Group 1: Market Trends and Product Development - The trend of wind turbine large-scale development is leading to an increase in single-unit capacity and tower height, resulting in changes to the company's product structure [1] - The proportion of large-load elevators in new installations is continuously increasing, with large-load elevators and rack-and-pinion elevators accounting for approximately 20% of new signed orders in 2023 and over 30% in the first nine months of 2024 [8] - The company has introduced a dual-machine operation solution to enhance safety and efficiency in high tower operations, addressing the challenges posed by increasing tower heights [6] Group 2: Financial Performance and Cost Management - In 2023, the company experienced an increase in marketing and R&D expenses due to new business expansion, but these costs have decreased as the new business stabilizes, leading to a reduction in expense ratios while sales revenue continues to grow [6] - The company's revenue from new markets and existing markets is approximately evenly split, with each contributing about 50% [8] - Revenue from wind turbine manufacturers accounts for about 60% of total revenue in the domestic market, while revenue from wind power companies is higher in the overseas market [8] Group 3: Service Revenue and Clientele - The company's service revenue, which includes maintenance, training, and high-altitude operation services, accounted for about 3% of main business revenue in the first nine months of 2024 [8] - The primary clients in the wind power industry include wind turbine manufacturers, wind power companies, and tower manufacturers [8] Group 4: Impact of Wind Turbine Large-Scale Development - The large-scale development of wind turbines is expected to reduce the number of turbines per GW, but will also increase the height of turbines, leading to higher prices for related products and greater penetration of efficient equipment [8]

Group 1: Investor Relations Activities - The investor relations activity included a Q&A session focusing on the application of elevators and anti-climbing devices in tower structures [2] - The event was attended by major securities firms such as Guotai Junan and Galaxy Securities [2] - The meeting took place on December 19, 2024, in the company's conference room [2] Group 2: Product Innovations - The company introduced a dual-machine linkage solution to address the increasing height of wind turbine towers, enhancing operational safety and efficiency [7] - The gear rack elevator was developed to meet the trend of larger wind turbines, offering advantages over traditional wire rope elevators [8] - The gear rack elevator can be used during the construction phase, significantly improving efficiency [8] Group 3: Market Demand and Orders - In 2023, new orders for large-load elevators and gear rack elevators accounted for approximately 20% of the total elevator order value [8] - From January to September 2024, these products represented over 30% of the new signed orders [8] - The market share of the company's high-altitude safety protection equipment in the wind power market is about 70% [9] Group 4: Expansion into Non-Wind Power Sectors - The company is expanding its product offerings in non-wind power sectors, including industrial and construction lifting equipment [9] - Future plans aim for non-wind power revenue to match or exceed that of the wind power sector within 5-8 years [9]

Group 1: Company Overview and Market Position - Zhongji United (Beijing) Technology Co., Ltd. focuses on the installation of elevators in offshore wind power projects due to the complex environment and higher operational costs compared to onshore projects [1] - The company aims to expand its non-wind power product offerings, including industrial and construction lifting equipment, safety protection products, and emergency rescue products, with a goal to match or exceed wind power revenue in 5-8 years [3] Group 2: Financial Performance and Projections - In 2024, the company expects a 35% increase in new orders compared to the same period last year, with overseas market orders growing faster than domestic ones [3] - Research and development expenses are projected to stabilize in 2024, returning to levels seen in previous years, despite increased investments in marketing and R&D in 2023 [3] Group 3: Product Differentiation and Value - Offshore wind power products have higher requirements and prices due to harsher environmental conditions, leading to a greater variety of products compared to onshore wind power [5]

Group 1: Company Overview - Zhongji United (Beijing) Technology Co., Ltd. focuses on vertical lifting and safety protection solutions for confined spaces, applicable in 16 industries including wind power, hydropower, and telecommunications [1][2]. Group 2: Product Expansion - The company is expanding its product offerings in non-wind power sectors, including industrial lifting equipment, safety protection products, and emergency rescue products [4][6]. - Key products include industrial lifts for chimneys, climbing machines for power grid towers, and safety gear like smart helmets and fall protection systems [4][6]. Group 3: Sales Model - The sales model primarily involves direct sales in the wind power sector, while construction and other sectors utilize both direct and distribution sales [4][6]. Group 4: Order Growth - From January to November 2024, new orders increased by approximately 35% compared to the same period last year, with overseas market orders growing faster than domestic ones [4][6]. Group 5: Product Application - The company has introduced a dual-machine solution for high wind turbine towers, enhancing safety and efficiency in maintenance operations [4][6]. - High-altitude safety equipment accounts for about 30% of the company's product revenue [6]. Group 6: Market Adaptation - The rise in concrete tower usage leads to increased demand for heavy-duty lifts and gear rack lifts, significantly improving construction efficiency [6]. Group 7: Product Differentiation - The tower lifting machine operates on a different principle compared to residential elevators, featuring an active climbing system and synchronized movement of the safety protection system and cabin [6].

