东海证券晨会纪要

Group 1 - The coal mining industry is entering an era of unmanned intelligent operations, with significant upgrades in comprehensive mining equipment technology being timely [4][6] - Coal plays a crucial role as a "ballast" in China's energy supply, with a record national raw coal output of 4.711 billion tons in 2023. However, the decline of the demographic dividend and frequent mining accidents are constraining coal supply [4][5] - Unmanned intelligent mining is a key direction for transformation and upgrading, effectively reducing the number of workers, lowering operational costs, enhancing miner safety, and improving mining efficiency [4][5] Group 2 - Major coal-producing provinces are actively formulating development goals and policies to promote unmanned intelligent mining, with leading enterprises taking the lead in transformation and upgrading [5][6] - By the end of 2022, seven key coal enterprises, including China Energy Group and China Coal Group, had established intelligent production capacity of 1.393 billion tons per year, improving labor efficiency by 27.7% [5][6] - The intelligent coal mining market is expected to exceed 100 billion yuan, with projected market sizes of 33.93 billion yuan and 36.25 billion yuan for 2024 and 2025, respectively [20] Group 3 - Zhengzhou Coal Machine is a practitioner of intelligent transformation, providing integrated solutions for intelligent mining control systems and covering all coal-producing regions in China through its sales network [7][20] - The company has been recognized for its reliable product quality and extensive market acceptance, with over 40 of the top 50 coal enterprises in China being end-users of its products [7][20] - Tianma Intelligent Control, as a leading enterprise in unmanned intelligent mining technology, has established itself through years of independent research and development, participating in more than half of the industry’s demonstration projects [20]