瑞凌公司怎么样 2016

一、公司概况

瑞凌股份（300154.SZ）是国内焊接行业的领先企业，致力于“成为国际一流的综合性焊接企业集团”。在 2016 年，公司持续加大对高端焊接设备产品技术的投入，以增强其在行业内的竞争力。

二、2016 年业绩表现

2016 年对于瑞凌公司而言，业绩略低于市场预期。公司实现营业收入 5.45 亿元，同比上年降低 -1.34%；归属于上市公司股东的净利润 0.73 亿元，同比上年降低 -10.05%；实现基本每股收益 0.16 元/股，同比上年降低 -11.11%。分产品来看，逆变焊割设备系列产品实现营收 4.64 亿元（营收占比 85.01%），同比上年降低 -2.05%；焊接自动化系列产品实现营收 0.33 亿元（占比 6.03%），同比上年降低 -10.82%；焊接配件类产品实现营收 0.46 亿元（占比 8.39%），同比上年增加 12.45%。

三、业绩低于预期的原因

2016 年公司业绩低于预期，主要是由于“焊割行业下游市场需求未有明显改善”。此外，受“营收下滑、境外投资人民币资金利息收入下降、及确认股权激励费用”等因素的影响，净利润增速低于《2016 年业绩预告》的净利润增速（-9.34%）。

四、2017 年第一季度的反弹

不过，到了 2017 年第一季度，公司通过加强渠道管理和市场开拓，业绩呈现出强劲的反弹态势。实现营业收入 1.62 亿元，比上年同期增加 19.96%，实现归属于上市公司股东的净利润 0.29 亿元，比上年同期增加 36.41%。

五、产品毛利率情况

2016 年，公司毛利率为 28.29%，比上年同期增加 0.68%，毛利率略有提升。其中逆变焊割设备系列产品毛利率为 29.60%，比上年同期增加 1.00%，主要系“直接材料费用”降低所致。但鉴于 2017 年以来原材料呈现持续提价走势，预计“降低直接材料费用来提升毛利率的潜力”相对有限。

六、期间费用

2016 年期间费用方面，销售费用同比增加 3.15%，销售费用增加使得“2017 年 Q1 业绩”迎来兑现。管理费用同比降低 -18.70%，管理费用大幅下滑主要系“公司 2015 年度终止首期限制性股票激励计划，确认了相关股权激励费用 0.1 亿元”所致；财务费用同比降低 -30.97%，财务费用大幅下滑主要系“境外投资等导致公司持有的人民币资金总量下降，人民币资金的利息收入等下降”所致。

七、现金流与发展预期

2016 年，公司经营活动产生的现金流量净额为 1.75 亿元，同比大幅提升 291.55%，公司经营质量较高，销售回款能力较强，现金流充裕，存在较强外延发展预期。

综上所述，瑞凌公司在 2016 年经历了一些挑战，但也展现出了一定的发展潜力和应对能力。

How was Ruiling Company in 2016

I. Company Overview

Ruiling Co., Ltd. (300154.SZ) is a leading enterprise in the domestic welding industry, committed to "becoming a world-class comprehensive welding enterprise group". In 2016, the company continued to increase investment in the technology of high-end welding equipment products to enhance its competitiveness in the industry.

II. Performance in 2016

In 2016, the performance of Ruiling Company was slightly lower than market expectations. The company achieved an operating income of 545 million yuan, a year-on-year decrease of -1.34%; the net profit attributable to shareholders of the listed company was 73 million yuan, a year-on-year decrease of -10.05%; and the basic earnings per share was 0.16 yuan/share, a year-on-year decrease of -11.11%. By product, the inverter welding and cutting equipment series products achieved revenue of 464 million yuan (accounting for 85.01% of revenue), a year-on-year decrease of -2.05%; the welding automation series products achieved revenue of 33 million yuan (accounting for 6.03%), a year-on-year decrease of -10.82%; and the welding accessory products achieved revenue of 46 million yuan (accounting for 8.39%), a year-on-year increase of 12.45%.

III. Reasons for Lower-than-Expected Performance

The company's performance in 2016 was lower than expected mainly due to "no significant improvement in the downstream market demand of the welding and cutting industry". In addition, affected by factors such as "revenue decline, decline in interest income of RMB funds from overseas investment, and recognition of equity incentive expenses", the net profit growth rate was lower than the net profit growth rate (-9.34%) in the "2016 Performance Forecast".

IV. Rebound in the First Quarter of 2017

However, in the first quarter of 2017, through strengthening channel management and market development, the company's performance showed a strong rebound trend. It achieved an operating income of 162 million yuan, an increase of 19.96% compared with the same period of the previous year, and the net profit attributable to shareholders of the listed company was 29 million yuan, an increase of 36.41% compared with the same period of the previous year.

V. Product Gross Margin Situation

In 2016, the company's gross margin was 28.29%, an increase of 0.68% compared with the previous year, and the gross margin increased slightly. Among them, the gross margin of the inverter welding and cutting equipment series products was 29.60%, an increase of 1.00% compared with the previous year, mainly due to the reduction of "direct material costs". However, given the continuous price increase trend of raw materials since 2017, it is expected that the potential for "improving the gross margin by reducing direct material costs" is relatively limited.

VI. Period Expenses

In terms of period expenses in 2016, sales expenses increased by 3.15% year-on-year, and the increase in sales expenses led to the realization of "Q1 2017 performance". Administrative expenses decreased by -18.70% year-on-year. The significant decline in administrative expenses was mainly due to "the company terminated the first phase of the restricted stock incentive plan in 2015 and recognized the related equity incentive expenses of 10 million yuan"; financial expenses decreased by -30.97% year-on-year. The significant decline in financial expenses was mainly due to "the decline in the total amount of RMB funds held by the company due to overseas investment, and the decline in interest income of RMB funds, etc.".

VII. Cash Flow and Development Expectations

In 2016, the net cash flow generated from operating activities of the company was 175 million yuan, a year-on-year increase of 291.55%. The company had a high operating quality and a strong ability to collect sales receipts. The cash flow was abundant, and there were strong expectations for external expansion.

To sum up, Ruiling Company faced some challenges in 2016, but also demonstrated certain development potential and coping capabilities.