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您現(xiàn)在的位置:首頁 >> 技術(shù)文章 >> S+B主令控制器-VNS03FN11ERBNS30*
S+B主令控制器-VNS03FN11ERBNS30*
瀏覽次數(shù):1132發(fā)布日期:2021-01-20

SPOHN+BURKHARDT  VNSO2FN18SKERTO9P1+2*OGR8G1
SPOHN+BURKHARDT  VNS02.18FSKER HDFSZ 9P1
SPOHN+BURKHARDT  VNS022FN18KKVRHDF SZ5P0+OG8RG
SPOHN+BURKHARDT  2083666.2.1 SMON5KVR2.2
SPOHN+BURKHARDT  VCS09611ERT8P1+OGF6B自動復(fù)位,
SPOHN+BURKHARDT  VCS09611VR40.40+UGPOS 1GN.POS
SPOHN+BURKHARDT  VNS0 22FN 11KK VR H 9P1
SPOHN+BURKHARDT  VNS03FN14AKE
SPOHN+BURKHARDT  PW55/01 2*2370Ω/2*100
SPOHN+BURKHARDT  VN5022 FN18KKVRHV 9P10.9P10
SPOHN+BURKHARDT  VNS02FN18SKER HDFSZ 5PO
SPOHN+BURKHARDT  VNSO33FV18KKVRZ4040
SPOHN+BURKHARDT  NSO 44EZ-1PW70
SPOHN+BURKHARDT  VNS022FU18KKVRJPZ 5PO.5PO
SPOHN+BURKHARDT  NS311VR G22 0.0+BLR55.BLR55-PB
SPOHN+BURKHARDT  VNSO 2 18AKA9P1+OGR8G-1
SPOHN+BURKHARDT  VCS09611ERH9P1+0GF6C
SPOHN+BURKHARDT  VNS02.14AR9P1
SPOHN+BURKHARDT  VNSO22 FU18 AK VR HD5P0.5P0
SPOHN+BURKHARDT  NSO+22GGY+電阻(0-1.3-2.5)
SPOHN+BURKHARDT  CS1.SKEYRL.MP1
SPOHN+BURKHARDT  NS0 16K 1 觸點復(fù)位撥叉
SPOHN+BURKHARDT  VNSO 22 18AKEA 9P1.9P
SPOHN+BURKHARDT  VNS022FN18AKVRJPZ 5PO.5PO
SPOHN+BURKHARDT  VNSO2FU14ERG1DTL
SPOHN+BURKHARDT  VCS07211 AKER24
SPOHN+BURKHARDT  SMON6VR-9P1.10B55
SPOHN+BURKHARDT  VNSO2FNERHU20 主令控制器
SPOHN+BURKHARDT  VCS09611KKVR T 1.1
SPOHN+BURKHARDT  VNSO 2SKFNERUGN1RD2GN6LWHT9P1
SPOHN+BURKHARDT  SM0N5ER  24   2054839.2.6
SPOHN+BURKHARDT  VCSOVRH8P1.8P1-2019552 D89143
SPOHN+BURKHARDT  SMON6ER HD
SPOHN+BURKHARDT  VCSOKKVRH9P1.9P1 2020121-3
SPOHN+BURKHARDT  SMON5ERZ  327440
SPOHN+BURKHARDT  VNSO 22FN 14AK 1P2
SPOHN+BURKHARDT  VNSO 33FU14KKVRZ40.30
SPOHN+BURKHARDT  VNS02F14.AKARH10P+PQ55(5K-0-
SPOHN+BURKHARDT  VNSO 2 18 SK ER IZ 9P1+1*OER8G
SPOHN+BURKHARDT  VNS02FN118SKERHDF SZ5P0+OG8RG
SPOHN+BURKHARDT  PA420
SPOHN+BURKHARDT  NS0 16N  手柄復(fù)位撥叉
SPOHN+BURKHARDT  VNS022 18KKEARHU
SPOHN+BURKHARDT  BR85-BP-VR3X/TD/E+反光板BRT-3
SPOHN+BURKHARDT  VCS0 9611 KKVR H 9P1.9P1+2*PD5
SPOHN+BURKHARDT  VNSO22FN14K KVRIPZ
SPOHN+BURKHARDT  VNSO 2FN18SKERIZ9P1+1*OER8G
SPOHN+BURKHARDT  VNSO33FN11KK V30.30
SPOHN+BURKHARDT  NSO+4FGR-2D589+電阻
