美德乐（920119）：深耕智能物流装备，乘新能源东风有望加速成长

Group 1 - Investment Rating: The report suggests to pay attention to Meidele, with a focus on its long-term commitment to the intelligent manufacturing equipment sector [60] - Core Viewpoint: Meidele is expected to benefit from the growth in demand for high-precision and reliable automated conveying equipment as the intelligent manufacturing industry upgrades and new energy capacity expands [60] Group 2 - Issuance Details: Meidele's issuance price is set at 41.88 CNY per share, with an issuance P/E ratio of 14.33X, and the total number of shares issued is 16 million, accounting for 22.18% of the total share capital post-issuance [7][8] - Fundraising Projects: The total investment amount for Meidele's fundraising projects is estimated at 794.28 million CNY, primarily for the construction of the Dalian Meidele Phase IV project and various R&D projects [10][11] - Company Overview: Established in 2009, Meidele focuses on the research, design, manufacturing, and sales of intelligent manufacturing equipment, with its main products being modular conveying systems and industrial components [12][13] Group 3 - Industry Growth: The intelligent manufacturing equipment industry in China reached a market size of 3.2 trillion CNY in 2023, with expectations for continued growth [38][41] - Market Size Projections: The intelligent logistics equipment market in China is projected to grow from 1,003.9 billion CNY in 2023 to 1,920.2 billion CNY by 2027, with a CAGR of approximately 17.60% [41][46] - Comparable Companies: Key comparable companies in the industry include Yihua, Bozhong Precision, and XianDao Intelligent, which share similar product lines and market applications [56][60]