注册制新股纵览：上大股份：定位合金高端市场，循环再生体系填补国内空白

Investment Rating - The investment rating for the company is positioned in the lower-middle level of the AHP model, with a score of 1.88, which places it in the 25.4% percentile when excluding liquidity premium factors [2][8]. Core Insights - The company specializes in high-temperature alloys and high-performance special stainless steels, with a significant market share in aerospace and nuclear engineering applications. It has developed over 400 special alloy grades, including more than 80 high-temperature alloy grades [10][11]. - The company has pioneered a high-temperature alloy recycling system that fills a domestic gap, achieving import substitution for several alloy grades. It is the first and only company in China to master the recycling application technology for high-temperature alloys, reaching a level that is domestically leading and internationally advanced [3][10]. - Compared to peer companies, the company has a smaller revenue scale but leads in compound growth rates. From 2021 to 2023, the company's revenue and net profit grew at compound annual growth rates (CAGR) of 49.33% and 47.64%, respectively, which are significantly higher than the average of comparable companies [14][16]. Summary by Sections AHP Score and Expected Allocation Ratio - The company achieved an AHP score of 1.88, ranking in the 25.4% percentile, indicating a lower-middle level position. The expected allocation ratios for offline investors are 0.0321% for Class A and 0.0196% for Class B under a neutral scenario [2][9]. Fundamental Highlights and Features - The company has a high market share in aerospace high-temperature alloys, with approximately 11%-13% in deformable high-temperature alloys and 2%-3% in ultra-high-strength alloys as of 2023. It is a core supplier for major military aircraft engine manufacturers and has established partnerships in various high-end equipment sectors [10][11]. - The company has successfully developed ultra-pure stainless steel products for nuclear engineering, entering the qualified supplier lists of major nuclear power companies [11][12]. Financial Comparison with Peers - The company’s revenue from 2021 to 2023 was lower than the average of comparable companies, with revenues of 0.912 billion, 1.286 billion, and 2.035 billion respectively. However, its CAGR for revenue and net profit significantly outpaced that of its peers [14][16]. - The company's gross margin has been lower than that of comparable companies, with gross margins of 18.48%, 17.00%, and 16.88% from 2021 to 2023 [16][17]. Fundraising Projects and Development Vision - The company plans to publicly issue up to 92.9667 million new shares to raise funds for a project aimed at producing 8,000 tons of ultra-pure high-performance high-temperature alloys annually, addressing the growing market demand [18][19].