SPOHN+BURKHARDT  VNSO 22 18KKEARHU9P1.9P1
SPOHN+BURKHARDT  VNSO 3 14 FNE Z10P
SPOHN+BURKHARDT  NCD7277WHDBARY-5 MN81061211
SPOHN+BURKHARDT  VNS0218SKFNER IZ(9P1)
SPOHN+BURKHARDT  PD550-5KO/5KO  S233  70684
SPOHN+BURKHARDT  VNSO214AKARHU10P
SPOHN+BURKHARDT  VNS02218AKEARP91(不含編碼器)
SPOHN+BURKHARDT  NS015 手柄復(fù)位彈簧卡座
SPOHN+BURKHARDT  VNS02 14AKARH 9P1+OEGRB208G
SPOHN+BURKHARDT  ST1-R-8P1
SPOHN+BURKHARDT  轉(zhuǎn)換開關(guān)VCS09614VRHD24.24X2
SPOHN+BURKHARDT  VNS012.14AKEARIKZ/SS3818
SPOHN+BURKHARDT  CS1G14KKVR BLR55.BLR55+ESS094
SPOHN+BURKHARDT  VNSO 22FU18KKVRTO9P1+2*OER8G1
SPOHN+BURKHARDT  VNS0 2FU14ERHU9P1+1*OGR8G
SPOHN+BURKHARDT  NS3G14AKVR HDV MP1.MP1+2*BLR55
SPOHN+BURKHARDT  VNSO33FN18KKVRZ4P0.4P0+2*OGR8G
SPOHN+BURKHARDT  兩位彈簧操作桿VCS09614ER24.24
SPOHN+BURKHARDT  VNS0 22 FX 11 KK VR 9P1,9P1
SPOHN+BURKHARDT  NSO-23FYVR-HU-2D588+電阻
SPOHN+BURKHARDT  V041N  防塵膠套
SPOHN+BURKHARDT  OGR  420
SPOHN+BURKHARDT  D89143
SPOHN+BURKHARDT  AN1573S10-006.092 06433318
SPOHN+BURKHARDT  VNSO 318 SK FNER IZ 240
SPOHN+BURKHARDT  VNS022FN18AKVRH 9P19P1+2*OGR8G
SPOHN+BURKHARDT  VCS09614AKERH9P1/324111-B
SPOHN+BURKHARDT  D89143手柄
SPOHN+BURKHARDT  MON 2002345-5
SPOHN+BURKHARDT  SMON6ERHD  9P1/PZ55
SPOHN+BURKHARDT  VNS022 18AKEARHU 9P1.9P1
SPOHN+BURKHARDT  VNSO22FUKKVRHU9P1.9P
SPOHN+BURKHARDT  VNS02 FN18AKERTO 5POKOM.
SPOHN+BURKHARDT  CS1.KKV2L.MP1.MP1
SPOHN+BURKHARDT  VCSO9611VR8 PI 8P1+2 SONDERPO-
SPOHN+BURKHARDT  OGRPP20-1
SPOHN+BURKHARDT  VDCN-323-211-OREH7822
SPOHN+BURKHARDT  NS3G11VCR-BNSD-MP1.MP1-A.A
SPOHN+BURKHARDT  VCS09611VR  H-VCS0771-22
SPOHN+BURKHARDT  VNSO44FNAKVRUGN(1rd,2Gr,5t)50.
SPOHN+BURKHARDT  VNS022FN18AKVRHD 9P19P1+2*OGR8
SPOHN+BURKHARDT  PQ(5K-0-5K)
SPOHN+BURKHARDT  MON 2002345-3
SPOHN+BURKHARDT  VNSO3FU18SKEZ40
SPOHN+BURKHARDT  KVCS07211  AKERZ30 控制器
SPOHN+BURKHARDT  VNS02FU18AKERTU9P1+1XOGP-DP
SPOHN+BURKHARDT  VNSO44FU18AKVRH 60.6060.60
SPOHN+BURKHARDT  PD550-550R/550R S286 82795
SPOHN+BURKHARDT  VNSO 22FU18AK VRH9P1.9P1+2X
SPOHN+BURKHARDT  VNS02F18AKGRH10P+PQ55(5K-0-5K)
SPOHN+BURKHARDT  VNS02FN18KKER1291P1,9P1IZ
SPOHN+BURKHARDT  VNSO22FX11KKRBNSW
