新股覆盖研究：科力装备

Investment Rating - The report does not explicitly mention an investment rating for Keliy Equipment (301552 SZ) [2][3] Core Views - Keliy Equipment is a leading supplier of automotive glass assembly components, deeply integrated with Fuyao Glass, the domestic leader and global top-four player in the automotive glass industry [32] - The company has rapidly expanded its presence in the new energy vehicle (NEV) sector, with NEV-related revenue growing from 68 02 million yuan in 2021 to 166 90 million yuan in 2023, representing a CAGR of 61 68% and 51 76% in 2022 and 2023 respectively [33] - Keliy Equipment's global and domestic market shares in automotive glass assembly components reached 5 57% and 14 49% respectively in 2023 [32] Financial Performance - Keliy Equipment achieved revenues of 293 million yuan, 405 7 million yuan, and 487 8 million yuan in 2021, 2022, and 2023 respectively, with YoY growth rates of 67 33%, 38 44%, and 20 24% [19] - Net profits attributable to the parent company were 60 7 million yuan, 116 3 million yuan, and 137 1 million yuan for the same periods, with YoY growth rates of 34 91%, 91 52%, and 17 86% [19] - In Q1 2024, the company reported revenue of 128 million yuan, a 37 23% YoY increase, and net profit of 36 million yuan, a 60 93% YoY increase [19] Industry Overview - The global automotive glass market is highly concentrated, with the top four players (Fuyao Glass, AGC, NSG, and Saint-Gobain) accounting for over 75% of the market share [26] - Fuyao Glass holds a 28% global market share and a 69% domestic market share in China [26] - The global automotive glass assembly components market is estimated to reach 7 611 billion yuan in 2023, with the domestic market projected at 2 793 billion yuan [31] Competitive Landscape - Keliy Equipment's revenue scale is below the industry average of 1 186 billion yuan, but its gross profit margin of 42 72% exceeds the industry average of 28 56% [40] - Comparable companies include Zhaomin Technology, Zhejiang Xiantong, Xingyuan Zhuomai, and Haida Shares, though their product applications differ significantly from Keliy Equipment [40] IPO Projects - Keliy Equipment plans to invest 256 6 million yuan in an intelligent production project for automotive glass assembly components, with an expected post-tax internal rate of return of 21 55% and a payback period of 6 63 years [37] - The company will also invest 44 24 million yuan in a new energy vehicle parts R&D center [37] Growth Prospects - For H1 2024, Keliy Equipment forecasts revenue of 260 million to 290 million yuan, a YoY increase of 26 23% to 40 80%, and net profit of 72 million to 80 million yuan, a YoY increase of 23 47% to 37 19% [39]