天玛智控：煤矿智能化渗透率仍处低位，跨越鸿沟未来空间广阔

Investment Rating - The investment rating for Tianma Intelligent Control (688570) is "Buy" [2] Core Viewpoints - The current penetration rate of intelligent coal mining in China is low, indicating significant future growth potential. As of the end of 2023, the number of intelligent coal mines in China is 758, with an intelligent coal production capacity of 2.77 billion tons per year and a cumulative total investment of 200 billion yuan. The penetration rates based on quantity, capacity, and investment are 17.63%, 58.81%, and 4.74% respectively, suggesting that the intelligent transformation of coal mining is still in its early stages [2][3] - The intelligent coal mining construction in China is an irreversible trend, currently positioned between the early market and mainstream market. It is expected to bridge this gap within 2-3 years, leading to an expansion of market capacity. The report highlights that the main challenges include market saturation, lack of comprehensive solutions, and incomplete technological support [2][3] - The company has undergone organizational reforms to enhance efficiency and is actively exploring new business growth points. The restructuring aims to improve organizational effectiveness and management efficiency [2][3] Financial Summary - The projected net profits for the company from 2024 to 2026 are 378 million yuan, 379 million yuan, and 426 million yuan respectively, with corresponding EPS of 0.87, 0.88, and 0.98 yuan. The P/E ratios for the same period are expected to be 23.51, 23.44, and 20.86, maintaining a "Buy" rating [3][4]