CHIC(SH:601608) Chan Ye Xin Xi Wang·2025-11-18 01:39Core Insights - The rapid development of the thermal power market in China has led to a significant increase in the demand for coal mills, with a projected sales volume of 3,391 units and a sales revenue of 9.434 billion yuan in 2024 [1][7][8] - The ongoing upgrades and modifications of existing thermal power units, along with the planned 120 million kilowatt peak-shaving transformation project, are expected to drive substantial procurement needs for coal mills [1][7] - The steel and chemical industries are also contributing to the growing demand for coal mills, further enhancing market prospects [1][7] Market Overview - Coal mills are essential auxiliary equipment for coal powder furnaces, functioning by crushing coal blocks into powder through various mechanical processes [2] - The market for coal mills is characterized by high entry barriers due to the technical, capital, and labor-intensive nature of the industry, resulting in a concentrated market dominated by leading companies [8][9] Market Policies - The Chinese government has implemented a series of policies aimed at ensuring the quality, safety, environmental protection, and energy efficiency of coal mill products, promoting healthy industry development [5] Demand Structure - The thermal power sector accounts for over 60% of the coal mill demand in China, with a cumulative installed capacity of thermal power reaching 1,503.43 million kilowatts in 2024, reflecting a year-on-year growth of 3.84% [6][7] Competitive Landscape - The coal mill manufacturing industry is dominated by major players such as CITIC Heavy Industries, Shanghai Heavy Machinery Factory, and Northern Heavy Industries Group, which possess strong R&D capabilities and extensive sales networks [8][9] Development Trends - Future trends in the coal mill industry include a focus on high efficiency and energy-saving technologies, as well as a shift from equipment manufacturing to providing comprehensive lifecycle services [11][12]