Group 1 - The new stock sector is likely entering a consolidation phase, emphasizing performance and cost-effectiveness [1][12] - The average decline of new stocks listed since 2024 is approximately 3.5%, with about 23.8% of new stocks showing positive returns [1][30] - The semiconductor equipment sector experienced significant events, but external catalysts are losing effectiveness, indicating a potential shift in the active cycle of new stocks [1][12] Group 2 - Short-term focus should be on cost-effectiveness, particularly for new stocks that have undergone sufficient consolidation and show stable growth expectations [2][12] - Long-term investments should consider sectors like robotics, AI, and self-controllable technologies, which are expected to remain active [2][12] - Upcoming new stocks include China Ruilin and Taihong Wanli, which are set to be listed soon [3][35] Group 3 - Last week, three new stocks were available for online subscription, with an average issuance P/E ratio of 17.6X and a subscription success rate of 0.0241% [4][23] - The average first-day gain for new stocks was approximately 207%, indicating a slight decrease compared to previous weeks, while the average secondary market return was -9.3% [4][28] - The average P/E ratio for new stocks listed in March was 21.1X for the ChiNext board, 42.6X for the Sci-Tech Innovation board, and 17.2X for the main board [13][23] Group 4 - The report suggests a cautious approach as the new stock sector may face increased volatility due to upcoming earnings releases [1][12] - Specific stocks to watch include Suzhou Tianmai, Top Yunong, and Laplace, which are considered to have strong performance potential [43] - For mid-term investments, stocks like Nairui Radar and Jun Dingda are recommended for potential opportunities [43]

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the relevant market index by more than 15% over the next 6-12 months [30]. Core Viewpoints - The company focuses on the research, production, and sales of automated handling lines and equipment for bulk materials, including powder, granules, liquids, and slurries. It has established itself as a core supplier in the lithium battery industry, with over 70% of its revenue coming from this sector [20][21]. - The company has shown significant revenue growth in previous years, with revenues of 2.178 billion yuan in 2022, 3.198 billion yuan in 2023, and a projected 2.163 billion yuan in 2024, reflecting a year-on-year growth of 276.06%, 46.83%, and a decline of 32.36% respectively [4][8]. - The company has a strong market presence, with a market share of approximately 24.67% in lithium battery slurry, 17.99% in cathode materials, and 10.34% in anode materials as of 2022 [20]. Financial Performance - The company achieved a net profit of 297.5 million yuan in 2022, 315 million yuan in 2023, and a projected 220.2 million yuan in 2024, with year-on-year growth rates of 494.10%, 5.86%, and a decline of 30.08% respectively [4][8]. - For the first quarter of 2025, the company anticipates a revenue change of -8.94% to 11.30% year-on-year, with net profit expected to decline by 36.35% to -22.21% [8][25]. Industry Overview - The automated handling equipment industry is becoming increasingly important in industrial automation and smart manufacturing, with applications expanding across various sectors, including lithium batteries, fine chemicals, rubber and plastics, and food and pharmaceuticals [15][19]. - The global market for automated handling equipment was valued at approximately $33.65 billion in 2018 and is projected to grow to $56.51 billion by 2027, with a compound annual growth rate of 5.87% [16]. Company Highlights - The company has established strong relationships with leading clients in the lithium battery sector, including CATL, BYD, and others, which enhances its competitive edge [20]. - The company is diversifying its client base across multiple industries, including fine chemicals, rubber and plastics, and food, which lays a solid foundation for future business development [21]. Investment Projects - The company plans to invest in two projects through its IPO, including an intelligent material conveying and mixing automation system project with a total investment of 240 million yuan and a research and development center construction project with an investment of 92 million yuan [24][28].

