Beijing Inhand Networks Technology Co.Ltd(688080) (688080)
The power Internet of things has a broad space, and the intelligent transformation of distribution network has become the focus of power. Power Internet of things is the most deterministic field for the implementation of smart power. The planned investment of China Southern Power Grid in the 14th five year plan is about 670 billion yuan, of which the investment on the distribution network side is about 320 billion yuan, accounting for 48% of the total investment. We preliminarily estimate that the total planned investment in the national power grid during the 14th Five Year Plan period is expected to reach 3 trillion yuan, of which the intelligent transformation of distribution network is an important link. The third generation power system is a new power system based on new energy. The focus is to upgrade the distribution network system. Distribution network intelligence has become a deterministic development trend.
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, a high proportion of renewable energy access and a high proportion of power electronic equipment application. Digital technology has become the key to solve the problem of "double high", As the "eye" in the intelligent process, iwos can accurately measure the line current and record the wave at high speed, diagnose the line fault type and quickly solve the problem when the circuit system fails. It can play the role of "escort" for the stable operation of the distribution network side, with strong demand certainty.
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, all of which are independently developed and designed by the company, The accuracy of fault detection has reached 90% (the accuracy of traditional products is below 50%), and the company has its own database and strong competitive strength. Since 2017, iwos has entered the power grid market of all provinces in China, 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 been abroad More than a dozen countries or regions conducted pilot projects.
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. 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.
Investment suggestion: 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 2021 to 2023 will be 108 million yuan, 133 million yuan and 184 million yuan respectively, and the corresponding PE will be 40.27 times, 32.57 times and 23.55 times respectively. It will be covered for the first time and given a "buy" rating.
Risk factors: 1. Changes in investment scale of power industry; 2. Intensified competition in the Internet of things industry leads to a price war; 3. Covid-19 epidemic spread repeatedly
