\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 67 Beijing Beetech Inc(300667) )
The company has formed a perfect product matrix of intelligent sensors, photoelectric instruments and wireless connections. Guided by R & D and innovation, the company has helped all walks of life realize intelligent industrial upgrading and continuously opened application scenarios.
The company takes mechanical sensing technology and optical sensing technology as the core, integrates the comprehensive technology of “sensing + connection + intelligence”, and establishes a product matrix based on intelligent sensors, photoelectric instruments and wireless connection products. On this basis, combined with the needs of user scenarios, the company provides customers with intelligent monitoring and detection systems for industry, city and scientific research, and provides efficient, accurate and intelligent data for industrial and scientific research customers. Downstream customers include intelligent manufacturing, energy and electricity, scientific research, smart city, energy conservation and environmental protection, and actively expand the application of medical equipment, Jiangsu Nonghua Intelligent Agriculture Technology Co.Ltd(000816) , food and drug safety and other industries, so as to provide perception tools and means for industrial upgrading and technological innovation in all walks of life.
The company’s intelligent sensor and scientific instrument products mainly benefit from the intelligent upgrading needs of digital economy, industrial Internet, intelligent manufacturing and other industries, as well as the general trend of domestic substitution.
In the context of economic transformation and upgrading and high-quality development, the central and local governments have repeatedly issued documents to encourage the popularization and development of transformation and upgrading of digital economy, industrial Internet, intelligent manufacturing and other industries. Smart sensors and the monitoring and detection technology built around them are the core links of the perception layer of the Internet of things. They will continue to benefit from the general trend of the deep integration of new generation information technology and vertical industries such as industrial Internet and intelligent manufacturing for a long time. At the same time, Chinese manufacturers keep up with international leading manufacturers in patent layout and product technology R & D, and the localization rate is expected to continue to improve, which is expected to realize the two wheel drive of industry demand + domestic substitution. Scientific instrument products also benefit from increased investment in technological innovation and R & D and domestic substitution policies, which are expected to continue to grow.
The organizational structure of the company is optimized, and the three business centers of optoelectronics, intelligent sensing, data connection and service are taken as the business core to further improve the resource allocation ability and operation efficiency.
In 2019, after the company implemented major asset restructuring and acquired Zhuoli Hanguang, it expanded the photoelectric sensing technology. Zhuoli Hanguang achieved a total net profit of 191 million yuan after deducting non recurring profits and losses in 20192021, exceeding the performance commitment by 7.80%. During this period, through the effective integration of operation management and business coordination, the overall planning was realized to create a good situation for the future, and the comprehensive competitiveness and asset scale of the company were improved. In 2021, the net operating cash flow of the company was 100 million yuan, a record high, and the scale effect of operation was further improved. In 2022, the company optimized the organizational structure adjustment, further integrated the management team, took the three business centers of optoelectronics, intelligent sensing, data connection and service as the business core, defined the development strategy with “continuously upgrading and innovating product matrix” and “deeply cultivating market segments” as the two wings, accelerated the large-scale application of downstream scenarios, continuously improved the operation efficiency internally, and strengthened the comprehensive competitive strength. In the future, the company will combine the characteristics of its industry and continue to bring additional opportunities for the company’s business expansion and the establishment of upstream and downstream ecology through the organic combination of “endogenous + extension”, so as to improve the quality and scale of its core main business.
Profit forecast and investment suggestions
The company’s main products are intelligent sensors, photoelectric instruments, industrial monitoring and detection analysis systems, which are the core perception layer to realize industrial Internet and intelligent manufacturing. Benefiting from the sustained and rapid development of industrial Internet and intelligent manufacturing in China and domestic substitution opportunities, the downstream demand of the company’s main products is expected to continue to grow. Superposition of the company’s endogenous + extension, continuous iteration and expansion of product line layout are expected to drive the company’s long-term and stable growth. It is estimated that the net profit attributable to the parent company in 22-24 years will be RMB 100 million, RMB 120 million and RMB 150 million respectively, corresponding to 30, 26 and 20 times P / E ratio in 22-24 years. The rating of “overweight” is reiterated.
Risk warning: technology R & D risk, downstream application progress is slower than expected, and the impact of the epidemic is higher than expected
