The advantages of the five TA large BL board E_block MM game A, ry] Shore Bridge products are obvious. The company has 5 major sectors: ① Port machinery: The main products include shore bridges, field bridges, cranes, etc. Among them, shore bridges are the company's specialty products, which are expected to maintain growth along with the high shipping boom; at the same time, the company's procurement advantages are combined with subsidiaries to build their own e-commerce systems to help increase market share. ② Offshore engineering and heavy equipment: With EPCI general contracting capacity, we have built 5 drilling platforms. ③ Steel structure: The annual production capacity is 1 million tons, and orders can be obtained from CCCC Group. ④ Ship transportation: We have more than 20 years of experience in shipping, equipped with multiple carriers and special ships at the same time. ⑤ Engineering construction and emerging businesses: Mainly participating in PPP and BT projects, while exploring emerging fields such as smart parking, new energy photovoltaics, and people's livelihood.
The shipping boom continues to improve, and the company's business is expected to grow. In 2023, the company's new orders for the HAECO business were $3.608 billion, or +6.59% over the same period; new orders for the offshore and steel structure-related business were $1.984 billion, of which the new orders for the steel structure business were $0.47 billion. Benefiting from the rising prosperity of the shipping industry and compounding the trend of large-scale, intelligent, and green shipbuilding, the company's core businesses such as HAECO are expected to continue to grow.
Adhere to innovation leadership and focus on diversified development. As the first batch of innovative enterprises and technological innovation demonstration enterprises in the country, the company has multiple national scientific research platforms and post-doctoral workstations. By the end of 2023, the company had applied for 3,925 patents, 2,169 valid patents, and 61 international authorizations. At the same time, the company aims to build a world-class equipment manufacturing enterprise with global competitiveness, focusing on growth, implementation, cost reduction and efficiency, reform and innovation and risk prevention and control, continuously consolidating core businesses such as port machinery, marine engineering, and shipping, accelerating the development of growth businesses such as steel structures, offshore wind power, smart parking, etc., and exploring new business areas to moderately develop investment and finance businesses to achieve diversification and sustainable development of business. At the same time, the company has achieved remarkable achievements in business development in various fields: successfully hoisting the upper block of the world's largest offshore wind farm and shipyard hoisting market; actively researching and laying out the port automated three-dimensional storage market around its main business, and delivering the first automated three-dimensional warehouse for commercial vehicles; successfully developed an industry-leading three-dimensional truck collection garage and steadily developed the urban parking business. CCCC Chongqing Liangjiang parking equipment passed the inspection.
Profit forecast: The company's net profit for 2024-2026 is estimated to be 7.94, 8.79, and 1,048 million yuan, respectively. The corresponding PE values are 25, 22, and 19 times, respectively. For the first time, coverage is given an “increase in holdings” rating.
Risk warning: downstream demand falls short of expectations; interest rate and exchange rate risks; profit forecasts and valuation models fall short of expectations.