Guodian NARI (600406): Bringing Yijiahe to Joint Venture to Promote the Industrialization of Live Working Robots


Guodian NARI (600406): Bringing Yijiahe to Joint Venture to Promote the Industrialization of Live Working Robots

Key Investment Events: The company plans to jointly establish State Grid Ruijia (Tianjin) Intelligent Robot Co., Ltd. with a registered capital of 2, together with Yijiahe and Sanyuan Power.

500 million, its China Power Nanrui, Yi Jiahe, and Sanyuan Power each invested 100 billion / 0.

500 million; Guodian NARI recommends one chairman and one director. The joint venture company is mainly engaged in the business related to live working robots.

Power special robots are an important part of the general purpose of reducing costs and increasing efficiency in the power Internet of Things. Intelligent inspection robots are the first step. Live work is the leap from autonomous acquisition to autonomous motion operations.

From the perspective of the ubiquitous framework of the electric power Internet of Things, the inspection and patrol device is an important component of the ubiquitous Internet of Things for power transmission and transformation, and power exchange, and it is an important way to improve the efficiency of power grid operation and inspection.

At present, intelligent inspection robots have been put into operation in some projects, and live work is that robots can perform uninterrupted maintenance on high-voltage power equipment, which has achieved a leap from data collection to autonomous motion operations, which can effectively improve operation efficiency and reduce operation difficulty.And reduce labor costs.

GD-Nanui has accumulated technology in special electric power robots, and live working robots have formed prototypes.

In the 17-year reorganization report, Guodian NARI proposed that it should invest in the development and research and development of “artificial intelligence and robotics technology and products”.

300 million.

At present, there is a certain amount of technology accumulation. In the first half of this year, the substation inspection robot developed by Nanrui was used in the 110KV Nanmen Substation in Nanjing’s Lishui District, the nation’s first intelligent full-sensing substation; at the third intelligent conference in May, the State Grid exhibition areaReconstructed Nanrui’s developed artificial intelligence-based distribution network live working robot, which has doubled the efficiency of individual tasks compared to manual work.

Yijiahe already has industrialization experience in intelligent operation inspection robots. In 2019, it will launch its strategic core product, live working robots.

Yijia and its main service robots, mainly professional service robots in the power industry, sold 490 robots in 2018 with a revenue of 4.

5.6 billion, with a gross profit margin of 63.

4%, the average unit price of robots is nearly 1 million yuan, and already has considerable industrialization experience.

Developed at the end of 2018, the heavy-duty multi-layer live working robot Z100 launched in 2019 is the company’s strategic core product. It can switch the automatic adjustment of the operation strategy by reconfiguring the software, use the robotic arm to grasp and replace different tools to ensure normal power supply.At the same time, it replaces operators to complete various complicated and dangerous high-altitude live working tasks such as branch line lead bonding.

This cooperation is a powerful combination that will accelerate the industrialization process of live working robots.

This investment is conducive to promoting the development and industrialization of live-operating robot products, ensuring the safe and reliable operation of the power grid, and providing high-level equipment support for operator safety.

We estimate that the potential market space for live working robots is more than $ 5 billion. This joint venture combines Yijiahe’s live robot products with NARI’s strengths in R & D and software, and transfers to NARI’s channels on the state grid.It is expected that the product can be quickly promoted in the next few years, bringing better benefits.

NARI is the core unit supporting the construction of ubiquitous electric power Internet of Things, and its ICT business is expected to enter a high-growth cycle.

State Grid puts forward the strategic goal of “three types and two networks, world-class”. NARI is the core unit that supports the construction of ubiquitous electric power Internet of Things and the construction of “world-class energy Internet enterprises”.

In the fourth quarter of 2019, the ubiquitous electric power Internet of Things entered the construction stage. Nanrui won about 30% of the bids in the centralized bidding for ubiquitous key projects, and the amount accounted for about 40%. The investment is expected to exceed 10 billion this year, and the investment rhythm will accelerate and accelerate next year., ICT business is expected to enter a high growth cycle.
The prosperity of the power grid automation segment is expected to increase, UHV will continue to land, and energy-saving equipment rental orders will drive growth.

1) Power grid automation segment: From the perspective of NARI’s segmented business, a new generation of dispatching systems that meets ubiquitous requirements since 20 years, and a new 杭州夜网论坛 generation of intelligent electrical instructions have begun to gradually transition the year. Substation automation is also expected to follow a new round of UHV construction.Going forward, the prosperity of the power grid automation sector is expected to further improve overall.

2) In terms of UHV: NARI won a high percentage of bids this year for Qinghai-Henan & North Shaanxi-Wuhan, Yazhong-Jiangxi projects, DC converter valve orders exceeded 3 billion, Q4 will gradually confirm performance, NARI historical bid share 4After the approval of the remaining 3 lines, bidding promoted the acquisition of more orders.

3) In terms of energy-saving equipment leasing: The budget for the “energy-saving equipment leasing project” in the 18-year report is 88.

600 million, 19H book balance 28.

700 million, the first three quarters of high rental income.

Subsequent remaining projects are under construction one after another, and revenue will be recognized within five to eight years after construction, indicating a growth space for the sector’s performance to continue to break through.

Earnings forecast and investment grade: It is estimated that the company’s net profit attributable to the mother will be 43 in 2019-21.

45 billion / 52.

55 billion / 62.

8.7 billion, +4 per year.

4% / + 20.

9% / + 19.


Give the company a target price of 28.

5 yuan, corresponding to 25 times PE in 20 years, maintain “Buy” rating.

Risk reminder: Macroeconomic growth is accelerating, grid investment is not up to expectations, and project progress is not up to expectations