康力电梯分析师会议 调研日期：2025年06月04日 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 调研行业：专用设备 参与调研的机构：高盛中国、Goldman Sachs、Hel Ved Capital、招商基金、JP Morgan等 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击 ...

Group 1: Market Development and Trends - The number of old elevators over 15 years in use exceeds 1 million, with a rising trend in the number of outdated elevators leading to increased failure rates and safety issues [1] - In 2024, approximately 41,000 elevators will be supported by long-term government bonds for upgrades, with a target of 60,000 elevators in 2025, indicating a strong push for modernization [2] Group 2: Real Estate Market Impact - The total sales amount of new residential properties in 2024 is expected to drop below 1 trillion yuan, reflecting a tightening real estate market [2] - From January to April 2025, the sales area and sales amount of new residential properties decreased by 2.8% and 3.2% year-on-year, respectively, showing a narrowing decline [2] - The implementation of new residential project standards is expected to increase elevator ratios, while demand in niche markets like industrial real estate and home elevators is rising [2] Group 3: Pricing and Competition - The new elevator market is experiencing intense price competition due to a 23.8% year-on-year decline in new construction area from January to April 2025 [3] - The overall payment situation for government projects remains stable, while real estate clients face liquidity issues, impacting accounts receivable risks [3] Group 4: Aftermarket Business Dynamics - The market for elevator maintenance and repair is fragmented, with over 60% of the market share held by small third-party maintenance companies [4] - The company's revenue from installation and maintenance services accounted for 15.39% in 2024, indicating a focus on expanding aftermarket business [4] Group 5: Strategic Initiatives - The company aims to enhance its aftermarket business by transforming the service department into a profit center and improving operational capabilities [5] - Plans include developing comprehensive upgrade solutions and fostering long-term partnerships with strategic clients [5] Group 6: Regulatory Changes - The draft revision of the Special Equipment Safety Supervision Regulations may alter maintenance requirements, with potential impacts on management models and costs in the elevator maintenance sector [6]

远大智能工业集团博林特电梯致力于在更新改造市场，依托企业综合优势、产品优势、服务优势，为百 姓无障碍出行提供优质保障。就在刚刚落幕的第二十届全国政府采购集采大会上，远大智能工业集团博 林特电梯凭借技术实力与服务口碑，荣获"政府采购电梯更新改造优选品牌"奖项。这一殊荣不仅是对博 林特深耕电梯更新改造领域的高度认可，更彰显了其在推动城市更新、助力民生改善中的标杆地位。 政策东风，旧梯更新正当时 匠心焕新梯筑梦千万家|远大智能（002689）博林特电梯荣获政府采购电梯更新改造优选品牌 近期行动，更新改造加速度 2024年末，沈阳市首台国家超长期国债支持的电梯更新改造项目景星家园小区圆满交付。博林特电梯从 勘查到交付仅用10天，以"高效+高质"破解老旧小区电梯顽疾。 2024年国家投入62亿元资金，支持4.1万部电梯更新，普惠170万居民。截至当前，全国待更新的老旧电 梯已超159万台，且未来5年将以每年20%的速度递增。在国家出台"超长期国债电梯更新改造"政策与地 方民生工程的双重推动下，电梯更新改造已成为城市安全升级的重点民生工程。 深耕九载，用实力书写答卷 远大博林特电梯自2016年成立旧梯更新改造事业部以来， ...

Group 1 - Jiangsu has been approved for over 800 million yuan in special long-term government bond funding to support the upgrade of approximately 5,600 old elevators in the province [1] - In Kunshan, Jiangsu, over 2,000 elevators will be upgraded this year, with 96% of the old elevator renovations completed by KONE Elevator [1] - The elevator industry in China is experiencing a continuous increase in ownership, leading to a growing demand for replacements [1] Group 2 - Tongli Risheng (605286) is a leading supplier in the elevator accessory product sector, having established long-term relationships with major elevator manufacturers such as KONE, Schindler, Otis, and Hitachi [1] - The company has diversified into stainless steel raw material processing since 2011, allowing it to better mitigate risks associated with fluctuations in upstream raw material prices [1] - According to Zhongtai Securities, the elevator industry is facing challenges due to the real estate downturn, but the demand for installation and upgrades presents growth opportunities [2] Group 3 - Tongli Risheng's elevator components are diverse and meet the "one-stop, diversified" procurement needs of complete elevator manufacturers, indicating a stable development outlook for its elevator business [2] - The company is also expanding into the renewable energy sector, with projected net profits for Q1 2025 expected to increase by 40% to 60% compared to the same period last year [2] - The growth in the company's renewable energy business is attributed to ongoing development projects and the commissioning of multiple wind power and energy storage projects [2]