柯力传感20241217

Key Points Company and Industry Overview 1. Company Overview: Keli Sensing is a leading domestic force sensor company with a market share of 1st place. It has a high, medium, and low-end brand combination, achieving differentiated competition. The company's revenue and profit have steadily grown, with a compound annual growth rate (CAGR) of 6.55% in revenue and 15% in net profit from 2014 to 2023. The gross margin and net profit margin have continued to improve. Keli Sensing is actively diversifying its business, transforming from a single-force sensor to a multi-physical quantity sensor, and providing industrial internet solutions to enhance profitability. The company has a global layout, with overseas sales accounting for 30% and has completed quality system certifications in various countries, continuously expanding the international market. Keli Sensing is actively researching and developing new products such as six-axis force sensors and has sent samples for testing with customers such as Huawei, exploring new growth points. The company has expanded its business through mergers and acquisitions, but needs to pay attention to the performance guarantee and goodwill risk of subsidiaries. Keli Sensing has a wide layout of the Internet of Things ecosystem, establishing ten IoT business units to provide a comprehensive solution and enhance customer stickiness [2]. 2. Industry Overview: The company's main business is force sensors and related instruments, accounting for more than 60% of total revenue; followed by industrial internet and system integration, accounting for 30%; and other physical quantity sensors and miscellaneous businesses accounting for about 10% [3]. The company has maintained the first market share in the domestic force sensor market since 2001 and has continuously launched multi-physical quantity sensors such as tensile and tilt, weight and tilt, etc. In addition, the company has also invested in and participated in the fields of light curtain sensors, pressure sensors, Zhongshan food automation production lines, and coal mine Internet of Things through mergers and acquisitions to achieve transformation [3]. 3. Market Size and Growth: The market size of the industry is large, with a compound annual growth rate of about 10%, and the total market size is about 50 billion yuan. There are many types of sensors, including force sensors, temperature sensors, acoustic sensors, optical sensors, inertial sensors, and position sensors, with wide downstream application fields. With the development of cutting-edge technologies such as artificial intelligence, the Internet of Things, and 5G, the market size remains stable and continues to grow [9]. Core Views and Arguments 1. Market Position and Core Competitiveness: Keli Sensing maintains the first market share in the domestic force sensor market and has high-end, medium-end, and high-cost performance brands to open up the market and achieve differentiated competition. The company has a sound overseas sales network, including Asia, Europe, America, Oceania, and Africa, and has completed quality system certifications in various countries, which helps to open up the overseas market. Currently, overseas sales account for 30%. In addition, the company actively transforms through mergers and acquisitions, from a single physical quantity to a multi-physical quantity layout, providing industrial internet solutions, improving customer stickiness, and enhancing profitability [4]. 2. Future Growth Points: The main growth points come from the following aspects: first, the continuous launch of new multi-physical quantity products such as six-axis force sensors, and the testing of samples with customers such as Huawei; second, expanding the business scope through mergers and acquisitions to increase the contribution of subsidiaries' performance; and third, increasing the proportion of overseas sales to further expand in the global market. In addition, the company's traditional business such as force sensors will still maintain stable growth, providing support for overall performance [5]. 3. Response to Macroeconomic Environment Changes: As a general product, the demand for force sensors is greatly affected by macroeconomic fluctuations. For example, in 2023, due to economic downturn, the shipment volume decreased by 15%, and related instruments decreased by 31%. To respond to this situation, the company actively expands diversified businesses, expands new fields through mergers and acquisitions, and increases the proportion of overseas sales to diversify risks. In addition, the company relies on its many years of accumulated market network and brand advantages, as well as high gross margin and net profit margin levels, to maintain strong profitability in the face of short-term economic fluctuations [6]. Other Important Content 1. Recent Important Measures or Plans: The company has actively transformed through mergers and acquisitions, from a single physical quantity to a multi-physical quantity layout, including the development of new products such as six-axis force sensors. At the same time, it has conducted sample testing with customers such as Huawei to open up new growth space. In addition, the company continuously improves its global sales network and increases the proportion of overseas income. Currently, it has completed quality system certifications in various countries, which helps to further open up the international market. These measures will help the company enhance its overall competitiveness and achieve long-term stable growth [7]. 2. Development Trends and Potential Risks of Subsidiaries: With the advancement of strategic layout, the number of subsidiaries may increase, but there are also certain risks. Many companies will involve performance guarantee in the process of acquisition or participation, and some companies may not be able to complete the expected performance. In addition, goodwill may also be relatively high. However, at present, most subsidiaries have completed the performance guarantee, indicating that the company has strong strategic investment vision and external investment capabilities. This strong strategic investment capability can ensure the growth of the company and make business expansion and transformation more smooth [8]. 3. Application of Flow and Pressure Sensors: Flow sensors and pressure sensors have a high proportion in downstream applications. Flow sensors account for about 21% of downstream applications, while pressure sensors account for 15%. With a total market size of 500 billion yuan, the market space for industrial pressure and force sensors is at least 70-80 billion yuan. Therefore, the company's industry track has the space to support rapid growth. Currently, the company's revenue is about 1 billion yuan, and its market share is the first in the country, but there is still room for improvement [10]. 4. Advantages and Development Potential of Keli Sensing in the Sensor Field: Keli Sensing has significant competitive advantages in the sensor field. First, the company has strong financial strength, as a listed company, its cash flow and revenue performance are excellent, which provides strong guarantees for its scaled production. Compared with many first-tier companies, due to difficulties in financing, production capacity expansion is limited, while Keli Sensing can continuously support the improvement of research and development and production capabilities. Second, the company actively lays out multi-physical quantity sensors, transforming from a single-force sensor company to a platform-type company, continuously enhancing product categories. This not only helps to expand industrial Internet and other businesses but also provides integrated solutions for downstream customers to improve customer stickiness. In addition, the company has established multiple industrial parks, such as Ningbo, Shenzhen, and Zhengzhou, and has centralized the subsidiaries acquired through mergers and acquisitions in industrial parks to strengthen internal collaboration. At the same time, it is convenient for customers to enter, further understand customer needs, and provide customized solutions. This three-dimensional strategic layout helps to increase customer stickiness and improve solution capabilities. Finally, the company has laid out 6 "1" sensors in the field of humanoid robots, which will greatly expand the company's future development space. According to the forecast, the company's net profit in 2024, 2025, and 2026 will be 300 million yuan, 360 million yuan, and 450 million yuan respectively. Currently, the valuation level is high, but if there is a correction, it will be an opportunity for investors to intervene. With the development of related events in the field of humanoid robots, it is expected to further promote the growth of the company [22]. 5. Specific Layout of Keli Sensing in the Internet of Things Ecosystem: Keli Sensing has made a wide layout in the Internet of Things ecosystem. The company has established ten IoT business units, entering multiple fields through investment and mergers and acquisitions, including non-stop detection, lithium battery crane unmanned operation, logistics warehousing, and industrial robots. These layouts enable the company to provide comprehensive one-stop solutions for customers and enhance customer stickiness. In addition, the company has strengthened internal collaboration and external cooperation through the construction of industrial parks. Industrial parks have been established in Ningbo, Shenzhen, Zhengzhou, and other places, and the subsidiaries acquired through mergers and acquisitions are centralized for management. At the same time, customers are attracted to enter, which not only improves internal efficiency but also shortens the distance with customers, enabling the company to better understand and meet customer needs, and provide more customized, efficient solutions. This vertical integration and horizontal expansion development strategy enables Keli Sensing to continuously promote the construction of its Internet of Things ecosystem, laying a solid foundation for future development [23].