MESNAC(SZ:002073) Guolian Securities·2024-11-08 12:44Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first coverage [4]. Core Insights - The Chinese tire industry is entering a phase of global expansion, with over 100 million units of capacity under construction or planned, leading to a significant increase in equipment demand and a favorable outlook for tire equipment [2][8]. - The company is a rare supplier of tire production solutions, having invested in R&D for over 20 years, covering 80% of the core equipment in tire production, with performance comparable to international standards and a strong cost-performance advantage [2][8]. - The rubber new materials business is gaining momentum, with the EVEC rubber exhibiting excellent performance and technical barriers, expected to benefit from the ramp-up of "liquid gold" tires, thus opening up growth opportunities [2][8]. Summary by Sections 1. Global Leading Tire Production Solutions Provider - The company has been deeply involved in the rubber machinery industry for over 20 years, continuously seizing opportunities in downstream tire expansion and industry smart and green development, providing intelligent equipment and system software services for 80% of the tire production process [15]. - As of Q3 2024, the company's contract liabilities increased by 20% year-on-year to 4.75 billion yuan, reflecting high demand for orders [15] [6]. 2. Industry: Tire Acceleration Overseas, Equipment Sector Prosperity - The Chinese tire industry is accelerating its global expansion, with over 100 million units of capacity under construction, which is expected to drive significant equipment demand [6][8]. - The demand for tire equipment is on the rise due to the increasing overseas capacity of Chinese tire manufacturers [6]. 3. Self: Domestic Equipment World-Leading, Global Market Share Continues to Rise - The company's technological innovation and product performance are on par with international standards, with its global market share increasing from 27.2% in 2018 to 44.5% in 2023 [6][8]. - The company has a significant advantage in product quality, project delivery speed, after-sales service, and technical expertise, leading to a higher order intake during the industry's upturn [6]. 4. Self: "Liquid Gold" Creates a Second Growth Curve - The EVEC rubber utilizes a world-first chemical rubber mixing technology, addressing long-standing industry challenges and offering both economic and social benefits [6][8]. - The promotion of "liquid gold" tires is robust, with performance and pricing comparable to top international brands, which is expected to expand the company's growth ceiling [6]. 5. Profit Forecast, Valuation, and Investment Advice - The company is projected to achieve revenues of 7.54 billion, 9.52 billion, and 10.7 billion yuan for 2024-2026, with year-on-year growth rates of +32%, +28%, and +12% respectively [11]. - The net profit attributable to shareholders is expected to be 490 million, 728 million, and 851 million yuan for the same period, with growth rates of +47%, +49%, and +17% respectively [11].