Hangzhou Shenhao Technology Co.Ltd(300853) (300853)
Based on the field of smart grid, accelerate the national regional layout. Founded in 2002, the company mainly provides intelligent monitoring products for power equipment for power system, The main products include intelligent Siasun Robot&Automation Co.Ltd(300024) (mainly patrol inspection), intelligent power monitoring and control equipment, etc., which are mainly used in the transmission, transformation and distribution links of the power industry chain. In 2020, the company won the title of “little giant” specialized and new by the Ministry of industry and information technology. The company’s products continue to be upgraded iteratively and its categories continue to enrich, helping to accelerate the business expansion outside the province. In recent years, the company’s substation patrol inspection Siasun Robot&Automation Co.Ltd(300024) has launched the fourth generation. The monitoring equipment business has been cultivated for the longest time, and its competitiveness has been continuously enhanced to meet the needs of different regions. In 2020, the proportion of the company’s business outside the province increased by leaps and bounds, and the proportion of income outside the province reached 40.19%, a significant increase of more than 30 percentage points compared with 9.06% of the previous year. Benefiting from the trend of intelligent power grid, China’s power inspection Siasun Robot&Automation Co.Ltd(300024) market has a large space. At present, the penetration rate of Siasun Robot&Automation Co.Ltd(300024) patrol inspection in substation and distribution station is still low. The penetration rate of Siasun Robot&Automation Co.Ltd(300024) patrol inspection in substation is less than 20%, and the penetration rate of Siasun Robot&Automation Co.Ltd(300024) patrol inspection in distribution station is less than 15%. The potential market capacity is large. It is estimated that the market capacity of Siasun Robot&Automation Co.Ltd(300024) indoor patrol inspection in substation is 16.9 billion yuan, the market capacity of Siasun Robot&Automation Co.Ltd(300024) outdoor patrol inspection in substation is 21.1 billion yuan, and the market capacity of Siasun Robot&Automation Co.Ltd(300024) distribution station is 24.9 billion yuan, The total market capacity reached 63 billion.
We deepened the layout of the power sector and successfully expanded the operation Siasun Robot&Automation Co.Ltd(300024) business. The company actively expanded the application depth of the industry and further extended the function of intelligent Siasun Robot&Automation Co.Ltd(300024) from patrol inspection to operation. The substation switch room operation Siasun Robot&Automation Co.Ltd(300024) developed and produced by the company has entered the stage of mass production, and there are small batch orders in the first half of the year. The trend of intelligent and unmanned substation is clear. We believe that some human functions in the substation will be gradually replaced by Siasun Robot&Automation Co.Ltd(300024) . We estimate that each substation switch room needs one operating Siasun Robot&Automation Co.Ltd(300024) , and it is estimated that the operating Siasun Robot&Automation Co.Ltd(300024) market space of substation switch room in China is about 19 billion. In the field of operation Siasun Robot&Automation Co.Ltd(300024) of the company, in addition to the operation Siasun Robot&Automation Co.Ltd(300024) of substation switch room that has been launched, the live working platform of distribution network transmission line has been under research and development. The company continues to strengthen the vertical deepening and horizontal extension of the power field, and has rich R & D reserves. In addition to the operation Siasun Robot&Automation Co.Ltd(300024) , the traditional patrol inspection Siasun Robot&Automation Co.Ltd(300024) continues to upgrade and iterate, and its competitiveness continues to enhance. The extremely cold adaptive substation patrol inspection Siasun Robot&Automation Co.Ltd(300024) has entered the trial operation stage, and the underwater patrol inspection Siasun Robot&Automation Co.Ltd(300024) and UAV patrol inspection take the lead in exploring the underwater submarine cable patrol inspection and wind power patrol inspection.
The rail transit field has been expanded smoothly, and the “industrial health” territory is becoming more and more perfect. On the basis of deep cultivation in the field of electric power, the company has actively expanded other fields. In 2018, it began to layout the field of rail transit. At present, it has launched two products applied in the field of rail transit, including rail transit line inspection Siasun Robot&Automation Co.Ltd(300024) and train bottom detection Siasun Robot&Automation Co.Ltd(300024) , which have entered the stage of small batch trial. The prototype has been used in Hangzhou Metro, Hangzhou Haicheng intercity, Tianjin Metro MTR and other customers on-site trial. The national railway investment is relatively stable, and the urban rail transit investment maintains a high growth rate. At present, the penetration rate of Siasun Robot&Automation Co.Ltd(300024) patrol inspection in rail transit field is very low, and the potential market capacity is very large. We calculate the potential market capacity of Siasun Robot&Automation Co.Ltd(300024) line and underbody patrol inspection in rail transit field, and come to the conclusion that the theoretical market capacity of Siasun Robot&Automation Co.Ltd(300024) line patrol inspection is 10.9 billion yuan, and the theoretical market capacity of Siasun Robot&Automation Co.Ltd(300024) underbody inspection is 34 billion yuan, with a total market capacity of 44.9 billion yuan. The company plans to issue convertible bonds and raise 550 million yuan to expand the rail transit Siasun Robot&Automation Co.Ltd(300024) production capacity. After the project is completed and put into operation, it will form an annual output of 350 Rail Transit Intelligent Patrol Siasun Robot&Automation Co.Ltd(300024) , and build a more complete and advanced R & D and testing site. The company has also launched explosion-proof patrol inspection Siasun Robot&Automation Co.Ltd(300024) for the field of oil, gas and chemical industry. At present, small batch orders have been formed. Driven by core technology, the company has gradually constructed the business map of “industrial health”, and is expected to build a multi growth pole in the future.
Profit forecast and investment rating: we expect the net profit of the company from 2021 to 2023 to be 185 million yuan, 247 million yuan and 321 million yuan respectively, and the corresponding EPS are 1.26 yuan / share, 1.68 yuan / share and 2.18 yuan / share respectively, corresponding to 33 times, 25 times and 19 times of the current share price PE respectively. For the first time, give the company a “buy” rating.
Stock price catalyst: continuous introduction of new products and accelerated expansion of new business areas.
Risk factors: the risk of changes in policy and economic environment, the risk of intensified market competition, the risk of repeated epidemic, and the risk that new business expansion is less than expected.
