\u3000\u3000 Yijiahe Technology Co.Ltd(603666) (603666)
Key investment points:
Focus on special Siasun Robot&Automation Co.Ltd(300024) manufacturing and power inspection Siasun Robot&Automation Co.Ltd(300024) leading enterprises
1) the company's main business is the R & D, production, sales and related services of special Siasun Robot&Automation Co.Ltd(300024) products. The main products are patrol inspection Siasun Robot&Automation Co.Ltd(300024) , live working Siasun Robot&Automation Co.Ltd(300024) , indoor patrol inspection operation Siasun Robot&Automation Co.Ltd(300024) , fire fighting Siasun Robot&Automation Co.Ltd(300024) and other products. 2) From 2016 to 2020, the company's operating performance increased rapidly, and the compound annual growth rate of revenue and net profit attributable to parent company reached 39.98% and 57.22%. In the first three quarters of 2021, the company's revenue and net profit attributable to the parent company were 693 million yuan and 226 million yuan respectively, with a year-on-year increase of 31.44% and 39.98%. 3) The company's profitability is at the forefront of the industry. In the first three quarters of 2021, the company's gross profit margin and net profit margin were 63.44% and 32.83% respectively, ranking second and fourth in the SW automation equipment sector.
The construction of smart grid is growing steadily, and the power inspection Siasun Robot&Automation Co.Ltd(300024) industry has broad prospects
1) the power consumption of the whole society has increased steadily, and the power grid is developing to ultra-high voltage and large capacity. Under the background of smart grid construction, the power grid investment scale is expected to increase steadily. It is expected that the planned investment of State Grid in 2022 is expected to reach 501.2 billion yuan. 2) Electric power is a high-risk operation industry. According to incomplete statistics, there were 27 casualties and 29 deaths in the electric power industry in 2021. The replacement of live line operation Siasun Robot&Automation Co.Ltd(300024) will greatly reduce the occurrence of accidents. 3) With the continuous growth of labor cost, Siasun Robot&Automation Co.Ltd(300024) application cost performance has increased rapidly, and the replacement of machines in the power industry has greatly improved the convenience and flexibility of work. 4) Considering that uninterrupted operation can effectively improve the experience of residents' electricity consumption, the traditional addition of standby power supply lines has low cost performance, and the application demand of power inspection Siasun Robot&Automation Co.Ltd(300024) is considerable. 5) As a cross field of power and Siasun Robot&Automation Co.Ltd(300024) industries, intelligent Siasun Robot&Automation Co.Ltd(300024) in power industry is an important means to realize the intelligent transformation of power grid, and the policy driving force is sufficient. 6) The intelligent Siasun Robot&Automation Co.Ltd(300024) penetration rate of the power industry is still low, the market concentration is high, and the future development prospect is broad.
The industry layout has been continuously improved, and the regional expansion deserves attention
1) in order to solve the difficulties in the application scenario of Siasun Robot&Automation Co.Ltd(300024) patrol environment and break through the "patrol + operation" application mode, the company completed the non-public offering project, and the indoor wheeled intelligent Siasun Robot&Automation Co.Ltd(300024) R & D industrialization and fire search and rescue Siasun Robot&Automation Co.Ltd(300024) R & D industrialization project were implemented. 2) For a long time, the risk of concentration in the company's application field has been obvious. In 2020, the revenue of the company's power industry accounted for more than 90%. The company actively improved the industry layout and launched fire fighting Siasun Robot&Automation Co.Ltd(300024) . 3) The company's business is oriented to the Chinese market, and Jiangsu and Zhejiang account for a relatively high proportion of revenue. The company's regional expansion in the future is worthy of attention. 4) The equity incentive plan was launched to demonstrate the confidence in the steady growth of the company's performance.
Profit forecast, with "overweight" rating for the first time
We expect the company to achieve revenue of 1.348/18.06/2.367 billion yuan in 2021 / 2022 / 2023, with a year-on-year increase of 34.1% / 34.0% / 31.1%, net profit attributable to the parent company of 4.47/6.00/784 million yuan, with a year-on-year increase of 32.9% / 34.3% / 30.5%, EPS of 2.16/2.91/3.80 yuan / share, corresponding to PE of 30 / 22 / 17 times in 2021 / 2022 / 2023. Considering that there is still a large space for the improvement of intelligent Siasun Robot&Automation Co.Ltd(300024) penetration in the power industry in the future, the industry has a broad space, "Overweight" rating is given for the first time.
Risk warning: the impact of the epidemic exceeds expectations; Regional development is less than expected; The progress of new product research and development is less than expected; The investment in power grid is less than expected.
