Leading intelligent manufacturing equipment technology. As a leading enterprise in the domestic intelligent equipment industry, the company focuses on the field of solid material post-processing equipment and intelligent manufacturing equipment. In particular, it has accumulated strong advantages in the petrochemical and new energy (such as polysilicon) industries. Its product line covers a wide range from packaging and palletizing to complete automation systems, and has a leading market position. After more than 20 years of continuous technology research and innovation, the company has achieved outstanding competitive advantages in major product application fields and won many industry awards. Over the years, the company has successively won the second prize of the National Science and Technology Progress Award, the country's key new products, and the first batch of national independent innovative products; the company was a member of the China Robotics TOP10 Summit, and the company ranked 18th in the “2020 China Top 100 Smart Factory Non-standard Automation Integrators List”.

Jointly with Harbin Institute of Technology to develop humanoid robots. The company signed a “Strategic Cooperation Framework Agreement” with Harbin Institute of Technology to jointly establish an industrialized R&D project for prototypes of key technologies and principles of humanoid robots. Harbin Institute of Technology has excellent technical reserves in many key technologies such as humanoid robot mechanisms and control. It has developed a variety of dexterous hands, which can handle objects of various shapes and materials and operate and use various tools. The overall technical level has reached “domestic leading and international advanced”. The company has long been deeply involved in the field of industrial robots. In 2015, it successfully developed an intelligent high-temperature pre-furnace operation robot, combined with advanced remote control technology, leading the automated development of the calcium carbide industry. At the same time, the developed high-temperature inspection robot is equipped with autonomous navigation and real-time monitoring systems, which can achieve efficient and accurate operation in complex environments. Industrial robot systems for high-temperature work include three core products: inspection robots, high-temperature pre-furnace work robots, and furnace pumping robots. They are specially designed for high-temperature and hazardous work environments. They have intelligent sensing control systems and remote remote operation functions, and can efficiently replace manual work in complex environments.

The company's performance has entered a period of rapid growth. At the end of 2023, the company had orders of 6.483 billion yuan. Judging from the structure, the company's intelligent manufacturing equipment orders accounted for 75%, while industrial services and environmental protection processes and equipment accounted for 20% and 5% respectively. A large number of on-hand orders will enter the revenue recognition period in 2025 and 2026, and the company's performance will grow rapidly.

Profit forecast and investment rating: The estimated revenue for 2024-2026 is 2.752/3.816/4.981 billion yuan, respectively, and net profit to mother is 0.554/0.773/1.012 billion yuan, respectively, covering the “buy” rating for the first time.

Risk warning: Revenue recognition falls short of expectations, new orders fall short of expectations