Financial Performance and Metrics - Revenue for the reporting period (January to June) was RMB 2.36 billion, a year-on-year increase of 21.68%[13] - Net profit attributable to shareholders of the listed company was RMB 334.91 million, a year-on-year increase of 3.03%[13] - Net cash flow from operating activities was RMB 1.15 billion, a year-on-year increase of 83.06%[13] - Total assets at the end of the reporting period were RMB 19.97 billion, a year-on-year increase of 3.89%[13] - The company's weighted average return on equity (ROE) was 5.87%, a decrease of 0.96 percentage points year-on-year[14] - Non-recurring gains and losses amounted to RMB 1.50 million, primarily from government subsidies and asset disposal[15] - The company's total operating revenue reached 2.359 billion yuan, a year-on-year increase of 21.68%, with the aerial work platform service sector achieving 1.783 billion yuan, up 32.76% year-on-year, accounting for 75.56% of the main business revenue[47] - The company's net profit attributable to shareholders was 335 million yuan, a year-on-year increase of 3.03%, and the net cash flow from operating activities was 1.148 billion yuan, up 83.06% year-on-year[47] - The company's total assets amounted to 19.968 billion yuan, with shareholders' equity of 5.882 billion yuan[47] - The company's offline outlets reached 330, with online revenue exceeding 70 million yuan, a year-on-year increase of 29%[48] - The company's aerial work platform equipment management scale reached 151,300 units, a year-on-year increase of 24.92%, with an average rental rate of 75.89%[47] - The company's light asset management scale exceeded 36,000 units, a year-on-year increase of 89.90%[50] - The company's online business channels generated rental income of over 70 million yuan, a year-on-year increase of 29%, with an accounts receivable collection rate exceeding 90%[49] - The company's cumulative service customers exceeded 200,000, with cumulative contracts signed exceeding 330,000, and small and medium-sized customers accounting for 99%[49] - The company's light asset cooperation model includes joint ventures and subleasing, with joint venture equipment deliveries exceeding 13,000 units, a year-on-year increase of nearly 10,000 units[50] - The company's subleasing volume exceeded 23,000 units, a year-on-year increase of 47.06%, with an asset scale of 3.9 billion yuan[50] - Service efficiency improved by over 20% through refined management and talent development, with real-time data monitoring via the "擎天系统" dashboard[51] - Engineering machinery management scale reached 151,300 units, with a rental rate of 75.89%, a decrease of 5.97 percentage points year-over-year[52] - Electric equipment adoption rate reached 93.77%, with scissor lifts at nearly 100% and boom lifts at 72.8% electrification[52] - Building support equipment inventory totaled 473,500 tons, with subway steel support equipment accounting for 343,400 tons, a slight decrease of 0.50% year-over-year[53] - Operating revenue increased by 21.68% to RMB 2,359,339,532.99, while operating costs rose by 26.68% to RMB 1,344,621,215.58[55] - Net cash flow from operating activities surged by 83.06% to RMB 1,148,299,735.57 due to business expansion and improved collections[55] - Cash and cash equivalents increased by 43.11% to RMB 122,218,023.84, driven by higher repayments from aerial work platforms[56] - Accounts receivable increased by 12.50% to 3,966,324,405.23 yuan[57] - Prepayments increased by 46.40% to 37,591,522.14 yuan, mainly due to increased prepayments for engineering and freight[57] - Inventory increased by 17.37% to 26,347,519.91 yuan[57] - Short-term borrowings increased by 31.98% to 1,212,981,994.31 yuan, mainly due to increased borrowing[57] - Accounts payable decreased by 21.46% to 899,934,383.34 yuan[57] - Employee benefits payable decreased by 41.07% to 44,350,306.14 yuan, mainly due to the inclusion of the 2023 annual bonus at the end of the previous year[58] - Lease liabilities increased by 7.76% to 6,387,836,486.22 yuan[58] - Undistributed profits increased by 10.87% to 2,978,406,403.32 yuan[58] - Overseas assets amounted to 6,832,817.23 yuan, accounting for 0.03% of total assets[60] - The company plans to invest 6.9882 million USD in its subsidiary, Huatie Dahuangfeng International Co., Ltd., to support overseas business development[62] - Zhejiang Dahuangfeng has a total asset of 12.34 billion RMB and a net profit of 216.20 million RMB[65] - Huatie Dahuangfeng has a total asset of 7.25 billion RMB and a net profit of 7.39 million RMB[65] - Hubei Rentai has a total asset of 302.24 million RMB and a net profit of 13.72 million RMB[65] - Jiangsu Ruicheng has a total asset of 400.81 million RMB and a net profit of 4.99 million