SPOHN+BURKHARDT  D 7902 BLAUBEUREN NSO 22FNVRH
SPOHN+BURKHARDT  VNSO22FN11KKVRII9P1,9P1 2*OER8
SPOHN+BURKHARDT  VNS02FN18KER-9P1
SPOHN+BURKHARDT  NS07-4P 擋位片
SPOHN+BURKHARDT  NS029-12   手柄復(fù)位彈簧
SPOHN+BURKHARDT  主令手柄護套
SPOHN+BURKHARDT  FWU-10P 2019552-5 1/07 D89143
SPOHN+BURKHARDT  VNS0 44.14AKEAZ40PN.40PN+2*
SPOHN+BURKHARDT  二位置操縱桿VCS09614ER24.24
SPOHN+BURKHARDT  VCS09614ER9P1+PQ55  5-0-5
SPOHN+BURKHARDT  VNSO 22 KK FNVR UGN 1GD 2GN
SPOHN+BURKHARDT  OGR8G-1
SPOHN+BURKHARDT  POTENTIOMETER TYPE:NS001-FA+PW
SPOHN+BURKHARDT  NSO 44EAZ-2PW70
SPOHN+BURKHARDT  PSROR9P1+ESS084裝船機手柄
SPOHN+BURKHARDT  OGR8G
SPOHN+BURKHARDT  VNSO 22FN18KKVRIZ9P19P1*OER&G
SPOHN+BURKHARDT  VNSO4FU18SKE
SPOHN+BURKHARDT  防塵套 手柄規(guī)格:VNS022.KKUEAR
SPOHN+BURKHARDT  MON 2002345-2
SPOHN+BURKHARDT  VNS022FN18AKVRHDSZ9P1.9P1+20ER
SPOHN+BURKHARDT  SMON 6K VR Z20.20
SPOHN+BURKHARDT  VNSO22FU18KKVRTO9P1.9P1
SPOHN+BURKHARDT  NSO:22EAR SS-8857-C2
SPOHN+BURKHARDT  OEGP10U1XOEGP
SPOHN+BURKHARDT  40PN 觸電組
SPOHN+BURKHARDT  MON 2002345-6
SPOHN+BURKHARDT  VNS02FU14ERHU9P1+1XOGR8G
SPOHN+BURKHARDT  STORDT29P1+A+ESS104-1
SPOHN+BURKHARDT  VNSO 22 18 KK VR IZ 9P1+2*OER8
SPOHN+BURKHARDT  VNSO 22 18KKEARHU 9P1.9P1
SPOHN+BURKHARDT  V31H-0404
SPOHN+BURKHARDT  FST-991 2047931-1/1 2/09
SPOHN+BURKHARDT  VNS01114AKEARK8P1.1+1*PQ55右手
SPOHN+BURKHARDT  VCS09614KKVRH9P1.9P1-2XPQ55
SPOHN+BURKHARDT  VNS03FU14ER30+1XPW705K-0-5K
SPOHN+BURKHARDT  CS17214AKVRL8P1G55.1
SPOHN+BURKHARDT  VNS02 14AK AR HDUZ 10P+1*OER8G
SPOHN+BURKHARDT  VNS 022-14KK EARHDVU
SPOHN+BURKHARDT  VNS02AK14ARHDU.5POE
SPOHN+BURKHARDT  VNSO3FU14SKE2Z40.40
SPOHN+BURKHARDT  QGF 020 D-81943
SPOHN+BURKHARDT  902-200  20-200bar
SPOHN+BURKHARDT  VNSO2218 AK FNVR HDVSZ 9P1
SPOHN+BURKHARDT  VNSO 22  FU 18 KK VR T 9P1.9P1
SPOHN+BURKHARDT  SMON5ER24
SPOHN+BURKHARDT  VCS09614VRH9P1.9P1+PQ55(5K-O-
SPOHN+BURKHARDT  主令手柄SMOG 5ER20
SPOHN+BURKHARDT  VNS05518KKFUVRZ 70.70
SPOHN+BURKHARDT  訂單號070420002 維修費
SPOHN+BURKHARDT  VNSO-A  手桿
SPOHN+BURKHARDT  FW1-G2
SPOHN+BURKHARDT  VNS022FU11KKVR9P1,9P1UGN
SPOHN+BURKHARDT  VCS09614VRHD24.24*2
SPOHN+BURKHARDT  NS03318EARHUSS10285
SPOHN+BURKHARDT  VCS09611KKVRH9P1.9P1+2*OEGP10U
