Shen Hao Technology: intelligent robot "Little Giant", "Sea, Land and Air Tunnel" omni-directional layout Hangzhou Shenhao Technology Co., Ltd. was founded in 2002 and listed on the gem of Shenzhen Stock Exchange in 2020. Is a long-term focus on industrial equipment testing and fault diagnosis of high-tech enterprises. The company ploughs the field of industrial health, using sensors, robots, artificial intelligence and big data analysis technology to provide comprehensive solutions for the safe operation and intelligent operation and maintenance of industrial equipment. The company has developed a series of products such as intelligent robots, intelligent monitoring and control equipment with independent intellectual property rights, which can be used in power grid, rail transit, oil and gas chemical industry and other industries. After more than 20 years of development and accumulation, the company has built up core advantages in the market, technology and products, and was recognized by the Ministry of Industry and Information Technology as a national specialized and new "Little Giant" enterprise in 2020. In 2021, the company achieved operating income of 769 million yuan, an increase of 25.80% over the same period last year, and a net profit of 180 million yuan, an increase of 11.07% over the same period last year.

Industry trend: with the accelerated development of artificial intelligence industry and broad application space for intelligent robots, in January 2023, 17 departments such as the Ministry of Industry and Information Technology issued the "Robot +" Application Action implementation Plan. It is proposed that the application depth and breadth of service robots and special robots will be significantly improved by 2025. IFR predicts that China's special robot sales are expected to reach US $3.4 billion (about 23.7 billion yuan) in 2024, an increase of 89% over 2021. China's special robot market continues to grow at a high speed. Among them: 1) in the power grid field, a number of policy-side support policies to promote the intelligent construction of the power grid, the expansion of the scale of power consumption at the market end, the intelligent upgrading of the power grid, and the active investment in power engineering to strengthen the demand support for power robots, we expect that the market space for power inspection robots is expected to exceed 10 billion yuan by 2025. 2) in the field of rail transit, under the background of the national strategy of "traffic power", the trend of intelligent upgrading of rail transit equipment has been significantly deepened; driven by factors such as the continuous expansion of the scale of the road network and the increasing mileage of operation, the rail transit intelligent inspection robot market is expected to usher in accelerated expansion.

The company's competitive advantage: long-term ploughing the field of artificial intelligence, product technology advantages accumulated profound 1) R & D advantages: the company has formed a core technology system including artificial intelligence and robot technology, built a comprehensive inspection digital simulation platform, multi-source sensor fusion positioning and navigation technology platform, external technical cooperation with Zhejiang University and other universities to accelerate the expansion of technology reserve. 2) location advantages:

As the leader of electric robot in Zhejiang Province, the company fully benefits from the intelligence of the area first, and actively expand the market outside the province. 3) Product layout: the breadth and depth of the company's product layout are expanded synchronously, and the electric robot extends from the inspection side to the working side. 4) first-mover advantages: the company first lays out the blue ocean market for rail robots and cultivates the second growth curve; it has reached a strategic cooperation relationship with China Railway Shanghai Design Institute, and successfully won the 10 million rail transit order in 2022, and 350 rail intelligent inspection robot production expansion project is promoted in an orderly manner, which is expected to form a new performance growth point.

Investment suggestion: the company's operating income is expected to be 5.89 / 10.55 / 1.386 billion yuan from 2022 to 2024, and the net profit is 0.26 / 1.97 / 282 million yuan, corresponding to EPS 0.18 / 1.34 / 1.92 yuan. Optimistic about the promotion of the company's "industrial health" strategy, the omni-directional layout of "sea, land and air tunnel" products and the blue ocean market development of rail transit robots, with reference to the comparable company valuation, it will be given 30 times PE in 2023, corresponding to the target price of 40 yuan, covered for the first time, and given a "buy" rating.

Risk hint: the risk of macroeconomic fluctuation, the risk of seasonal fluctuation of main business income, the risk that new market development is less than expected, the balance of accounts receivable is large, and there is a certain subjective risk in measurement.