IPO专题：新股精要—国内3C配件知名品牌商绿联科技

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook compared to the market index [65]. Core Insights - The company is a well-known domestic 3C accessories brand, leveraging the "UGREEN" brand to establish a presence in both domestic and international markets, with representative products holding leading market shares [12][39]. - The company has achieved a compound annual growth rate (CAGR) of 18.05% in revenue from 2021 to 2023, with total revenues of 3.446 billion, 3.839 billion, and 4.803 billion yuan respectively [13][39]. - The company plans to raise 1.504 billion yuan through its IPO, which will be invested in product R&D and industrialization to adapt to trends in the consumer electronics industry [51]. Company Overview - The company operates in the 3C consumer electronics sector, offering products across five main categories: transmission, audio-video, charging, mobile peripherals, and storage [12][39]. - The company has established a strong online and offline sales model, covering major e-commerce platforms and enhancing brand influence through a comprehensive distribution network [4][12]. Business Performance - The company’s gross margin has remained stable, with an overall gross margin of 37.15%, 37.38%, and 37.59% from 2021 to 2023, with online B2C margins higher than other sales models [17][45]. - The company’s net profit has also shown growth, with figures of 297 million, 327 million, and 388 million yuan for the same period, reflecting a CAGR of 14.30% [13][39]. Industry Analysis - The consumer electronics market is rapidly expanding, driven by the increasing demand for data transmission, audio-video, charging, mobile peripherals, and storage products [19][47]. - The industry is characterized by intense competition, with a trend towards higher concentration as companies focus on brand reputation and product quality [48][49]. Comparable Company Valuation - The static price-to-earnings (PE) ratio for the industry "C39 Computer, Communication and Other Electronic Equipment Manufacturing" is 33.12 times as of July 4, 2024 [30][52]. - Comparable companies in the sector have an average PE of 23.08 times for 2023, with projected PE ratios of 19.87 and 17.06 for 2024 and 2025 respectively [52].