\u3000\u3000 Yijiahe Technology Co.Ltd(603666) (603666)
Key investment points
Benefiting from the promotion of intelligent power grid, the special Siasun Robot&Automation Co.Ltd(300024) penetration of electric power has accelerated
1) power inspection Siasun Robot&Automation Co.Ltd(300024) : we predict that the cumulative scale of China’s power inspection Siasun Robot&Automation Co.Ltd(300024) from 2021 to 2025 is expected to reach 24.5-32 billion yuan, with an average annual average of 5-6.4 billion yuan, and the CAGR in five years is 17% – 25%. 2) Live line work Siasun Robot&Automation Co.Ltd(300024) : we predict that the cumulative scale of live line work Siasun Robot&Automation Co.Ltd(300024) in China is expected to reach 5-6.5 billion yuan from 2021 to 2025, with an annual average of 1-1.3 billion yuan and a four-year CAGR of 11% – 13%.
Technical support products from patrol inspection to operation
1) power inspection Siasun Robot&Automation Co.Ltd(300024) : the company’s market share has ranked the first echelon in China, and its products will realize the integration of inspection and operation. The company expects to provide an annual revenue of 750 million yuan and a net profit of 180 million yuan after the new capacity of the fixed increase project is full. 2) Operation Siasun Robot&Automation Co.Ltd(300024) : as the only enterprise in China to realize the commercialization of live working Siasun Robot&Automation Co.Ltd(300024) , the products have been updated to the third generation to realize full independent operation, cooperate with the State Grid and deeply bind the sales channels.
Fire / medical Siasun Robot&Automation Co.Ltd(300024) jointly promote the growth of the company
1) fire fighting Siasun Robot&Automation Co.Ltd(300024) : after the completion of the fire search and rescue Siasun Robot&Automation Co.Ltd(300024) project in the fixed increase project, it is expected to contribute 600 million yuan of revenue and 140 million yuan of net profit to the company every year. 2) Medical Siasun Robot&Automation Co.Ltd(300024) : at present, the research and development of the company’s “orthopaedic surgery navigation Siasun Robot&Automation Co.Ltd(300024) ” project is progressing smoothly, and the technologies such as manipulator and navigation are expected to cooperate with the company’s original technologies.
Profit forecast and valuation
The company is a leading manufacturer of special Siasun Robot&Automation Co.Ltd(300024) electric power in China, benefiting from the acceleration of intelligent construction of power grid. We estimate that the net profit attributable to the parent company from 2021 to 2023 will be 443, 611 and 811 million yuan, and the EPS (diluted) will be 2.14, 2.96 and 3.93 yuan / share. The current share price corresponds to 28, 21 and 15 times of PE. We select Nari Technology Co.Ltd(600406) , Henan Tong-Da Cable Co.Ltd(002560) , Acrel Co.Ltd(300286) in the power equipment sector as comparable companies. The industry average PE in 2022 is 28 times. Considering the growth and safety margin of the company’s performance, we give the company a PE valuation of 28 times in 2022, with a target market value of 17.1 billion yuan, corresponding to 37% of the current market value. For the first time, give a “buy” rating.
Risk warning: the intelligent transformation of power grid is not as expected; Industry competition intensifies, exceeding expectations; Application field, business area and customer concentration are high risk.
