矿山行业专题：资本开支景气度延续，国内矿山装备企业加速出海

Investment Rating - The report rates the mining equipment industry as "Overweight" [4] Core Insights - The mining capital expenditure is entering an upward channel, driven by the continuous high growth of overseas mining capital expenditures and the expansion of Chinese mining companies abroad. Core mining equipment companies are expected to benefit significantly [2][4] - The global mining equipment market is projected to reach USD 98 billion in 2024 and USD 135 billion by 2029, with a compound annual growth rate (CAGR) of approximately 5.12% [2][28] - Chinese mining equipment exports reached USD 4.134 billion in 2023, significantly higher than imports, indicating strong competitiveness in the global market [2][62] Summary by Sections 1. Mining Capital Expenditure Trends - Major global mining companies, including BHP and Rio Tinto, have seen capital expenditures gradually increase since 2018, with 2023 marking a recent high [2][14] - Copper exploration capital expenditures grew by 12% year-on-year in 2023, reaching USD 3.12 billion, the highest in a decade [2][14] 2. Overseas Expansion of Chinese Mining Companies - Chinese mining companies, such as Zijin Mining and China Minmetals, are actively expanding their resource base globally, supported by the Belt and Road Initiative [2][24] - The report highlights that the average age of mining equipment in developed countries exceeds 10 years, creating opportunities for Chinese companies to provide modern, efficient equipment [64] 3. Market Opportunities for Mining Equipment - The report identifies key companies in the mining equipment sector, including: - NaiPu Mining Machinery: A leader in mining spare parts, focusing on high-performance rubber wear materials [67] - Beikong Technology: A leader in flotation equipment, with a comprehensive product matrix [76] - CITIC Heavy Industries: The leading domestic supplier of grinding equipment, with a significant market share [83] - Nan Mining Group: A leading manufacturer of crushing and screening equipment, transitioning to a service-oriented business model [87] 4. Equipment Market Dynamics - The global mining equipment market is expected to exceed USD 100 billion, with significant growth in the Asia-Pacific region due to increased demand for coal and metal mining [28][31] - The report emphasizes the importance of after-sales service and spare parts in maintaining equipment efficiency and profitability [52][55] 5. Financial Performance of Key Companies - NaiPu Mining Machinery's revenue grew from CNY 207 million in 2013 to CNY 938 million in 2023, with a CAGR of 14.7% [67][70] - CITIC Heavy Industries reported a revenue increase from CNY 6.318 billion in 2020 to CNY 9.557 billion in 2023, with a CAGR of 10.9% [83][85] - Nan Mining Group's revenue reached CNY 864 million in 2022, with a 19.1% year-on-year growth, although growth slowed in 2023 due to market conditions [87][89]