Company Overview - The report focuses on Shangda Co Ltd (301522 SZ), a leading domestic enterprise in high-temperature and high-performance alloys, and the only company in China that has mastered the technology of recycling high-temperature alloy return materials and passed engine test assessments [2] - In 2023, the company achieved revenue of RMB 2 035 billion and net profit attributable to shareholders of RMB 151 million [2] - The company's products are widely used in aerospace, nuclear engineering, and petrochemical industries, with over 400 special alloy specifications and more than 80 high-temperature alloy grades [5] Core Investment Highlights - Technological Breakthroughs: The company has made significant progress in high-return ratio recycled high-temperature alloy preparation and import substitution of key strategic materials, contributing to national self-reliance in critical materials [3][5] - IPO Details: The company plans to issue 92 9667 million shares, accounting for 25% of the total shares post-IPO, with a total fundraising target of RMB 1 25 billion to expand production capacity and enhance R&D capabilities [3] - Revenue Growth: From 2021 to 2023, the company's revenue and net profit grew at a compound annual growth rate (CAGR) of 49 33% and 47 64%, respectively, driven by both military and civilian markets [5] Business Analysis - Product Portfolio: The company's high-temperature and high-performance alloy products accounted for 60 74% of total revenue in 2023, with sales reaching RMB 1 2179 billion, a 53 33% increase from 2022 [7] - Gross Margin: The gross margin for high-temperature and high-performance alloys remained higher than other products, at 22 93% in 2023, due to higher technical barriers and product value [8] - R&D Investment: R&D expenses increased significantly, reaching RMB 92 3965 million in 2023, with a CAGR of 56 09% from 2021 to 2023 [10] Industry Development and Competitive Landscape - Market Size: China's high-temperature alloy market is expected to exceed RMB 30 billion by 2026, with demand growing at a CAGR of 18 47% from 2017 to 2022 [13] - Import Dependency: Despite technological advancements, China's import dependency for high-temperature alloys remains close to 50%, indicating significant opportunities for domestic substitution [13] - Competitive Landscape: The global high-temperature alloy industry is dominated by a few players, while the domestic market is highly concentrated, with key players including Shangda Co Ltd, Steel Research High-North, and Tunan Co Ltd [14][15] IPO and Fundraising Projects - IPO Details: The company will issue 92 9667 million shares, with a post-IPO total share capital of 371 8667 million shares [16] - Fundraising Projects: The company plans to invest RMB 1 25 billion in projects, including the construction of an 8 000-ton ultra-pure high-performance high-temperature alloy production facility and supplementing working capital [17][19] Comparable Companies and Valuation - Industry Valuation: The static P/E ratio for the "C33 Metal Products" industry is 19 97x as of September 20, 2024 [18] - Comparable Companies: The average P/E ratios for comparable companies (e g, Steel Research High-North, Tunan Co Ltd) are 30 43x for 2023, 22 25x for 2024, and 16 71x for 2025 [18][20]
IPO专题：新股精要—国内高温及高性能合金领军企业上大股份
Guotai Junan Securities·2024-09-24 08:40