Investment Rating - The investment rating for Suzhou Tianmai is "Cautious Increase" based on its expected performance relative to the CSI 300 Index [27]. Core Viewpoints - Suzhou Tianmai (301626.SZ) is a leading enterprise in the domestic thermal management industry, with significant applications in products for well-known brands such as Samsung and Huawei. The company is expected to benefit from the stable growth in global thermal management demand and the increasing trend of domestic production [2][3]. - In 2023, the company achieved revenue and net profit of 928 million and 154 million RMB, respectively. The average PE ratios for comparable companies for 2023, 2024, and 2025 are 76.44, 44.17, and 30.78 times, respectively [2][20]. Summary by Sections Company Overview - Suzhou Tianmai is one of the few companies capable of mass-producing both mid-to-high-end thermal materials and high-performance thermal components such as heat pipes and vapor chambers. The company has a leading market position in its niche and is expected to benefit from the ongoing demand for thermal management solutions [3][5]. Main Business Analysis - The main business includes the research, production, and sales of thermal management materials and components, such as vapor chambers, heat pipes, thermal interface materials, and graphite films. The company has seen steady growth in revenue and net profit from 2021 to 2023, with compound annual growth rates of 49.33% and 47.64%, respectively [8][10]. - The revenue from the main products in 2023 includes: - Vapor chambers: 579.87 million RMB - Heat pipes: 126.25 million RMB - Thermal interface materials: 145.26 million RMB - Graphite films: 42.74 million RMB [8][10]. Industry Development and Competitive Landscape - The global thermal management market is projected to reach 26.1 billion USD by 2028, driven by the growth in downstream consumer electronics and automotive electronics sectors. The market is expected to grow at a compound annual growth rate of 8.5% from 2023 to 2028 [6][13]. - Domestic companies like Suzhou Tianmai are expected to continue growing as they benefit from the shift towards domestic production in the thermal management sector [6][15]. Comparable Company Valuation - The static PE ratio for the industry "C39 Computer, Communication and Other Electronic Equipment Manufacturing" as of September 30, 2024, is 29.90 times. The average PE ratios for comparable companies are significantly higher, indicating a potential undervaluation of Suzhou Tianmai [20][22].
IPO专题：新股精要—国内导热散热行业领军企业苏州天脉
Guotai Junan Securities·2024-10-08 07:19