Main points of investment
In September 2021, China began to implement the Law of the people's Republic of China on production Safety, requiring industrial and commercial gas users such as catering to install combustible gas alarm devices. those who refuse to install will be dealt with in accordance with the law, and this policy opens up the demand space for civil instruments such as gas alarms. Before the implementation of the policy, the penetration rate of domestic gas safety alarms was about 7%, and that of catering industry in big cities was less than 30%. The penetration rate of civil gas alarms was low and the market space was broad. The company acquired Anxin in 2017, and its subsidiary is a leading company in the gas safety protection industry. it has independently developed gas detectors, alarm controllers and other products, and currently has a production capacity of 7 million detectors and alarms. It is a qualified supplier of China Gas, Xinao Gas, Hong Kong-China Gas and China Resources Gas.
MEMS pressure sensor + intelligent fire hydrant, the company opens up a new field of intelligent fire control. In 2013, the company laid out the field of pressure instruments and began to build MEMS pressure sensor products. The company's MEMS pressure sensor adopts silicate double crystal silicon technology, which can achieve ultra-high pressure precision of 0.05%FS, measuring range up to 150MPa, suitable for ultra-high pressure, high-precision scenes, product performance comparable to international brands. At present, the company's MEMS pressure sensor products have been applied to the company's self-developed intelligent fire hydrant products to open up new areas of intelligent fire control.
Layout 3D machine vision to create the second growth curve
The participating companies regard popular science as the global market leader in disorderly capture of 3D machine vision, and have 18 years of research experience. They have successfully combined 3D vision with AI+ robot motion planning to grasp and deal with scattered objects in the material frame, forming the company's core competitiveness. At present, it has been widely used in BMW, Mercedes-Benz, Volkswagen, Volvo, Ford and other automotive benchmarking enterprises.
Profit forecast
The company's main business is stable, and horizontally expand the field of civil instruments, driven by safety policy, civil alarms, gas globe valves and other products will bring considerable performance. The company's MEMS pressure sensor and 3D machine vision will gradually enter the cash release period. It is estimated that the company's 2023-2025 net profit will be 1.02,1.38 and 199 million yuan respectively, and the EPS will be 0.35,0.47,0.68 yuan respectively. The current stock price corresponds to 31.1 PE 22.9 pounds 15.8 times. Cover for the first time, giving a "buy" rating.
Risk hint
1. The lower-than-expected financial strength of the local government leads to the start-up or delivery of civil alarms.
two。 Competition in instrument industry intensifies
3. The downstream market demand of machine vision is lower than expected.