TDTEC(600582) 国信证券·2024-02-27 16:00Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has a comprehensive business structure that serves the entire lifecycle of coal, with significant advantages in integrated development [1][8]. - The company is recognized as a national leader in coal machinery, benefiting from strong technological capabilities and a stable market position [1][2]. - The demand for coal machinery is expected to increase due to policies supporting coal supply and the need for replacing old machinery [2][10]. - The company is projected to achieve steady revenue growth, with estimated revenues of 306.9 billion, 334.1 billion, and 364.7 billion yuan for 2023, 2024, and 2025 respectively [2][3]. Summary by Sections Company Overview - The company is a state-owned enterprise under the China Coal Science and Technology Group, established in 2000, and listed on the Shanghai Stock Exchange since 2002 [8][9]. - It provides products and services across the coal lifecycle, including geological exploration, coal mining, transportation, and clean coal usage [1][9]. Business Segments - The main revenue sources include machinery products, safety equipment, and coal production, with significant contributions from subsidiaries like Tianma Zhikong and Shanxi Coal Machine [1][25]. - In 2022, the revenue contributions from various segments were 40.1% from machinery products, 15.8% from safety equipment, and 11.0% from coal production [9][22]. Market Position and Competitive Advantage - The company holds a market share of approximately 12% in the coal machinery industry, leading in several product categories such as coal mining machines and safety instruments [1][2]. - The company has maintained a gross margin of over 30% in its coal machinery business [1]. Financial Performance and Forecast - The company’s revenue and net profit have shown a compound annual growth rate (CAGR) of 13.3% and 13.1% respectively from 2017 to 2022 [10]. - The projected earnings per share for 2023, 2024, and 2025 are 0.59, 0.64, and 0.71 yuan respectively [2][3]. Strategic Development - The company aims to become a world-class provider of integrated solutions for intelligent, green, and safe mining [14][15]. - It is focusing on technological innovation and expanding into non-coal sectors to drive future growth [15][19]. Research and Development - The company has significantly increased its R&D spending, reaching 17.7 billion yuan in 2022, which is 6.44% of its revenue [20][21]. - It has established a robust talent pool and a comprehensive innovation system, contributing to its competitive edge in the industry [19][17].