Yijiahe (603666) Company Comments: Accelerating the Expansion of Live Working Robots in the State Grid Sales Channel
Key Investment Events: Recently, the company announced that it has jointly established a joint venture company with Guodian Nanrui Technology Co., Ltd. (hereinafter referred to as “Guodian Nanrui”) and Tianjin Sanyuan Power Group Co., Ltd. (hereinafter referred to as “Sanyuan Power”).Guodian Nanrui and Sanyuan Power account for 40%, 40% and 20%, respectively, and will conduct research and development, manufacturing, application and technical services of live working robots.
The company launched live working robots to solve the pain points in the industry, occupying a domestic gap, and the market space is expected to reach 20-30 billion yuan.
Live work is to perform uninterrupted maintenance, component replacement or testing on high-voltage electrical equipment.
With the increase of people’s requirements for safety and reliability, it is an industry challenge to deal with power grid failures without interruption and improve reliability.
In March 2019, the company launched a broadband live working robot that uses a robotic arm to grasp and replace different tools to ensure that while the power is normally supplied, it can replace the operator to complete a variety of complex and dangerous high-altitude live working tasks such as crossover and overlap of branch lines.It solves the industry’s pain points and is a built-in domestic broadband broadband live operation solution.
The introduction of live working robots is a leap from the company’s electric power inspection to the self-powered troubleshooting of electric power, and it has now taken the lead in this field.
Based on the calculation of the number of live working teams and the unit price of live working robots each year, the domestic live working robot market capacity is expected to reach 20 to 30 billion, with broad 苏州夜网论坛 prospects for development.
Established a joint venture company to promote accelerated volume of charged robots.
According to the company announcement, the joint venture company will carry out research and development, manufacturing, application and technical services of live working robots.
In addition, the joint venture agreement stipulates that, with regard to the prohibition of competition, the two joint ventures agree that each of them shall not conduct the research and development, production, and sales of the entire live working robot.
Therefore, the three companies ‘respective live-operating robot business will only be carried out through joint ventures, which will help the company integrate the resources of all parties, make full use of the advantages of both parties, further expand its business in the field of 北京夜网 live-operating robots, and accelerate the development of live-operating robot productsAnd industrialization.
We believe that through the joint venture platform, the company’s live-operating robots are expected to accelerate the volume, and future growth is worth looking forward to.
The ubiquitous electric power Internet of Things has become a new investment for State Grid, and the company’s inspection robots are trying to fully benefit.
In March 2019, the State Grid was connected to the Ubiquitous Electricity IoT construction work and deployed a video conference. Kou Wei, the chairman of the State Grid Corporation, pointed out at the meeting that the most urgent and urgent task of the State Grid is to accelerate the promotion of ubiquitous power.Creation of Internet of Things.
We believe that the ubiquitous electric power Internet of Things is a further extension of the smart grid. Substation / distribution stations are connected, unmanned inspections, intelligent operation and maintenance, human-machine interaction, and basic data services have become investment priorities.
The company’s intelligent inspection robots and intelligent services can improve the unified data collection and integration, mass information processing, and system integration technologies of the intelligent power grid. At the same time, it can replace power transmission, power transformation, and replacement in the “discrete development focus”.Online monitoring of equipment operating conditions and the external environment, improving early warning capabilities and informatization levels, are an important part of the development of smart grids, thereby fully benefiting from the flood of power IoT construction processes.
Maintain “Buy” rating.
The establishment of a joint venture company is conducive to the research and development and industrialization of fast live working robot products. The company’s live working robots promote accelerated volume, and future growth is worth looking forward to.
The company’s net profit is expected to be 2 in 2019-2021.
3.6 billion, 3.
05 billion, 4.
2.0 billion, corresponding to PE, 28, 22, 16 times.
Risk reminder: The market growth rate is lower than expected risk, Jiangsu Province ‘s inspection robot promotion is lower than expected risk, customer concentration is higher risk, business area concentration is higher risk, and out-of-province market development is lower than expected risk.