新股覆盖研究：速达股份

Investment Rating - The report assigns a rating of "Buy" for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [27]. Core Viewpoints - The company, Suda Co., Ltd. (001277.SZ), primarily focuses on providing comprehensive aftermarket services for coal mining equipment, particularly hydraulic supports, and has established itself as one of the few large-scale service providers in this sector in China [10][19]. - The company has shown significant revenue growth over the past three years, with revenues of 822.2 million yuan in 2021, 1.076 billion yuan in 2022, and 1.253 billion yuan in 2023, reflecting year-on-year growth rates of 36.19%, 30.89%, and 16.45% respectively [11][4]. - The company is backed by Zhengzhou Coal Mining Machinery Group, which holds a 19.82% stake, providing a strong strategic partnership and access to a wide range of resources and networks [19][10]. Financial Performance - In the first half of 2024, the company reported revenues of 570 million yuan, a decrease of 4.03% year-on-year, while net profit attributable to the parent company was 79 million yuan, an increase of 16.57% [11][10]. - The company's revenue is primarily derived from five business segments: repair and remanufacturing (464 million yuan, 37.10%), spare parts supply management (390 million yuan, 31.20%), specialized contracting services (85 million yuan, 6.80%), second-hand equipment leasing (95 million yuan, 7.59%), and fluid connection components (216 million yuan, 17.30%) [11][10]. Industry Overview - The coal mining equipment aftermarket service industry is expected to grow significantly, with an estimated market demand of around 30 billion yuan annually, driven by the need for maintenance and repair services due to the harsh operating conditions of mining equipment [17][19]. - The report highlights a trend towards outsourcing maintenance services as coal companies focus on their core operations, which is likely to increase the market share of third-party service providers [18][19]. Competitive Comparison - Compared to peer companies such as Jereh Group, Chuangli Group, and Naipu Mining Machinery, Suda Co., Ltd. has lower revenue and gross margin, with 2023 revenues of 1.253 billion yuan and a gross margin of 27.36% [23][24]. - The average revenue of comparable companies in 2023 was 5.835 billion yuan, with an average PE-TTM of 16.15X and a gross margin of 38.53% [23][24].