Core Viewpoint - Suda Co., Ltd. has successfully entered the aftermarket for construction machinery through its fluid connection components business, establishing stable partnerships with leading clients in the industry [1] Group 1: Business Performance - The revenue from the shield tunneling machinery pipeline components business has shown steady growth, achieving approximately 28 million yuan in 2022, accounting for 2.6% of total revenue; in 2023 and 2024, the revenue is expected to exceed 60 million yuan, maintaining a stable revenue proportion of around 5.3% [1] - The subsidiary, Saifu Fluid, is projected to achieve approximately 200 million yuan in revenue in 2024, showcasing significant performance [2] Group 2: Strategic Plans - Suda Co., Ltd. plans to pursue two types of strategic mergers and acquisitions when the timing is right: integrating sales channels and production facilities for hydraulic fluid connection components to form a competitive industrial scale, and leveraging opportunities from the mixed ownership reform of state-owned enterprises to deepen its layout through joint ventures or acquisitions of existing repair centers [1] - The company is currently screening potential targets according to its established plan and will strictly fulfill information disclosure obligations regarding future progress [1] Group 3: Business Model - The company primarily acquires orders through bidding and competitive negotiations, with a pricing model that includes agreement pricing for single repair and remanufacturing services, as well as long-term contracts for ongoing cooperation [2] - A specialized service package has been introduced, bundling maintenance, parts supply, repair, and remanufacturing services, with billing based on the customer's coal output [2] - The second-hand equipment rental and sales business involves purchasing or leasing idle equipment, which is then repaired and technically modified before resale or rental, with transaction prices determined through bidding or competitive negotiations [2] Group 4: Competitive Advantage - Saifu Fluid has a significant technical advantage over competitors like Yingweike, with hydraulic system pipeline pressure levels generally reaching 30-40 MPa, much higher than the data center pipeline's sub-1 MPa; additionally, Saifu Fluid has the capability to design and produce stainless steel pipelines, aligning with material requirements in data center applications [2] - The stringent cleanliness standards in hydraulic systems have led Saifu Fluid to maintain higher levels of process control [2]
速达股份：公司已通过流体连接件业务进入工程机械后市场