has grown rapidly, with an increase of 116% in 2018; Nineco’s subsidiary Lianhong Technology realized a non-net profit of 1,929 in 2018.350,000 yuan, fulfilling the performance commitment agreement of not less than 19 million yuan that year, the performance is developing well, Lianhong Technology promises that the net profit for 2019-2021 will not be less than 24 million yuan, 28 million yuan, 30 million yuan,The registration of industrial and commercial changes for Lianhong Technology’s subsidiaries was completed on January 30. Lianhong Technology’s consolidation will be completed in 2019, and the company’s overall performance growth can be expected. The company’s layout in the field of industrial software is precise, and the overall strategy of smart manufacturing solution providers is clear. Industrial software is the required capacity for industrial design, R & D simulation, process flow, manufacturing, and marketing management. It is also the core capability of intelligent manufacturing. Industrial software is the nervous system of high-end intelligent manufacturing. The core of industrial software is design ideas, algorithms and models., With high-tech barrier attributes; the company’s comprehensive layout of model-based systems engineering (MBSE), from the intelligent manufacturing demand side, with PLM research and simulation as the core, transforming “mechanical and electrical soft” design verification, R & D simulation, process flow design verification, productionThe ability to implement industrial software algorithms and models in manufacturing and other aspects.The company’s experience in the construction of digital digits, digital factories and other cases is a test of the ability of the intelligent manufacturing market; the company’s intelligent manufacturing business has received a large number of customer recognition in the high-end equipment manufacturing industry.Digital, networked, intelligent system solutions, the company cooperates with international giants in intelligent manufacturing to develop the market, and will further develop customers in the high-end intelligent manufacturing field in the future. Intelligent manufacturing overall solution providers are emerging. Industrial software is a blue ocean market. The company successfully acquired Lianhong Technology to help build an industrial cloud product ecosystem. Industrial software is a shortcoming of “Made in China 2025”. The market size of industrial software in 2018 has reached $ 160.3 billion, but the industrial software market size accounts for only one-nineteenth of the global industrial software market size. The future blue ocean market has room for development.Broad; Nenko’s parent company’s products and services include end-to-end integration with product life cycle (PLM) as its core, preliminary integration with production process management (MES) as its core and resource planning management (ERP) as its core business integrationCustomers are mainly in the fields of aviation and military industry.The subsidiary Lianhong Technology provides PLM software and overall solutions for intelligent manufacturing. Customers are concentrated in 厦门夜网 the automotive, machinery, and consumer electronics industries.In the future, parent and subsidiary companies will have complementary synergies in customer coverage, which can quickly expand the intelligent manufacturing market share of SME industrial software users, thereby creating an industrial cloud product ecosystem. Company’s profit forecast and investment rating: The company has obvious technical barriers and customer resource advantages, and its long-term growth logic is clear. It is expected that the company will achieve net profit attributable to its mother in 2019-20.93, 1.28, 1.At 73 ppm, the corresponding P / E is currently expected to be 28 times, 20 times, and 15 times, respectively, giving a “recommended” rating. Risk reminder: Uncertainty risk of influencing factors of relevant national policies, the company’s market expansion is less than expected risk