SAFETY(SH:603028)2021-10-17 07:54Group 1: Company Overview and Business Segments - The company operates in two main business segments: elevator steel wire ropes and construction design services [2][3]. - It ranks among the top two globally in market share for elevator steel wire ropes, which are critical components in elevators [2][3]. - The domestic elevator stock reached 7.745 million units by the end of 2020, indicating significant potential in the maintenance market [3][4]. Group 2: Market Demand and Client Relationships - The demand for elevator wire ropes is closely tied to the sales performance of major clients, including Mitsubishi, Schindler, and Otis [3][4]. - The company is actively expanding into the maintenance market, which is expected to grow due to increasing awareness of elevator safety [4][5]. - The company has made progress in the maintenance market since 2021, although it faces challenges due to a lack of standardized market management [4][5]. Group 3: Financial Performance and Growth Expectations - The company anticipates revenue growth in 2021 from both new installations and maintenance services [4][5]. - The crane wire rope segment is expected to benefit from the booming construction machinery market, with key clients including SANY and XCMG [4][5]. - The company has established a mechanism to pass on raw material price increases to downstream clients, helping to maintain profit margins [4][5]. Group 4: Innovations and Future Directions - The company began developing high-performance polymer core elevator wire ropes in 2013, which have gained customer satisfaction and increased sales [5][6]. - The company plans to expand its design services, with current EPC orders amounting to 2.24 billion RMB, positioning it as a future growth driver [5][6]. - The company aims to balance its focus between wire rope manufacturing and architectural design, leveraging government policies and market demand to enhance performance [5][6]. Group 5: Strategic Goals - The company is committed to seeking quality assets to create new profit growth points and enhance shareholder value [6].