RMB[65] - Zhejiang Jitong has a total asset of 727.26 million RMB and a net profit of 24.75 million RMB[66] - Zhejiang Henglv has a total asset of 1.18 billion RMB and a net profit of 30.03 million RMB[66] - Zhejiang Yueshun has a total asset of 169.04 million RMB and a net profit of 21.08 thousand RMB[66] - Total operating income for the first half of 2024 reached 2,359,339,532.99 RMB, a 21.7% increase compared to 1,939,019,922.16 RMB in the same period of 2023[114] - Net profit attributable to parent company shareholders in the first half of 2024 was 334,908,679.42 RMB, a 3.0% increase from 325,061,280.25 RMB in the same period of 2023[115] - Total liabilities as of the reporting period amounted to 3,278,821,369.10 RMB, a slight increase from 3,260,623,499.85 RMB in the previous period[113] - Total equity attributable to shareholders reached 4,269,809,517.56 RMB, a slight decrease from 4,272,949,538.63 RMB in the previous period[113] - R&D expenses in the first half of 2024 increased by 26.6% to 45,921,419.03 RMB compared to 36,265,506.38 RMB in the same period of 2023[115] - Financial expenses in the first half of 2024 rose by 33.0% to 264,926,866.65 RMB compared to 199,162,880.34 RMB in the same period of 2023[115] - Basic earnings per share remained stable at 0.17 RMB per share in both the first half of 2024 and the same period of 2023[116] - Total comprehensive income for the first half of 2024 was 347,379,051.08 RMB, a 2.5% increase from 338,782,394.34 RMB in the same period of 2023[116] - Parent company's operating income in the first half of 2024 decreased by 13.5% to 193,157,048.68 RMB compared to 223,413,713.61 RMB in the same period of 2023[117] - Parent company's financial expenses in the first half of 2024 increased by 94.3% to 64,220,675.89 RMB compared to 33,049,862.02 RMB in the same period of 2023[117] - Net profit for the period was -21.77 million RMB, compared to 38.20 million RMB in the same period last year[118] - Operating profit was -22.26 million RMB, a significant decline from 42.28 million RMB in the previous year[118] - Total comprehensive income was -21.77 million RMB, down from 38.20 million RMB in the prior year[119] - Cash flow from operating activities increased to 1.15 billion RMB, up from 627.28 million RMB in the previous year[121] - Cash flow from investing activities was -466.77 million RMB, compared to -157.40 million RMB in the prior year[121] - Cash flow from financing activities was -641.95 million RMB, a decrease from -465.56 million RMB in the previous year[121] - Net increase in cash and cash equivalents was 39.48 million RMB, up from 4.33 million RMB in the prior year[122] - Sales revenue from goods and services was 2.08 billion RMB, an increase from 1.58 billion RMB in the previous year[119] - Payments for goods and services were 341.61 million RMB, down from 460.17 million RMB in the prior year[119] - Payments to employees were 338.57 million RMB, up from 245.16 million RMB in the previous year[121] - Operating cash flow increased significantly to RMB 83.65 million in the first half of 2024, up from RMB 23.21 million in the same period last year[123] - Sales revenue from goods and services reached RMB 182.45 million in H1 2024, a 19.75% increase compared to RMB 152.37 million in H1 2023[123] - Investment cash outflow surged to RMB 358.34 million in H1 2024, a 963.8% increase from RMB 33.69 million in H1 2023[124] - Financing cash inflow totaled RMB 1.33 billion in H1 2024, slightly higher than RMB 1.32 billion in H1 2023[124] - Total owner's equity increased by RMB 366.84 million to RMB 6.03 billion as of June 2024[126] - Comprehensive income for H1 2024 reached RMB 334.91 million, contributing to owner's equity growth[128] - Capital expenditure on fixed assets and long-term assets increased to RMB 63.46 million in H1 2024, up 140.5% from RMB 26.39 million in H1 2023[123] - Cash and cash equivalents at the end of H1 2024 stood at RMB 32.30 million, compared to RMB 38.41 million at the end of H1 2023[124] - The company received RMB 1.05 billion from other financing activities in H1 2024, a 68.4% increase from RMB 625.02 million in H1 2023[124] - Retained earnings decreased by RMB 42.96 million due to profit distribution in H1 2024[130] - The company's total owner's equity at the end of the previous year was 4,680,269,100.39 yuan[135] - The company's total owner's equity at the beginning of the current year was 4,691,765,977.39 yuan[136] - The company's total owner's equity at the end of the current period was 5,099,349,393.80 yuan[143] - The company's comprehensive income for the current period was 325,061,280.25 yuan[136] - The company's owner's equity increased by 564,659,353.00 yuan during the current period[136] - The company's capital