尤洛卡：穿越行业周期波动，智慧矿山布局静待春来

Core Insights - The coal industry is currently undergoing an adjustment period, with companies across the supply chain facing common challenges. Strategic determination, financial health, and future trend awareness are more critical for investors than short-term market sentiment [1] Group 1: Industry Adjustment and Company Response - The coal industry has been under pressure since 2024, with revenue and profit showing a year-on-year decline according to the National Bureau of Statistics. This trend has affected the mining equipment and services sector, leading to a slowdown in order releases and extended customer decision cycles [2] - Companies are adopting a more cautious approach to capital expenditure, with increased demands for economic viability, reliability, and return periods from downstream clients. This has resulted in a prudent decision to delay recent fundraising projects by the company, reflecting a responsible response to market conditions [2] - The company's asset-liability ratio remains low compared to the industry average, and its operating cash flow is stable, providing a buffer to navigate through the cycle [2] Group 2: Strategic Focus and Resource Optimization - The company has decided to divest from related diversified fields to concentrate on its core business in smart mining, signaling a clear strategic focus. This move is interpreted as a commitment to allocate resources to areas with the greatest competitive advantage [3] - Coal remains the primary energy source in China, expected to play a stabilizing role in energy supply for the foreseeable future. The company's main business revolves around mining safety and intelligence, with key products including coal mine roof safety monitoring systems, monitoring systems, intelligent transportation systems, and mining robots [3] - Policies promoting the intelligentization of the coal industry are crucial for enhancing safety and production efficiency, providing a solid foundation for the company's core business despite short-term industry fluctuations [3] Group 3: Technological Development and Future Preparedness - The adjustment period is seen as a critical phase for companies to strengthen their internal capabilities and plan for the future. Continuous R&D investment is essential for technology-driven companies to prepare for the next growth cycle [4] - The company is actively developing new products, including various mining robots, to enrich its product matrix. Its fundraising projects aim to enhance the self-production and high-end customization capabilities of core products [4] - Companies with solid technical reserves, validated products, and healthy financial structures are expected to gain significant market share when the investment cycle in the industry rebounds. The company's technological layout and capacity planning are designed to enable quick responses to market demand fluctuations [4]