20亿“缝隙市场”领头羊传奇：独占风电高空作业设备7成市场，20%净利率吸睛，又叠加行业回暖和出海红利！

Core Insights - The report highlights that the company, Zhongji United, is a leading manufacturer of aerial work equipment specifically targeting the wind power sector, capturing over 70% of the domestic market share and 30% in the international market [6][13][41] - In 2023, the revenue from the wind power industry reached 1.083 billion yuan, accounting for over 98% of the company's total revenue, indicating a strong dependency on this sector [6][55] - The company has a high net profit margin of 20% and has seen significant growth in overseas sales, which increased by over 260% compared to 2021, contributing to nearly half of its total revenue [23][57] Revenue Structure - The revenue structure shows that aerial safety lifting equipment constitutes about 70% of the total revenue, while aerial safety protection equipment accounts for approximately 25% [10][6] - The company’s total revenue has grown from 57 million yuan in 2012 to 1.105 billion yuan in 2023, reflecting a compound annual growth rate of over 30% [55][57] Market Position - Zhongji United operates in a niche market with a total market size of approximately 20 billion yuan for wind power aerial work equipment, which is only about 10% of the overall aerial work equipment market [38][55] - The company has established a stable market position due to high qualification barriers and a lack of interest from larger equipment manufacturers, allowing it to dominate the market [18][19][54] Product Certification - The company has obtained numerous certifications, including CE, UL, and RoHS, which are essential for market entry in various regions, ensuring product safety and compliance [46][20] - As of 2023, Zhongji United's products have been successfully applied in 65 countries, showcasing its global reach and compliance with international standards [23][46] Future Growth Potential - The report indicates that the growth of the wind power sector is expected to continue, with a forecast of 75-85 GW of new installations in 2024, which will likely benefit the company [88][91] - The trend towards larger wind turbines will increase the demand for aerial work equipment, providing further growth opportunities for Zhongji United [68][101] Challenges in Diversification - Despite the company's strong performance in the wind power sector, its revenue from non-wind power sectors remains minimal, contributing only 1.3 million yuan in 2023, which is just 1.18% of total revenue [100][98] - The company faces challenges in expanding its product applications beyond the wind power industry, as its current diversification efforts have not yet yielded significant results [98][103]