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [30]. Core Viewpoints - The company focuses on the research, production, and sales of automated processing lines and equipment for bulk materials, including powders, granules, liquids, and slurries, and has established itself as a core supplier in the lithium battery industry [7][20]. - The company has achieved significant revenue growth in recent years, with revenues of 2.178 billion yuan in 2022, 3.198 billion yuan in 2023, and a forecast of 2.163 billion yuan in 2024, reflecting a year-on-year growth of 276.06%, 46.83%, and a decline of 32.36% respectively [8][4]. - The company has a strong market presence, with over 70% of its revenue coming from the lithium battery sector, and has established partnerships with leading companies in the industry [20][21]. Summary by Sections Basic Financial Status - The company reported revenues of 2.178 billion yuan in 2022, 3.198 billion yuan in 2023, and a projected 2.163 billion yuan in 2024, with corresponding year-on-year growth rates of 276.06%, 46.83%, and -32.36% [8][4]. - The net profit attributable to the parent company was 297.5 million yuan in 2022, 315 million yuan in 2023, and is expected to be 220.2 million yuan in 2024, with year-on-year growth rates of 494.10%, 5.86%, and -30.08% [8][4]. Industry Situation - The company operates in the automated processing equipment sector, which is becoming increasingly important in industrial automation and smart manufacturing, with significant growth expected in various applications including lithium batteries and fine chemicals [15][19]. - The global market for automated processing equipment is projected to grow from 33.65 billion USD in 2018 to 56.51 billion USD by 2027, with a compound annual growth rate of 5.87% [16]. Company Highlights - The company is a leading supplier of automated processing lines and equipment for the lithium battery industry, with a market share of approximately 24.67% in slurry processing, 17.99% in positive electrode materials, and 10.34% in negative electrode materials [20]. - The company has diversified its client base across various sectors, including fine chemicals, rubber and plastics, and food and pharmaceuticals, establishing relationships with major industry players [21]. Fundraising Project Investment - The company plans to invest in two projects with a total fundraising amount of approximately 532.02 million yuan, including an intelligent material conveying and mixing automation system project and a research and development center construction project [24][28]. Comparison with Peers - Compared to similar companies in the industry, the average revenue for peer companies in 2023 was 8.131 billion yuan, with an average PE-TTM of 16.57X and an average gross profit margin of 28.68%, indicating that the company’s revenue scale and gross margin are below the industry average [25][26].

2025 年 03 月 28 日 公司研究●证券研究报告 肯特催化（603120.SH） 新股覆盖研究 投资要点 下周二（4 月 1 日）有一家主板上市公司"肯特催化"询价。 风险提示：已经开启询价流程的公司依旧存在因特殊原因无法上市的可能、公司内 交易数据 总市值（百万元） 流通市值（百万元） 总股本（百万股） 67.80 流通股本（百万股） 12 个月价格区间 / 分析师 李蕙 SAC 执业证书编号：S0910519100001 lihui1@huajinsc.cn 报告联系人 戴筝筝 daizhengzheng@huajinsc.cn 相关报告 华金证券-新股-新股专题覆盖报告（信凯科 技）-2025 年第 25 期-总第 551 期 2025.3.22 华金证券-新股-新股专题覆盖报告（泰禾股 份）-2025 年第 24 期-总第 550 期 2025.3.21 华金证券-新股-新股专题覆盖报告（泰鸿万 立）-2025 年第 23 期-总第 549 期 2025.3.21 华金证券-新股-新股专题覆盖报告（开发科 技）-2025 年第 22 期-总第 548 期 2025.3.18 华金证券-新股-新 ...

