星门项目使URI、CAT和集料材料公司受益

Restricted - External U.S. Machinery & ConstructionPOSITIVEU.S. Machinery & ConstructionAdam Seiden, CFA+1 212 526 2212adam.seiden@barclays.comBCI, USSteven Li+1 212 526 9497steven.li@barclays.comBCI, USTyler Russell+1 212 526 7584tyler.russell@barclays.comBCI, US Rosendin Electric is the Electrical Engineer and has a track record of data center expertise (1+GW of data center projects generated and 20 years of data center experience).6) Rarely highlighted in the video and articles but we did notice several pieces of SANY equipmenton site including in this picture here.Ironically, the number of foreign-OEMs on site was quitehigh for a project that invests in the US (i.e. Skyjack, JCB, Sany, Hitachi, Takeuchi, Komatsu,Liebherr, Kubota, Komatsu). The equipment around the on-site gas plant under constructiondifferedfrom the buildings.There’s a large rental construction equipment presence on-site of both gen. rent andspecialty equipment.United Rentals and EquipmentShare are the leads on site, at thisstage of the project.1) EquipmentShare’s participation in a megaproject is somewhatsurprising to us. The company has grown to over 300+ locations, but it’s ability to win “national”work hasn’t yet been solidified in the industry (or investor world). Potentially that’s work thatwould have gone to Sunbelt or HERC several years back. 2) Gen-rentofferingsincludelifts(scissors, booms), telehandlers, and rough terrainforklifts.We also saw rented weldingequipment (Lincoln Electric) and temporary lighting equipment on-site. In the data centerbuildings themselves, they’re overloaded with 25-foot scissorlifts.If/When Stargate expandsfrom the $100bn to $500bn project, we’d anticipate high demand for this type of fleet. 3) Withinspecialty, United Rentals is providing small on-site power-solutions and modular storage. Wesaw many URI containers on-site; some could be tool rental (it’s unclear), and loads of towablegenerators (like 120-140KW in size). The towable units could be used for several powerapplications (machines, etc.). 4) United’s gen-rent fleetofferingwas more diversified by brandthan we typically consider. For example, URI’sliftofferingswere primarily MEC, Skyjack, andJCB. Their UTVofferingwas Polaris, Kubota and small earthmoving was Takeuchi and Hitachi.Compare this to the more typicalofferingsin the fleet like JLG/Genielifts,Deere and CNH small/compact earthmoving and UTVs that we tend to think of.Rental rates are the highest for Rough TerrainForkliftsand BoomLifts.Crawler Cranerental rates are amongst the highest on-site, partially due to their size:1) Monthly rates forscissorliftsare ~$500-$1,000 month and similar for UTVs (i.e. a gator). Rough TerrainForklifts,BoomLifts,and Compact Construction equipment are quite a bit higher at $4-5K. We did find afew boomliftsat $7K+ locally in the Abilene and Dallas area but are significantly cheaperelsewhere, potentially indicating tight supply. 2) Crane rental rates vary by type and size. Largecrawler cranes (700 ton) could rent for $1,500-$2,000 per hour, All Terrain (AT’s, 350-600 tons)could rent for $1,000-$1,500 per hour and Rough Terrain’s (200 ton) for $350-650 per hour. That’sall assuming standard time and without foreman’s, safety man etc., additions that could addmany 100’s or $1,000+ per hour cost.SRM Concrete is supplying the Stargate project. History of the assets and local productiontonnage likely indicates that Vulcan Materials is involved. Martin may be too directly orindirectly.1) SRM Concrete is the only named materials truck we found on the site. There areloads of belly dump trucks on site, likely carrying aggregates, but the trucks are unnamed, 2)SRM’s Abilene assets have been owned by Vulcan until late 2023 when the company acquiredthese, and other Texas-based assets. Vulcan has ~25-30% share in the market. 3) The Abilenemarket (and surrounding areas) is a four-player market. Vulcan, Martin, and JH Strain (private,not covered) have ~80% of the market. Nobles Road Construction is a fourth and recently theowner/operator of their business passed-away in February. Martin acquired their local positionin mid-December 2024. 4) Our proxy for volumes showed a significant increase in aggregatesconsumption in the area +16% with Vulcan’s facilities +30% in 2H’24, Martin’s +8%, and theother two large players +15%. On early 2025 data (Q1) volumes were relatively flat y/y (3% +/-). 2 5) Said simply, it’s likely that Stargate has been a positive to volume growth in a market that’snot had many positives and should continue to be some reasonable level of support into 2025. Analyst(s) Certification(s):I, Adam Seiden, CFA, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report