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S+B主令控制器-VNS03FN11ERBNS30*
浏览次数:909发布日期: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自动复位,
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+电阻(0-1.3-2.5)
SPOHN+BURKHARDT  CS1.SKEYRL.MP1
SPOHN+BURKHARDT  NS0 16K 1 触点复位拨叉
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  手柄复位拨叉
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+电阻
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(不含编码器)
SPOHN+BURKHARDT  NS015 手柄复位弹簧卡座
SPOHN+BURKHARDT  VNS02 14AKARH 9P1+OEGRB208G
SPOHN+BURKHARDT  ST1-R-8P1
SPOHN+BURKHARDT  转换开关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  两位弹簧操作杆VCS09614ER24.24
SPOHN+BURKHARDT  VNS0 22 FX 11 KK VR 9P1,9P1
SPOHN+BURKHARDT  NSO-23FYVR-HU-2D588+电阻
SPOHN+BURKHARDT  V041N  防尘胶套
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 挡位片
SPOHN+BURKHARDT  NS029-12   手柄复位弹簧
SPOHN+BURKHARDT  主令手柄护套
SPOHN+BURKHARDT  FWU-10P 2019552-5 1/07 D89143
SPOHN+BURKHARDT  VNS0 44.14AKEAZ40PN.40PN+2*
SPOHN+BURKHARDT  二位置操纵杆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装船机手柄
SPOHN+BURKHARDT  OGR8G
SPOHN+BURKHARDT  VNSO 22FN18KKVRIZ9P19P1*OER&G
SPOHN+BURKHARDT  VNSO4FU18SKE
SPOHN+BURKHARDT  防尘套 手柄规格: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 触电组
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  订单号070420002 维修费
SPOHN+BURKHARDT  VNSO-A  手杆
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(二进制)
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  手杆
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+电阻(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+电阻(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  电位器
SPOHN+BURKHARDT  主令UNS022 11AKESR详见规格描述
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(自动回零,零位自锁
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  控制杆
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位数字量(正反
SPOHN+BURKHARDT  VNSO3FN14EG1
SPOHN+BURKHARDT  VNSO44 18EAZ SS 10362B NR:322.
SPOHN+BURKHARDT  NS026K12  卡位轮
SPOHN+BURKHARDT  SPO.VCS09611AKERTU240
SPOHN+BURKHARDT  NS07-4P 挡位片
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小车
SPOHN+BURKHARDT  VCS09611SKEBZ420 自保持 闭合表
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 触点复位弹簧
SPOHN+BURKHARDT  0GR8G-1 9-36VDC AN:N097090001
SPOHN+BURKHARDT  NSO+2AR-2D673+电阻(0-1.3-2.5
SPOHN+BURKHARDT  VNS03FU14EHDUZ 10P
SPOHN+BURKHARDT  NS0 26K 1 触点复位拨叉滚轮
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(自动回零,零位自锁
SPOHN+BURKHARDT  VNSO 22FN18KKVRHDSZ10P.10P+2*O
SPOHN+BURKHARDT  FST-9P1 2020121-1带配套线缆
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
SPOHN+BURKHARDT  VCS0961 1VR8 P1. 8P1
SPOHN+BURKHARDT  VNSO2F18AKGRH10P
SPOHN+BURKHARDT  VNSO 22 18AKEARHU 9P1.9P1
SPOHN+BURKHARDT  VNSO2FU18SKE9P1+PD550-S2335K-0
SPOHN+BURKHARDT  OEGP10U2XOEGP
SPOHN+BURKHARDT  VNSO 22FN18KKVRIZ40 40
SPOHN+BURKHARDT  NSO+6FG-HU-2D587+电阻
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截1月19日收盘,博汇纸业(600966.SH)报14.79元,下跌7.97%,市值198亿元,较上周五蒸发41亿元。

1月15日晚间,博汇纸业宣布,预计2020年实现净利润8.22亿元8.49亿元,与上年同期相比,将增加6.88亿元到7.15亿元,增幅为514.15%到534.38%。此外,公司将定增募资不超过50亿元。

这是博汇纸业近3年内净利润*实现正增长。2018年与2019年,公司净利润降幅分别为70%与48%,两年的持续下降已经让公司净利润从上市后时刻(2017年)的8.56亿元,减少到了1.34亿元。

