3S(SH:605305) Huaxin Securities·2024-05-16 01:00Investment Rating - The report maintains a "Buy" investment rating for the company [2]. Core Views - The company is well-positioned as a leader in the wind power industry, with significant growth potential in both new and existing markets. The forecasted revenues for 2024, 2025, and 2026 are expected to be 1.525 billion, 1.972 billion, and 2.491 billion yuan respectively, with corresponding EPS of 1.95, 2.58, and 3.33 yuan [2][9]. Summary by Sections Company Overview - The company, established in 2005 and listed in 2021, specializes in high-altitude safety equipment and services, with a revenue share of 98.02% from the wind power sector in 2023 [5][33]. Market Potential - The market for high-altitude safety equipment is driven by both incremental and stock market demands. The total market capacity for wind power high-altitude equipment in 2024 is estimated to be approximately 10.63 billion yuan [2][59]. Financial Performance - The company's revenue and net profit have shown steady growth, with a CAGR of 30.84% and 28.87% respectively from 2012 to 2023. The revenue for 2023 reached 1.105 billion yuan, reflecting a year-on-year growth of 38.17% [52][41]. Product Development - The company is continuously innovating, with a focus on new product development in both wind power and non-wind power sectors. The introduction of new products like the large-load gear rack lift is aligned with the trend of larger wind turbines [33][22]. Competitive Position - The company holds a dominant market share of approximately 70% in the domestic wind power sector and about 30% in the European market for lifting equipment. Its strong market position is supported by high barriers to entry and stringent certification requirements [5][13].