Leading domestic special motor enterprises continue to lead the development of the industry:
As a leader in the domestic field of special motors, Jiadian Co., Ltd. has more than 80 years of industry history and deep technical accumulation. After experiencing management reforms in 2017, the company's performance continued to improve, demonstrating its steady development and good market position in the industry. As an enterprise controlled by the State Council's State-owned Assets Administration Commission, Jiadian Co., Ltd. has shown clear advantages in corporate governance, technological innovation, and market expansion. Through continuous strengthening of technological innovation and industrial upgrading, the company has successfully consolidated its leading position in the special motor industry, while showing good growth potential and a stable development trend.
Products such as explosion-proof motors cover many fields of heavy industry, and their technical strength has established influence:
Jiadian Co., Ltd. has a broad product line and strong market competitiveness in the field of special motors. The company's special motor products cover various series such as explosion-proof motors, lifting metallurgical motors, mining motors, etc., and are widely used in key fields such as petroleum, petrochemicals, metallurgy, and mining. Relying on its continuous investment in technological innovation and product quality, Jiadian Co., Ltd. not only maintained the leading position of its products in the domestic market, but also successfully expanded its influence in the international market. Through continuous technology research and market development, the company has diversified and advanced its special motor product line, further strengthening its competitive advantage in the special motor industry.
It is one of the main pump suppliers for nuclear power, and its products cover three- and fourth-generation nuclear power units:
In the field of nuclear power motors, Jiadian Co., Ltd. has shown its strategic vision of technological innovation and market layout. Through the acquisition of shares in Kazakh Electric Equipment, the company has significantly enhanced its competitiveness in the nuclear power motor market and successfully expanded its business scope. Jiadian Co., Ltd. has made major breakthroughs in nuclear power motor technology research and development. In particular, the technical strength shown in the high-temperature air-cooled reactor nuclear power plant project marks the company's leading position in the global nuclear power technology field. These achievements not only opened up new growth space for the company, but also made important contributions to the independent research and development of domestic nuclear power equipment and industrial upgrading, demonstrating the important role of Jiadian Co., Ltd. in promoting the development of the nuclear power industry.
Investment advice:
We expect the company's revenue from 2023 to 2025 to be 51.51/5.793 billion yuan, respectively, with growth rates of 43.9%/12.5%/12.1%, and net profit of 421/4.73/549 million yuan, respectively. Growth rates are 50.0%/12.3%/16.1%, respectively, with outstanding growth. Refer to comparable companies in the industry. The PE of comparable companies in 2024 was 20 times, the company was given 20 times PE in 2024, the target price for 6 months was 15.80 yuan, and the investment rating of buy-A was given.
Risk warning: Nuclear power project construction progress falls short of expectations; risk of fluctuations in raw material prices; risk of profit predictions and assumptions falling short of expectations.