海牛投研1月13日，科马材料（920086）将于1月16日在北交所上市，同日从新三板摘牌。 知识产权方面，截至本报告期，公司已取得授权专利64项，其中发明专利9项、实用新型专利54项，外 观设计专利1项。值得注意的是，公司已获得工信部专精特新"小巨人"企业、浙江省"隐形冠军"企业、 浙江制造精品企业等荣誉称号。 客户方面，公司已经与福达股份、法士特伊顿、浙江奇碟、长春一东、铁流股份、湖北三环、宏协股 份、华域动力、荣成黄海、奥德华等国内主要离合器生产企业达成合作关系。另外，公司产品已应用于 中国重汽、一汽解放、东风汽车、北汽福田、潍柴集团、陕汽集团、三一集团、玉柴集团、沃尔沃、标 志汽车、雷诺汽车、尼桑汽车、上汽通用五菱、问界汽车等众多知名品牌企业。 资料显示，科马材料发行价格为11.66元/股，发行股份数量2092万股，募集资金总额为2.44亿元。募集 资金将用于汽车维修保养设备智能化改造及扩产项目、举升设备智能化工厂项目和研发中心建设项目。 招股书显示，科马材料是一家专业从事干式离合器摩擦片及湿式纸基摩擦片的研发、生产及销售，并致 力于新型摩擦材料的开发应用的高新技术企业。 业绩方面，2022年-2024 ...

Investment Rating - The report assigns a rating of "Buy" for the company, indicating an expected price increase of over 15% compared to the benchmark index within 6-12 months [46]. Core Insights - The company, Koma Materials, specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, positioning itself as a national-level specialized "little giant" in the dry friction plate sector [3][25]. - Koma Materials has established a strong market presence, entering the supply chains of leading companies such as ZF and Fast Eaton, and is actively expanding its global business [3][5]. - The automotive transmission friction materials industry is experiencing rapid growth, driven by the rise of new energy vehicles and stable demand in the commercial vehicle market, providing significant development opportunities for Koma Materials [4][29]. Financial Performance - The company achieved operating revenues of 249 million yuan in 2024, with a net profit attributable to shareholders of 71.53 million yuan, reflecting a comprehensive gross margin of 47.39% [3][6]. - Revenue from 2022 to the first half of 2025 showed slight fluctuations but overall growth, with year-on-year growth rates of -9.25%, -1.58%, 25.16%, and 11.37% respectively [35]. - The gross margin for the company has consistently been above the industry average, indicating strong profitability and market competitiveness [5][17]. Market Position and Competitive Landscape - Koma Materials operates in a niche segment of the automotive parts industry, with a market size of approximately 15 billion yuan domestically and 110 billion yuan globally, both of which are expected to grow [4][29]. - The company’s products are primarily used in manual and automatic transmission systems across various vehicle types, including passenger and commercial vehicles [25][29]. - Koma Materials has a competitive edge due to its deep technical accumulation and product performance, which has allowed it to maintain a stable customer base and expand its market share [5][26]. Valuation Analysis - The company’s estimated market capitalization post-IPO is 976 million yuan, with a projected price-to-earnings (P/E) ratio of 13.64 for 2024, which is considered relatively undervalued compared to comparable companies [7][24]. - The report highlights that Koma Materials' revenue scale is below the average of comparable companies, but its net profit ranks just below that of leading peers [14][24]. Use of Proceeds - The company plans to use the funds raised from its IPO for projects including the "Dry Impregnation Environmental-Friendly Clutch Friction Material Technological Upgrade Project" and the "R&D Center Upgrade Project," which are expected to enhance production capacity and innovation [39][40].