TDTEC(600582) 华鑫证券·2024-12-06 10:10Investment Rating - The report assigns a "Buy" rating for the company, Tian Di Technology (600582.SH), indicating a positive outlook for investment [2][5]. Core Insights - The coal industry is experiencing growth in profitability, which is driving an increase in demand for coal machinery. The company is well-positioned to benefit from this trend due to its robust business operations and improving profitability [2][5]. - The company is actively responding to the "Belt and Road" initiative, with significant growth potential in overseas markets. In 2023, the coal machinery export industry achieved revenues of 12.56 billion, a year-on-year increase of 59% [2][5]. - The company has a strong market share in the design of new coal mines, with over 80% market coverage, and is increasing its investment in research and development, which is expected to enhance its overall profitability [2][5]. Summary by Sections Business Performance - The company is expected to generate revenues of 31.275 billion, 32.622 billion, and 34.492 billion for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.63, 0.69, and 0.75 [5][7]. - The company’s revenue growth rates are projected at 4.5%, 4.3%, and 5.7% for the years 2024, 2025, and 2026 [7]. Market Position - The company has maintained a strong position in the coal machinery market, with new orders totaling 20.5 billion in the first half of 2024, indicating stability in demand [2][5]. - The company has established a successful partnership with Huawei in 5G technology, enhancing its innovation capabilities in the coal mining sector [2][5]. Financial Projections - The report forecasts a net profit of 2.610 billion, 2.836 billion, and 3.122 billion for the years 2024, 2025, and 2026, with growth rates of 10.7%, 8.7%, and 10.1% respectively [7][9]. - The company’s return on equity (ROE) is projected to be 8.3%, 8.2%, and 8.3% for the years 2024, 2025, and 2026 [7][9].