CITIC Securities: Optimistic about leading MRO companies' profits to further unleash.

In a research report by CITIC Securities, it is pointed out that against the backdrop of the continuous increase in the digitalization of MRO industrial procurement in China, there is still a lot of room for the industry to grow. Representative companies in mature overseas markets, after passing their growth period, can also maintain annual revenue growth rates of 10% to 20% for many years. At the same time, the industry competition landscape is relatively diversified, and the Chinese MRO industry is expected to have at least two companies with annual revenue of over one billion coexist in the long term. Against the backdrop of the continuous evolution of global multimodal models, we believe that the digitalization and intelligence process in the Chinese market will proceed in sync, driving representative companies to further reduce costs and increase efficiency, achieving significant profit growth.