KJ4001X1-CK1  The share of instrumentation revenue is expanding, and utilities are coming off the table. The integrated solution of the Internet of Things has always been the basic plate of the company’s revenue, accounting for more than 60% all year round; In 2021, the company listed the utility business in the original Internet of Things system solution separately, and the total revenue of the Internet of Things business still reached 62.13%. In order to further focus on the main business, the company accelerated the divestiture of assets in the utility sector in 2022, with revenue falling to 532 million yuan, and the instrument business achieved revenue of 952 million yuan in the same year, accounting for 39.75%.

The company’s overall profitability has declined, and the refocus on the main business is expected to drive gross margin improvement. Due to the intensification of market competition, the gross profit margin of the overall industry and the company’s traditional products is lower, and the profitability has a certain downward trend. The gross profit margin/net profit margin is 28.37%/11.53% in 2022 and 31.84%/7.90% in 2023Q3. In the future, as the company accelerates the conversion of more high-margin storage technology products into market products, profitability is expected to remain stable and achieve some recovery. From the point of view of products, the gross profit margin of the instrument table is stable, and has always remained above 40%; The gross profit margin of sensor products showed a certain downward trend, which fell to 34.83% in 2023H1. In the future, with the continuous expansion of the instrumentation business and the company’s renewed focus on capital investment and innovative research and development of sensor products, the comprehensive gross margin is expected to improve.

Flexible sensors have great potential, KJ4001X1-CK1  and the company is expected to explore new growth points. Suzhou Nengstar, a subsidiary invested by the company in 2013, is committed to the research and development and industrialization of flexible micro-nano sensing technology, and has created a leading brand of flexible intelligent sensing technology and printed electronics in China. The flexible pressure, temperature and humidity sensors and intelligent sensing solutions developed and produced by the company have been mass-produced and widely used in pressure sensing switches, inhaling, heart rate, and human function recovery detection terminals in the medical and health fields, intelligent sports equipment, electronic shelves, robots and various intelligent control terminals, and have strong market development potential. In the future, as the company actively expands the application combination of flexible micro and nano sensing technology with consumer electronics and AIOT, it is expected to accelerate the large-scale application of flexible sensing technology in intelligent terminals, and is expected to achieve a second take-off of performance.

KJ4001X1-CK1

5.4. Huayi Technology: IMU technology industry leader

Deep in the field of automotive powertrain intelligent testing, more than 20 years of experience accumulated to achieve the industry leader. The company’s main business is the research and development, design, manufacturing, sales and provision of KJ4001X1-CK1  related test services for automotive powertrain intelligent test equipment. The main business includes powertrain intelligent test equipment, test services and high-precision inertial navigation products. Among them: 1) powertrain intelligent test equipment including engine intelligent test equipment, transmission test equipment, turbocharger test equipment, water, oil pump assembly and testing equipment and new energy vehicle powertrain test equipment; 2) Test service business is to provide domestic and foreign enterprises with various types of automotive (new energy) and powertrain research and development test, performance testing, quality evaluation and other comprehensive technical services. The company’s laboratory includes hybrid/four-axis assembly test, electric drive assembly test, engine test, high speed/medium speed motor test, high speed reducer/transmission test and other laboratory types; 3) High-precision inertial navigation products are key components for intelligent driving. Through forward-looking research and development layout, the company keeps the accuracy of IMU products in the industry leading, and realizes the first landing of application layer products.

Revenue maintained year-on-year growth and profitability was under pressure. In terms of operating income, the company’s operating income from Q1-Q3 in 2023 was 24,2.187,300 yuan, an increase of 3.87%, among which: In the first half of 2022, the company’s operating income was 154,767,400 KJ4001X1-CK1  yuan, an increase of 118.60%, mainly due to the increase in intelligent test equipment acceptance projects and the growth of test service revenue. Q3 operating income in 2023 was 87.42 million yuan, down -46.16% year-on-year, mainly due to the impact of customer test equipment project acceptance time node, the number of test equipment projects delivered to customers for final acceptance decreased in Q3. In terms of net profit returned to the mother, the net profit returned to the mother in 2023Q1-Q3 was 6.1831 million yuan, down 75.98% year-on-year, mainly due to the company’s expansion of production and operation, the increase of daily operating and management expenses and research and development investment, and the superposition of the comprehensive gross margin of the stage, resulting in a significant decline in the company’s net profit returned to the mother.