reserve decreased by 484,845,165.64 yuan during the current period[136] - The company's undistributed profit increased by 325,061,280.25 yuan during the current period[136] - The company's minority shareholder equity increased by 3,535,698.80 yuan during the current period[136] - The company's total owner's equity at the beginning of the current year was 4,272,949,538.63 yuan[143] - The company's total owner's equity decreased by 3,140,021.07 yuan during the current period[143] - Total owner's equity at the end of the period is 4,269,809,517.56[146] - Comprehensive income for the period is 38,195,008.30[147] - Capital reserve decreased by 484,630,580.93 during the period[147] - Total owner's equity at the beginning of the period is 4,006,376,124.56[147] - Capital increase from owners' investment is 80,201,022.07[147] - Share capital increased by 564,659,353.00 during the period[147] - Total owner's equity at the end of the period is 4,123,772,154.93[150] - Capital reserve decreased by 553,622,438.00 due to capital reserve transfer to share capital[149] - Share capital increased by 553,622,438.00 due to capital reserve transfer to share capital[149] - Other comprehensive income decreased by 1,000,000.00 during the period[149] - Repurchased and canceled 37,100 restricted shares due to employee departures[153] - Exercised 7,723,409 stock options from January 1, 2023, to May 31, 2023, increasing share capital[153] - Capital reserve transfer of 553,622,438 shares at a ratio of 4 shares per 10 shares based on 1,384,056,094 shares[153] - Exercised 3,350,606 stock options from June 1, 2023, to June 30, 2023, increasing share capital[153] - Exercised 13,401,829 stock options from July 25, 2023, to June 20, 2024, increasing share capital[153] - Exercised 4,921,560 stock options from June 30, 2023, to December 21, 2023, increasing share capital[153] - Exercised 24,202 stock options from May 9, 2024, to June 30, 2024, increasing share capital[154] - Consolidated financial statements include 24 subsidiaries and 125 grand subsidiaries as of June 30, 2024[157] - The company operates in the leasing and business services industry, focusing on construction equipment rental and services[155] - Financial statements and notes were approved by the board on August 22, 2024[158] - The company has expanded its presence with multiple subsidiaries across various regions, including Wuxi, Shanghai, Tianjin, Chongqing, Zhejiang, and more, indicating a broad market reach[160] - Significant growth in the number of subsidiaries, with over 40 new locations added, reflecting aggressive market expansion and operational scaling[160] - The company has diversified its operations into new regions such as Guizhou and Hubei, suggesting strategic market penetration into less saturated areas[162] - Introduction of new subsidiaries like Zhejiang Huatie Yushuo Construction Support Equipment Co., Ltd., indicating potential focus on specialized construction equipment[162] - Expansion into international markets with subsidiaries like Huatie Korea Equipment Leasing Co., Ltd., highlighting global market ambitions[162] - The company has established a strong foothold in the construction equipment leasing sector, with subsidiaries like Hangzhou Kesheng Construction Equipment Co., Ltd. and Dezhou Heret Construction Equipment Co., Ltd.[161] - Continued investment in new technologies and materials through subsidiaries like Zhejiang Yougao New Material Technology Co., Ltd., suggesting a focus on innovation[162] - The company has a robust supply chain management system, evidenced by the establishment of Zhejiang Huatie Supply Chain Management Service Co., Ltd.[162] - Strategic partnerships and collaborations are likely, given the establishment of subsidiaries like Zhejiang Huatie Shuangzi Construction Co., Ltd.[162] - The company is leveraging its brand strength with subsidiaries like Huatie Dahuangfeng International Co., Ltd., indicating a focus on brand consolidation and global recognition[162] - The company's financial statements are prepared in accordance with the Chinese Accounting Standards and the disclosure rules of the China Securities Regulatory Commission[163] - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant events affecting its ability to continue operations[164] - The company's accounting year runs from January 1 to December 31[165] - The company's operating cycle is 12 months[166] - The company and its domestic subsidiaries use RMB as their functional currency, while overseas subsidiaries use USD based on their primary economic environment[167] - Significant individual bad debt provisions for receivables are made for amounts reaching or exceeding RMB 2 million[168] - The company's consolidated financial statements are prepared