即便2020公司净利润将重回,但已经连涨1年多的公司股价却似乎已经提前登顶,在预增消息发布后竟连续大跌了两日。

但无论如何,1年前宣布将入主博汇纸业的印尼第二富豪家族金光集团黄志源已然赚得盆满钵满。

01 世界纸业入主,市值1年涨168亿

博汇纸业成立于1994年,主要产品包括白卡纸、文化纸、箱板纸等。

2017年,受我国造纸行业景气度上升影响,博汇纸业当年收获净利润8.56亿元,同比增速达325.26%。之后两年,整体行业景气度不高,公司业绩出现大幅下滑。

受此影响,博汇纸业股价也一度从2017年9月的7块多下跌2019年1月的2块多。同年6月,金光纸业(中国)投资有限公司(下称“金光纸业”,隶属于印尼金光集团旗下亚洲浆纸业有限公司)全资控股子公司宁波亚洲纸管纸箱有限公司(下称“亚洲纸管”)*入股博汇纸业。到2019年底,亚洲纸管持股比例增20%。

2020年1月,金光纸业亲自出马,与博汇纸业当时的实际控制人杨延良夫妇签署《股权转让协议》,欲收购博汇纸业控股股东山东博汇集团有限公司(下称“博汇集团”)(持有博汇纸业28.84%股份)股权。

8月27日,博汇纸业宣布,公司控股股东博汇集团股权变更完成,博汇集团与一致行动人亚洲纸管合计持有公司48.84%股份,公司实际控制人由杨延良变更为黄志源。

在这一年,受行业景气度回暖影响,博汇纸业业绩再次迎来大涨。公司前三季度实现营收和净利润分别为93.27亿元、5.27亿元,同比增长43.43%、284.72%。

与此同时,世界纸业之一(亚洲浆纸业有限公司)的入主与业绩的持续回升,也让博汇纸业股价在2020年迎来飞涨。在近1年时间内,公司股价从2019年底的5.30元增2021年1月15日的17.85元,涨幅达2.4倍,市值从71亿增239亿,大涨168亿。

02 黄志源1年净赚86亿元,公司负债超百亿

博汇纸业股价大涨,黄志源的投资自然赚了不少。

据长江商报报道,黄志源控股博汇纸业合计耗资约30亿元左右,成本不到5块。而股价飙升后,截1月15日,博汇纸业总市值达238.6亿元,黄志源持股市值达116.53亿元,换言之,1年时间黄志源赚得86亿元。

然而,杨延良夫妇留给黄志源还有远超行业平均水平,高达72.78%的资产负债率(截2019年底)。

2019年下半年,博汇纸业合计年产175万吨板纸的3个项目先后投产。同年,博汇纸业筹划投资17.19亿元建设年产45万吨高档信息用纸项目。

这些建设项目直接导致公司在2017到2020年前三季度的时间中,几乎花光了所有做生意赚来的钱(约54.25亿元),而同期公司也并未展开筹资活动。

2020年前三季度末,博汇纸业资产负债率略降70.57%,仅次于宜宾纸业(82.24%)、晨鸣纸业(73.57%),位居第三,其他造纸企业多数在30%左右。

同期,公司账上仅有25.70亿元资金,短期借款和长期借款分别达49.22亿元、28亿元,还有应付票据及应付账款35.40亿元,待偿债金额合计112.30亿元,远高于账上货币资金。

为了缓解债务压力,此次博汇纸业拟定增募资50亿元中就有15亿元将用于偿还银行

03 背后老板家族以119亿美元财富蝉联印尼富豪榜第二

虽然博汇纸业债务压力巨大,但其背后老板非常有钱。

12月10日,在福布斯亚洲发布2020印度尼西亚富豪榜中,持有金光集团的黄氏家族财富较上期增加23亿美元,以119亿美元(约合760亿人民币)蝉联榜单第二位。

公开资料显示,金光集团由印尼华人黄奕聪(祖籍福建泉州)于1938年创立,在球拥有员工超过38万名,投资范围远及亚洲、北美、欧洲、澳洲,年营收及资产总额超过数百亿美元,曾被世界较有名财经杂志《福布斯》评为印尼一大财团。

目前,金光集团事业已形成六大核心产业:食品及粮油、制浆造纸、房地产、金融、电信及环保再生能源的开发。

截图

在制浆造纸产业方面,金光纸业自1992年起,以长三角、珠三角为投资重点,先后斥资建立了金东、宁波中华等大型浆纸业企业,以及大规模的现代化速生林区。

截2018年底,金光纸业拥有20多家全资和控股浆纸企业及19 家林业公司,总资产约1726 亿元,年加工生产能力约1100 万吨,2018年在华销售额约589亿元。