\u3000\u3000 Beijing Inhand Networks Technology Co.Ltd(688080) (688080)
Event: on February 25, 2021, the company issued a performance forecast for 2021; The net profit attributable to the parent company is expected to be 96-105 million yuan, with a year-on-year increase of 137.02% – 159.78%; It is estimated that the net profit attributable to the parent company after deducting non-profit is 62-69 million yuan, with a year-on-year increase of 91.91% – 113.89%.
Comments:
New products of industrial Internet of things occur frequently, and intelligent sales control products continue to upgrade
According to the announcement of the company, the median net profit attributable to the parent company in 2021 is expected to be 100 million yuan, with a year-on-year increase of 148.40%; It is estimated that the median net profit attributable to the parent company after deducting non-profit is 66 million yuan, with a year-on-year increase of 102.90%. In terms of business, there are several main reasons for the change of the company’s performance: 1) industrial Internet of things business, a variety of new products have been released, and mass production has been realized. On the one hand, it has broadened the application scenarios, on the other hand, it also meets the personalized needs of more users. The products have different grades of high, medium and low, which can meet the complex and complex industrial application scenarios; 2) The intelligent sales control system has been continuously upgraded, the cloud management platform has been further improved, and a variety of self-service retail device protocols have been added to optimize the user experience and achieve rapid revenue growth. In addition, the impact of the company’s non recurring profit and loss on the net profit is about 35 million yuan, mainly due to the dilution of the equity of the subsidiary and the income is not included in the body.
The power Internet of things has a broad space, and the intelligent transformation of distribution network has become the focus of power
The Internet of things is the most deterministic area 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 of 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 type of power system based on new energy. The focus is to upgrade the distribution network system. The intellectualization of distribution network 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, 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 2021 to 2023 will be 100 million yuan, 133 million yuan and 184 million yuan respectively, and the corresponding PE will be 38.12 times, 28.77 times and 20.80 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
