The pace of order release and delivery at the grid end affects the company's performance, new business scale effect to be released the company's robot reserve orders at the end of 2022 declined compared with previous years, and factors such as the release and delivery pace of orders for power grid robot projects in the first half of 2023 affected the company's revenue scale, with a gross profit margin of 34.92%, down 7.18 percentage points from the same period last year. The company has not yet formed large-scale revenue in commercial cleaning, new energy charging, rail transit and other new business areas. at the same time, the company has made more cost investment in order to promote the new business, and the company's profitability is under pressure.

Actively carry out the application of AI technology and launch a large model

The company actively carries out the research and exploration of artificial intelligence related technologies such as multimodal large model, and establishes and publishes a kind of large model YJH-LM based on multimodal superfusion technology. YJH-LM can be used to perform voice interaction, image recognition, task generation and other tasks. It combines artificial intelligence technology with traditional robot applications to help the company robot realize the autonomous work functions of many kinds of robots, such as voice control and autonomous generation tasks, and make the robot smarter and more intelligent.

Expand new application fields of special robots and promote diversified development strategies for commercial cleaning robots, intelligent shared charging systems, vehicle inspection robots and other new products, the company actively carries out pilot applications, customer development, channel construction, market development and other work. At the same time, combined with market demand and user experience, the company actively explores the promotion and application of robot products such as operation, inspection and fire protection in steel, coal and other new industries, expanding product functions and application scenarios, further enhance product performance and the company's competitiveness, and promote the company's diversified development strategy.

Profit forecast and valuation

Downgrade earnings forecast and maintain "buy" rating. The company is a leading manufacturer of special robots for electric power in China, and the continuous introduction of new products is expected to increase revenue. Considering the factors such as bidding and slow implementation of power grid projects, and out of caution, the company's profit forecast is lowered. It is estimated that the net profit of the company from 2023 to 2025 is 1.34,4.91 and 646 million yuan (before the reduction is 2.47,6.54 and 771 million yuan); the corresponding EPS is 0.65,2.38,3.13 yuan respectively, and the corresponding PE is 53,14,11 times respectively. Maintain a "buy" rating.

Risk hint

The intelligent investment in power grid is not as expected, the market competition is intensified, and the progress of new product promotion is not as expected.