新股覆盖研究：长联科技

Investment Rating - The report assigns a rating of "Buy" for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [26]. Core Insights - The company, Changlian Technology (301618.SZ), specializes in the research, production, and sales of printing materials and textile printing equipment, with a focus on water-based printing paste, water-based resin, and silicone ink [10][20]. - The company has maintained a leading market share in the domestic water-based printing paste sector, with a market share exceeding 10% in 2020 and 2022, while competitors have not surpassed 4% [20]. - The company has established strong customer relationships with well-known brands such as Adidas, Nike, and Disney, with sales from these brands accounting for approximately 70% of total revenue [20]. Financial Performance - The company reported revenues of 581.5 million CNY, 538.0 million CNY, and 529.9 million CNY for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 19.95%, -7.47%, and -1.51% [2][12]. - The net profit attributable to the parent company was 60.2 million CNY, 79.5 million CNY, and 82.5 million CNY for the same years, with year-over-year growth rates of -19.13%, 32.01%, and 3.83% [2][12]. - In the first half of 2024, the company achieved revenue of 297 million CNY, an increase of 8.73% year-over-year, and a net profit of 45 million CNY, an increase of 1.11% year-over-year [12][23]. Industry Overview - The global market for water-based printing paste has shown steady growth, with sales volume increasing from 564,000 tons in 2018 to 682,000 tons in 2022, representing a compound annual growth rate (CAGR) of 4.86% [17]. - In China, the consumption of water-based printing paste rose from 236,000 tons in 2018 to 292,000 tons in 2022, with a CAGR of approximately 5.4% [17]. - The company is positioned well within the industry, with a higher gross profit margin compared to the industry average, despite having lower revenue scale [23]. Company Highlights - The company has made significant investments in developing new formulations and applications, resulting in a 31.34% increase in sales volume for functional water-based printing paste in 2023 [20]. - The company is expanding its production capacity through three key projects funded by its IPO, including a new production base for environmentally friendly water-based printing paste [21][22]. Peer Comparison - In the first half of 2024, the company reported revenue of 297 million CNY and a net profit of 45 million CNY, while the average revenue for comparable companies in the industry was 386 million CNY [23][24]. - The company's gross profit margin of 34.51% is higher than the industry average of 27.09%, indicating strong operational efficiency [23][24].