新股覆盖研究：苏州天脉

Investment Rating - The report assigns a positive investment rating to Suzhou Tianmai, indicating a favorable outlook for future performance [36]. Core Insights - Suzhou Tianmai specializes in the research, production, and sales of thermal management materials and components, including heat pipes, uniform temperature plates, thermal interface materials, and graphite films, which are widely used in consumer electronics, automotive electronics, and communication devices [9][10]. - The company has shown significant revenue growth over the past three years, with revenues of 708 million yuan, 840 million yuan, and 928 million yuan for 2021, 2022, and 2023 respectively, reflecting year-over-year growth rates of 74.40%, 18.66%, and 10.39% [10][3]. - In the first half of 2024, the company achieved revenue of 457 million yuan, a year-on-year increase of 1.23%, and a net profit of 97 million yuan, up 46.40% year-on-year [10]. - The company is actively expanding into the new energy vehicle sector, having entered the supply chains of NIO and BYD, with expectations to gain certifications from additional automotive clients in 2024 [29][10]. Financial Overview - The company reported a net profit of 65 million yuan, 117 million yuan, and 154 million yuan for 2021, 2022, and 2023 respectively, with year-over-year growth rates of 21.76%, 80.84%, and 32.12% [3][10]. - The main revenue sources in 2023 were uniform temperature plates (580 million yuan, 63.38%), heat pipes (126 million yuan, 13.80%), thermal interface materials (145 million yuan, 15.88%), and graphite films (43 million yuan, 4.67%) [10]. Industry Situation - The thermal management industry is experiencing growth due to increasing demand from consumer electronics, automotive electronics, and data centers, with a projected compound annual growth rate (CAGR) of 8.5% from 2023 to 2028, expanding the market size from 17.3 billion USD to 26.1 billion USD [16][17]. - The global market for heat pipes and uniform temperature plates is also expanding, with expected CAGRs of 6.17% and 14.20% respectively from 2021 to 2025 [20][19]. Competitive Landscape - Suzhou Tianmai ranks third in sales revenue among comparable companies in the thermal management materials sector, with a market penetration rate of 9.45% in the global smartphone market for its core products [29][33]. - The company’s average sales gross margin is positioned in the mid-to-high range compared to its peers, despite having lower revenue scale [33].