Summary of Keda Control Conference Call Company Overview - Keda Control is a high-tech enterprise located in Taiyuan, Shanxi, specializing in smart mining, smart cities, and IoT, with smart mining accounting for over 60% of its business [4][2][3]. Core Business and Products - The company’s core products in the smart mining sector include: - Intelligent explosion-proof products - Control systems - Unmanned systems for production - Integrated management platforms - 5G communication systems - AI model analysis systems - Safety information management systems - Mining robots - Video AI analysis systems [2][4]. New Energy Charging and Swapping Business - Keda Control entered the new energy charging and swapping sector in 2022, investing approximately 400-500 million CNY in self-operated projects, focusing on community two-wheeled vehicle charging and heavy truck charging [2][6]. - The company has installed over 150,000 devices across 20 provinces, serving over 7 million regular customers and 10 million registered users, positioning itself as a leader in community charging and swapping [6]. Mining Robot Development - Keda Control collaborates with Yushu Technology to develop intelligent robots addressing challenges in complex and hazardous underground environments, aiming to enhance safety and reduce labor costs [2][9]. - The market for mining robots is substantial, with each mine requiring at least 10 inspection robots priced around 1 million CNY each, indicating a significant market capacity [11][12]. Financial Performance and Market Trends - The company’s performance is closely tied to the coal industry’s health, with coal prices having bottomed out in June 2025 and showing signs of recovery [17][18]. - Increased bidding activities and project investments are expected if coal companies recover by the end of the year, potentially improving Keda Control's performance in 2026 [3][18]. Acquisition of Haitu Technology - Keda Control is acquiring Haitu Technology to reduce costs and expand its application of intelligent technology into sectors like railways, military, and chemicals [5][19]. - This acquisition is expected to create synergies between Haitu's AI visual technology and Keda's AI solutions, enhancing both companies' market positions [19]. Challenges and Future Plans - The mining robot sector faces technical challenges, including autonomous capabilities, explosion-proof design, lightweight materials, and underground positioning and communication systems [14]. - Keda Control plans to establish a research and development base and aims to conduct underground trials by the end of next year, with a focus on overcoming these challenges [10][13]. Competitive Landscape in Charging Business - The charging station business is competitive, with declining profit margins due to regulatory changes and increased quality requirements [20]. - Keda Control is focusing on community charging, which offers more stability, and is implementing strategies to enhance operational efficiency and profitability [21]. Revenue Projections - Currently, Keda Control has four robot models generating approximately 10 million CNY in revenue, with plans to separately report robot product revenues starting in 2025 [21]. - The anticipated price for the multi-legged robot is over 1 million CNY, with an expected gross margin of around 50% [22]. Conclusion - Keda Control is strategically positioned in the smart mining and new energy sectors, with significant growth potential through technological advancements and market recovery in the coal industry. The company's focus on innovation and strategic partnerships is expected to drive future performance and market expansion [2][3][19].
科达自控20251013