SPOHN+BURKHARDT  VNS022.18KKFNVR HDFSZ.9P1.9P1
SPOHN+BURKHARDT  VNS0 2FN14ERHU10
SPOHN+BURKHARDT  OER8B-1 9-36VDC(二進制)
SPOHN+BURKHARDT  VNS02218KKFNVR IZ(9P1.9P1)
SPOHN+BURKHARDT  VNS02FN14ERHU10
SPOHN+BURKHARDT  V31H-04/0806572
SPOHN+BURKHARDT  VNS02FN18ER  9P10DDGO
SPOHN+BURKHARDT  VCSO AKVRTU 9P1.9P1+20EG206G
SPOHN+BURKHARDT  VNSO3FU18SKE
SPOHN+BURKHARDT  VNS011.14AKEARIKZ/BP1.1/
SPOHN+BURKHARDT  SPO.VCS09611KKVRTU10.10
SPOHN+BURKHARDT  ROE8G
SPOHN+BURKHARDT  VNS01214AKEARK8P1.10P+2*PQ55
SPOHN+BURKHARDT  VNSO 22FU18KKVRZ9P1.9P1+2xROE8
SPOHN+BURKHARDT  VNSO33FN18AKVRZ4040
SPOHN+BURKHARDT  VNSO 2SKFNERUGN1RD2GN6LWHT9P1
SPOHN+BURKHARDT  VNSO22FU18KKVR G16 5P0+OG8R
SPOHN+BURKHARDT  VNS044FU14AKVRIPZ
SPOHN+BURKHARDT  VNSO 22FN18KKVRIZ9P1.9P1
SPOHN+BURKHARDT  VNS0 18SKERZ9P1+1*PQ55
SPOHN+BURKHARDT  VNSO 22KKFNVRUGN1RD2GN6RWHT9P
SPOHN+BURKHARDT  VCS09614VRHD24.24x2
SPOHN+BURKHARDT  VNS0 22 FY 11 VR  9P1,9P1
SPOHN+BURKHARDT  VNS02 11AKAR 1.2.3.4.UGN+1*OGR
SPOHN+BURKHARDT  14AKEAR10P9P1/316797A
SPOHN+BURKHARDT  VNS022 14AKEARH 9P1.9P1+OEGR
SPOHN+BURKHARDT  VNS022FU18VRAK
SPOHN+BURKHARDT  NS3G14EYRDT MP1-ESS089
SPOHN+BURKHARDT  PW55 10-0-10K/3,8-0-3,8K
SPOHN+BURKHARDT  VNSO 33 18 GGEAR DTL40 40
SPOHN+BURKHARDT  VNS02FN14A KERHP1
SPOHN+BURKHARDT  DR5TE 1U
SPOHN+BURKHARDT  VNSO-EA  手桿
SPOHN+BURKHARDT  VNS022FU14AKVRIPZ 9P1*9P1+2*
SPOHN+BURKHARDT  VCS09614VR H
SPOHN+BURKHARDT  FWU.10P-PQ55/5K-O-5K+PQ55 5K-
SPOHN+BURKHARDT  NS0.ES46VJ
SPOHN+BURKHARDT  VNSO 4.14AZ 40PN+1*PQ1011
SPOHN+BURKHARDT  VNSO 22FN18KK VRH9P1.9P1+2X
SPOHN+BURKHARDT  VNS022FN18KKVR HDFSZ
SPOHN+BURKHARDT  UGD1 GB.2RT.3GN.4BL.T
SPOHN+BURKHARDT  VCS0961 1KRVR9P1.1
SPOHN+BURKHARDT  2*5K/280-30K NR:0175PW
SPOHN+BURKHARDT  CS17214AKVRL8P1G55.1
SPOHN+BURKHARDT  SMON6KVR  HD 20.10
SPOHN+BURKHARDT  VNSO22FN14AKVRIPZ9P1.9P1+2*OGR
SPOHN+BURKHARDT  SMON5E24
SPOHN+BURKHARDT  VNSO 2 SKFNERUGN1RD2GN5T6RWH9P
SPOHN+BURKHARDT  VNSO22 FN18 KK VR HD5P0.5P0
SPOHN+BURKHARDT  VNS044FN18AKVRZ60.60
SPOHN+BURKHARDT  KVCSOAKER 2007634-2
SPOHN+BURKHARDT  NSO+3FE-2D590+電阻(0-1.3-2.5
SPOHN+BURKHARDT  VNSO3 18KKARIZ40