证券代码：605305 证券简称：中际联合 公告编号：2024-065 中际联合（北京）科技股份有限公司 关于为全资子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示: ● 被担保人名称及是否为公司关联人：被担保人中际联合（北京）装备制 造有限公司（以下简称"中际装备"）为公司全资子公司。 ● 本次担保金额及已实际为其提供的担保余额：本次担保金额最高额度为 人民币2,000.00万元；截至本公告披露日，公司对中际装备的担保余额为0.00 万元（含本次）。 ● 本次担保是否有反担保：无 ● 对外担保逾期的累计数量：截至目前公司无逾期对外担保。 一、担保情况概述 中际联合（北京）科技股份有限公司（以下简称"公司"）于2024年4月26 日召开的第四届董事会第八次会议及第四届监事会第七次会议分别审议通过了 《关于公司及子公司向浦发银行申请综合授信暨为子公司提供担保的议案》， 同意公司为中际装备向上海浦东发展银行股份有限公司北京分行申请综合授信 3,000.00万元（最高额度人民币3,000. ...

证券代码：605305 证券简称：中际联合 公告编号：2024-064 中际联合（北京）科技股份有限公司 关于使用闲置募集资金进行现金管理到期赎回 并继续进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示： ● 履行的审议程序：中际联合（北京）科技股份有限公司（以下简称"公 司"）于 2024 年 4 月 11 日召开第四届董事会第七次会议及第四届监事会第六次 会议，分别审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，该 议案经公司 2023 年年度股东大会审议通过，同意公司及子公司在确保募投项目 所需资金正常使用和保证募集资金安全的前提下，对不超过人民币 10,000.00 万元（含本数）的闲置募集资金进行现金管理，在上述额度内，资金可以循环使 用，投资期限自公司 2023 年年度股东大会审议通过之日起 12 个月内有效。公司 监事会发表了明确的同意意见，保荐人中信建投证券股份有限公司对本事项出具 了明确的核查意见。详细内容见公司于 2024 年 4 月 13 日、2024 ...

Investment Rating - Strong Buy (首次评级) [2][3] Core Views - The company specializes in high-altitude safety equipment and services, primarily focusing on the wind power industry, with a strong presence in both domestic and international markets [17] - The company's products are highly profitable and have strong pricing power due to their niche market, customization, high added value, and high return on investment [1][7] - The company is expected to maintain high growth through product upgrades, market expansion, and diversification into non-wind power sectors [1][7] Company Overview - The company is a leading provider of high-altitude safety equipment and services, with a strong focus on the wind power industry [17] - The company's main revenue comes from high-altitude safety lifting equipment, which includes tower lifts, climbers, and assist climbers [19] - The company has a strong brand and customer base, covering major wind turbine manufacturers and power generation companies both domestically and internationally [25][28] Industry Overview - The wind power industry is undergoing a cost-reduction race, with opportunities emerging in various segments, especially in components [1] - The domestic wind power market is shifting from onshore to offshore, with offshore wind power expected to be a significant growth driver [2][3] - The industry is characterized by a stable competitive landscape, with the top three wind turbine manufacturers maintaining their positions for several years [62] Growth Drivers - Product upgrades: The company's high-end tower lifts are becoming mainstream, with offshore tower lifts priced at twice the onshore price [1][7] - Market expansion: The company is actively expanding overseas, with overseas revenue accounting for nearly 50% of total revenue [1][7] - Diversification: The company is expanding into non-wind power sectors such as construction and industrial applications, opening up new market opportunities [1][7] Financial Performance - The company's revenue and profit have grown significantly over the past five years, with a CAGR of 25.42% and 17.35%, respectively [39] - The company's gross margin and net margin have been improving, with a gross margin of 48.86% and a net margin of 25.51% in the first three quarters of 2024 [44] - The company's inventory and contract liabilities have reached record highs, indicating strong market confidence and future growth potential [46] Competitive Advantages - Niche market: The company operates in a relatively closed market with few global competitors, ensuring high profitability [84] - Customization: The company's products are highly customized to meet the specific needs of wind turbine manufacturers, creating a strong industry barrier [87] - High added value: The company's products are essential for safety, giving it strong pricing power and customer loyalty [89]

