\u3000\u3000 Beijing Inhand Networks Technology Co.Ltd(688080) (688080)
Event: on February 24, 2022, the company released the performance express of 2021, realizing a revenue of 449 million yuan, a year-on-year increase of 44.61%; The net profit attributable to the parent company was 102 million yuan, a year-on-year increase of 152.06%; The net profit attributable to the parent company after deduction was 67 million yuan, with a year-on-year increase of 107.11%.
Comments:
The performance is in line with expectations, and the industrial Internet of things and intelligent sales control products have achieved rapid growth
According to the company’s announcement, the revenue and net profit attributable to the parent company in 2021 ushered in rapid growth, of which the net profit attributable to the parent company was 102 million yuan, a year-on-year increase of 152.06%, slightly exceeding the median value (the performance forecast on January 25 predicted that the net profit attributable to the parent company in 21 years was 96-105 million yuan, a year-on-year increase of 137.02% – 159.78%, and the median value was 100 million yuan, a year-on-year increase of 148.40%).
In terms of business, the main reasons for the company’s good performance are as follows: 1) the business income of industrial Internet of things has increased steadily. The company has released a variety of new products and has achieved mass production. On the one hand, it has broadened the application scenario, on the other hand, it has also met the personalized needs of more users, and the new products of industrial Internet of things have different grades of high, medium and low, It can meet various complex industrial application scenarios; 2) The revenue of intelligent sales control business increased rapidly. The company continued to upgrade the products of intelligent sales control system, further improved the cloud management platform, added the support of a variety of self-service retail device protocols, optimized the user experience, and the revenue increased rapidly.
In the short term, the layout of the company’s business sector is comprehensive, and intelligent sales control and industrial Internet have become the main force of revenue
The company’s main products have a comprehensive layout, including industrial wireless router, wireless data terminal, edge computing gateway, vehicle gateway, industrial Ethernet switch and other industrial Internet of things communication products, as well as intelligent distribution network condition monitoring system products, intelligent sales control system products, intelligent Internet of vehicles system products and other innovative solutions for the Internet of things. Among them, new products of industrial Internet of things are frequently issued and commercialized, which provides the main driving force for revenue growth. Intelligent sales control system products realize the transformation and upgrading of traditional vending machines to intelligent vending machines by introducing a new generation of information technologies such as Internet of things, big data and cloud computing into vending machines, so as to prepare goods in advance for the peak season in summer and usher in rapid revenue growth.
In the long run, the distribution network transformation is the focus during the 14th Five Year Plan period, and the business flexibility of the company’s power Internet of things is large
During the “14th five year plan” period, the distribution network transformation is the focus, among which the intelligent space is large. According to our calculation, the investment scale is expected to reach 296.4 billion yuan. At the 2021 International Forum on energy and power transformation, the State Grid pointed out that it plans to invest 350 billion US dollars in the next five years. According to the industrial chain research, the transformation of distribution network side is an important task during the 14th Five Year Plan period, and the proportion of investment will exceed 50%. Among them, nearly 10% – 30% of the investment on distribution network side is expected to be used for intelligent transformation, Therefore, we expect that the total investment in distribution network intelligence is expected to reach 296.4 billion yuan in the next five years, with a large market capacity.
Iwos is the “camera” of the new power system and the “starting point” of the intelligent distribution network
With the advancement of the new power system, the proportion of new energy access such as wind power and photovoltaic power generation will increase significantly. The power system is facing the problem of “double high”, that is, the high proportion of renewable energy access and the application of high proportion of power electronic equipment. Digital technology has become the key to solve the problem of “double high”. As the “eye” in the process of intellectualization, iwos, When the circuit system fails, it can accurately measure the line current and record the wave at high speed, diagnose the line fault type, and quickly solve the problem. It can play the role of “escort” for the stable operation of the distribution network side, and the demand is uncertain.
Iwos products of the company have core competitiveness and are the leader of intelligent distribution network
Iwos of the company consists of three systems: acquisition unit, collection unit and intelligent analysis cloud platform. The three components are independently developed and designed by the company, and the accuracy of fault detection has reached 90% (the accuracy of traditional products is less than 50%). At the same time, the company has its own database and has strong competitive strength. Iwos has entered the power grid market of all provinces in China since 2017, and has been applied in more than 23 provinces and cities of the State Grid and China Southern Power Grid. Tens of thousands of sets of equipment have been installed, covering thousands of lines. At the same time, the company is committed to expanding the overseas market, and has conducted pilot projects in more than a dozen countries or regions abroad.
Deeply cultivate the industrial Internet of things and smart grid, with both soft and hard strength
The company’s main products include industrial IOT communication products and IOT innovative solutions. Among them, industrial IOT communication products mainly include industrial wireless router, wireless data terminal, edge computing gateway, industrial Ethernet switch and other products, while IOT innovative solutions mainly include intelligent distribution network condition monitoring system products Intelligent sales control system products, intelligent vehicle networking system products, etc. In the field of smart power, the company’s DTU products serve the distribution automation transformation of the State Grid, with strong demand certainty. The company has both hard power and soft power. The continuous increase of R & D investment has maintained the company’s technical leadership in the industry. At the same time, it has continuously improved its marketing channels, continuously enhanced its brand influence and laid the foundation for long-term growth.
Profit forecast and investment rating
As a leading enterprise in distribution network intelligence, the company is deeply engaged in iwos, DTU and other products. At the same time, the card industrial Internet of things has a large growth space in the future. It is estimated that the net profit of the company from 2022 to 2023 will be 135 million yuan and 187 million yuan respectively, and the corresponding PE will be 23.44 times and 16.95 times respectively, maintaining the “buy” rating.
Risk factors
Changes in investment scale of power industry; The intensified competition in the Internet of things industry leads to a price war; Covid-19 epidemic spread repeatedly
