【新股IPO】艾芬达，深耕暖通家居领域，9月1日申购

Company Overview - Aifenda (301575) is a high-tech enterprise specializing in the research, design, production, and sales of HVAC home products and components, including bathroom towel racks and various HVAC accessories [3][5] - The company has established strong manufacturing capabilities with an annual production capacity exceeding 2 million sets of bathroom towel racks and has accumulated rich experience in craftsmanship and manufacturing [5] Financial Performance - Aifenda's revenue has shown steady growth, with reported revenues of 762 million yuan, 830 million yuan, and 1.05 billion yuan for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 17.38% [5] - The net profit attributable to the parent company for the same years was 93 million yuan, 164 million yuan, and 118 million yuan, with a significant decline of 28.04% in 2024 due to short-term fluctuations in overseas demand [5] Assets and Liabilities - As of December 31, 2024, Aifenda's total assets amounted to 1.319 billion yuan, with equity attributable to shareholders of 731 million yuan [6] - The company's asset-liability ratio decreased from 57.54% in 2022 to 42.76% in 2024, indicating improved financial stability [6] Upcoming IPO and Fundraising - Aifenda plans to raise 665 million yuan through its IPO, with the funds primarily allocated to upgrading and constructing automated production lines for towel racks and supplementing working capital [7] - The IPO price is set at 27.69 yuan per share, which corresponds to a diluted price-to-earnings (P/E) ratio of 20.35 for 2024, slightly below the industry average static P/E ratio of 21.05 [7] Market Context - The average subscription rate for new stocks on the ChiNext board is approximately 0.02%, with an average increase of 235.58% and a profit of 24,847 yuan per subscription [8][9] - Investors need to maintain an average market value of at least 10,000 yuan in the Shenzhen market to participate in the IPO [10]