Intelligent electric robot leader, steady growth in performance
Yijiahe was founded in 1999 and listed on the Shanghai Stock Exchange in 2018. The company has been engaged in the research, production, sales and related services of special robots for more than 20 years, focusing on electric power, fire fighting, rail transit and other industries. provide a variety of intelligent products, intelligent services and solutions, the main products are operating robots, inspection robots, fire robots and so on. Among them, inspection robots and live robots are in the leading position in the industry. Benefiting from the magnificent demeanor of the robot industry, the company's revenue increased from 374 million yuan in 2017 to 1.285 billion yuan in 2021, with a CAGR of about 28.00%. The corresponding attributable net profit also increased from 139 million yuan to 483 million yuan, with a CAGR of about 28.29%.
At present, the intelligent construction of power grid in China is accelerating. During the 14th five-year Plan period, the investment of State Grid / Southern Power Grid is 350 billion US dollars / 670 billion yuan respectively. It is mainly used for distribution network construction, the intelligent level of power grid, the construction of new power system, etc., and the profitable development opportunity of power grid intelligent construction. The company's live robots and inspection robots can help customers realize unattended substations, solve the safety problems of high-voltage operations, and the workload of live works. to solve the industry pain points such as inefficient labor shortage, dangerous working environment of power grid, long maintenance and power outage. Due to the high technical barriers and long research and development cycle of electric robots, in the field of inspection robots, the bidding market share of company inspection robots in 2019 is 7.3%, which is in the first echelon of the country; in the field of live robots, Yijiahe is also in the forefront of the industry. the company will deeply benefit from the development of smart grid.
Launch of shared charging pile robot products, new performance highlights
In June 2022, the national first shared charging pile robot system was launched in Suzhou. The shared charging service system has three advantages: economical, portable and safe, fast and easy to install, and save construction cost. It can greatly improve the coverage of charging piles and the utilization rate of single piles. As of May 2022, the ratio of vehicle to pile in China is only 2.79, and there is still a huge demand gap for rechargeable piles. In January 2022, 10 departments, including the National Development and Reform Commission, issued the implementation opinions on further improving the Service guarantee capacity of Electric vehicle charging Infrastructure, proposing that new residential communities should ensure that 100% of fixed parking spaces are built with charging facilities or reserved installation conditions. New models such as "sharing of adjacent parking spaces" and "multi-car one pile" are encouraged.
The shared charging pile robot system is composed of intelligent robot, charging pile and running track. The system changes the "one-to-one" fixed charging pile charging mode of traditional new energy vehicles, and accurately controls the charging gun to the designated parking space through robot control technology, Internet of things technology and scheduling algorithm, so as to assist car owners to charge quickly. To realize the transformation from "car looking for piles" to "finding cars", a single shared charging pile robot can meet the charging needs of 50 parking spaces in the same area. The construction cost is about 20% lower than the "one parking space, one pile" model. The robot needed for the charging pile is completed by the company in conjunction with Suzhou, realizing a breakthrough in the field of charging piles for the company's robot products. Next, the company will join hands with Suzhou to further extend the application field to old residential areas, shopping malls, residential areas and other new scenes, and become a new performance growth point of the company.
Based on East China, actively carry out multi-regional expansion
At present, the company's business is concentrated in eastern China, of which Jiangsu and Zhejiang account for more than 80% of revenue. The company has actively expanded its multi-regional market. Revenue outside East China has increased from 15 million yuan in 2018 to 230 million yuan in 2020, and the corresponding revenue share has also increased from 3.56% in 2017 to 17.8% in 2021. Among them, revenue in the southwest region increased by 449.90% in 2021 compared with the same period last year, and revenue in the northwest region increased by 119.87% over the same period last year. The company's active expansion of multi-regional markets will help the company to disperse operational risks and cultivate new performance growth areas.
Profit forecast
We are optimistic about the company's leading position in the field of electric robots and the potential market space for shared rechargeable pile robots. We predict that the 2022-2024 net profit of the company will be 5.86,7.71,985 million yuan respectively, and the EPS will be 2.84,3.73,4.76 yuan respectively. The current stock price corresponds to 25,19,15 times of PE, respectively.
Risk hint
The risk of macroeconomic decline, the risk of less than expected investment in power grid investment, the risk of lower than expected penetration of power robots, the risk of less than expected channel expansion, the risk of less than expected promotion of shared charging pile robots, the risk of repeated epidemic, and so on.