Keyuan (002380): Underestimating the leading edge of high-quality industrial Internet computing
Zero goodwill and zero pledges have achieved endogenous and steady growth for five consecutive years. According to the company’s 2018 annual performance report, the company’s total assets in 2018 were 24.3.7 billion, the owner’s equity attributable to shareholders of the listed company is 20.USD 7.1 billion, and the company’s book cash is sufficient and highly excellent.The company is a national-level and key software enterprise in Jiangsu Province. The industrial software 杭州龙凤网 revenue accounted for 70%, and R & D investment for 8 consecutive years accounted for more than 10% of revenue.As a leading domestic supplier of industrial automation and information technology, products and solutions, the company has long been focusing on the research, development, production and sales of industrial automation and information products. It is currently in a state of zero goodwill, zero pledge, and good cash flow.There is no expectation of reductions, and a relatively healthy financial position will be maintained for a long time.The company has achieved endogenous growth for five consecutive years, with a compound growth rate of more than 20%, and has avoided common risks of A-share companies such as high proportion allocation pledges and impairment of goodwill. The application of edge computing in the industrial field is the Industrial Internet, and the company was selected into the Industrial Internet Pilot Demonstration Platform of the Ministry of Industry and Information Technology. The application of edge computing in the industrial Internet field is the Industrial Internet. On August 10, 2018, the Ministry of Industry and Information Technology released the “ 2018 List of Pilot Demonstration Projects for Integrated Development of Manufacturing and Internet ”. The company’s smart energy big data diagnostic industrial Internet platform was successfully selected into 12The industrial Internet platform solution pilot demonstration platform fully confirms the company’s technical strength in the industrial Internet field. “Smart Energy Big Data Diagnosis Industrial Internet Platform” is an EmpoworX industrial enabling platform launched by the company based on years of rich experience and technology accumulation.The platform layout involves SaaS applications, PaaS platforms, IaaS infrastructure and other fields. It can provide a variety of platform services and strongly support customer information construction.The company strives to achieve the EmpoworX industrial empowerment platform to seize the mouthpiece of the industrial Internet industry, continue to open up territory in the industrial Internet field, and open up new growth space. The Industrial Internet has prepared the government work report for the first time and is expected to accelerate its implementation. As the global demand for production efficiency, optimized resource allocation, and production intelligence continues to increase, the Industrial Internet, which applies the Internet of Things and service networks to manufacturing, is triggering the fourth wave of industrial development.Following the important policies of “Made in China 2025” and “Internet + Advanced Manufacturing”, several policy documents such as “Industrial Internet Development Action Plan (2018-2020)” and “Implementation Plan for Industrial Internet APP Cultivation Project” were issued intensively.On the 5th, the Industrial Internet was written into the government work report for the first time, and the industry is expected to usher in more policy dividends and become one of the main lines of future new technology infrastructure. As a leading domestic supplier of thermal automation and informatization, Keyuan has more than 20 years of experience and technology accumulation. Its business covers the four major industrial directions of process industry informatization, process automation, automated instrumentation, robotics and intelligent manufacturing. Fundamentally, Keyuan Co., Ltd. has continuously strengthened its industrial Internet business layout. It has obtained more than ten patents and software copyrights in the field of big data, and has received national and provincial funding for scientific and technological projects.In addition, the company’s products have obvious quality advantages among the internally qualified brands. The brand value ranks among the top three in the country. At the same time, it has obvious price and service advantages with foreign brands, and the market potential is huge.In the future, the company is expected to rely on its strong R & D capabilities and innovation capabilities to achieve a decline in the scale of the Industrial Internet. Investment suggestion: It is expected that the company will realize net profit attributable to mothers from 2018 to 20201.1.5, 1.9 trillion, corresponding to the current market value of 30, 23, 18 times, given a “strong recommendation” rating. Risk warning: orders are less than expected; Industrial Internet landing is less than expected.