SPOHN+BURKHARDT  VCS9611ER11
SPOHN+BURKHARDT  VNSO-3-FN-14-AK-E-HU-3D0
SPOHN+BURKHARDT  VNSO 2 FN18SKERIZ9P1+1*OER8G
SPOHN+BURKHARDT  VNS0 3FU14AKE H+1*PQ33 as
SPOHN+BURKHARDT  NSO+4FGR-2D676+電阻(0-1.3-2.5
SPOHN+BURKHARDT  PB10-2.NS3G14AKVR HDV MP1.MP1
SPOHN+BURKHARDT  VNS0EARHU10P.10P+PQ(5K-O-5K)
SPOHN+BURKHARDT  VNS022 14AK EAR HKUZ 10P.10P
SPOHN+BURKHARDT  VNSO2218KKEARIZ+2*OGR8G-1
SPOHN+BURKHARDT  FWU-10P 324111-A
SPOHN+BURKHARDT  ASIA VNSO22F2C14KKVB12
SPOHN+BURKHARDT  VNS022FU18KKVRZ 5PO.5PO
SPOHN+BURKHARDT  VNSO 22FN18KKVRZ9P1.9P1+2xROE8
SPOHN+BURKHARDT  JMF-L2S-F0-ICI
SPOHN+BURKHARDT  VNSO22FU18KKVR G16 5P05P0+OG8R
SPOHN+BURKHARDT  VAS0-3-FN-11-AK-E-HU-30
SPOHN+BURKHARDT  VNS0 4.14 AZ 40PN+1*PQ1010
SPOHN+BURKHARDT  VNS034-14KKEARHU30-30
SPOHN+BURKHARDT  PQ1010 10-0-10K  電位器
SPOHN+BURKHARDT  主令UNS022 11AKESR詳見規(guī)格描述
SPOHN+BURKHARDT  104X122A  A437 CSC1-1200VDC
SPOHN+BURKHARDT  VNS0 3 FN 11 AKER BNS  30
SPOHN+BURKHARDT  VNS0-2-FN-11-AK-ER-HU-10
SPOHN+BURKHARDT  BNE940RZP1(自動回零,零位自鎖
SPOHN+BURKHARDT  UNS04F14GRAKJPZ
SPOHN+BURKHARDT  VNSO 22 FN 11 KK VR H 9P1
SPOHN+BURKHARDT  V048K3
SPOHN+BURKHARDT  D-89143
SPOHN+BURKHARDT  VNS022FN14KKVRIPZ 9P1*9P1+2*
SPOHN+BURKHARDT  主令手柄控制器 SMON6KVR
SPOHN+BURKHARDT  VSC09611AKERH9H 9P1 1 OEGP
SPOHN+BURKHARDT  VNS022FY11VRBNS 9P1.9P1
SPOHN+BURKHARDT  VNS02FN11AKER9P1,9P1UGN1RD
SPOHN+BURKHARDT  VNS0 2FU14SKEBZ9P1+2*PD
SPOHN+BURKHARDT  2018721.1.1
SPOHN+BURKHARDT  VRH9P19P1/323786-A
SPOHN+BURKHARDT  VNS022FN18KKVRHDSZ9P1.9P1+2*OE
SPOHN+BURKHARDT  VNS02FU14SKEBZ 9P1+2*PD
SPOHN+BURKHARDT  VNS033F11KKVR30.30
SPOHN+BURKHARDT  VCSO9611ERHD  控制桿
SPOHN+BURKHARDT  SMON6ER HD 8P1+1XB55
SPOHN+BURKHARDT  VNSO4FU8K UGN(1rd.2GR.5T)50
SPOHN+BURKHARDT  VNS0 2211
SPOHN+BURKHARDT  VNSO 2SN(4-20MA,3位數(shù)字量(正反
SPOHN+BURKHARDT  VNSO3FN14EG1
SPOHN+BURKHARDT  VNSO44 18EAZ SS 10362B NR:322.
SPOHN+BURKHARDT  NS026K12  卡位輪
SPOHN+BURKHARDT  SPO.VCS09611AKERTU240
SPOHN+BURKHARDT  NS07-4P 擋位片
SPOHN+BURKHARDT  SMON5ERZ1
SPOHN+BURKHARDT  VNS022FU14A KVRIPZ
SPOHN+BURKHARDT  D-89143 VCSO7211ER HDFUZ240
SPOHN+BURKHARDT  D89143手柄
SPOHN+BURKHARDT  VCS09614KK VRH9P1.9P1+2xPQ55
