Beijing Tianma Intelligent (688570)2024-11-13 07:34Group 1: Market Overview - The penetration rate of intelligent mining in the coal industry is currently low, indicating significant room for growth [1][2] - As of June 2024, there are 2,269 intelligent coal mining faces established nationwide, with a focus on regions such as Shanxi, Inner Mongolia, Shaanxi, and others [1] - The coal industry remains in a stable development cycle, serving as a "stabilizer" for China's energy security [1] Group 2: Business Performance - In the first three quarters of 2024, the spare parts business generated revenue of 270 million CNY, accounting for 22.28% of total revenue, with stable profit margins [2] - The company's gross profit margin has remained stable, with the market share of key products like SAC hydraulic support control systems ranking first in the industry [2] - The revenue contribution from unmanned intelligent mining control systems was 69.53%, while spare parts and maintenance services accounted for 30.47% [2] Group 3: Future Outlook - The intelligent mining sector is expected to see further waves of development, with the coal consumption peak projected around 2027, followed by a plateau period of approximately 10 years [2] - By 2035, all types of coal mines are expected to achieve basic levels of intelligence, indicating a long-term and iterative process in intelligent mining construction [2][3] - The current intelligent mining faces are primarily at primary and intermediate levels, with advancements in technology expected to lead to higher levels of intelligence in the future [2]