Beijing Tianma Intelligent (SH:688570)2023-11-02 08:31Group 1: Market Overview - The coal industry in China is experiencing a stable growth in production, with coal demand expected to continue increasing due to seasonal factors [3][4] - By the end of 2025, the company anticipates a new market space of approximately CNY 353.10 billion for its three product categories [3] - The overall development of the coal industry is positively impacting investments in coal mine infrastructure and coal machinery manufacturing [3] Group 2: Industry Challenges and Drivers - The coal industry faces challenges such as an aging workforce and difficulties in attracting younger workers due to harsh working conditions [3] - Increased safety production investments and rising wage demands are driving coal companies to enhance their automation and intelligent construction efforts [3][4] - The company’s main products are essential for the intelligent construction of the coal industry, addressing labor shortages and reducing safety risks [3] Group 3: Future Development and Market Potential - The "14th Five-Year Plan" indicates that by the end of 2025, there will be approximately 1,000 intelligent coal mines, with the remaining mines expected to achieve intelligent construction by 2035 [4] - The company’s products will require continuous upgrades and iterations to meet the evolving demands of the market [4] - The company has a robust order backlog and is seeing a steady increase in new orders, indicating strong market demand [4] Group 4: Competitive Advantages - The company has developed a comprehensive core technology system through years of independent research and innovation, establishing a strong talent pool and a good market reputation [4] - Key product lifecycles include: pump station main units (8-10 years), SAC and SAM (approximately 5 years), and electrical control products (3-5 years) [4] - The company maintains a competitive edge through technological innovation, advanced products, and strong customer resources [4]