| --- | --- | --- | |-------------------|------------------------------|-----------------------------------------------------------------------------------------------------| | | ■ | 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 | 基金 | 中信建投、中邮基金、远信投资、中金公司、中信资管、浙商证券、华安 | | 活动时间 | 2024 年 12 月 26 | 日 | | 地点 | 上午公司会议室，下午线上会议 | | | 上 市 公 司 接 待 | | 董事会秘书 刘亚锋；证券事务代表 齐亚娟 | | 人员姓名 | | | | 投 资 者 关 系 活 | 一、问答环节 | | | 动 主 要 内 容 介 | 1 | 、介绍下风机大型化带来的公司产品结构的变化情 ...

证券代码：605305 证券简称：中际联合 | --- | --- | --- | |-----------------------|--------------------------|------------------------------------------------------------| | | ■ | 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 | 证券 | 国泰君安、国信证券、银河证券、招商基金、上海和谐汇一、华泰 | | 活动时间 | 2024 年 12 月 19 | 日 | | | | | | 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 | 一、问答环节 | | | 动主要内容介 | 1 景。 | 、请介绍下升降机及免爬器同时应用在塔筒里的场 | | | | 答：为适应风机大型化后塔筒高度越来越高的工况， | | 绍 | | 公司推 ...

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 | --- | --- | --- | |-----------------------|--------------------------------|------------------------------------------------------------| | | ■ | 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 | 迈基金、国投瑞银基金、相聚资本 | 国海资管、方正资管、兴银基金、华泰证券资管、海宸投资、路博 | | 活动时间 | 2024 年 12 月 16 | 日 | | 地点 | 线上会议 | | | | | | | | | | | 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 | | | 一、问答环节 | | | 投资者关系活 | 1 | 、请问为什么在海上风电中安装升降机产品会更多？ | | 动主要内容介 ...

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 | | 广发证券、华泰证券、泓德基金、国投证券 | | 活动时间 | 2024 年 12 月 12 | 日 | | 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 | 一、问答环节 | | | | | 1、介绍下公司产品的应用场景。 | | 动 主 要 内 容 介 | | 答：公司产品主要为有限空 ...

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 ...

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. ...

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]

Investment Rating - The report gives a "Strong Buy" rating for the company, indicating high growth potential and profitability in the wind power sector [4][5]. Core Insights - The company specializes in high-altitude safety equipment and services, primarily focusing on the wind power industry, which is expected to experience significant growth [2][19]. - The report highlights the company's strong pricing power and high margins due to its niche market and customized solutions [3][4]. - The company is well-positioned to benefit from the increasing demand for wind power and the ongoing trend of cost reduction across the industry [2][4]. Summary by Sections Company Overview - The company is a leading provider of high-altitude safety equipment and services, focusing on the wind power sector while also serving other industries such as construction and power generation [19][21]. - It has established a strong brand presence and customer base, covering major domestic and international wind turbine manufacturers [29][30]. Industry Overview - The wind power industry is undergoing a "cost reduction race," creating structural investment opportunities, particularly in components and services [2][4]. - The report notes a decline in the average bidding price for wind turbine units, which has led to a decrease in overall industry value, emphasizing the need for cost-effective solutions [2][4]. Investment Logic - The company's high profitability is attributed to its niche market, customized products, high added value, and low cost structure relative to total wind turbine construction costs [3][4]. - The company is expanding its product offerings and market reach, with a significant portion of revenue now coming from overseas markets, which is expected to continue growing [3][4][19]. Financial Forecast and Valuation - The company is projected to achieve revenues of 1.446 billion, 1.692 billion, and 1.964 billion yuan for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 30.9%, 17.1%, and 16.0% [4][6]. - Net profits are expected to reach 330 million, 420 million, and 500 million yuan for the same years, with growth rates of 59.4%, 27.5%, and 18.9% [4][6].

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 | --- | --- | --- | |-------------------|----------------------------------|----------------------------------------------------------------------------| | | ■ | 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 | | 虢盛基金、上汽颀臻、中信证券、国投机械、国联安 | | 活动时间 | 2024 年 11 月 20 | 日 至 2024 年 11 月 21 日 | | 地点 | 11 月 20 | 日在公司会议室，11 月 21 日线上会议 | | 上 市 公 司 接 待 | | 董事会秘书 刘亚锋；证券事务代表 齐亚娟 | | 人员姓名 | | | | 投 资 者 关 系 活 | 一、问答环节 | | | ...