Investment Rating - Strong Buy (首次覆盖) [1][7] Core Views - The company is a comprehensive compressed air system solution provider with a focus on energy efficiency, which has helped it increase its market share [1] - The company has strong R&D capabilities, enabling it to drive domestic substitution and market share growth [1] - The company has integrated production capabilities, extending its product line to high-end segments and having a comprehensive sales channel layout [1] - The air compressor industry is driven by industrial development and energy-saving trends, with significant room for domestic substitution [6] - The company is expected to achieve net profits of 207/254/309 million yuan in 2024-2026, with year-on-year growth rates of 27.2%/22.5%/21.7% [7] Company Overview - Founded in 1991, the company specializes in providing energy-efficient, stable, and high-performance air power solutions [1] - The company has been focusing on energy efficiency, ranking first in the Ministry of Industry and Information Technology's "Energy Efficiency Star" list for four consecutive years (2018-2021) [1] - Revenue grew from 592 million yuan in 2017 to 959 million yuan in 2023, with a 6-year CAGR of 8.36% [1] - The company's gross margin has remained above 30% since 2017 due to its in-house R&D and integrated production capabilities [1] Industry Analysis - The air compressor industry is driven by industrial manufacturing demand and energy-saving requirements [1] - The industry is seeing a trend of screw compressors replacing piston compressors, with increasing demand for oil-free products [1] - The global leader, Atlas, achieved revenue of 115.2 billion yuan in 2023, with compressors and vacuum pumps accounting for nearly 70% of its revenue [1] - The domestic air compressor market is expected to grow at a CAGR of 5%, reaching 69.09 billion yuan by 2024 [46] Product and Technology - The company's product line is expanding from screw compressors to vacuum pumps and centrifugal compressors, with oil-free screw compressors achieving small-scale sales in 2023 [1] - The company has mastered the design of over 60 rotor profiles, covering the entire process chain from rotor processing to motor assembly [1] - R&D personnel accounted for 14.6% of the company's total employees in 2023, up from 12.9% in 2018 [1] - The company's product portfolio includes screw compressors, vacuum pumps, and centrifugal compressors, with screw compressors accounting for nearly 80% of revenue in 2023 [18] Sales and Distribution - The company has a well-established dealer network, with products distributed across various industries and regions, both domestically and internationally [1] - The company is actively expanding its overseas market, aiming to increase export business through more direct sales channels [1] Financial Projections - The company is expected to achieve net profits of 207/254/309 million yuan in 2024-2026, with year-on-year growth rates of 27.2%/22.5%/21.7% [7] - Revenue is projected to reach 1,170/1,429/1,747 million yuan in 2024-2026, with year-on-year growth rates of 22.0%/22.1%/22.3% [2] - The company's EPS is expected to be 0.54/0.67/0.81 yuan in 2024-2026 [2] Valuation - Based on comparable company valuation, the target price is set at 10.82 yuan, with a 20X PE ratio for 2024 [7] - The current price is 8.81 yuan, with a target price of 10.82 yuan, indicating a potential upside [3]
东亚机械：深度研究报告：综合性压缩空气系统解决方案提供商，节能优势助力市占率提升