佳力奇：新股覆盖研究

Investment Rating - The report assigns a neutral investment rating to the company, indicating that the expected investment return over the next six months will be in line with the performance of the CSI 300 Index [33]. Core Insights - The company, Jialiqi (301586.SZ), specializes in the research, production, and sales of composite materials for military aviation components, with a focus on aircraft and missile parts. The company has established deep cooperation with several major aircraft manufacturers under the Aviation Industry Corporation of China [9][26]. - The company reported revenues of 428 million yuan, 592 million yuan, and 463 million yuan for the years 2021 to 2023, with year-over-year growth rates of 82.13%, 38.33%, and -21.78% respectively. The net profit attributable to the parent company was 129 million yuan, 150 million yuan, and 103 million yuan for the same period, with year-over-year growth rates of 136.74%, 16.74%, and -31.78% respectively [11][2]. - In the first half of 2024, the company achieved revenue of 270 million yuan, a slight decrease of 0.28% year-on-year, and a net profit of 62 million yuan, down 21.64% year-on-year. The company expects a revenue range of 400 million to 450 million yuan for the first nine months of 2024, representing a year-on-year change of 13.92% to 28.17% [11][31]. Summary by Sections Basic Financial Status - The company has shown fluctuating revenue and profit figures over the past three years, with a notable decline in 2023. The main revenue source remains aircraft composite parts, contributing 78.81% of total revenue in 2023 [11][2]. Industry Situation - The company operates within the military aviation composite materials sector, which has been experiencing growth. The overall scale of China's aviation manufacturing industry increased from 67.06 billion yuan in 2016 to 93.41 billion yuan in 2019, with a compound annual growth rate of 11.68% [16][18]. Company Highlights - Jialiqi has established itself as a leading private enterprise in the field of aviation composite materials, recognized as a "gold supplier" by major aircraft manufacturers for five consecutive years. The company has also expanded its business into the flying car sector through collaboration with XPeng Huaitian [26][9]. Investment Projects - The company plans to invest in three main projects through its IPO, including the construction of an advanced composite materials production base, a research and development center, and a smart manufacturing system [27][28]. Comparison with Industry Peers - Compared to industry peers, Jialiqi's revenue and profit margins are below the industry average. The average revenue for comparable companies is 1.196 billion yuan, with a price-to-earnings ratio of 30.09X and a gross profit margin of 33.23% [31][32].