美德乐：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18亿-20260120

Investment Rating - The report does not explicitly state an investment rating for the company. Core Insights - Meidel is a leading supplier of intelligent conveying systems in China, with a focus on modular conveying systems and industrial components, primarily serving the new energy battery and automotive sectors [3][13] - The company's revenue from new energy batteries accounted for 61.98% of total revenue in the first half of 2025, with high-precision conveying systems contributing significantly to gross profit [3][32] - Meidel's gross margin for high-precision conveying systems reached 41.08% in the first half of 2025, indicating strong profitability [40] Summary by Sections 1. Intelligent Conveying Systems - Meidel's intelligent conveying systems are crucial for factory automation, integrating with production equipment to enhance efficiency in various industries, including new energy and automotive [3][13] - The company has a market share of 30.19% to 43.61% in the high-precision conveying sector, with a strong order backlog of 1.8 billion yuan as of mid-2025 [4][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 a projected CAGR of 17.60% from 2023 to 2027 [3][8] - The market for lithium battery equipment is expected to remain above 100 billion yuan through 2025, driven by increasing investments in the automotive manufacturing sector [3][8] 3. Financial Performance - In the first three quarters of 2025, 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% [46][49] - The company's net profit margin improved to 21.20% in the same period, reflecting operational efficiency [49] 4. Competitive Position - Meidel maintains the highest net profit margin among comparable companies, with an average PE TTM of 69.03X for its peers [5][28] - The company has established strong relationships with major clients, including BYD and other leading firms in the new energy battery and automotive sectors [43][44]