Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company is recognized as the first stock in the smart mining sector on the Beijing Stock Exchange, focusing on intelligent upgrades in three main areas: smart mining, IoT, and smart municipal services [2][10]. - The company has shown consistent revenue growth, with a projected increase in revenue from 563 million yuan in 2024 to 923 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of 29% [2][30]. - The net profit is expected to rise from 75 million yuan in 2024 to 94 million yuan in 2026, with a notable growth rate of 15% in 2026 [2][30]. Company Overview - The company has been deeply involved in the smart mining sector for over 20 years and has established itself as a leader in the field [2][10]. - It has developed a comprehensive smart mining solution based on CPS (Cyber-Physical Systems), which includes a range of standardized intelligent products and 365-day technical services [10][24]. Financial Overview - The company reported a revenue of 440 million yuan in 2023, with a year-on-year growth of 27% [2][11]. - The net profit for 2023 was 55 million yuan, showing a slight decrease of 3% compared to the previous year [2][11]. - The earnings per share (EPS) is projected to increase from 0.97 yuan in 2024 to 1.22 yuan in 2026 [2][30]. Market Potential - The smart mining market is expected to grow significantly, with the market size for newly built smart mines projected to reach 724.72 billion yuan by 2028, reflecting a CAGR of 33.6% [3][18]. - The company is well-positioned to capitalize on this growth due to its strong technological foundation and low current penetration of smart technologies in traditional mining operations [3][16]. Business Expansion - The company has expanded into the charging and battery swap service sector, developing a comprehensive management system for new energy vehicles [4][26]. - It has also ventured into the smart water management sector, collaborating with Longxin Zhongke to create innovative products, with the smart water market expected to grow to 565 billion yuan by 2027 [4][28]. Investment Recommendations - The report forecasts that the company's revenue will reach 563 million yuan in 2024, with net profits of 75 million yuan, leading to a price-to-earnings (P/E) ratio of 10.7x [4][30]. - The recommendation to "Accumulate" is based on the company's strong growth prospects and its strategic positioning in the smart mining and related sectors [4][30].

Group 1: Business Growth and Performance - The company's new energy charging and swapping business experienced rapid growth in the first half of the year, with expectations to maintain this momentum in the second half and align with the smart mining business by 2025 [2][3] - The net cash flow from operating activities increased by approximately 170% compared to the same period last year, primarily due to significant revenue growth in the new energy charging and swapping business [3] - The company currently has around 6 million active users in its new energy charging and swapping business, covering over ten provinces [7] Group 2: Financial Health and Debt Management - The company plans to increase its bank credit limit by a total of 2.4 billion CNY from last year and an additional 1.4 billion CNY to support liquidity and expansion of the new energy charging and swapping business [5] - The company's interest-bearing debt is primarily used for the new energy charging and swapping business, which has a stable profit margin and positive cash flow, positively impacting the company's financial health [5] Group 3: Market Position and Competitive Advantage - The company is positioned in the first tier of the community charging segment, with plans to expand coverage to all provinces to maintain its leading position in the industry [4] - The sodium-ion battery swapping business is expected to have a higher profit margin than the charging business, leveraging existing infrastructure for cost efficiency [11] Group 4: Future Outlook and Strategic Plans - The company anticipates stable growth in the smart mining business over the next two years, driven by national policies and market demand [12] - The electric bicycle battery swapping business is expected to replace 15%-20% of the charging market share, focusing on young consumers and short-term residents [11] Group 5: Technological Advancements - The company has obtained 418 intellectual property rights, including 170 patents, indicating a strong focus on innovation [7] - The company is actively developing autonomous driving technology for smart mining applications, with recent projects receiving recognition from national authorities [9][10]

