新股覆盖研究：港迪技术

Investment Rating - The report does not explicitly mention the investment rating for the company [1] Core Views - The company, Gangdi Technology (301633 SZ), specializes in industrial automation products, including automation drive products, intelligent control systems, and management software [9] - The company has shown consistent revenue growth, with revenues of 429 million yuan, 507 million yuan, and 547 million yuan in 2021, 2022, and 2023, respectively, representing year-over-year growth rates of 76 54%, 18 32%, and 7 83% [10] - Net profit attributable to the parent company also grew steadily, reaching 62 million yuan, 77 million yuan, and 86 million yuan in 2021, 2022, and 2023, with year-over-year growth rates of 34 30%, 22 93%, and 12 61% [10] - In the first half of 2024, the company achieved revenue of 214 million yuan, a year-over-year increase of 15 27%, and net profit attributable to the parent company of 22 million yuan, a year-over-year increase of 150 19% [10] - The company expects net profit attributable to the parent company in 2024 to reach 103 9672 million yuan, a year-over-year increase of 20 22% [10] Company Highlights - The management team has a strong background in port electrical automation and engineering machinery, with extensive academic and industry experience [24] - The company has established itself as a domestic leader in port automation, with its products applied in 58 out of 63 major ports in China [24] - Beyond the port sector, the company has developed a competitive edge in niche markets such as tunnel boring machines, construction machinery, and the cement industry [25] - In the tunnel boring machine sector, the company's specialized frequency converters have held the top domestic market share from 2020 to 2023, with a market share of approximately 13 67%-15 96% in 2022 [25] - The company plans to expand into new sectors such as shipbuilding, metallurgy, railways, and bridge machinery, with automation drive revenue from non-traditional sectors growing by 24 52% and 18 22% in 2022 and 2023, respectively [25] Industry Overview - The industrial automation industry in China has shown strong growth, with the market size reaching 261 1 billion yuan in 2022, a year-over-year increase of 3 2%, and is expected to reach 282 2 billion yuan in 2023 [15][19] - Domestic brands have been gaining market share, increasing from 24 80% in 2009 to 45 90% in 2023, indicating a rapid phase of import substitution [19] - The low-voltage frequency converter market, a key segment for the company, reached 29 billion yuan in 2022, with a compound annual growth rate of 4 90% expected from 2022 to 2025 [20][22] - The company holds a 6 09% market share in the crane sector of the low-voltage frequency converter market, indicating significant growth potential [22] - In the tunnel boring machine sector, the company's market share in 2022 was between 13 67% and 15 96%, with sales revenue growing by 103 67% year-over-year, far exceeding the industry growth rate of 3% [23] IPO Fund Utilization - The company plans to use IPO funds for four projects and working capital, including the construction of a manufacturing base, R&D centers, and a national sales and service operation center [26][27] - The total investment for these projects is 656 0387 million yuan, with a construction period of three years [27] Peer Comparison - In the first half of 2024, the company achieved revenue of 214 million yuan, a year-over-year increase of 15 27%, and net profit attributable to the parent company of 22 million yuan, a year-over-year increase of 150 19% [30] - The company's revenue is below the industry average of 3 632 billion yuan, but its gross profit margin of 42 98% is higher than the industry average of 37 04% [30]