Steady increase in operating income: The company's operating income increased by 10.62% year-on-year, including industrial robots, logistics and warehouse automation equipment, automated assembly and testing production lines and system integration, and traffic automation systems increased by 8.63%, 4.95%, 20.37%, 38.15%, respectively. The proportion of industrial robots, logistics and warehousing automation equipment, automated assembly and inspection production lines and system integration accounted for 30.72%, 24.93% and 32.48% of the total operating revenue, respectively, which is the company's most important source of income. Although the growth rate of the company's revenue has declined due to factors such as production capacity constraints, we expect the growth rate of the company's industrial parks in both cities to increase in 2016 is expected to rebound. The initial success of the core component layout: In 2015, the company developed a new generation of robot controller products, increased the collection and control of smart sensor signals such as vision and force sense, and adopted a new high-speed real-time bus technology to enhance the robot's control speed and work. Efficiency; The company established Shenyang Xinsong Intelligent Drive Co., Ltd. to accelerate the integration of parts resources and industrial integration. The products will cover controllers, servo motors, servo drives, speed reducers, etc., which can be applied to robot product lines and machine tools. , electric cars and many other industries. Full-scale deployment of service robots: The company has now achieved mass production and sales of multi-model service robots; in the public domain, various robots that the company has collaborated with banks, governments, exhibition halls, restaurants, etc. have all been “postedâ€; in the medical field, The Orthopaedic Forearm Reduction Machine developed by the company has passed the certification of the medical testing agency; in addition, the company has involved in robot scheduling systems and remote monitoring systems; although the service robot currently does not contribute much to the company's revenue, it has a promising future and reflects the company The management is good-looking. The government’s support intentions are obvious: the company’s government grants in 2014 and 2015 amounted to RMB 82.77 million and RMB 142.63 million respectively, which had a significant impact on the company’s performance; we believe that the company, as the leading enterprise of China’s industrial 40 and smart equipment, obtained its policies. Long-term support is a high-probability event, especially government grants related to their income. Most of them are related to important national research and development issues, so their access to government subsidies is sustainable. Earnings forecasts and investment suggestions: As the global growth rate of industrial robots slowed down, we revised down the company's 2016-2017 operating revenue forecast to 193.8 billion yuan, 222.9 billion yuan (predicted value was 237.1 billion yuan, 309.2 billion yuan), and lowered the company's 2016 figure. - The EPS for 2017 will be respectively 075 yuan and 096 yuan (original forecast value is 076 yuan and 100 yuan). Taking into account the leading position of the company's robot industry and the recovery of growth rate after capacity expansion, maintain a “recommended†rating.
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Sales expenses and R&D investment increased rapidly: The Company’s sales expenses, management expenses, and financial expenses increased by 45.66%, 24.81%, and 13.61% year-on-year, respectively, of which sales expenses were affected by the expansion of sales personnel and the growth of management expenses was mainly rapid. Contribution from R&D expenditure; R&D investment of the company increased by 23.66% year-on-year to 84.19 million yuan, accounting for 5% of the company's operating revenue, which was significantly higher than 3.10% in 2013 and 4.47% in 2014; the number of R&D personnel of the company from 2014 1677 people increased by 21% to 2,033 people; high R&D investment will help the company maintain its long-term competitiveness and market position. 