Group 1: Market Penetration and Share - The penetration rate of lifting products in offshore wind power in the domestic market is nearly 100%, while approximately 60% of onshore new wind turbines are equipped with lifting machines and about 40% with anti-climbing devices [3] - The company's market share in the domestic wind power industry is approximately 70%, while in the international market, the market share of lifting products in the European wind power industry is about 30%, and anti-climbing devices have nearly 100% market share in North America and Asia-Pacific [3] Group 2: Product Advantages and Innovations - The gear rack lifting machine addresses issues associated with traditional wire rope lifting machines, providing smoother operation and allowing for pre-installation at tower factories [5] - Compared to traditional wire rope lifting machines, gear rack lifting machines have several advantages, including higher load capacity, smoother operation, and adaptability to various tower types [5] - The company has introduced a dual-machine linkage solution to enhance operational safety and efficiency for high tower wind turbines, combining lifting machines and anti-climbing devices [5] Group 3: Orders and Financial Performance - In 2023, new orders for large-load lifting machines and gear rack lifting machines accounted for approximately 20% of the lifting machine order value; in the first ten months of 2024, these orders represented over 30% of the new signed orders [5] Group 4: Market Expansion and Strategy - The company began expanding into the U.S. market in 2018, establishing a localized team and factory, focusing on product demonstrations, training, maintenance, and logistics [3]

证券代码：605305 证券简称：中际联合 中际联合（北京）科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------------------|---------------------------------------------------|-------------------------------------------------------------------------------------------------| | | ■ | 特定对象调研 □分析师会议 | | 投 资 者 关 系 活 | □媒体采访 □业绩交流会 | | | 动类别 | □ 新闻发布会 □路演活动 | | | | | □现场参观 ■其他（线上调研） | | 参与单位名称 | | 浙商证券、天弘基金、长盛基金、新华基金、国投机械、交银基金 | | 活动时间 | 2024 年 11 月 19 | 日 下午 | | 地点 | 公司会议室 | | | 上 市 公 司 接 待 人员姓名 | | 董事会秘书 刘亚锋；证券事务代表 齐亚娟 | | 投 资 者 关 系 活 ...

Investment Rating - The report maintains an "Outperform" rating for Zhongji United (605305 SH) [1][6][20] Core Views - The company's Q3 performance continues to grow rapidly, with optimized order structure [1] - Net profit in the first three quarters increased by 101% YoY, with significant improvement in profitability [1][9] - The company's global layout is progressing steadily, with controllable risks from US trade sanctions [2][19] - Non-wind power sector revenue in the first three quarters has nearly doubled compared to the full year of 2023 [2][19] Financial Performance Revenue and Profit - Q1-Q3 revenue reached 934 million yuan, up 33 57% YoY, with net profit of 238 million yuan, up 101 01% YoY [1][9] - Q3 revenue was 364 million yuan, up 40 84% YoY and 10 35% QoQ, with net profit of 98 million yuan, up 166 07% YoY and 19 27% QoQ [1][18] - Gross margin for Q1-Q3 was 48 86%, up 2 77pct YoY, and net margin was 25 51%, up 8 56pct YoY [1][9] - Q3 gross margin was 49 21%, up 3 80pct YoY but down 0 94pct QoQ, while net margin was 26 90%, up 12 66pct YoY and 2 01pct QoQ [1][18] Orders and Market Expansion - New orders in the first three quarters increased by approximately 30% YoY, with overseas market growth outpacing domestic growth [1][18] - Large-load and rack-and-pinion elevator orders accounted for over 30% of total elevator orders in the first three quarters of 2024, up from 20% in 2023 [2][19] - Overseas revenue accounted for over 50% of total revenue in the first half of 2024 [2][19] Non-Wind Power Sector - Non-wind power sector revenue in 2023 was approximately 13 million yuan, a six-fold increase YoY [2][19] - Non-wind power sector revenue in the first three quarters of 2024 was nearly double that of the full year 2023, with a nearly three-fold YoY increase [2][19] Financial Forecasts - Revenue is expected to reach 1 41 billion yuan in 2024E, 1 818 billion yuan in 2025E, and 2 229 billion yuan in 2026E [4][24] - Net profit is forecasted to be 334 million yuan in 2024E, 428 million yuan in 2025E, and 555 million yuan in 2026E [4][24] - EPS is projected to be 1 57 yuan in 2024E, 2 01 yuan in 2025E, and 2 61 yuan in 2026E [4][24] - ROE is expected to be 13 7% in 2024E, 15 6% in 2025E, and 17 8% in 2026E [4][24] Valuation - The current PE ratio is 18x for 2024E, 14x for 2025E, and 11x for 2026E [4][24] - The PB ratio is 2 32x for 2024E, 2 06x for 2025E, and 1 80x for 2026E [4][24]