The recent investor relations activity record of China Railway Emergency shows that the inflection point of the current aerial work platform penetration has not yet arrived, and it is expected to remain a period of rapid growth in 2025 or longer.

      China Railway Emergency said that the inflection point of the current penetration rate of aerial work platforms has not yet arrived, and it is expected to remain a period of rapid growth in 2025 or longer. From the perspective of market ownership, the total number of aerial work platforms in China's whole market in 2014 was 25,000 units, and the number of domestic market units in 2022 has reached more than 480,000 units, with a compound annual growth rate of more than 40%, and the per capita number of units is 3.45 units / 10,000 people (equipment ownership/total population). The coverage rate of the added value of the construction industry is 584 units/RMB million (equipment ownership/added value of the construction industry). From the mature market point of view, in 2022, the total market of the United States is 770,000 units, the per capita population is 2312 units / 10,000 people, and the added value coverage of the construction industry is 11 units / 100 million yuan.

      The current ownership of the Chinese market, per capita ownership and construction value added coverage and other indicators are still lower than the North American market, there is still room for growth in the future. From the horizontal comparison of the added value of the construction industry and the level of infrastructure investment, the demand for aerial work platforms in China has greater room for improvement. In addition, compared to mature markets such as North America, the later aerial work platform will turn more to the construction operation and maintenance link, and the market capacity is expected to continue to grow steadily.

      From the company's point of view, more than 60% of the projects of the aerial work platform are concentrated in industrial plants, and the penetration rate of other livelihood fields such as commercial complexes, exhibition layout, and old city transformation still has a large room for improvement. It is expected that the number of domestic aerial work platforms will increase to 1 million units in 2025, and will still maintain a high growth trend for a long time.