It is a leading company in adaptable sensors, ranking first in the country in terms of market share. The company started in the strain gauge load cell industry and expanded downstream services such as system integration and weighing instruments. According to data from the Joint Research Network and the company's WeChat public platform, the domestic adaptive sensor market space exceeded 3 billion yuan in '22, and the company's market share was over 25%, ranking first in China. At the same time, the company has high profitability and strong ROE characteristics among comparable domestic companies, and the gross margin of 23Q1-3 has reached a new high since listing.
Expand multi-physical sensor products horizontally and dig deeper into IoT requirements vertically. On the product side, the products of the company and its subsidiaries include more than ten types of light curtains, optoelectronics, current, gas, etc., and the integration of multi-physical sensors raises the growth ceiling; on the scenario side, the company digs deep into the upstream and downstream industrial chain. Subsidiaries involve upstream chips, software companies, and downstream intelligent manufacturing scenarios for mines, food, and powders, feeding back the development of the company's sensor business through scenario development.
Establish a sensor industry ecosystem and follow the path of development of international sensor giants. The sensor circuit has the characteristics of many products and high barriers. Investment and acquisition has become one of the important development ideas for overseas sensor giants such as Amphenol and Tyco Electronics. The company anchors the sensor track, invests in subsidiaries, and jointly builds a sensor “industrial brain” platform. As of the end of August 23, the company had invested in 31 subsidiaries, held 2-3 companies in its main business, and continued to grow at a rate of 3-4 shares each year.
Take the market as a guide and embrace the “new opportunities” of humanoid robots. The industrialization of humanoid robots is driving the continuous expansion of the sensor market. On the product side, the company already has sensors such as weight measurement, static torque, and multi-dimensional force; at the same time, it is seeking foreign investment opportunities in the field of tactile and visual sensors. On the application side, Kexuan Intelligence, a holding subsidiary of the company, is deeply involved in the field of industrial robots to provide the company with downstream experience. Jointly accelerate the company's revenue in the robot sensor field from 10 million to 100 million.
Profit forecast: The company is expected to achieve net profit of 3.26/3.97/494 million yuan and EPS of 1.15/1.40/1.75 yuan/share in 23-25. Referring to comparable company valuations, the company was given 27xPE for 24 years, corresponding to a reasonable value of 37.91 yuan/share, covered for the first time, and given a “buy” rating.
Risk warning: economic downturn risk in major export regions; risk of exchange rate fluctuations; risk of rising costs due to fluctuations in raw material prices; risk of fluctuations in smart logistics system business performance, etc.