based on control, with the scope of consolidation determined by the company's power over the investee and its ability to influence returns[172] - In the case of a step-by-step acquisition under common control, the company measures the assets and liabilities of the acquired entity at their carrying amounts in the consolidated financial statements of the ultimate controlling party on the acquisition date[169] - For non-common control acquisitions, the company measures the acquired assets and liabilities at fair value on the acquisition date, with any excess of the acquisition cost over the fair value of the identifiable net assets recognized as goodwill[170] - Transaction costs related to business combinations, such as audit and legal fees, are expensed as incurred, while costs related to issuing equity or debt securities are included in the initial recognition amount of the securities[171] - The company classifies financial assets into three categories: financial assets measured at amortized cost, financial assets measured at fair value with changes in other comprehensive income, and financial assets measured at fair value with changes in current profit or loss[180] - Financial assets measured at amortized cost are managed with the business model of collecting contractual cash flows, and their contract terms specify cash flows on specific dates as payments of principal and interest based on the outstanding principal amount[181] - Financial assets measured at fair value with changes in other comprehensive income are managed with a business model that aims to both collect contractual cash flows and sell the financial asset[182] - Financial liabilities are

Investment Rating - Maintains a "Buy" rating [4] Core Views - The company has completed a change in control, with Hainan Haikong becoming the largest shareholder, holding approximately 13.96% of the shares, while the original controlling shareholder's stake has been reduced to 8.98% [1] - The transaction was completed at a premium of approximately 48% over the current price, indicating strong confidence in the company's potential [1] - The transition from a private enterprise to a state-owned enterprise is expected to lower financing costs, potentially reducing annual financial expenses by RMB 59-118 million if financing costs decrease by 0.5-1.0 percentage points [2] - The company may accelerate its expansion through a "light asset" model, reducing capital expenditure pressure and leveraging its operational efficiency advantages [2] - The company's ROE in 2023 was 14.5%, with an ROIC of 9.17%, reflecting strong operational efficiency despite declining rental prices [2] - The state-owned background is expected to enhance the company's competitiveness and stability in the industry, particularly during a period of industry consolidation [10] Financial Performance and Projections - Revenue is projected to grow from RMB 3,278 million in 2022 to RMB 10,899 million in 2026, with a CAGR of 34.66% [3] - Net profit attributable to the parent company is expected to increase from RMB 641 million in 2022 to RMB 1,587 million in 2026, with a CAGR of 26.22% [3] - EPS is forecasted to rise from RMB 0.46 in 2022 to RMB 0.81 in 2026 [3] - ROE (attributable to the parent company) is projected to increase from 14.01% in 2022 to 17.20% in 2026 [3] - The company's P/E ratio is expected to decrease from 10x in 2022 to 6x in 2026, reflecting improved valuation metrics [3] Industry Context - The equipment rental industry is facing pressure from declining rental prices and increased competition, leading to accelerated industry consolidation [10] - Leading companies with strong network effects, reasonable equipment structures, and bargaining power with upstream suppliers are expected to maintain a competitive advantage [10] - The company's state-owned background positions it well to navigate industry challenges and potentially increase its market share through a "light asset" model [10] Market Data - The company's total market capitalization is RMB 9.439 billion, with a total share capital of 1.971 billion shares [6] - The stock's price range over the past year has been between RMB 4.69 and RMB 7.07 [6] - The stock's turnover rate over the past three months is 69.78% [6]

丨证券研究报告丨 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | 报告要点 | | | | [Table_Author] 张弛 张智杰 袁志芃 华铁应急（603300.SH） cjzqdt11111 15 华铁应急 6 月 11 日公告，近日公司在海南控股的优质信用支持下，成功与海南银行、中信银 行、华夏银行、民生银行、平安租赁签订了战略合作协议。 ⚫ 高空作业平台租赁景气依旧，公司主业有望延续高增，多品类租赁设备的落地进一步增厚 公司盈利。后续随着自身采购的推进，以及轻资产的落地，公司主业规模有望持续增长； 基于高空作业平台建立的营销网络，公司进一步探索多品类经营，并将叉车作为下一重点 探索租赁品类之一，建议关注。同时算力、低空等创新租赁业务逐步落地也有望增厚公司 盈利。预计 2024-2026 年实现业绩 10.2、12.6、15.1 亿，对应当前估值为 10.98、8.87、 7.40 倍，维持"买入"评级。 2、高杠杆风险。 丨证券研究报告丨 更多研报请访问 长江研究小程序 1、轻资产不及预期：公司扩 ...

