1. Company Overview: Global Invisible Champion in Mechanical Sensors
Keli Sensor was established in 1995 and is headquartered in Ningbo. It is the only company in China that has maintained the number one market share in mechanical sensors for 14 consecutive years, boasting the world’s largest production line for steel sensors with an annual production capacity exceeding 3 million units. The company is deeply engaged in the sensor and industrial IoT fields, forming four major business segments: intelligent industrial measurement and control, smart logistics equipment, energy and environmental measurement, and robotic sensors. Its products cover nearly 20 types of sensors, including weighing, photoelectric, temperature, and pressure sensors, and have expanded into scenarios such as smart logistics, mine exploration, and automated food production lines. As of 2024, the company has established a complete industrial chain covering chip design, sensor manufacturing, and system integration through controlling 27 subsidiaries and holding shares in 11 enterprises.
2. Financial Status: Steady Revenue Growth and Optimized Profit Structure
- Revenue In 2024, revenue is expected to reach 1.292 billion yuan, a year-on-year increase of 20.54%, maintaining double-digit growth for ten consecutive years; in the first quarter of 2025, net profit is expected to increase by 58.48%-91.76%, mainly benefiting from gains on trading financial assets and the consolidation of newly acquired companies.
- Profit In 2024, net profit attributable to the parent company is expected to be 261 million yuan, a year-on-year decrease of 16.6%, but the net profit excluding non-recurring items is expected to increase by 10.19%, indicating enhanced profitability of the main business; gross margin remains around 43%, significantly higher than the industry average.
- Cash Flow Operating cash flow has been positive for five consecutive years, with a net operating cash flow exceeding 300 million yuan in 2024, providing ample funds for acquisitions and R&D investments.
3. Business and Industry: The “Nerve Endings” of a Trillion-Level Sensor Market
- Industry Space The global sensor market exceeds 200 billion USD, with China accounting for 38.5% and an annual growth rate of about 10%; the industrial IoT market is expected to exceed 800 billion yuan by 2025, with continuous demand for sensors as core components.
- Application Scenarios
- Industrial Automation Weighing sensors account for 52% of the company’s revenue, applied in metallurgy, chemical, and other fields, with a clear trend of replacing imports.
- Smart Logistics The market share of unattended weighing systems exceeds 30%, serving leading companies such as JD.com and SF Express.
- Humanoid Robots Six-dimensional force sensors have been validated by Huawei and UBTECH, with a single unit valued at 100,000 to 150,000 yuan, and orders are expected to exceed 200 million yuan by 2025.
4. Core Business: From “Hardware Manufacturing” to “Ecosystem Empowerment”
- Sensor Product Matrix
- Weighing Sensors Domestic market share exceeds 20%, with an accuracy of 0.02% FS, certified by Germany’s TÜV.
- Six-Dimensional Force Sensors Mastering core technologies such as structural decoupling and algorithm decoupling, already delivered to Huawei for humanoid robot wrist joints.
- Industrial IoT Solutions
- Keli Cloud Platform Connected to over 1,200 manufacturing enterprises, providing services such as smart logistics and energy management, with a customer repurchase rate exceeding 70%.
- Smart Manufacturing Systems Customized automated production lines for BYD and CATL, improving efficiency by 30% per line.
5. Hot Concepts and Speculative Themes: Dual Engines of Humanoid Robots and Domestic Substitution
- Humanoid Robots As a leader in domestic six-dimensional force sensors, the company’s products occupy a key position in the supply chains of Huawei and Tesla, with each unit equipped with 4-6 sensors, creating a market space exceeding 10 billion yuan.
- Industrial Internet Selected as a “Pilot Demonstration Project for Industrial Internet” by the Ministry of Industry and Information Technology, Keli Cloud Platform has been included in key projects for new infrastructure in Zhejiang Province.
- Domestic Substitution MEMS chips have achieved localization, reducing costs by 40% compared to imports, breaking the monopoly of overseas companies such as HBM and Vishay.
6. Industry Position and Competitiveness: Domestic Leader, Global Second Tier
| Indicator | Keli Sensor | AVIC Electromechanical | Hanwei Technology | Sifang Optoelectronics |
|---|---|---|---|---|
| Revenue (2024) | 1.292 billion yuan (+20.5%) | 1.78 billion yuan (-3.05%) | 2.228 billion yuan (-2.61%) | 873 million yuan (+26.23%) |
| Gross Margin | 43.3% | 36.9% | 38.2% | 42.3% |
| R&D Investment | 120 million yuan (9.3%) | 110 million yuan (6.2%) | 210 million yuan (9.5%) | 110 million yuan (12.9%) |
| Core Technology | Six-dimensional force sensors, MEMS chips | Strain sensors | Gas sensors | Laser spectral sensors |
| Market Share | Number one in domestic mechanical sensors | Leading in military industry | 15% market share in gas sensors | Leader in environmental monitoring sensors |
7. Management and R&D: Practical Team and High Investment Ensure Technical Barriers
- Management Team Founder Ke Jiandong holds an MBA from Wuhan University and previously worked for the Ningbo municipal government, possessing deep industrial resources; the executive team has an average industry experience of over 20 years, with equity incentives covering core technical personnel.
