证券研究报告 | 公司点评 | 工程机械 ❑ 风电高空安全作业设备龙头，国内风电高景气+海外及多领域拓展打开成长空间 1）国内风电市场需求向上，公司产品单机价值量提升。①风电新增装机需求： 根据《风能北京宣言 20》，"十五五"期间年新增装机容量不低于 120GW，其中海 风年新增装机容量不低于 15GW，国内风电将维持高景气度；②产品/解决方案优 化迭代，带来单台风机产品配置价值量提升。1.产品迭代：公司推出大载荷升降 机、齿轮齿条升降机，其价格相较于普通升降机显著提升；2.解决方案优化：公 司推出"双机登塔"方案，即升降机+免爬器/助爬器，带来单台风机配置产品价 值量提升；③后市场需求：风电运维市场空间广阔，有望为公司中长期业绩提供 增长点。 2）海外市场拓展：①存量市场：北美、欧洲市场均有大量存量改造需求，公司 可享海外存量改造的蓝海市场；②新增市场：公司在海外市场相较国内有较大可 提升空间。海外存量市场改造、新增市场市占率提升，有望带来增量业绩空间。 中际联合(605305) 报告日期：2026 年 02 月 01 日 年报预告符合预期，2025 年归母净利润同比增长 59%-75% ——中际联合点评 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is expected to achieve a significant increase in net profit for 2025, with a forecasted growth of 59%-75%, translating to a net profit of between 500 million to 550 million yuan [1][2] - The growth is driven by the rapid expansion of the wind power industry, improved order structure, and enhanced customer recognition of the company's products [2] - The company is positioned as a leader in high-altitude safety equipment for wind power, benefiting from both domestic market demand and overseas expansion opportunities [2][3] Financial Summary - The projected net profit for 2025 is approximately 521 million yuan, with a year-on-year growth of 66% [5] - Revenue is expected to reach 1.845 billion yuan in 2025, reflecting a 42% increase [5] - The earnings per share (EPS) for 2025 is estimated at 2.45 yuan, with a price-to-earnings (P/E) ratio of 18 [5] Growth Drivers - The company is enhancing its product offerings in response to customer needs, leading to an increase in order size and value [2] - The domestic wind power market is projected to maintain high demand, with new installations expected to reach at least 120 GW during the 14th Five-Year Plan [2] - The company is also expanding into multiple sectors, including industrial and construction, emergency rescue, and power grid applications, which are expected to contribute to future growth [3]

Core Viewpoint - Zhongji United, a leading provider of high-altitude safety operation equipment for wind power, has shown strong financial performance and growth potential in the industry, with a focus on product innovation and market expansion [1][5][6]. Financial Performance - In Q3 2025, Zhongji United achieved a revenue of 1.352 billion yuan, ranking 15th among 23 companies in the industry, while the net profit was 438 million yuan, placing it 12th [2]. - The industry leader, XCMG, reported a revenue of 78.157 billion yuan, and Sany Heavy Industry followed with 65.741 billion yuan, with the industry average revenue at 12.511 billion yuan [2]. Profitability and Debt Management - As of Q3 2025, Zhongji United's debt-to-asset ratio was 22.34%, lower than the previous year's 23.32% and significantly below the industry average of 44.93%, indicating strong debt management [3]. - The gross profit margin for the same period was 50.60%, an increase from 48.86% year-on-year and above the industry average of 25.31%, reflecting robust profitability [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.89% to 22,000, while the average number of circulating A-shares held per shareholder increased by 1.93% to 9,673.63 [5]. - Notable changes among the top ten circulating shareholders included an increase in holdings by Hong Kong Central Clearing Limited and a decrease by Baodao Huitai Preferred Mixed A [5]. Future Outlook - Zheshang Securities forecasts that Zhongji United's net profit will grow to 552 million, 656 million, and 796 million yuan from 2025 to 2027, representing year-on-year growth rates of 75%, 19%, and 21%, with a CAGR of 20% [5]. - CITIC Securities projects revenues of 1.7 billion, 2.074 billion, and 2.523 billion yuan for the same period, with corresponding net profits of 504 million, 601 million, and 718 million yuan, indicating significant growth potential [6].

Summary of Zhongji United Conference Call Company Overview - Zhongji United is a leading enterprise in high-altitude safety operation equipment, primarily serving the wind power, industrial, and construction sectors [3][4]. Revenue Distribution - The company's revenue is evenly split between domestic and overseas markets, with overseas gross margins approximately 10% higher than domestic [2][4]. - Domestic new installations contribute about 60% of revenue, while stock renovations account for 40% [2][4]. - The U.S. is the main overseas market, contributing 60% of overseas revenue, equivalent to 30% of total revenue [2][4]. - Europe contributes 20% of overseas revenue, or 10% of total revenue, with the remaining 20% from other regions including Africa and Latin America [2][4]. Financial Performance - Over the past decade, Zhongji United has achieved a compound annual growth rate (CAGR) of 28% in revenue and 26% in net profit attributable to shareholders [2][5]. - Average Return on Equity (ROE) is close to 20%, with a historical ROE of 11% since listing [5]. - The gross margin is expected to stabilize around 52%, net margin at 25%, and ROE at 18% from 2014 to 2024 [2][5]. Market Growth and Opportunities - Domestic wind power installations are projected to maintain a double-digit growth rate of around 16% from 2025 to 2027, with onshore wind growth at 11% and offshore wind growth exceeding 60% [2][10]. - There is significant potential for stock renovations, with approximately 50,000 wind turbines relying on manual climbing, indicating a large market for retrofitting with new equipment [9][10]. - The U.S. market for retrofitting existing wind turbines is estimated to be worth $3.5 to $4 billion over the next 3-5 years, with Zhongji United holding patent protection for its climbing-free products [9]. Competitive Advantages - Zhongji United operates in a niche industry with limited competition, as products require customization and involve high added value due to safety considerations [7]. - The company has a 30% market share in global new markets and 70% in the domestic market, indicating substantial growth potential overseas [12]. - The company is expanding into industrial, emergency rescue, and power grid sectors, aiming for $500 million to $1 billion in revenue from these areas over the next 3-5 years [4][13]. Recent Performance and Future Outlook - From January to August this year, new domestic orders increased by over 50%, and shipment volumes grew by 20-30% year-on-year [8]. - The company anticipates net profits of 500 million, 620 million, and 740 million yuan for 2025, 2026, and 2027, respectively, with a CAGR of 21% [4][18]. - Current valuation is considered low, with a projected price-to-earnings ratio of 16 times for 2025, 13 times for 2026, and 11 times for 2027, indicating high investment value [18]. Impact of External Factors - The U.S. tariff increases are not expected to adversely affect the company due to its ability to adjust pricing, local operations, and strong market demand [16]. - The company has prepared for potential disruptions by maintaining a one-year inventory, minimizing the impact on current profits [16]. Conclusion - Zhongji United is well-positioned for growth in both domestic and international markets, with strong financial performance, competitive advantages, and a clear strategy for expansion into new sectors and markets [2][4][18].