【行业研究报告】基康仪器-安全监测细分领域行业领先,“自主研发+布局广阔+客户优质”构筑核心壁垒

类型: 深度研究

机构: 东吴证券国际经纪

发表时间: 2023-02-27 00:00:00

更新时间: 2023-02-27 22:10:46

Keywords:#newproducts,technology,clients
InvestmentThesis
◼Sensorandintelligentinstrumentindustry:supportfromrelatedpoliciesand
◼Sensorandintelligentinstrumentindustry:supportfromrelatedpoliciesand
optimizationofindustrialstructureleadtoextensivedownstreamdemand.1)China
hasputforwardaseriesofsupportivepoliciessince2016toencouragethedigitalization
andintelligentdevelopmentofmanufacturingindustry.2)Growthofsensorindustryin
Chinaishigherthanglobalaverage,withastableshareofintelligentsensors.Weexpect
marketsizeofsensorinChinatoincreasefromRmb218.9bnin2019toRmb404.5bnin
2023,withaCAGRof17%,higherthantheglobalaverageof8%.Theintelligentsensor
takesaccountfor>35%ofoverallmarketin2021(vs.globalaverageof24%).3)Sensors
canbeappliedtoawiderangeofdownstreamindustries,includingenergy,water
conservancy,transportation,smartcities,geologicaldisasters,etc.Energy:remarkable
trendofrenewableswithcapacityofgrid-connectedwindpowerplants(≥6000kW)
increasedfrom29.58mnkWin2010to328.48mnkWin2021,withaCAGRof24.5%.
Stablegrowthofwaterconservancy/roadconstruction:waterconservancyconstruction
investment/fixedassetinvestmentincreasedfromRmb345.2bn/1.26tnin2011to
Rmb757.6bn/2.60tnin2021,withaCAGRof8.2%/7.5%.Rapidly-developedsmart-city
market:marketsizeincreasedfromRmb3.5tnin2017toRmb21.1tnin2021,withaCAGR
of56.7%andforecasted2021-23CAGRof16.4%.
◼Corecompetitiveness:independentR&D,hightechnicalbarriers,broadlayoutof
service,andoutstandingcustomerresources.1)Product:fourmaincategoriesfor
intelligentmonitoringdevices:monitoringsensors,datacollectionequipment,safety
managementsoftwareandG-cloudplatform.Comparingwithpeers,GeoKonenjoys
significantadvantagesinmoreadaptablesensors,strongercollectorcompatibility,and
moreeffectivesupervisionofG-cloudplatformwithlowercostandhigherefficiency.2)
Technology:withfivecoretechnologiesandfurtherinnovation,GeoKonenhancesthe
stability,adaptability,andreliabilityofthevibratingstringsensor,andimprovesthe
sensitivity,transmissiondistanceandanti-interferenceofthefibergratingsensor,aswell
astheaccuracy,compatibility,andapplicabilityofthecollectiondevicethroughthe
applicationofIoTintegrationtechnologyandcloudplatform.3)Service:forsub-fieldsof
monitoringsensor,GeoKoncontinuestoexpandthescenariosandgeographicalscopeof
specificuse.GeoKonhasahighmarketshareinwaterconservancyandenergysectors,
andstillhasgreatpotentialinthedevelopmentoftransportationandsmartcity.4)Client:
SOE,governmentdepartmentsandinstitutionsconstitutesGeoKon'smajorandstable
clients.Numberofcustomersremainsstableas923/866/956in2019-21,mainlyfromthe
waterconservancy,energy,andtransportationsectors.GeoKon'sproductsaremainlyfor
industrialuse,ofwhichclientspaymoreattentiontotheproductioncapacity,qualityand
after-salesservice,withlessemphasisonbrand.
◼EarningsForecast&Rating:WeexpectGeokontoachievesalesofRmb290/310/340mn
in2022-2024,withYoYgrowthof11.2%/8.6%/7.4%,andnetprofitofRmb70/70/80mn
in2022-2024,withYoYgrowthof29.1%/12.5%/12.0%andcorrespondingP/Eat
14x/13x/11x.WeinitiatewiththeBuyrating.
◼Risks:Limitedmarketsize,slowdownofdownstreaminfrastructureinvestment,fluctuation
ofrawmaterialprice,lowturnoverofaccountsreceivables.
PricePerformance
MarketData