- R&D Capability
- Investment Intensity In 2024, R&D expenses are expected to be 120 million yuan, accounting for 9.3% of revenue, with R&D personnel making up 35% of the workforce.
- Technological Breakthroughs Six-dimensional force sensors have passed certification from Germany’s PTB, with MEMS chip mass production yield reaching 95%, and over 500 national patents obtained.
8. Industry Status and Future Trends: Resonance of Intelligence and Domestic Substitution
- Industry Pain Points
- High-end Dependence on Imports 70% of the six-dimensional force sensor market is monopolized by ATI and Epson, leaving significant room for domestic substitution.
- High Technical Barriers Sensor design requires interdisciplinary collaboration, with six-dimensional force sensor processing precision reaching the micrometer level, and only 3-5 domestic companies have mass production capabilities.
- Future Trends
- Intelligence AI + sensors will drive a closed loop of “perception – decision – execution” in industrial equipment, with the smart sensor market expected to reach 500 billion yuan by 2025.
- Domestic Substitution Driven by policy, the market share of domestic sensors is expected to increase from 30% to 50% by 2025.
9. Policy Environment: National-Level Strategies Create Industry Dividends
- “14th Five-Year Plan for Robot Industry Development” Clearly states that by 2025, the density of manufacturing robots will double, with sensors as core components receiving special support.
- New Infrastructure Projects such as industrial internet and smart grids are accelerating implementation, with investments in sensors in the new infrastructure field expected to exceed 200 billion yuan by 2025.
- Local Policies Ningbo City has listed the sensor industry as part of the “246” industrial cluster, with Keli Sensor receiving government subsidies exceeding 120 million yuan.
10. Technological Innovation: From Point Breakthroughs to Ecosystem Building
- Core Technologies
- Six-Dimensional Force Sensors Utilize “compensated decoupling structure” technology, extending lifespan to 100,000 hours, validated by Tesla.
- MEMS Chips Controlling Mid-Field Semiconductor, achieving localization of pressure sensor chips, reducing costs by 40% compared to imports.
- Platform Layout
- Industry Brain Leading the construction of Zhejiang Province’s smart sensor industry brain, integrating data from 50,000 enterprises to promote industry collaborative innovation.
- Open Source Ecosystem Open sensor algorithm library, attracting over 2,000 developers, building an ecosystem of “hardware + software + services”.
11. Industry Supply Chain: Vertical Integration and Ecological Collaboration
- Upstream Layout in chip design (Mid-Field Semiconductor) and materials (Ningbo Senna), achieving independent control over strain gauges and elastomers.
- Midstream Three major production bases in Ningbo, Zhengzhou, and Shenzhen, with an annual production of 5 million sensors and a capacity utilization rate exceeding 90%.
- Downstream Covering logistics, mining, food, and other fields through 27 subsidiaries, providing integrated solutions of “sensors + software + services”.
12. Future Investment Outlook: Dual Engines of Humanoid Robots and Industrial Internet
- Short-Term (1-2 Years) Orders for six-dimensional force sensors are expected to increase, with the robot business revenue share expected to rise to 15% by 2025.
- Mid-Term (3-5 Years) The industrial IoT platform is expected to connect over 5,000 enterprises, with annual service revenue exceeding 500 million yuan.
- Long-Term (5-10 Years) Aiming to become a core supplier of full-body sensors for global robots, with overseas revenue accounting for over 30%.
Risk Warning: Intensifying industry competition, technological iterations not meeting expectations, and delays in mass production of humanoid robots.
Conclusion: From “Weighing Expert” to “Perceiving the Future”
Keli Sensor is transforming from a traditional manufacturing company to an industrial IoT platform company, using sensors as the starting point through technological innovation and ecosystem building. Driven by policy dividends and industrial upgrades, the company is expected to achieve a second leap in fields such as humanoid robots and smart manufacturing, becoming an “invisible champion” of high-end manufacturing in China.
(Note: All data in this article is sourced from public information and does not constitute investment advice.)