Zhongchuang Zhiling 4000-word in-depth research report

$CCOOP GROUP(000564.SZ)$Thundersoft(300496.SZ) $Sinosoft(603927.SH) Researched China Innovation Leader (00564.HK), with its core being the dual-drive of intelligent coal mining machinery and new energy auto parts, solid profitability and resilient growth.
🎯Core logic: Main business is the world's largest hydraulic support for intelligent coal mining equipment (key position in "four machines and one support" with high customer stickiness), new energy auto parts (vibration reduction, thermal management cooling plates, etc., entering mainstream automakers, SEG turning profitable in 2025); Business model is "coal machinery as ballast + auto parts for growth," transitioning to smart industrial solutions (investing in semiconductor company to integrate AI, extending high-value services).
📈Financial highlights: 2024 revenue of 37.05B (+1.7%), net profit of 3.934B (+20.2%, profit growth faster than revenue); ROE exceeded 15% for two consecutive years (18.59% in 2024), net margin rose from 4.67% in 2020 to 10.62% in 2024 (13.96% in 2025Q2); 2024 operating cash flow nearly matched net profit, high profit quality; positive free cash flow for consecutive years (1.97B in 2024), supporting dividends and expansion.
🔍Key observations: Overseas coal machinery orders +137% in 2025H1, globalization enhances cycle resistance; New auto parts ramping up production with locked-in customers; Goodwill only 88M, no M&A risks; Accounts receivable surged in 2025Q1 but fell in Q2, requiring attention to collections; Financials show "strong profitability, stable leverage, fluctuating cash flow," meeting value investing criteria for real profits.