Beijing Tianma Intelligent (688570) 东方财富·2024-12-03 08:23Investment Rating - The report maintains a rating of "Accumulate" for the company [7]. Core Viewpoints - The company is expected to benefit from the increasing automation and digitalization in the coal mining industry, with the technology contribution rate in the coal sector rising to 60% in 2023, a 10 percentage point increase since 2014 [2]. - The company has developed new solutions that significantly improve coal recovery rates and production efficiency, with specific applications leading to a 4% increase in recovery rates and a reduction of coal pillars by 50% [3]. - The growth in coal production in Xinjiang is anticipated to drive demand for coal mining equipment, with Xinjiang's coal output increasing by over 13% year-on-year in the first half of 2023 [4]. - The company is positioned as a leading brand in the intelligent coal mining control sector and is expected to benefit from the ongoing industry trends, with projected net profits of 4.25 billion, 4.67 billion, and 5.12 billion yuan for 2024-2026 [11]. Summary by Sections Industry Overview - The coal mining industry is experiencing a significant transformation towards automation and digitalization, with a projected continuous increase in the intelligentization rate of coal mining operations [2]. Company Performance - The company focuses on the research, production, and sales of unmanned intelligent mining control technologies and equipment, which positions it well to capitalize on the growing demand for such solutions in the coal industry [2][4]. Financial Projections - The company's projected revenues for 2024, 2025, and 2026 are 2,101.97 million, 2,309.77 million, and 2,499.64 million yuan, respectively, with corresponding net profits of 424.81 million, 466.83 million, and 512.48 million yuan [12].