2025 年 03 月 28 日 公司研究●证券研究报告 肯特催化（603120.SH） 新股覆盖研究 投资要点 下周二（4 月 1 日）有一家主板上市公司"肯特催化"询价。 风险提示：已经开启询价流程的公司依旧存在因特殊原因无法上市的可能、公司内 交易数据 总市值（百万元） 流通市值（百万元） 总股本（百万股） 67.80 流通股本（百万股） 12 个月价格区间 / 分析师 李蕙 SAC 执业证书编号：S0910519100001 lihui1@huajinsc.cn 报告联系人 戴筝筝 daizhengzheng@huajinsc.cn 相关报告 华金证券-新股-新股专题覆盖报告（信凯科 技）-2025 年第 25 期-总第 551 期 2025.3.22 华金证券-新股-新股专题覆盖报告（泰禾股 份）-2025 年第 24 期-总第 550 期 2025.3.21 华金证券-新股-新股专题覆盖报告（泰鸿万 立）-2025 年第 23 期-总第 549 期 2025.3.21 华金证券-新股-新股专题覆盖报告（开发科 技）-2025 年第 22 期-总第 548 期 2025.3.18 华金证券-新股-新 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing stable and improving operations, with a focus on active dividend distribution [1] - The company has demonstrated a continuous improvement in financial data, with a significant increase in net profit year-on-year [5][9] - The company maintains a strong position in the market due to its integrated operations and resource advantages [9] Financial Performance - In 2024, the company achieved revenue of 61,537 million yuan, a year-on-year decrease of 10.89%, while net profit attributable to shareholders was 5,333 million yuan, an increase of 17.93% [5][8] - The gross profit margin improved to 17.5%, up by 2.32 percentage points year-on-year [5] - The company plans to produce and sell 4.92 million tons of phosphate fertilizer, 2.67 million tons of urea, and 1.64 million tons of compound fertilizer in 2025 [5] Operational Strategy - The company leverages its "mining integration" and full industry chain operational advantages, adhering to a strategy of "full load, fast turnover, low inventory, and risk prevention" [5] - The company has completed the buyback of an 18.6% minority stake in its subsidiary, making it a wholly-owned subsidiary, which has contributed to an increase in net profit [5] - The company is actively pursuing the development of its resources, including phosphate mining and coal resources, to strengthen its long-term industrial planning [6][9] Financial Management - The company has significantly improved its financial management, with a reduction in the asset-liability ratio from 89.13% in 2019 to 52.26% in 2024 [9] - The company has established a cash dividend plan for the next three years, aiming to distribute no less than 45% of the cumulative distributable profits [9] - The projected earnings per share (EPS) for 2025 is 3.06 yuan, with a price-to-earnings (P/E) ratio of 7.7x [8][9]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][8] Core Insights - The report highlights the ongoing deepening of national reading initiatives, which are expected to drive demand to new highs. The government is implementing strategies to promote reading, including the construction of public cultural facilities in residential areas [5] - The overall retail market for books in 2024 is projected to have a scale of 112.9 billion, reflecting a year-on-year decline of 1.52%, returning to 88% of the 2019 level. Traditional sales channels are experiencing contraction, while content e-commerce is showing positive growth [5] - The market structure is shifting from channel-driven growth to a new phase of competition and value reconstruction, with significant differences in the mechanisms of active search and interest recommendation [5] - The mobile reading market in China reached a scale of 30.892 billion in 2023, with a year-on-year growth of 11.18% expected in Q1 2024 [5] Summary by Sections Industry Performance - The report provides a comparative performance analysis over different time frames, indicating relative and absolute returns [4] Market Dynamics - The report discusses the evolution of mobile reading, highlighting its growth from 2003 to the present, with a focus on the impact of technology and market competition [5] - The educational support category holds a significant market share of 25.33% in the book retail market, with an impressive year-on-year growth of 18.73% [5] Investment Recommendations - The report suggests monitoring companies such as Read客文化, 学大教育, 读者传媒, 掌阅科技, 中国出版, 出版传媒, 南方传媒, 中文在线, and 安徽新传媒 as potential investment opportunities [5]

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [26]. Core Insights - The company, Xinkai Technology, primarily engages in the development, sales, and service of organic pigments and other coloring agents, boasting over 450 specifications of pigment products [6][11]. - The company has established itself as a core supplier in the global organic pigment market, maintaining the top position in China's organic pigment export industry for several consecutive years [16][18]. - The company has a well-developed global sales and service network, with subsidiaries in countries such as the Netherlands, the USA, Australia, Canada, Turkey, India, and the UK, covering over 70 countries and regions [6][16]. - The company has completed 89 REACH registrations for organic pigments and related chemicals, making it a leader in this regard within the domestic industry [6][18]. - The company anticipates a significant increase in revenue and net profit for the first quarter of 2025, with projected growth rates of 6.94% and 13.26%, respectively [7][22]. Financial Performance - The company achieved revenues of 1.192 billion yuan, 1.068 billion yuan, and 1.417 billion yuan for the years 2022, 2023, and 2024, with year-over-year growth rates of -1.10%, -10.37%, and 32.55% respectively [4][7]. - The net profit attributable to the parent company for the same years was 88 million yuan, 88 million yuan, and 111 million yuan, with year-over-year growth rates of -1.54%, 0.47%, and 26.31% respectively [4][7]. - The company’s revenue structure is stable, with azo pigments accounting for 65.78% of total revenue in the first half of 2024 [7]. Industry Overview - The global organic pigment industry has maintained stable development, with annual demand and production levels around 400,000 to 500,000 tons [12]. - In China, the organic pigment market has shown steady growth, with production levels remaining between 210,000 to 250,000 tons from 2013 to 2020 [12]. - The main applications for organic pigments include inks, coatings, and plastics, with inks being the largest segment, accounting for approximately 40%-50% of total consumption [14]. Competitive Positioning - Compared to peer companies, Xinkai Technology's revenue and gross margin are below the industry average, with peer companies showing an average revenue of 1.341 billion yuan and an average PE-TTM of 42.48X for 2023 [22][23]. - The company is expected to benefit from new production capacities coming online in 2024, which will enhance supply stability and reduce reliance on external sourcing [19]. Investment Projects - The company plans to invest in a research and development center and headquarters construction project, aimed at enhancing its competitive edge in the organic pigment industry [20][21].

