Company Overview - Company is a leading global supplier of HMB (beta-hydroxy-beta-methylbutyrate) raw materials, holding over 50% market share globally and serving as the core supplier for Abbott's HMB products [1][2] - Established in 2002, the company has developed a strong vertical integration from raw material production to finished product formulation, enhancing its competitive edge in the industry [1][2] - The management team, led by US national Zhou Jingshi, has extensive experience in the nutrition raw materials sector, having previously worked with renowned companies like Amway and Avon [1][2] Financial Performance - The company reported revenues of 947 million yuan, 892 million yuan, and 1.002 billion yuan for the years 2022, 2023, and 2024, with year-on-year growth rates of 18.19%, -5.84%, and 12.33% respectively [3] - Net profits for the same years were 142 million yuan, 160 million yuan, and 174 million yuan, with growth rates of 29.34%, 12.63%, and 9.02% respectively [3] - Preliminary forecasts indicate a revenue increase of 15.03% to 273.6 million yuan and a net profit increase of 8.56% to 192 million yuan for the first half of 2025 compared to the same period in 2024 [3] Market Position and Industry Trends - The global dietary supplement market is projected to exceed $187 billion in 2023, with a steady growth rate of 6% expected, reaching $223 billion by 2026 [3] - The HMB market is anticipated to grow at a compound annual growth rate (CAGR) of approximately 11.54%, reaching an estimated production of 3,571.69 tons by 2030 [3] - The glucosamine market, in which the company is a key player, is expected to maintain a stable growth rate of 4.2% from 2022 to 2027, with a market demand of around 20,000 tons in 2022 [3] IPO Details - The company plans to issue 50.01 million new shares, raising approximately 544 million yuan, with funds allocated for three projects and working capital [4] - The projects include a production base for health raw materials, an expansion of the nutrition health food production line, and a technology innovation center [4] Valuation and Market Sentiment - The company's IPO price is set at 10.88 yuan per share, which is considered low compared to the average dynamic price-to-earnings ratio of comparable companies at 36.54, suggesting a potential upside of 49.51% on the first trading day [6][7] - Recent trends indicate that new stocks in the A-share market have experienced an average first-day increase of 230.68%, with a median increase of 174.56% [6][7] - The favorable market sentiment and the company's strong fundamentals may contribute to a positive performance on its debut [5][6]
雅培背后的“隐形冠军”技源集团明日上市，会被热炒吗？