Powertrain intelligent test equipment is the main source of revenue, and the proportion of test service revenue has increased year by year. In 2019-2022, the company’s powertrain intelligent test equipment accounted KJ3221X1-EA1 for 85.0%, 84.8%, 71.7% and 61.1% of revenue, respectively, and although the proportion showed a downward trend, the contribution ratio of the business to revenue still exceeded 60%. From 2019 to 2022, the proportion of powertrain test services in revenue was 14.6%, 14.7%, 27.2% and 38.1%, and the proportion showed an upward trend. Based on the accumulation of research and development technology and project experience, the company has established its own test data system with the help of constantly improving test data processing capabilities. Through the continuous optimization of the algorithm and the integration of the test data, the company can predict the problems in the test, improve the efficiency and safety of the test, help customers improve the efficiency of research and development, and shorten the research and development cycle. Value-added services such as assisting engineering development and providing consulting services to improve customer R&D efficiency can help the company’s test services gain differentiated competitive advantages, and the company’s test services are expected to become an important driving force for overall performance improvement.

Focusing on the layout of key components for intelligent driving, the company’s IMU product precision industry leader. As early as 2018, the company established the intelligent driving Division to carry out the preliminary research and development layout of the core components of intelligent driving. Relying on a strong software development team, the participation of interdisciplinary experts and the rapid iteration of intelligent software algorithms, the company’s IMU product accuracy remains the industry leader, achieving the first landing of application layer products. At present, the company’s IMU products have reached mass production conditions, and obtained Chery Automobile and Zhiji Automobile. IMU is a key component for humanoid robots to maintain balance and motion control. We believe that although the company’s IMU products are currently mainly used in the field of intelligent driving, with the continuous advancement of the commercialization process of humanoid robots and the continuous upgrading and iteration of the company’s IMU products, In the future, the company’s KJ3221X1-EA1 IMU products are expected to obtain a broader application space.

5.5. Const: Calibration test business leader, vertical extension of high-end sensors

Const is a leading calibration test company in China, focusing on high-end instrument manufacturing. Founded in 1998, the company initially developed and produced intelligent digital pressure modules, and then continued to make efforts in the field of pressure and temperature detection and established a leading position in China. In the course of more than 20 years of development, the company has focused on the industrial chain of high-quality instrumentation, based on the global market, and gradually developed into an international high-end testing industry group through the framework ecosystem of high-end testing instrument business, MEMS sensor vertical industry, and instrument management cloud platform “one horizontal, one vertical and one focus”.

KJ3221X1-EA1

The company’s main products include digital pressure detection products, process signal detection products and temperature and humidity detection products. 1) Digital pressure testing products: including the company’s automatic pressure calibrator, digital pressure gauge, intelligent pressure controller, intelligent pressure calibrator, pressure pump, pressure calibration test recording software and other products, mainly used in the long and short process industry pressure instrument or finished product calibration and testing. 2) Process signal detection products: including the company’s process signal calibration instrument, loop calibration instrument and other products, mainly used for the calibration and testing of process instruments or finished products in the long and short process industry. 3) Temperature and humidity detection products: including the company’s intelligent dry body furnace, intelligent thermometer, intelligent constant temperature tank, intelligent standard furnace, intelligent temperature and humidity tester, temperature and humidity verification box, temperature and humidity calibration test record software and other products, mainly used in the long and short process industry temperature and humidity meters or finished products calibration and test.

The company’s performance grew steadily. KJ3221X1-EA1 The company’s operating income increased from RMB 118 million in 2013 to RMB 414 million in 2022, with a CAGR of 14.97%. The company’s net profit increased from 31 million yuan to 0.75 million yuan with a CAGR of 10.31%; Among them, the company’s performance was greatly disturbed by the epidemic factors, and the net profit of returning to the mother showed negative growth in 2020, but returned to the normal growth level after 2021.

Digital pressure detection products for the company’s first major products. The company’s pressure detection products accounted for more than 70% of revenue, and achieved a revenue of 297 million yuan in 2022. The proportion of revenue of temperature (humidity) calibration/testing products KJ3221X1-EA1 has gradually expanded, and the revenue will reach 0.70 yuan in 2022, accounting for 42.95% of the revenue.

The company’s gross profit margin/net profit margin remained at a high level, and all businesses had strong profitability. In terms of profitability, the company’s gross profit margin is basically maintained at a high level of about 70%, and the gross profit margin/net profit margin of the company is 63.81%/24.54% in 2023Q3, which still maintains a high profit margin level. The company’s products are positioned in the high-end market, so the profit margin is excellent, the average gross margin of digital precision pressure meters reached 78.88%, the average gross margin of pressure calibrators, pressure calibrators and intelligent pressure generators can also reach 76.48%, 80.80% and 75.98%, respectively. The company’s continuous high investment in research and development provides a strong support for the high gross profit of products.