美德乐（920119）：北交所新股申购报告：高精度输送领军企业，锂电回暖2025H1在手订单升至18亿

Investment Rating - The report does not explicitly state an investment rating for the company. Core Insights - Meidel is a leading supplier of intelligent conveyor systems in China, with a significant focus on the new energy battery sector, which accounted for 61.98% of its revenue in H1 2025 [3][32] - The company has a strong market position in high-precision conveyor systems, with a market share ranging from 30.19% to 43.61% [4][11] - The intelligent logistics equipment market is expected to grow significantly, with a projected compound annual growth rate (CAGR) of 17.60% from 2023 to 2027 [3][8] Summary by Sections 1. Intelligent Conveyor Systems - Meidel's main products include modular conveyor systems and industrial components, primarily serving the automation needs of manufacturing enterprises [3][13] - The high-precision conveyor systems contributed 80% of the gross profit, with a gross margin of 41.08% in H1 2025 [3][40] - Revenue for the high-precision conveyor systems reached 51,683.58 million yuan in 2025 Q1-3, showing a continuous increase [36][34] 2. Market Growth - The intelligent logistics equipment market in China grew from 31.92 billion yuan in 2018 to 100.39 billion yuan in 2023, with expectations to reach 192.02 billion yuan by 2027 [3][8] - The fixed asset investment in the automotive manufacturing industry is projected to grow from 1,268.57 billion yuan in 2022 to 1,628.27 billion yuan in 2024, with a CAGR of 13.29% [3][8] 3. Order Backlog - As of H1 2025, Meidel's order backlog reached 1.8 billion yuan, with new orders amounting to 1.01 billion yuan in the first half of 2025 [4][16] - The company is actively promoting its magnetic drive and hybrid conveyor systems, which are expected to enhance its market presence [4][11] 4. Financial Performance - In 2025 Q1-3, Meidel achieved a revenue of 1.056 billion yuan, a year-on-year increase of 25.15%, and a net profit of 222.85 million yuan, up 38.83% year-on-year [46][49] - The net profit margin improved to 21.20%, while the gross margin reached 37.30% during the same period [49][49] 5. Competitive Position - Meidel maintains the highest net profit margin among comparable companies, with an average price-to-earnings (PE) ratio of 69.03X for its peers [5][28] - Major competitors include Bosch Rexroth, Yihada, and Guangzhou Zaid, among others [3][8]