持续横向并购战略，打造多物理量传感器平台型企业。传感器产业的特点是品类多、单一产值低、产出慢，但价值大、壁垒高、下游客户资源可复用。2023 年公司加快投资布局步伐，完成11 个项目的战略投资，初步形成了工业检测与计量、环境设备测量、能源设备、设备监测、物流、平台等六大领域的投资布局。2024 年公司进一步推进并购战略，预计后续将完成更多并购动作，完善公司产品布局。Incidents:
The company released its 2024 three-quarter report. In the first three quarters, the company achieved revenue of 0.919 billion yuan, a year-on-year increase of 14.03%; net profit to mother was 0.191 billion yuan, a year-on-year decrease of 10.74%. 24Q3 achieved revenue of 0.363 billion yuan in a single quarter, up 21.87% year on year, and realized net profit to mother of 0.074 billion yuan, up 0.38% year on year.
Subsidiaries combined to help increase revenue, and net interest rates declined slightly. The company completed mergers and acquisitions of some of its subsidiaries in the third quarter to help increase revenue. The 24Q3 gross sales margin was 43.17%, down 2.25 percentage points year on year and 0.32 percentage points month on month, and remained relatively stable. The net sales margin for 24Q3 was 23.88%, down 3.26 percentage points year on year and 2.29 percentage points month on month. The net interest rate declined more often, mainly due to the merger of subsidiaries, which led to a slight decrease in gross margin and an increase in expenses during the period.
Continue the horizontal merger and acquisition strategy to build a multi-physical sensor platform enterprise. The sensor industry is characterized by many categories, low single output value, and slow output, but high value, high barriers, and reuse of downstream customer resources. In 2023, the company accelerated the pace of investment layout, completed strategic investments in 11 projects, and initially formed an investment layout in six major fields, including industrial inspection and measurement, environmental equipment measurement, energy equipment, equipment monitoring, logistics, and platforms. In 2024, the company will further advance its merger and acquisition strategy. It is expected that more mergers and acquisitions will be completed in the future to improve the company's product layout.
Seize the opportunities of the times and carry out research and development work on six-dimensional force and flexible sensors. The company “takes the market as its teacher” and will focus on “four new” sensors in the future: including robot sensors, multi-physical sensors, flexible tactile sensors, and torque sensors. Currently, on the basis of completing trial production of analog six-dimensional force sensors, the company is accelerating research and development of digital six-dimensional force sensors, breaking through in the direction of low cost, low power consumption, low deformation, and small size. Force sensor products have been sent to Huawei and some domestic collaborative robots and humanoid robot customers. In terms of flexible tactile sensors, the company actively cooperates with leading domestic startups by investing in mergers and acquisitions. In terms of torque sensors, the company has successively tested and sent samples to several domestic downstream manufacturers, which have been well received by downstream customers.
Profit forecast: The company's net profit for 2024-2026 is expected to be $3.14, 3.73, and 435 million yuan, respectively, with corresponding PE values of 30, 25, and 22 times, respectively. Covered for the first time, a “gain” rating was given.
Risk warning: M&A progress falls short of expectations; profit forecasting and valuation models fail
