Incidents:

On November 23, the company stated on the investor interactive platform that the company's products in the field of humanoid robots are currently in the R&D stage, no related commercial products have been launched, and no direct benefits have been produced.

reviews

The layout of a humanoid robot circuit is expected to create a new growth pole. The company is mainly engaged in heat pump related controllers. The downstream covers the fields of HVAC/R, thermal management for new energy vehicles, and industrial servos. Currently, it is actively entering the humanoid robot circuit. It is expected to rely on the company's technical accumulation and customer resources in the fields of power electronics and motor control to gain recognition from downstream humanoid robot manufacturers and then introduce it into the related industrial chain. We believe that humanoid robots are in the 0-1 explosion stage. According to our estimates, the demand for the industrial scene will reach 3.284 million units, and the demand for the home & business scenario will reach 435,000 units, and the overall market size is close to 40 billion US dollars. Therefore, if the company successfully enters downstream customers and achieves supply, it is expected to open up new growth space in the future.

Excellent heat pump controller company, products have entered the release period. In the context of the strategic development of “carbon neutrality” and “carbon peak”, with the gradual increase of China's environmental protection threshold and the active promotion of “coal-to-electricity” and “clean heating” policies, the clean heating industry forms an important part of China's low-carbon cycle development system, and clean heating products represented by air source heat pumps have ushered in good development opportunities. At the same time, Europe's continuous improvement in energy saving and emission reduction targets and strong support for renewable energy will effectively promote the continued growth of demand in the air source heat pump market. As a result, the downstream market faced by the company is rapidly exploding in demand. The heat pump system controllers and variable frequency drives produced are the core components of air source heat pump products, and have established stable cooperative relationships with well-known domestic and foreign manufacturers such as Emerson, McQuay, Ariston, and Haier, showing a rapid growth trend as downstream demand grows.

The time has come to replace domestic thermal management for new energy vehicles. As key components of NEV thermal management systems, NEV electric compressor drives and NEV PTC electric heating controllers produced by the company have characteristics such as high control accuracy, high efficiency and energy saving, and will continue to grow in market demand as the NEV market develops. According to the company's prospectus, in 2020-2022, the company's market share of new energy vehicle electric compressor inverter drive sales was 4.33%/5.51%/5.76%, and the market share is expected to increase further in the future.

Profit forecast: Optimistic about the company's market position in heat pump controllers and other fields, it is expected to benefit from the explosion of the humanoid robot industry in the future. We expect the company to achieve net profit of 298/4.31/568 million yuan in 2023-2025, corresponding PE of 29/20/15 times. The 2024 profit was estimated at 25 times PE, and the target price was 114.3 yuan. It was covered for the first time, and a “buy” rating was given.

Risk warning: Downstream demand falls short of expectations, profit forecasts and valuation judgments fall short of expectations.