Strain sensor leading company, building a platform enterprise, covering for the first time, "buy" rating Ke Li Sensor is the leading domestic strain sensor company, and the domestic weighing sensor has the first market share for 14 consecutive years. The company is expected to consolidate its leading position and develop into a sensor platform enterprise through continuous research and development and investment in robot torque sensors, six-dimensional force sensors, multi-physical quantity sensors and layout frontier tactile sensors. We estimate the 23-25 year net profit of the company to return to the parent is 3.08 PE29/24/19x 469 million yuan, PE29/24/19x, with reference to the 2024 PE average 23x of similar comparable companies, and considering the company's active transformation into a platform enterprise and the layout of the machine manpower / tactile sensor field, we give the company 2024PE 28x with a target price of 37.24 yuan. Cover for the first time, giving a "buy" rating.
There are many kinds of multi-physical quantity sensors, and the market share of local industrial sensors is constantly increasing. According to their different uses, they can be divided into temperature sensors, pressure sensors, acoustic sensors, force sensors and so on. Huajing Industrial Research Institute estimates that the scale of China's industrial sensor market will reach 49.2 billion yuan in 2022. The market size of flow, pressure and image sensors accounted for the top three in 2019.
The leading international industrial sensor enterprises have accumulated rich technology and production experience. Due to the technological progress of domestic manufacturers and shorter delivery cycle and other reasons, the market share of local companies has increased from 24.4% in 2017 to 31.4% in 2021. Local industrial sensor products will have broad room for domestic substitution in the future.
Humanoid robot opens up a new space of six-dimensional force, and the prospect of tactile sensor is broad. Current technological innovation + giant entry + policy incentives to accelerate the development of humanoid robot industry. Compared with the traditional industrial and cooperative robots, the demand for force sensors of humanoid robots is greatly increased. Among the force sensors, strain sensors are the most widely used and the most mature in technology. The rotation and linear execution structure of humanoid robot is similar to that of human joint, and one-dimensional torque sensor can be used. For the end effector of humanoid robot (such as wrist and ankle), the direction and action point of force change randomly in three-dimensional space. Six-dimensional force sensor is more in line with the requirements, but it is difficult to select, and it is necessary to maintain excellent static performance, dynamic performance and low-dimensional coupling. Touch is another important perception of robots. According to VMR, the potential market space of tactile sensors in the world will reach more than 100 billion yuan in 2028, and individual domestic manufacturers lead the world in terms of parameters.
The robot and multi-physical quantity sensors are jointly driven to create a sensor platform. a robot sensor division is set up at the headquarters, and multi-dimensional force sensors such as three-dimensional force, six-dimensional force and other multi-dimensional force sensors are developed. it has the characteristics of high precision, high sensitivity, strong ability to resist partial load, small coupling between dimensions and so on. In 2023, the company focused on following up and storing a number of photoelectric sensors, temperature and humidity sensors, high-end force / tactile sensor technology. The company has also built three major manufacturing bases in Ningbo, Zhengzhou and Anhui, accelerating strategic investment and the construction of industrial parks in Shenzhen, and promoting platform services, application services and system sharing. from intra-group circulation to industrial brain (intelligent sensor industry network platform with online mall, home of material selection and other functions as the core). Independent research and development, foreign cooperation and investment layout will accelerate the transformation and development of the company from a single physical quantity sensor enterprise to a multi-physical quantity sensor platform enterprise.
Risk tips: the development of the human figure is not as expected, the force sensing scheme has changed, and the foreign investment is not as expected.