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志高机械(920101):空压机及凿岩设备“小巨人”,拟募资扩产智能化钻机稳固海内外业务版图
Hua Yuan Zheng Quan·2025-08-03 07:19

Investment Rating - The report suggests to "pay attention" to the company [48] Core Viewpoints - Zhigao Machinery is recognized as a national-level "little giant" in air compressors and rock drilling equipment, with a projected compound annual growth rate (CAGR) of 11% for net profit attributable to shareholders from 2020 to 2024 [11] - The company plans to raise approximately 400 million yuan through an initial public offering to expand its production capacity for intelligent drilling rigs and enhance its research and development capabilities [9][10] - The company has a strong market position, ranking among the top three in the domestic market for mobile air compressors and matching drilling rigs from 2021 to 2023 [35] Summary by Sections Initial Issuance - The initial issuance consists of 21.48 million shares at a price of 17.41 yuan per share, with an earnings per share (EPS) ratio of 14.24X [2][5] - The total number of shares after issuance will be 85.93 million, with the issuance accounting for 25% of the total shares before the exercise of the over-allotment option [5] Business Overview - Zhigao Machinery specializes in the research, development, production, and sales of air compressors and rock drilling equipment, with over 400 product models [11][12] - The company has achieved revenues of 888 million yuan in 2024, with a net profit of 105.05 million yuan, reflecting a year-on-year growth of 5.72% and 1.49% respectively [27][29] Market Position - The market size for rock drilling machinery in China reached 492.2 billion yuan in 2023, with a CAGR of approximately 3.81% from 2018 to 2023 [40] - The market for screw air compressors grew from 12.34 billion yuan in 2018 to 15.68 billion yuan in 2023, with a CAGR of about 4.9% [39] Financial Performance - The company’s net profit has increased from 68.65 million yuan in 2020 to 105.05 million yuan in 2024, with a CAGR of 11.22% [27] - The gross profit margin for drilling rigs was 34.04% in 2024, while for screw compressors it was 13.98% [19][27] Competitive Landscape - Key comparable companies include Shanhai Intelligent, Kaishan Shares, Xinlei Shares, and Dongya Machinery, with the median PE ratio of comparable companies at 31.3X [49][45] - Zhigao Machinery's products have received recognition both domestically and in international markets, including countries along the Belt and Road Initiative [48]