The research business of structural mechanical properties is the basic disk of the company, and the revenue of PHM-related business contributes significantly. From 2014 to 2021, the revenue of the structural mechanical properties research business (dynamic and static strain test and analysis system) in the company’s main business composition accounted for the largest proportion, and the overall contribution ratio KJ3241X1-BA1 exceeded 70%, but showed a downward trend year by year. In recent years, the company has intensified its PHM business expansion and gradually realized its revenue. In 2022, the total revenue of the company’s structural safety online monitoring and defense equipment PHM system and equipment intelligent maintenance management platform based on PHM has reached 114 million yuan, accounting for 31.22% of the total revenue. 2023H1 PHM business still accounts for more than 20%, becoming a strong growth point for the company’s revenue.

The company’s profit level is stable and has increased. The company’s comprehensive gross margin continued to maintain a high level, the comprehensive gross margin in 2019-2022 was stable at about 65%, and the gross margin in 2023Q3 remained at a high level of 66.37%. The company’s net profit rate has been improving continuously since 2016, reaching 33.17% in 2022 and slightly decreasing to 26.94% in 2023Q3.

5.2. Coriolis Sensor: Force sensor + Industrial iot to create the second growth curve

Keri sensor is a leading enterprise for strain sensor. Founded in 1995, KJ3241X1-BA1 the company is a leading enterprise in the intelligent sensor industry. Its business has always focused on the development and production of various types of physical quantity sensors. It is in a leading position in the industry of strain sensor, weighing instrument and weighing system integration. From 2017 to 2019, the company’s sales of strain gauge weighing sensors, weighing instruments and weighing system integration ranked first, top three and top four respectively. Create a “second growth curve” through endogenous extension. The company started from mechanics and integrated multi-physical technology to develop multi-variety sensing, launched multi-dimensional industrial layout and management, and gradually expanded to weighing instruments, industrial Internet of Things systems and multi-scenario application solutions. After nearly 30 years of endogenous extension, the company has become one of the world’s large steel sensor manufacturing enterprises and industrial Internet of things application development leaders, and continue to promote strategic investment layout around the main line of the industry, accelerate the transformation from a single physical sensor enterprise to a platform enterprise with multi-physical sensor integration.

KJ3241X1-BA1

Strain sensor is the main business of the company, and the Internet of Things upgrade to improve the intelligence level. The company’s main business is research and development, production and sales of strain gauge sensors, meters and other components, providing system integration and dry mortar third-party system services, non-stop detection system, etc. In recent years, the company has actively implemented the “Internet of Things strategy” and upgraded the above-mentioned products, focused on the research and development of digital sensors and meters to achieve their communication and interaction functions, and launched weighing iot applicable components, software and system integration products, etc. The product matrix has been continuously enriched and the intelligent level has been continuously improved.

Keli Sensing performance revenue and net profit to the mother grew steadily. Since 2014, the company’s revenue has maintained an upward trend, rising from 606 million yuan to 1.061 billion yuan in 2022, with a CAGR of 7.25% during the period. In 2022, the growth rate slowed down due to the disturbance of the epidemic, with a year-on-year growth of 2.91. The company’s net profit attributable to the parent increased from RMB90 million in 2014 to RMB260 million in 2022, with a CAGR of 14.18% during the period and a year-on-year growth of 3.59% in 2022. By the end of Q3 2023, the operating income and net profit returned to the mother were 806/214 million yuan, an increase of 0.45%/8.72%.

Strain gauge sensors are the first major business. KJ3241X1-BA1 The revenue of strain sensor increased from 406 million yuan in 2015 to 554 million yuan in 2022, and the volume development speed was stable, but the proportion of revenue showed a downward trend year by year. Thanks to the implementation of the company’s Internet of Things upgrade strategy, the revenue of system integration products increased from 69 million yuan to 210 million yuan in the same period, with a rapid development rate, and the proportion of revenue increased to 19.84% in 2022.

The company’s gross profit margin level is outstanding, the proportion of system integration products is constantly increasing and the profitability is strong. During 2014-2022, the company’s gross profit rate/net profit rate increased significantly, from 35.60%/15.06% to 40.24%/25.99%, while 2023H1 has been continuously increased to 43.67%/28.55%, and the company’s profit efficiency has been improved. In the main business, the profitability of the company’s basic disk strain sensor was stable, and the average gross margin remained at about 35%; System integration products have the highest average gross margin (48.66%), reaching 39.28% in 2022.