Yi Jiahe (603666): The ubiquitous IoT mainline robot emerges from the upstart Blue Ocean

Yi Jiahe (603666): The ubiquitous IoT mainline robot emerges from the upstart Blue Ocean

Relative industry indicators are far better than electricity meters, and electric power professional service robots are the main line of the ubiquitous electric power Internet of Things perception layer, which is an investment direction ignored by the market.

The perception layer is an important foundation for the construction of the national grid in the electric power Internet of Things. The electric power professional service robot industry has high-quality features such as low penetration, high technical barriers, large market space, high gross profit margin, and concentrated industry structure. The industry space in the next five years will exceed400 ppm, which is highly related to 5G construction, is of great significance to the improvement of grid operation efficiency.

The dark horse of the professional service robot for electric power, the participants of “ubiquitous” strength emerged.

Yijia and the power inspection robot technology team before 2014 completed the research and development of inspection robot products in a short period of time and gained a place in the industry. In 2018, the company launched live-operating robot products, and subsequently achieved mass production in 2019.R & D advantage is the company’s core competitiveness.

The new product live-working robot cooperates with Guodian NARI and Tianjin Sanyuan to achieve a strong alliance to open the sales channel of the State Grid.

On November 21, 2019, the three parties established a joint venture 南京桑拿网 company-State Grid Ruijia (Tianjin). Guodian NARI mainly provides market resources. Yijiahe has mature products and mass production capabilities. Sanyuan Power is on the key technologies of live working robots.R & D strength is outstanding.

It is estimated that the market space for live-operating robots in 2019-2024 will exceed 20 billion U.S. dollars. State Grid Ruijia is currently the only company to launch mass-produced products, winning the blue ocean.

Investment suggestion: 2020 is a “ubiquitous” breakthrough year. We believe that electric power professional service robots will be the main line of the perception layer. Especially, the space for live working robots has a lot of space. Yijiahe is the leader in the industry and the only one in the industry.Listed scarce targets are expected to fully benefit.

We have adjusted our profit forecast and expect the company’s net profit for 2019-2021 to be 2.


3, 6.

30,000 yuan, the budget income is 2 respectively.

61, 4.

37, 6.

39. The PEs calculated based on the closing prices on January 14, 2020 were 33 respectively.

3, 19.

8, 13.

6 times, maintain prudent overweight rating.

Risk warning: The market outside the province is less than expected, the amount of robot restructuring is less than expected, and industry competition is intensifying.