北交所新质生产力专题系列（二）：从全球矿山设备龙头安百拓的发展看智能矿山产业链的未来潜力

Core Viewpoints - The report focuses on the development of the intelligent mining industry chain, using Epiroc (安百拓) as a benchmark to analyze its business model, strategic layout, and technological innovations [2] - Epiroc's success lies in its diversified business structure, strong aftermarket services, and continuous innovation in automation, digitalization, and electrification [2][14] - The mining equipment industry is driven by infrastructure development, rising mineral prices, and the growth of clean energy, creating significant opportunities for companies in the sector [2][26][32] Business Model and Strategy - Epiroc's business is divided into equipment (32% of revenue) and aftermarket services (68% of revenue), with a focus on mining and infrastructure sectors [2][14] - The company has a high direct sales ratio (89%) and a robust aftermarket service network, which includes parts replacement, service agreements, and digital solutions [2][14] - Epiroc has pursued strategic acquisitions (e g, RCT, Mining Tag) and partnerships (e g, Northvolt, ABB) to enhance its automation, digitalization, and electrification capabilities [2][20][22] Market Trends and Opportunities - Global infrastructure development, particularly in railways and urban transit, supports demand for mining and construction equipment [26][27] - The mining sector is growing due to high mineral prices and the increasing demand for metals like copper and nickel, driven by clean energy and electric vehicle production [26][32][46] - The aftermarket service sector is expanding as equipment ages and new technologies require maintenance and upgrades, with Epiroc's aftermarket revenue reaching 28 billion CNY in 2023 [2][59][61] Technological Innovations - Epiroc's equipment features automation, digitalization, and electrification, addressing industry pain points such as low efficiency, safety risks, and environmental impact [51][52] - The company's NMC batteries and MT42 SG mining trucks offer higher energy density, longer lifespans, and reduced emissions, improving operational efficiency and sustainability [54][56] - Epiroc's collision avoidance systems and remote operation solutions enhance safety in mining operations, achieving the highest safety level (Level 9) [55] Competitive Landscape and Local Companies - Epiroc's success provides a development model for companies listed on the Beijing Stock Exchange (北交所), such as Wuxin Tunnel Equipment (五新隧装), Keda Automation (科达自控), and Tongli Heavy Industry (同力股份) [2][4] - These companies are focusing on smart mining solutions, expanding into overseas markets, and developing aftermarket services to replicate Epiroc's success [2][4]