This report is read as follows:
The company is the leader of power robot, with both technical and channel advantages, through fixed growth to break the existing capacity bottleneck, benefiting from the intelligent acceleration of the power grid, the product line is expected to expand rapidly and drive the company to grow at a high speed.
Main points of investment:
Combining the two valuation methods of PE and PB, the company is given a target price of 69.6 yuan, and the "overweight" rating is given for the first time. It is estimated that the operating income of the company from 2022 to 2024 will be 2.295350.05 billion yuan respectively, and the net profit of returning to the mother will be 5.73 billion yuan, respectively. The net profit per share from 2022 to 2024 is expected to be 2.75 yuan, 3.61 billion yuan, and 4.84 yuan respectively.
With the benefit of the intelligent acceleration of the power grid, the penetration rate of electric robots will increase rapidly. The electric power special robot undertakes the function of information collection and operation in the intelligent power grid, which can better ensure the safety of personnel and improve the reliability of power supply. The investment amount of national power grid, southern power grid and domestic local power grid companies in the 14th five-year Plan is expected to be close to 3 trillion yuan, which will greatly exceed the total investment of 2.57 trillion yuan during the 13th five-year Plan period. Intelligent power grid will be an important direction of investment. According to our forecast, the penetration rate of indoor power inspection robot / outdoor power inspection robot / live working robot is expected to increase from 7% in 2021 to 22% in 2026 to 22% in 2026. The total size of the domestic market is expected to exceed 40 billion yuan in the next five years.
The leading enterprise of electric power robot, the omni-directional expansion of business is worth looking forward to. The company's early business started in Jiangsu, and the share of revenue outside East China rose rapidly from 3.6% in 2018 to 17.8% in 2021. The regional expansion strategy has achieved remarkable results, and the market share of electric robot products is expected to further increase. At the product end, the company's electric power inspection robot market share ranks first in the country, and it is the only live working robot enterprise in China that can be commercialized, with profound technology accumulation and brand advantages, continue to infiltrate into fire fighting, rail transit, petrochemical and other fields, through 2021 directional additional issuance, it is expected to break through the capacity bottleneck restricting the company's rapid development and enhance the company's sustainable profitability.
Catalyst: the acceleration of the smart grid.
Risk hint: the progress of power grid intelligence is not as expected, the competition in the industry is intensified, and the customer concentration is high.