IPO专题：新股精要—国内金属切削类机床领军企业乔锋智能

Investment Rating - The investment rating for the company is "Cautious Increase" [46] Core Viewpoints - QiaoFeng Intelligent (301603.SZ) is a leading domestic enterprise in the metal cutting machine tool sector, with a strong market position and rich technology and product reserves. The company is expected to benefit from the increasing CNC rate and localization rate in the machine tool industry, which presents new opportunities for domestic enterprises [2][24] - The company achieved revenue and net profit of 1.454 billion and 169 million yuan respectively in 2023. The average PE ratios for comparable companies for 2023, 2024, and 2025 are projected to be 27.38, 17.64, and 14.47 times respectively [2][56] Summary by Sections Company Overview - QiaoFeng Intelligent has been deeply engaged in the CNC machine tool industry for over 14 years, completing the development of various high-end machine tools and automated production lines. The company holds a market share of approximately 1.28% in China's metal cutting machine market, ranking among the top in the industry [6][17] Main Business Analysis - The main business of the company includes the research, production, and sales of CNC machine tools, with key products being vertical machining centers, gantry machining centers, and horizontal machining centers. The company has seen stable revenue growth, benefiting from the upgrade of machine tool equipment and the continuous increase in CNC rates. However, the gross profit margin has declined significantly in 2022 due to pricing adjustments and rising material costs [11][25][28] Industry Development and Competitive Landscape - The domestic electric two-wheeler market is rapidly growing, driven by new standards and the logistics industry's demand for electric two-wheelers. The market for electric bicycles is also expanding, with leading manufacturers like Bafang, Ananda, and Jinyu leading the industry development. The machine tool industry is characterized by low concentration and significant potential for import substitution, particularly in high-end machine tools [13][15][33] Comparable Company Valuation - The average PE ratio for comparable companies in the "C34 General Equipment Manufacturing" industry is 27.00 times as of June 21, 2024. The selected comparable companies include Chuangjishi (300083.SZ), Haitiansheng (601882.SH), Niuwai CNC (688697.SH), and Guosheng Zhike (688558.SH) [56][38] IPO Issuance and Fundraising - The company plans to issue 30.19 million shares, accounting for 25% of the total share capital post-issuance. The total amount of funds to be raised is 1.355 billion yuan, which will be used to expand production capacity and enhance R&D capabilities in high-end CNC machine tools [2][54][55]