存量与新增市场共振，齿轮齿条设备逐步放量。公司核心布局风电升降设备，主要产品包括免爬器与升降设备，公司免爬器在北美和亚太市场市占率居于领先地位；公司升降产品在欧洲风力发电行业市场占有率约30%。随着全球风机扩容大趋势，公司受益存量加装与新机增量双重市场共振，同时产品逐步迭代。齿轮齿条升降机是针对风机大型化的趋势而研发的，它解决了传统悬吊式钢丝绳升降机在高塔应用中所出现的相关问题，采用齿轮齿条驱动，运行更平稳，可实现塔筒厂预先安装，吊装现场即插即用。截止前三季度来看新签订单中大载荷升降机和齿轮齿条升降机占升降机订单金额的30%以上，齿轮齿条设备价值量相较传统升降设备价值量有明显提升，渗透呈现加速趋势。Incidents:
According to a recent company announcement, judging from the new orders signed by the company from January to November 2024, there was an increase of about 35% compared with the same period last year. The growth rate of overseas market orders was higher than the growth rate of domestic market orders. The comments on this are as follows:
The gross margin increased, and the period expense ratio decreased. The company's gross sales margin for the first three quarters of 2024 was about 48.86%, about +2.77pct year on year; the net margin was about 25.51%, +8.56pct year on year. As the stock market penetration rate increases in the future, profitability is expected to increase further. The company's cost ratio for the period was 21.29%, -9.04pct year on year. Sales/management/R&D/finance expenses accounted for 9.67%/7.68%/5.78%/-1.84% of operating income, mainly due to sales and R&D expense ratios of -5.62 pct and -4.09 pct year on year, and overall cost control was good. The company achieved net operating cash flow of 0.188 billion yuan in the first three quarters of 2024, of which net operating cash flow of 0.108 billion yuan was achieved in single Q3.
Stock stocks resonate with new markets, and rack and pinion equipment is gradually being expanded. The company's core layout is wind power lifting equipment. The main products include crawlers and lifting equipment. The company's lifters occupy a leading position in the North American and Asia-Pacific markets; the company's lifting products have a market share of about 30% in the European wind power industry. With the global trend of fan capacity expansion, the company's beneficial stock installation resonates with the dual market of new machine increments, and products are gradually being iterated at the same time. The rack and pinion lift was developed in response to the trend of larger fans. It solves the problems associated with traditional suspended steel wire rope lifts in tall tower applications. It is driven by rack and pinion, and runs more smoothly. It can be pre-installed in tower factories and plug-and-play at the hoisting site. Up to the first three quarters, heavy duty lifts and rack and pinion lifts accounted for more than 30% of the lift order amount in new orders. Compared with traditional lifting equipment, the value of rack and pinion equipment has increased markedly, and penetration is accelerating.
The product field gradually expanded, and the second growth curve accelerated growth. The company continues to expand its products in the field of non-wind power. In the industrial and construction sector, the company's products include industrial lifts, tower climbers in the photovoltaic and construction industries; in the field of safety protection, the company expands anti-fall systems, etc.; in the field of emergency rescue, the company lays out civilian high-altitude escape elevators and related supporting products. Over the next 5-8 years, the company will strive to expand the scale of the non-wind power business to the level of the wind power sector.
Investment rating: The company's net profit for 2024-2026 is estimated to be 0.336 billion, 0.447 billion, and 548 million, respectively. The corresponding PE is 18x, 13x, and 11x, respectively, covered for the first time, giving a “buy” rating.
Risk warning: Tariff policy risk; risk of failure of profit forecasting and valuation models