Group 1: Business Growth and Performance - The company's new energy charging and swapping business experienced rapid growth in the first half of the year, with expectations to maintain this momentum in the second half and align with the smart mining business by 2025 [2][3] - The net cash flow from operating activities increased by approximately 170% compared to the same period last year, primarily due to significant revenue growth in the new energy charging and swapping business [3] - The company currently has around 6 million active users in its new energy charging and swapping business, covering over ten provinces [7] Group 2: Financial Health and Debt Management - The company plans to increase its bank credit limit by a total of 2.4 billion CNY from last year and an additional 1.4 billion CNY to support liquidity and business expansion [5] - The company's interest-bearing debt is primarily used for the new energy charging and swapping business, which has a stable profit margin and positive cash flow, positively impacting overall financial health [5] Group 3: Market Position and Competitive Advantage - The company is positioned in the first tier of the community charging segment, with plans to expand coverage to all provinces to maintain industry leadership [4] - The sodium-ion battery swapping business is expected to have a higher profit margin than the charging business, leveraging existing infrastructure for cost efficiency [11] Group 4: Future Outlook and Strategic Plans - The company anticipates stable growth in the smart mining business over the next two years, driven by national policies and market demand [12] - The electric bicycle battery swapping business is expected to replace 15%-20% of the charging market share, focusing on young consumers and short-term residents [11] Group 5: Technological Advancements - The company has developed a smart mining robot that incorporates AI technologies, enhancing operational efficiency in complex geological conditions [8][9] - The company has obtained 418 intellectual property rights, including 170 patents, indicating a strong focus on innovation [7]

山西科达自控股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 证券代码：831832 证券简称：科达自控 公告编号：2024-080 √业绩说明会 □特定对象调研 一、 投资者关系活动类别 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2024 年 8 月 29 日 活动地点：全景网（https://rs.p5w.net） 参会单位及人员：通过网络方式参加公司 2024 年半年度报告业绩说明会的 投资者 上市公司接待人员：董事长付国军先生、董事会秘书任建英女士、财务负责 人牛建勤先生 三、 投资者关系活动主要内容 问题 1：公司的新能源充换电业务上半年高速增长，请问下半年是否依然能 够保持上半年的增速，2025 年与智慧矿山业务持平的预期能否实现？ 回答：感谢您的关注！公司新能源充换电业务得益于"社区充电为主，公共 充电为辅，换电为补充"的商业模式优势，业务在全国范围内快速拓展。2023 年公司充电桩数量增长 ...

北交所信息更新》-2023.10.31 隐证券 北 交 所 研 究 北交所信息更新 充换电业务高增长抵消智慧矿山短期压力，推动 AI 应用于智慧矿山 ——北交所信息更新 科达自控（831832.BJ） 2024 年 08 月 29 日 投资评级：增持（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/8/28 | | 当前股价 ( 元 ) | 10.58 | | 一年最高最低 ( 元 ) | 21.24/9.85 | | 总市值 ( 亿元 ) | 8.18 | | 流通市值 ( 亿元 ) | 6.51 | | 总股本 ( 亿股 ) | 0.77 | | 流通股本 ( 亿股 ) | 0.62 | | 近 3 个月换手率 (%) | 88.84 | 北交所研究团队 北 交 所 信 息 更 新 开 源 证 券 证 券 研 究 报 告 相关研究报告 | --- | --- | |---------------------------|---------------------------| | | | | 赵昊（分析师） | ...