SPOHN+BURKHARDT  D-89143 BLAUBEUREN VCSO9611ER
SPOHN+BURKHARDT  VCS09611AKERH9P1.9P1+1*OEGP10U
SPOHN+BURKHARDT  VNSO 2FN18SKERIZ9P19P1+1*OER&G
SPOHN+BURKHARDT  VCSO96BNSKKVR8T1.8T1+2*PQ55
SPOHN+BURKHARDT  UVS02F18AKGRHIO/31679A
SPOHN+BURKHARDT  NS3G14EYRDT M1-ESS110A
SPOHN+BURKHARDT  SMONRZ2
SPOHN+BURKHARDT  D-89143DLAUBEUREN KVCS07211
SPOHN+BURKHARDT  VNSO33FU18AKVR JPZ 30.30  
SPOHN+BURKHARDT  VNS02FN18KKVR1291P1,9P1IZ
SPOHN+BURKHARDT  VNSO 2FU18SKERHDSZ10P+1*OER8B
SPOHN+BURKHARDT  VNS033FU18KKVRIPZ40.40
SPOHN+BURKHARDT  VCS09614VRHI0.10
SPOHN+BURKHARDT  VNS02FN14AKERH9P1
SPOHN+BURKHARDT  VNSO22FN14KKVR 10.10
SPOHN+BURKHARDT  VNSO 22FN18AK VRZ5P0.5P0+2*OGR
SPOHN+BURKHARDT  VNSO 2FN18SKERTO9P1+2*OER8G1
SPOHN+BURKHARDT  339A1104EN001小車
SPOHN+BURKHARDT  VCS09611SKEBZ420 自保持 閉合表
SPOHN+BURKHARDT  VNS022 11KKUEAR 1.2.3.4.UGN+
SPOHN+BURKHARDT  VSN0 22 FU14KKER 9P1.9P1
SPOHN+BURKHARDT  902-20 2-20bar
SPOHN+BURKHARDT  OGF 6B 24DC 主令控制器
SPOHN+BURKHARDT  MON6ER30
SPOHN+BURKHARDT  VNS022FN18KKVRHD
SPOHN+BURKHARDT  VNS022FN14AKVR9P1.9P1+2XPW70
SPOHN+BURKHARDT  VNSO33FU18AKVRZ 40
SPOHN+BURKHARDT  CS1.96.11ER24+UGN1RD 2YE,3GN,4
SPOHN+BURKHARDT  OER8G-1 9-36VDC
SPOHN+BURKHARDT  VNS023FN14AKVRZ9P1.40+OGR8G-1
SPOHN+BURKHARDT  NS0 25-07 觸點復(fù)位彈簧
SPOHN+BURKHARDT  0GR8G-1 9-36VDC AN:N097090001
SPOHN+BURKHARDT  NSO+2AR-2D673+電阻(0-1.3-2.5
SPOHN+BURKHARDT  VNS03FU14EHDUZ 10P
SPOHN+BURKHARDT  NS0 26K 1 觸點復(fù)位撥叉滾輪
SPOHN+BURKHARDT  CS1 G11 ER UGN/WG55
SPOHN+BURKHARDT  CS1 G11 ER UGN
SPOHN+BURKHARDT  G4T-WT
SPOHN+BURKHARDT  KOMNR:2034609-34/3 2/08
SPOHN+BURKHARDT  FWU10P+PW55-5-0-5K
SPOHN+BURKHARDT  D89143
SPOHN+BURKHARDT  VCS09611VRH
SPOHN+BURKHARDT  BNV940RZP2(自動回零,零位自鎖
SPOHN+BURKHARDT  VNSO 22FN18KKVRHDSZ10P.10P+2*O
SPOHN+BURKHARDT  FST-9P1 2020121-1帶配套線纜
SPOHN+BURKHARDT  D-89143 BLAUBEUREN VCSO7211ER
SPOHN+BURKHARDT  VNS023FU14AKVRH9P1.30+OGR8G-1
SPOHN+BURKHARDT  VNS0 44.14AKEAZ40PN 40PN
SPOHN+BURKHARDT  VNS02 18AKAR.9P1
SPOHN+BURKHARDT  VCS09611ERT8P1:OGF68
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截1月19日收盤,博匯紙業(yè)(600966.SH)報14.79元,下跌7.97%,市值198億元,較上周五蒸發(fā)41億元。

