新股覆盖研究：铁拓机械

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 Index [97]. Core Insights - The company specializes in the research, development, production, and sales of asphalt mixing equipment and its supporting devices, which are essential for road construction and maintenance [79][80]. - The company has established a strong competitive advantage in the RAP (Reclaimed Asphalt Pavement) hot recycling field, being one of the earliest firms in China to focus on technology for recycling asphalt road materials [11][66]. - The company has seen a compound annual growth rate (CAGR) of 6.17% in revenue from 2021 to 2023, with revenues of 2.44 billion, 3.59 billion, and 4.12 billion yuan respectively [80]. - The net profit has also shown a CAGR of 13.73% over the same period, with net profits of 0.17 billion, 0.42 billion, and 0.63 billion yuan [80]. Summary by Sections Basic Financial Status - The company reported revenues of 2.44 billion yuan in 2021, 3.59 billion yuan in 2022, and 4.12 billion yuan in 2023, with year-over-year growth rates of -29.07%, 47.10%, and 14.69% respectively [80][44]. - The net profit figures were 0.17 billion yuan, 0.42 billion yuan, and 0.63 billion yuan for the same years, with year-over-year changes of -4.43%, -61.29%, and 149.24% [80][46]. Industry Situation - The asphalt mixing equipment industry is experiencing a shift in demand from traditional equipment to integrated recycling equipment due to increasing availability of reclaimed asphalt materials [86]. - The demand for asphalt mixing equipment is expected to grow as infrastructure investments increase, particularly in regions along the Belt and Road Initiative [60]. Company Highlights - The company has a comprehensive product system covering the entire lifecycle of asphalt mixing, including various types of mixing equipment and recycling devices [52]. - The company’s RAP hot recycling equipment has been recognized as a national champion product, indicating its leading position in the market [66]. Comparison with Peers - The report compares the company with peers such as Southern Road Machinery and Senyuan Co., noting that the average revenue for comparable companies was 676 million yuan with a gross profit margin of 25.51% [15]. - The company's market share in the original and recycled asphalt mixing equipment was reported at 15.97% in 2022 [66].