太湖远大：北交所新股申购策略之五：线缆用高分子材料制造商

Investment Rating - The report suggests a "Buy" rating for the company, indicating a favorable investment opportunity based on its growth potential and market conditions [25][29]. Core Insights - The company has shown strong revenue growth, achieving revenues of 1.07 billion, 1.39 billion, and 1.52 billion yuan from 2021 to 2023, with a CAGR of +19.2%. The net profit for the same period was 50 million, 60 million, and 80 million yuan, with a CAGR of +29.9% [2][11]. - The company operates in the environmentally friendly cable materials sector and has established itself as a leading manufacturer of high-performance polymer materials for cables, recognized as a national-level "specialized and innovative" enterprise [5][11]. - The company has a robust order backlog of approximately 12,948.5 tons as of March 2024, indicating strong demand for its products [7]. - The report highlights the company's commitment to continuous innovation, with 66 effective patents, including 7 invention patents, which support its competitive edge in the market [8][17]. Summary by Sections 1. Company Overview - The company specializes in the research, development, and manufacturing of environmentally friendly polymer materials for cables, providing a variety of specialized materials tailored to customer needs [5][11]. - It has established strong partnerships with major cable manufacturers in China, being a key supplier to 18 out of the top 20 competitive companies in the industry [11]. 2. Market Dynamics - The cable industry in China is projected to grow from 1.1 trillion yuan in 2020 to 1.6 trillion yuan by 2027, driven by the "dual carbon" strategy promoting low-carbon and clean energy systems [6][16]. - The demand for environmentally friendly cable materials is expected to increase significantly as the industry shifts towards sustainable practices [6][16]. 3. Financial Performance - The company reported a gross margin of 10.8% and a net margin of 5.1% in 2023, showing improvements from previous years [2][11]. - The report notes that the company's price-to-earnings ratio (PE) is 11.1, which is a 77% discount compared to the industry average, suggesting potential undervaluation [25][18]. 4. Investment Considerations - The report recommends participation in the upcoming IPO, citing low initial selling pressure due to limited circulating shares and favorable market sentiment following a period without new listings on the exchange [25][18]. - The company plans to expand its production capacity significantly, adding new production lines to meet growing market demand [13][7].