1月15日晚間,博匯紙業(yè)宣布,預(yù)計2020年實現(xiàn)凈利潤8.22億元8.49億元,與上年同期相比,將增加6.88億元到7.15億元,增幅為514.15%到534.38%。此外,公司將定增募資不超過50億元。

這是博匯紙業(yè)近3年內(nèi)凈利潤*實現(xiàn)正增長。2018年與2019年,公司凈利潤降幅分別為70%與48%,兩年的持續(xù)下降已經(jīng)讓公司凈利潤從上市后時刻(2017年)的8.56億元,減少到了1.34億元。

即便2020公司凈利潤將重回,但已經(jīng)連漲1年多的公司股價卻似乎已經(jīng)提前登頂,在預(yù)增消息發(fā)布后竟連續(xù)大跌了兩日。

但無論如何,1年前宣布將入主博匯紙業(yè)的印尼第二富豪家族金光集團黃志源已然賺得盆滿缽滿。

01 世界紙業(yè)入主,市值1年漲168億

博匯紙業(yè)成立于1994年,主要產(chǎn)品包括白卡紙、文化紙、箱板紙等。

2017年,受我國造紙行業(yè)景氣度上升影響,博匯紙業(yè)當年收獲凈利潤8.56億元,同比增速達325.26%。之后兩年,整體行業(yè)景氣度不高,公司業(yè)績出現(xiàn)大幅下滑。

受此影響,博匯紙業(yè)股價也一度從2017年9月的7塊多下跌2019年1月的2塊多。同年6月,金光紙業(yè)(中國)投資有限公司(下稱“金光紙業(yè)”,隸屬于印尼金光集團旗下亞洲漿紙業(yè)有限公司)全資控股子公司寧波亞洲紙管紙箱有限公司(下稱“亞洲紙管”)*入股博匯紙業(yè)。到2019年底,亞洲紙管持股比例增20%。

2020年1月,金光紙業(yè)親自出馬,與博匯紙業(yè)當時的實際控制人楊延良夫婦簽署《股權(quán)轉(zhuǎn)讓協(xié)議》,欲收購博匯紙業(yè)控股股東山東博匯集團有限公司(下稱“博匯集團”)(持有博匯紙業(yè)28.84%股份)股權(quán)。

