新股覆盖研究：亚联机械

Investment Rating - The investment rating for the company is "Buy," indicating that the stock is expected to outperform the market index by more than 15% over the next 6-12 months [28]. Core Insights - The company, Yalian Machinery, specializes in the research, production, sales, and service of artificial board production lines and supporting equipment. It has achieved significant revenue growth, with a projected revenue increase of 33.85% for 2024 [2][6][24]. - The company has a strong market position, being one of the few in the industry with complete production line capabilities and holding a leading market share in continuous press production lines for fiberboard and particleboard [18][19]. - Yalian Machinery is expanding its international market presence, having established operations in ten countries and signed multiple production line orders with reputable clients [19][20]. - The company is also diversifying its technology and products into new material board manufacturing, successfully applying its technology to rock fiber boards and other innovative materials [21]. Financial Performance - The company reported revenues of 522 million yuan, 480 million yuan, and 647 million yuan for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 50.13%, -8.0%, and 34.68% [7][24]. - For the first nine months of 2024, the company achieved revenues of 618 million yuan, reflecting a year-over-year growth of 43.77%, and a net profit of 126 million yuan, up 92.52% [6][7]. - The company's revenue is primarily derived from production lines, which accounted for 74.73% of total revenue in 2023 [7]. Industry Overview - The artificial board manufacturing industry in China is experiencing rapid growth, with a focus on fiberboard, particleboard, and plywood. The industry is moving towards domestic technology and equipment to meet both domestic and international market demands [14][15]. - The market for plywood production lines is characterized by small, dispersed enterprises and labor-intensive processes, indicating a trend towards automation and advanced production technologies [16]. - The fiberboard production sector has seen a shift towards continuous press technology, with a significant number of production lines in operation across the country [17].