Goldcard(SZ:300349)2024-04-24 07:30Investment Rating - The report gives a "Recommend" rating for the company JinKa Intelligent (300349) [4] Core Viewpoints - JinKa Intelligent is a leading domestic smart gas meter company, diversifying into water and energy measurement solutions [4] - The company has a first-mover advantage in NB-IoT technology, holding the largest global market share in smart gas meters [14][17] - The company is experiencing steady growth in performance, with significant breakthroughs in digital water services [26] Summary by Sections 1. Domestic Smart Gas Meter Leader, Diversified Development in Water and Energy Measurement - JinKa Intelligent was established in 1997 and focuses on providing comprehensive solutions for gas, water, and energy measurement [14] - The company has deployed over 15 million NB-IoT smart gas meters and has expanded into the smart water sector through strategic partnerships [4][14] 2. Smart Gas Meters: Domestic Market Scale Exceeds 100 Billion - The domestic smart gas meter market reached approximately 10.6 billion in 2022, with expectations to exceed 20 billion by 2026, reflecting a CAGR of 17.9% [3][53] - The penetration rate of smart gas meters has increased by about 40% over the past decade, with the market expected to continue growing due to urbanization and policy support [51][56] 3. Smart Water Meters: Significant Growth Potential - The domestic smart water meter market is projected to reach 40 billion by 2027, with a CAGR of 21.5% [4][56] - The penetration rate of smart water meters is currently lower than that of smart gas meters, indicating substantial room for growth [4][56] 4. Quality Flow Meters: Urgent Need for Domestic Alternatives - The domestic flow meter market is expected to approach 12 billion by 2025, with quality flow meters accounting for about 30% of the market [6] - The hydrogen energy sector is seen as a critical area for future growth, with increasing demand for precise measurement instruments [6] 5. Financial Forecast and Valuation Analysis - The company is projected to achieve revenues of 39.3 billion, 49.3 billion, and 62 billion from 2024 to 2026, with corresponding net profits of 5.3 billion, 7 billion, and 9 billion [6] - The report anticipates a PE ratio of 10.5x, 7.93x, and 6.16x for the same period, indicating strong growth potential [6] 6. Shareholder Structure and Incentives - The top ten shareholders hold a combined 53.3% of the total shares, indicating a relatively dispersed ownership structure [31] - The company has implemented an equity incentive plan to align the interests of executives and key technical personnel with company performance [38]