8月27日,博匯紙業(yè)宣布,公司控股股東博匯集團股權(quán)變更完成,博匯集團與一致行動人亞洲紙管合計持有公司48.84%股份,公司實際控制人由楊延良變更為黃志源。

在這一年,受行業(yè)景氣度回暖影響,博匯紙業(yè)業(yè)績再次迎來大漲。公司前三季度實現(xiàn)營收和凈利潤分別為93.27億元、5.27億元,同比增長43.43%、284.72%。

與此同時,世界紙業(yè)之一(亞洲漿紙業(yè)有限公司)的入主與業(yè)績的持續(xù)回升,也讓博匯紙業(yè)股價在2020年迎來飛漲。在近1年時間內(nèi),公司股價從2019年底的5.30元增2021年1月15日的17.85元,漲幅達2.4倍,市值從71億增239億,大漲168億。

02 黃志源1年凈賺86億元,公司負債超百億

博匯紙業(yè)股價大漲,黃志源的投資自然賺了不少。

據(jù)長江商報報道,黃志源控股博匯紙業(yè)合計耗資約30億元左右,成本不到5塊。而股價飆升后,截1月15日,博匯紙業(yè)總市值達238.6億元,黃志源持股市值達116.53億元,換言之,1年時間黃志源賺得86億元。

然而,楊延良夫婦留給黃志源還有遠超行業(yè)平均水平,高達72.78%的資產(chǎn)負債率(截2019年底)。

2019年下半年,博匯紙業(yè)合計年產(chǎn)175萬噸板紙的3個項目先后投產(chǎn)。同年,博匯紙業(yè)籌劃投資17.19億元建設(shè)年產(chǎn)45萬噸高檔信息用紙項目。

這些建設(shè)項目直接導(dǎo)致公司在2017到2020年前三季度的時間中,幾乎花光了所有做生意賺來的錢(約54.25億元),而同期公司也并未展開籌資活動。

2020年前三季度末,博匯紙業(yè)資產(chǎn)負債率略降70.57%,僅次于宜賓紙業(yè)(82.24%)、晨鳴紙業(yè)(73.57%),位居第三,其他造紙企業(yè)多數(shù)在30%左右。

同期,公司賬上僅有25.70億元資金,短期借款和長期借款分別達49.22億元、28億元,還有應(yīng)付票據(jù)及應(yīng)付賬款35.40億元,待償債金額合計112.30億元,遠高于賬上貨幣資金。

為了緩解債務(wù)壓力,此次博匯紙業(yè)擬定增募資50億元中就有15億元將用于償還銀行

03 背后老板家族以119億美元財富蟬聯(lián)印尼富豪榜第二

雖然博匯紙業(yè)債務(wù)壓力巨大,但其背后老板非常有錢。

12月10日,在福布斯亞洲發(fā)布2020印度尼西亞富豪榜中,持有金光集團的黃氏家族財富較上期增加23億美元,以119億美元(約合760億人民幣)蟬聯(lián)榜單第二位。

公開資料顯示,金光集團由印尼華人黃奕聰(祖籍福建泉州)于1938年創(chuàng)立,在球擁有員工超過38萬名,投資范圍遠及亞洲、北美、歐洲、澳洲,年營收及資產(chǎn)總額超過數(shù)百億美元,曾被世界較有名財經(jīng)雜志《福布斯》評為印尼一大財團。

目前,金光集團事業(yè)已形成六大核心產(chǎn)業(yè):食品及糧油、制漿造紙、房地產(chǎn)、金融、電信及環(huán)保再生能源的開發(fā)。

截圖

在制漿造紙產(chǎn)業(yè)方面,金光紙業(yè)自1992年起,以長三角、珠三角為投資重點,先后斥資建立了金東、寧波中華等大型漿紙業(yè)企業(yè),以及大規(guī)模的現(xiàn)代化速生林區(qū)。

截2018年底,金光紙業(yè)擁有20多家全資和控股漿紙企業(yè)及19 家林業(yè)公司,總資產(chǎn)約1726 億元,年加工生產(chǎn)能力約1100 萬噸,2018年在華銷售額約589億元。