美德乐（920119）：北交所新股申购策略报告之一百五十八：国内领先的智能输送系统小巨人-20260120

Investment Rating - The investment rating for the company is "Buy" based on its strong market position and growth potential [28]. Core Insights - The company is a leading domestic player in intelligent conveyor systems, with a focus on modular conveyor systems and industrial components, achieving significant revenue growth in key sectors such as new energy batteries and automotive parts [2][6]. - The company has established a strong customer base, including major clients like BYD and CATL, which enhances its market position and revenue stability [7][23]. - The company is set to benefit from the growing demand in downstream industries, particularly in new energy and automotive sectors, with a projected compound annual growth rate (CAGR) of 25.76% for the intelligent logistics equipment market from 2018 to 2023 [16]. Summary by Sections 1. Company Overview - Founded in 2009, the company specializes in intelligent conveyor systems, with a revenue composition of 61.98% from new energy batteries, 23.40% from automotive parts, and 5.09% from electronics as of H1 2025 [2][6]. 2. Issuance Plan - The company plans to issue 16 million shares at a price of 41.88 yuan per share, raising approximately 670 million yuan, with a post-issue market capitalization of 3.021 billion yuan [12][13]. 3. Industry Situation - The intelligent logistics equipment market in China is expected to grow from 319.2 billion yuan in 2018 to 1,920.2 billion yuan by 2027, with a CAGR of 17.60% from 2023 to 2027 [16]. 4. Competitive Advantages - The company possesses strong technological capabilities, a well-established customer base, and significant market experience, which provide it with a competitive edge in the industry [17][18]. 5. Comparable Companies - The company has a lower market capitalization and price-to-earnings (PE) ratio compared to its peers, indicating a potentially undervalued position in the market [24]. 6. Subscription Analysis - The recommendation is to actively participate in the subscription due to the company's strong market position, advanced technology, and low initial valuation [23].