证券代码：603300 证券简称：华铁应急 编号：2024-04 浙江华铁应急设备科技股份有限公司 投资者关系活动记录表 投资者关 □特定对象调研 □分析师会议 □现场参观 系活动类 █媒体采访 □业绩说明会 □新闻发布会 别 █路演活动 □电话会议 □其他 参与单位 建信基金、国寿资产、金鹰基金、诺德基金、泰康资产、平安 名称（排 基金、宽合私募、中金基金、睿郡资产、泊通投资、蒙犇投 名不分先 后） 资、德创投资、前海万方达资产、溪望私募、承风金萍私募、 贤盛投资、远海私募基金、泽泉投资、恒越投资、海通资管、 善正资产、高申资产、理成资产、苓茏投资、一犁私募、岭澜 投资、锐稳投资、东鑫投资、沣谊投资、准锦投资、兴业证 券、华泰证券、中信证券、长江证券、财通证券、浙商证券、 国盛证券、天风证券、广发证券、海通证券、民生证券、德邦 证券、东北证券、中金公司、中银国际证券、东方财富证券、 东方证券、方正证券、申万宏源证券、光大证券、湘财证券、 国海证券、国联证券、国元证券、东吴证券、万联证券、华西 证券、金投钱运投资、证券时报、证券日报、上海证券报、财 联社、界面新闻、浙商杂志、每日经济新闻、时代周报、浙报 ...

丨证券研究报告丨 公司研究丨点评报告丨华铁应急（603300.SH） [Table_Title] 海南国资委拟取得实际控制权，全面助力公司战 略发展 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------|--------------------------------------------------|------------------------------------------------------------------------------------|-------|-------| | | | | | | | 报告要点 | | | | | | [Table_Summary] 公司 5 月 21 产投协议转让上市公司合计约 2.75 | 日公告，胡丹锋、华铁恒升、大黄蜂控股、黄建新将以 | 7.258 元 / 股的价格向海控 亿股，转让完成后，海控产投将持有上市公司 14.01% 的股 | | | | 份，成为华铁应急控股股东。 ...

证券代码：603300 证券简称：华铁应急 编号：2024-03 浙江华铁应急设备科技股份有限公司 投资者关系活动记录表 投资者关 □特定对象调研 □分析师会议 □现场参观 系活动类 □媒体采访 □业绩说明会 □新闻发布会 别 □路演活动 █电话会议 □其他 参与单位 工银瑞信基金、广发基金、汇添富基金、嘉实基金、建信基 名称（排 金、交银施罗德基金、南方基金、鹏华基金、平安基金、兴业 名不分先 后） 基金、招商基金、中金基金、中欧基金、中信保诚基金、中银 基金、中邮创业基金、泰康基金、信达澳亚基金、金鹰基金、 长安基金、安信基金、富安达基金、国联基金、海富通基金、 太平基金、高毅资产、泰康资产、国寿资产、人寿资产、人保 资产、平安资产、大家资产、红杉资本、景林资产、名禹资 产、新华资产、睿郡资产、国金基金、国寿安保基金、红塔红 土基金、宏利基金、泓德基金、华夏基金、民生加银基金、国 华兴益保险、国寿养老保险、国泰人寿保险、前海人寿保险、 信泰人寿保险、中汇人寿保险、中邮人寿保险、建信养老金、 东方红资管、合远私募、中金公司、财通证券、广发证券、浙 商证券、国盛证券、华泰证券、长江证券、天风证券、中信证 ...