Investment Rating - The investment rating for the company is "Buy," indicating that the stock is expected to outperform the market index by more than 15% over the next 6-12 months [25]. Core Viewpoints - The company, Taihong Wanli (603210.SH), specializes in the research, production, and sales of automotive structural and functional components, with a strong market position and long-term partnerships with major automotive manufacturers such as Great Wall Motors and Geely Group [2][6]. - The company has shown significant revenue growth, with projected revenues of CNY 1.478 billion, CNY 1.544 billion, and CNY 1.689 billion for 2022, 2023, and 2024 respectively, reflecting year-over-year growth rates of 46.13%, 4.50%, and 9.35% [7][21]. - The company is actively expanding into the new energy vehicle sector, with multiple components set to enter mass production between 2024 and 2025, establishing partnerships with notable companies in the industry [17][18]. Summary by Sections Basic Financial Status - The company achieved revenues of CNY 1.478 billion in 2022, CNY 1.544 billion in 2023, and is projected to reach CNY 1.689 billion in 2024, with corresponding net profits of CNY 126.5 million, CNY 160.8 million, and CNY 176.7 million [4][7]. - The revenue structure is stable, with over 80% of income derived from automotive structural components [7]. Industry Situation - The automotive parts industry is experiencing growth, with China's automotive parts sector showing a recovery trend, reaching CNY 4.41 trillion in revenue in 2023, a 5.08% increase from the previous year [14][15]. Company Highlights - The company has established itself as a key player in the automotive structural components sector, maintaining long-term relationships with major manufacturers and achieving over 60% of its revenue from top clients [16]. - The company is expanding its production capacity through several projects, including a significant expansion of its automotive functional components production [19][20]. Investment Projects - The company plans to invest CNY 115 million in three major projects, including the expansion of production capacity for automotive components [19][20]. Peer Comparison - Compared to its peers, the company has a lower revenue scale but maintains a competitive gross margin, with an average PE-TTM of 24.74X among comparable companies [21][22].

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of more than 15% compared to the relevant market index over the next 6-12 months [25]. Core Viewpoints - The company, Taihe Co., Ltd. (301665.SZ), primarily engages in the research, production, and sales of pesticide products and functional chemicals, with a strong market position in fungicides and herbicides [6][11]. - The company has shown significant revenue growth in 2022, with a reported revenue of 5.099 billion yuan, a year-on-year increase of 42.47%, although it faced a decline in 2023 [7][21]. - The company is recognized for its technological innovation and has established long-term strategic partnerships with major multinational corporations, enhancing its market presence globally [16][18]. Financial Performance - The company achieved revenues of 50.99 billion yuan in 2022, 38.68 billion yuan in 2023, and is projected to reach 42.14 billion yuan in 2024, with year-on-year growth rates of 42.47%, -24.14%, and 8.93% respectively [7][21]. - The net profit attributable to the parent company was 6.49 billion yuan in 2022, 3.46 billion yuan in 2023, and is expected to be 2.61 billion yuan in 2024, with corresponding year-on-year changes of 63.12%, -46.62%, and -24.59% [4][21]. Industry Overview - The global agricultural pesticide market has shown a recovery, with sales reaching 74.8 billion USD in 2023, reflecting a compound annual growth rate of 5.74% over the past five years [12][14]. - The company operates in a highly competitive environment dominated by major international players, with the top companies holding nearly 60% of the market share [12][14]. - The Chinese pesticide industry is becoming a significant global production base, benefiting from competitive cost structures and a diverse product range [14][15]. Company Highlights - Taihe Co., Ltd. is a leading supplier of agricultural fungicides and herbicides, holding significant market shares in key products such as Bacillus subtilis, 2,4-D, and pyraclostrobin [16][17]. - The company has developed proprietary products like cyhalofop-butyl, which have gained traction in the market, and has established exclusive supply agreements with major agricultural firms [18][19]. - The company plans to invest in two main projects through its IPO, focusing on expanding its fungicide production capacity and enhancing its research and development capabilities [20][21].