山西科达自控股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 证券代码：831832 证券简称：科达自控 公告编号：2024-079 □媒体采访 □现场参观 □新闻发布会 √分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2024 年 8 月 28 日 活动地点：线上会议 问题 1：《关于加快煤矿智能化发展的指导意见》中提出：到 2025 年，大型 煤矿和灾害严重煤矿基本实现智能化；到 2035 年，各类煤矿基本实现智能化。 以上目标能够如期实现吗？ 回答：感谢您的关注！2020 年发布的《关于加快煤矿智能化发展的指导意 见》保证了智慧矿山行业中长期良好的市场环境和发展势头，明确了智慧矿山发 展的时间节点。随着行业技术提升，到 2035 年各类煤矿基本实现智能化这一目 标应当能够达成。谢谢。 问题 2：请介绍公司机器人相关业务推广情况？ 回答：感谢您的关注！公司自主研发的机器人上榜国家矿山安全监 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 173 million yuan for the first half of 2024, representing a year-on-year growth of 9.2%, with a net profit attributable to shareholders of 15 million yuan, up 17.6% year-on-year [2] - The mining business is under pressure, but the new energy charging and swapping business has significantly increased, with revenue from the three-dimensional new energy charging management system reaching 53 million yuan, a year-on-year increase of 266.2% [2] - The company is expected to benefit from policies promoting the intelligentization of mining and the increasing demand for safe charging networks due to the growing number of electric bicycles in China [2] - Cash flow management has improved significantly, with net cash flow from operating activities increasing by 170.8% year-on-year, primarily due to the growth in revenue from the new energy charging business [2] Financial Forecasts and Valuation - The company has adjusted its revenue forecasts for 2024-2026 to 5.46 billion, 6.76 billion, and 8.38 billion yuan respectively, and net profits to 700 million, 920 million, and 1.13 billion yuan respectively [3] - The price-to-earnings ratio (P/E) for 2024-2026 is projected to be 11.61, 8.85, and 7.18 times respectively, indicating that the company's valuation remains low [3]

证券代码：831832 证券简称：科达自控 公告编号：2024-069 山西科达自控股份有限公司 第四届董事会第十九次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 8 月 23 日 2.会议召开地点：公司会议室 3.会议召开方式：现场+网络 4.发出董事会会议通知的时间和方式：2024 年 8 月 16 日以邮件方式发出 5.会议主持人：董事长付国军先生 6.会议列席人员：监事、高级管理人员、董事会秘书 7.召开情况合法、合规、合章程性说明： 本次会议的召开符合《公司法》《公司章程》《董事会议事规则》等有关法律、 法规的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事王磊因异地工作以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于山西科达自控股份有限公司 2024 年半年度报告及摘要的 议案》 1.议案内容： 根据《北京证券交易所股票上市规则（试行）》《公司章程》等 ...

山西科达自控股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日在北 京证券交易所指定信息披露平台（http://www.bse.cn/）发布了《2024 年半年 度报告》，为方便广大投资者更深入了解公司 2024 年半年度经营业绩的具体情 况，加强与投资者的互动交流，公司拟召开 2024 年半年度报告业绩说明会。 证券代码：831832 证券简称：科达自控 公告编号：2024-077 山西科达自控股份有限公司 2024 年半年度报告说明会预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 说明会类型 三、 参加人员 公司董事长：付国军先生 董事会秘书：任建英女士 财务负责人：牛建勤先生 四、 投资者参加方式 本次说明会采用网络方式召开。 投资者可登陆全景网"投资者关系互动平台"（http://ir.p5w.net）参与本 次半年度报告业绩说明会。为充分尊重投资者、提升交流的针对性，现就公司 2024 年半年度报告业绩说明会提前向投资者公开征集问题，广泛听取投资者的 意见和建议 ...

山西华炬律师事务所关于 山西科达自控股份有限公司 2022 年股权激励计划 首次授予限制性股票第二个解除限售期和 2022 年 股权激励计划预留权益第一个解除限售期 解除限售条件成就 之 法律意见书 太原市长风商务区长兴路1号华润大厦T4座34-35层 030000 34-35/f, building T4, China resources building, no.1 changxing road, changfeng business district, taiyuan city. 电话/Tel：0351-2715333\4\5\6\7\8\9 E-mail:office@huajulaw.com 山西科达自控股份有限公司 法律意见书 山西华炬律师事务所关于 山西科达自控股份有限公司 2022 年股权激励计划 首次授予限制性股票第二个解除限售期和 2022 年 股权激励计划预留权益第一个解除限售期 解除限售条件成就之 法律意见书 致：山西科达自控股份有限公司 山西华炬律师事务所（以下简称"本所"）接受山西科达自控股份有限公司 （以下简称"公司"或"科达自控"）的委托，作为公司 2022 年股权激励事项 的 ...