Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5][12]. Core Insights - The company is a global leader in wide-body trucks, with steady growth expected in its performance due to the ongoing penetration of new energy and autonomous driving models [1]. - The revenue CAGR from 2018 to 2024 is projected to be 21%, while the net profit CAGR for the same period is expected to be 31% [1][29]. Summary by Sections Company Overview - The company, established in 2005, is a pioneer in non-road wide-body trucks and aims to be a leading supplier of engineering transportation solutions [19]. - The company has diversified its product offerings, including fuel, electric, and hybrid models, with a market share of approximately 30% in the non-road wide-body truck segment [19][26]. Market Analysis - The domestic market for fuel wide-body trucks is stabilizing, while overseas markets present new growth opportunities [2]. - The market for new energy wide-body trucks is expected to grow significantly, with a projected market size of 25 billion yuan in 2024, increasing to 149 billion yuan by 2029, reflecting a CAGR of 43% [3][66]. - The autonomous driving market for wide-body trucks is also expanding, with a forecasted market size of 20 billion yuan in 2024, expected to reach 301 billion yuan by 2030, representing a CAGR of 57.4% [4][66]. Financial Forecasts - Revenue forecasts for 2025-2027 are 67.8 billion yuan, 76.4 billion yuan, and 86.2 billion yuan, with a CAGR of 12.8% [5][12]. - Net profit forecasts for the same period are 8.9 billion yuan, 9.9 billion yuan, and 11.4 billion yuan, with a CAGR of 13.1% [5][12]. Competitive Landscape - The competitive landscape for new energy wide-body trucks is concentrated, with the top three companies holding a combined market share of 68% [3]. - The company is positioned as the second-largest player in the autonomous driving segment, benefiting from partnerships with leading technology firms [4][66].
同力股份（920599）：深度报告：全球矿山宽体车龙头，新能源+无人驾驶加速渗透