Yijiahe (603666) Annual Report Comments: Power Grid Inspection Guardian Ubiquitous Strength Players

Yijiahe (603666) Annual Report 杭州养生会所 Comments: Power Grid Inspection Guardian Ubiquitous Strength Players

The company released the 2018 annual report: operating income5.

50,000 yuan, an increase of 35 in ten years.

10%; net profit attributable to mother is 1.

840,000 yuan, an increase of 32 in ten years.

40%, performance in line with market expectations.

Both the volume and price of robot products increased, driving high revenue growth.

From 15 to 18, the company’s sales volume of robot products and the average unit price growth rate were 96.

08% / 12.

48%, during this period, the company’s revenue and performance compound growth rate reached 46.

47% / 108.


The company sold 490 robots in 18 years, contributing 4.

5.6 billion in revenue, 90% of business.

The reason for the slight decrease in gross profit margin in 18 years was due to the increase of multiple applications on one machine.

The company’s overall gross profit margin in 2018 was 61.

55%, ten-year average.

67pct, the reason is that the customer has expanded the scope of multi-station application of one machine, and the proportion of intelligent transformation business with reduced gross profit margin has increased the overall gross profit margin level.

R & D and sales promotion continue to increase, products continue to iterate + expand business outside the province.

The company’s 18-year R & D and sales expenses have increased to zero.


380,000 yuan, the compound growth rate of R & D and sales expenses in the past three years was 44.

46% / 63.

51%, the proportion of R & D and sales staff increased to 37.

50% / 11.

36%, showing the company’s determination to vigorously develop business outside the province while maintaining its advantages in the province.

Strategic core products have been launched, and business areas will continue to expand in the future.

The company released a broadband live-operating robot in 19 years to realize the leap from data acquisition to autonomous motion operations. After the power inspection field, it has laid out logistics, warehousing, and fire protection business areas. It will continue to deploy new products to the medical field in the future.

Investment suggestion: The company is a domestic professional supplier of power inspection robots. Through the flooding in the construction of the power Internet of Things, the important advantages of inspection robot products as the perception layer will fully benefit.

We expect the company’s net profit for 2019-2021 to be 2 respectively.



77 trillion, EPS is 2 respectively.



86, corresponding to the closing price of April 15, 2019, PE is 25.


1x coverage for the first time, giving a prudent overweight rating.
Risk reminder: The market outside the province is worse than expected, the national grid investment fluctuates, and market competition intensifies

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