The performance of the "Windskou Research Report · Company" has increased by 84%in the first half of the year, and the demand in the second half of the year may double.Peak in quantity

The performance in the first half of the year has increased by 84%, and the demand in the second half of the year may double. The gross profit margin of multiple intelligent operation and maintenance links such as the company's card position is 60%+. In 2025, the potential market space exceeds 40 billion yuan. The self -control rate of the entire product line is as high as 90%, and it is expected to enjoy the traditional wind power grid peak in the second half of the year.

Company essence:

① On July 24th, the company released the semi -annual report. In the first half of 2022, the company realized revenue of 209 million yuan, an increase of 46.18%year -on -year, and the net profit attributable to the mother was 33 million yuan, an increase of 84%year -on -year. The company's industrial intelligence operation and maintenance PHM is an indispensable part of intelligent manufacturing;

② Li Lujing, Tianfeng Securities, believes that the wind power industry has a high degree of correlation with the company's products. According to the data of the National Energy Administration, the capacity of the new wind increase machine in January to June 2022 is 12.94GW, a year-on-year increase of 19.37%. 50-55GW, 7GW offshore wind power machine, and about 44GW installation volume in the second half of the year, optimistic about the volume of wind power demand in the second half of the year;

③ The focus of intelligent operation and maintenance is to "data collection and transmission" and "data analysis processing". The company has opened up the entire sensor product line with a self -control rate of 90%. The industry has a layout, which is expected to form a Matthew effect of the strong Hengqiang;

④ Li Lujing predicted that the company's net profit from the company from 2022-2024 was 1.20/1.58/2.1 billion yuan, an increase of 47.82%/31.27%/40.86%year-on-year, and the corresponding PE was 41/31/22 times;

⑤ Risk reminder: Technological development is not as good as expected and industry competition has intensified.

Event: On July 24th, Rong Zhiri Xin (688768) released the 2022 semi -annual report. In the first half of 2022, the company realized revenue of 209 million yuan, an increase of 46.18%year -on -year; net profit at home was 33 million yuan, an increase of 84%year -on -year.

Tianfeng Securities Li Lujing is optimistic about the company's industrial intelligent operation and maintenance PHM is an indispensable part of intelligent manufacturing, and the industry needs is strong. Compared with the traditional maintenance mode, PHM will transform the maintenance mode from event -based maintenance (after -after repair), time -driven maintenance (regular maintenance), etc., such as fault detection and diagnosis based on the current health state. Essence

The self -control rate of the company's sensor is as high as 90%, and it is the first to have a layout in many industries such as wind power, petrochemical, metallurgy, and cement. From the perspective of the wind power industry, from January to June 2022, the capacity of the new air-growth machine installation machine in the country was 12.94GW. Compared with the same period last year, the company's related business ushered in a high demand.

According to estimates, by 2025, the potential market space of PHM potential market space in industries such as wind power, steel, coal, and petrochemical industries will exceed 40 billion yuan. As a leading enterprise in third -party operation and maintenance, the number of core competitiveness care equipment and leading technology industry are expected to fully benefit from industry dividends.

Li Lujing predicted that the company's net profit was 1.20/1.58/2.1 billion yuan from 2022-2024, an increase of 47.82%/31.27%/40.86%year-on-year, and the corresponding PE was 41/31/22 times.

The amount of new wind power installed machine increased year -on -year, and the company's product demand continued to be strong

The company's product acts on the operation and maintenance of the wind farm construction, so the index of wind power loading machine is more in line with the company's product demand. According to data from the National Energy Administration, the capacity of the new air-growth machine installed machine in January to June 2022 was 12.94GW, a year-on-year increase of 19.37%.

In the first half of the year, the wind power bidding was at a high level, but the construction volume was slightly less than expected due to the multiple factors. In the second half of the year, the traditional wind power grid peak was expected to usher in the peak of grid -connected amount in the second half of the year.

Li Lujing predicts that the land installed on land will reach 50-55GW throughout the year, 7GW offshore wind power machine, and about 44GW installed capacity in the second half of the year, which is optimistic about the volume of wind power demand in the second half of the year.

PHM tens of billions of blue sea market, the company is expected to become a third -party operation and maintenance giant

The working principle of PHM is: through RUL prediction, the company can determine the best maintenance timing and plan according to the expected period before the device fails; on the other hand, there will be a certain sign before the failure. Before the failure, the cause and location of the failure can be predicted.

In summary, the realization of diagnosis and prediction functions requires two major links: "data collection and transmission" and "data analysis processing". Based on:

① The company's system is complete. It has opened up the entire product line and built a complete product system that covers sensors, data collectors, data transmission equipment, data analysis software, and intelligent diagnostic platforms. The home system is as high as 90%.

② The company's products have taken the lead in layout more than ten industries such as wind power, petrochemical, metallurgy, cement, coal, and rail transit. There are certain barriers to different industries before. In the early days of domestic PHM development Matthew effect.

In the first half of 2022, the expansion of the company's metallurgy, coal, cement, petrochemical, wind power and other industries further accelerated.At the same time as the industry expansion accelerated, the company's gross profit margin in the first half of 2022 was 61.42%and 61.58%in the second quarter, an increase of 0.84pct, further proved the company's strong product power and industry expansion capabilities.

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