公司研究 国资入股有望全面助力公司战略发展，打造全球头部设备运营商：海南省国资委、 海控产投及其母公司海南控股对公司赋能主要体现三个方面：1）国有控股背景 将提升公司信用能力，海南控股将大力推进上市公司融资工作，助力公司获取持 续稳定的融资来源及更低的融资成本；2）海南控股将充分发挥海南自贸港的制 度和政策优势，统筹旗下机场板块、区域综合开发板块资源，与公司高空车作业 平台、建筑支护板块协同发展，有效增强公司的盈利能力；3）海南控股将重点 支持公司创新性租赁业务及轻资产合作的全面发展，推动公司轻资产、多品类战 略落地，进一步提升公司的持续经营能力和盈利能力。 盈利预测、估值与评级：看好海南国资入主后改善融资端，赋能高空作业平台租 赁、算力租赁业务发展，并加快轻资产战略推进，我们维持 24-26 年归母净利润 预测为 10.04/12.61/15.92 亿元，维持"买入"评级。 风险提示：宏观经济波动、高机租金价格波动、行业竞争加剧、回款不及预期。 | --- | --- | --- | --- | --- | --- | |-----------------------------------|------- ...

买入（维持） 所属行业：非银金融/多元金融 当前价格(元)：6.54 [Table_Main] 证券研究报告 | 公司点评 华铁应急(603300.SH) 2024 年 05 月 22 日 市场表现 -11% 0% 11% 23% 34% 华铁应急 沪深300 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|-------| | -23% 2023-05 \n沪深 300 对比 | 2023-09 \n1M | 2024-01 \n2M | 3M | | 绝对涨幅 (%) | 13.15 | 1.24 | 8.28 | | 相对涨幅 (%) | 9.35 | -1.29 | 0.50 | | 资料来源：德邦研究所，聚源数据 | | | | 华铁应急（603300.SH）：实控人拟易主海 南国资委，国资入主赋能发展，公司迎新 机遇 投资要点 事件：2024 年 5 月 21 日，公司发布关于控股股东、实际控制人股份转让暨控制权拟 发生变更和权益变动的提示性公告。据公告，胡丹锋、 ...

[Table_Title] 规模持续增长，扣非利润增速较快 [Table_Author] 张弛 张智杰 张韦华 袁志芃 华铁应急（603300.SH） cjzqdt11111 [Table_Title2] 规模持续增长，扣非利润增速较快公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 事件评论 ⚫ 算力租赁方面，子公司科思翰近期战略合作连续落地。科思翰智算为华铁 2023 年 9 月成 立的子公司，持股 51%，未来将提供算力相关服务。2024 年 3 月，公司为科思翰提供 10 亿元担保，为其业务发展需要提供融资支持。3-4 月，华铁连续与互联网领域公司无问芯 穹、科蓝软件达成战略合作，算力租赁业务持续推进。 公司研究丨点评报告丨华铁应急（603300.SH） 分析师及联系人 请阅读最后评级说明和重要声明 10 公司一季度实现营业收入 11.05 亿元，同比增长 31.00%；归属净利润 1.57 亿元，同比增长 11.57%；扣非后归属净利润 1.59 亿元，同比增长 23.18%。 请阅读最后评级说明和重要声明 ⚫ 低空经济方面，携手浙江威航，进军无人机租赁业务。4 月 24 日华铁公告 ...

华铁应急(603300) / 多元金融 / 公司点评 / 2024.05.13 相关报告 1. 《轻资产模式顺利推进，规模持续较 快增长》 2023-10-24 2. 《渠道有序扩张，轻资产模式推进顺 利》 2023-07-26 3. 《高空车快速扩张，数字化赋能经营》 2023-04-24 ❖ 公司业务进军海外，合资公司业务拓展顺利。2023 年公司新增 82 个网点 达 274 个。当前，公司在一二线城市共有 118 个网点，2023 年开始进军云贵、 西南、西北区域，并且开始进军海外市场，成功在韩国拓展，公司预计韩国市 场 2024 年开始产生效益。公司分别与浙江东阳城投、江西贵溪国控两家合作 方成立合资公司城投华铁和铜都华铁，战略合作金额均为 15 亿元，其中城投 华铁已经投运 14 个网点，首批设备共计 3400 台、资产总额为 3.3 亿元，目前 已全部交付，剩余 12 亿元设备将在后期逐步落实。除合资模式外，公司当前 转租设备进 1.6 万台同增 51.22%，资产规模超 23 亿元，轻资产模式持续扩张。 公司点评/证券研究报告 ❖ 公司业务进军海外，合资公司业务拓展顺利。2023 年公司新增 ...