Keli Sensing Technology (Ningbo) (SH:603662) Guotou Securities·2024-05-30 07:30Investment Rating - The report assigns an "Accumulate-A" rating to the company with a target price of 33.8 CNY, based on a 25 times PE for 2024 [4][5]. Core Views - The company is a leading player in the domestic strain gauge sensor market, maintaining the top market share in weighing sensors for over 14 years. It is transitioning from a single physical quantity sensor company to a multi-physical quantity sensor enterprise, while also developing an industrial IoT ecosystem [1][2][5]. - The company is actively seizing opportunities in the humanoid robotics sector, accelerating the development of multi-dimensional force sensors and exploring investment opportunities related to robotics sensors [1][5]. Summary by Sections 1. Domestic Strain Gauge Sensor Leader - The company has a market share of approximately 25% in the domestic strain gauge sensor market as of 2022, with a revenue of 1.06 billion CNY in 2022, reflecting a compound annual growth rate (CAGR) of 7.13% from 2018 to 2023 [23][29]. - The company has established a stable industry position through high R&D investment and a differentiated brand strategy, covering both domestic and international markets [2][23]. 2. Steady Growth of Strain Gauge Sensors - The domestic strain gauge sensor market reached 3.057 billion CNY in 2022, growing by 15.8% year-on-year, with a CAGR of 13.42% from 2018 to 2022 [2][20]. - The company’s revenue from strain gauge sensors accounted for over 50% of total revenue in 2022, with a slight decrease in market share from 56.4% in 2021 to 52.2% in 2022 [30][33]. 3. Advancing Multi-Physical Quantity Sensors - The company is transitioning to a multi-physical quantity sensor enterprise, with significant investments in various sensor types, including torque and multi-dimensional sensors [3][18]. - The company has established an intelligent sensor industry brain platform to enhance its IoT capabilities, with over 3,000 enterprises linked to the platform by the end of 2023 [18][21]. 4. Financial Performance and Forecast - The company’s net profit is projected to grow from 312.4 million CNY in 2023 to 548 million CNY in 2026, with corresponding year-on-year growth rates of 21.8%, 19.7%, and 20.3% [5][20]. - The company’s gross profit margin has been steadily increasing, with a net profit margin of 29.1% in 2023 [20][29].