The company is the leader of electric power intelligent monitoring equipment. At present, the business of Future layout Industrial Health Company is mainly focused on the field of smart grid, and its products include intelligent inspection robots, intelligent power monitoring and control equipment and other robots such as rail crossing. The company's intelligent inspection robot products have a share of more than 60% in Zhejiang Province, ranking first in the market share.
The company's performance has maintained long-term rapid growth. In 2020, the company's operating income was 612 million yuan, an increase of 51.18% over the same period last year, while net profit in the same period was 162 million yuan, an increase of 43.39% over the same period last year.
From 2014 to 2020, the company's income CAGR was 33.75%, and the return net profit CAGR was 56.13%. The growth rate of the company's net profit is higher, mainly due to the higher profit margin of the company's intelligent inspection robot, and the increase in its share of income leads to the enhancement of the company's profitability.
Relying on the technical accumulation of intelligent inspection in the field of electric power, the company began to expand rail transit, oil and gas chemical industry and other fields. In the future, the company will focus on "inspection", make a comprehensive layout of industrial health, and work together to drive performance growth in many fields.
Electric power intelligent monitoring equipment will accelerate penetration, the company is based in Zhejiang to expand the country in the power grid intelligent transformation, the traditional power grid manual inspection mode of high security risk, low efficiency, poor quality, high cost, will be gradually replaced, the penetration of electric power intelligent monitoring equipment will continue to improve. The company ploughs deeply into the field of smart grid, and has two business sections: intelligent power monitoring and control equipment and intelligent inspection robot, which jointly serve the intelligent monitoring of electric power and achieve full coverage of fixed end and mobile end, and the product demand is growing continuously.
Secondly, the company's intelligent robot has achieved the leap from "patrol inspection" to "operation", and the upgrading of functions will bring new performance increments. In addition, the company's products rely on the successful application experience in Zhejiang Province to accelerate the expansion of areas outside the province. In 2020, non-provincial business achieved milestone progress, and the proportion of revenue outside the province increased from 9.06% to 40.19%. The continuous expansion of business outside the province is worth looking forward to.
Rail transit industry is the blue ocean of intelligent patrol robot, which contributes to the continuous growth of domestic urban rail transit and railway operation scale, and the demand for operation and maintenance is generated synchronously. At present, the maintenance mode of the rail transportation industry depends too much on manpower, which requires a lot of labor, and the quality can not be guaranteed. In recent years, the policy actively promotes the intellectualization of rail transit, and the gap is huge. The rail transit inspection robot market has just started, with a market space of 10 billion yuan, and the company's products have advantages in technology and performance-to-price ratio. at present, the feedback is good in the subway trial, and it is expected to expand in the future, which will become a new growth point of the company.
Investment suggestion: it is estimated that from 2021 to 2023, the company's operating income will be 8.67,12.45 and 1.859 billion yuan respectively, which is + 41.70%, + 43.70% and + 49.28% respectively compared with the same period last year; the net profit of the company will be 2.27,3.29 and 484 million yuan respectively, and the year-on-year net profit will be + 39.96%, + 44.87% and + 47.28% respectively; and the corresponding PE will be 21.1,14.5 and 9.9 respectively.
Risk tips: the risk of relying on the power industry and power grid companies; the risk of unsmooth business development; the risk of concentration in the business area.
