注册制新股纵览：苏州天脉：国内领先的电子产品散热解决方案提供商

Investment Rating - The AHP score for Suzhou Tianmai is 1.81 after excluding liquidity premium factors, placing it at the 24.3% percentile of the total score, indicating a mid-to-lower level performance [2] - Considering liquidity premium factors, the AHP score is 2.12, placing it at the 38.0% percentile, indicating a mid-to-upper level performance [2] - Under a neutral scenario with a 95% inclusion rate, the expected allocation ratios for Class A and Class B offline investors are 0.0344% and 0.0209%, respectively [2] Core Views - Suzhou Tianmai is a leading provider of thermal management solutions for electronic products in China, with a strong presence in the smartphone sector, accounting for over 65% of sales [2] - The company has a diversified product portfolio, including heat pipes, vapor chambers, thermal interface materials, and graphite films, serving major clients such as Foxconn, Samsung, Huawei, and BYD [2] - Suzhou Tianmai has achieved significant market penetration in the global smartphone market, with its vapor chamber and heat pipe products accounting for 8.15%, 10.09%, and 9.45% of global smartphone shipments in 2021, 2022, and 2023, respectively [2] - The company's thermal interface materials hold a 2.24% global market share and an 8.63% domestic market share in 2023 [2] - Suzhou Tianmai's overseas sales revenue grew from RMB 133 million in 2021 to RMB 402 million in 2023, with a compound annual growth rate (CAGR) of 74% [2] Industry and Market Trends - The global thermal management market is expected to grow at a CAGR of 8.5% from 2023 to 2028, reaching USD 26.1 billion by 2028 [3] - The demand for thermal management solutions is driven by the trend towards thinner, higher-performance consumer electronics, 5G commercialization, and emerging applications in AR/VR, AI, and drones [3] - Suzhou Tianmai is investing in advanced technologies such as ultra-thin VC micro-nano structures and high-density laptop VC vapor chambers to meet future market demands [3] Financial Performance and Comparisons - Suzhou Tianmai's revenue and net profit CAGR from 2021 to 2023 were 14.45% and 54.57%, respectively, outperforming the average of comparable companies [3] - The company's gross margin increased from 24.99% in 2021 to 32.86% in 2023, surpassing the average of comparable companies in 2022 and 2023 [3] - Suzhou Tianmai's R&D expenditure as a percentage of revenue was lower than the average of comparable companies, at 5.66%, 5.97%, and 5.96% from 2021 to 2023 [3] Expansion and Future Plans - Suzhou Tianmai plans to expand its production capacity through its IPO, adding 1,000 tons of thermal interface materials, 1.2 million sets of thermal modules, and 60 million vapor chambers [3] - The company is also investing in a new R&D center to focus on material development, structural optimization, and process automation [21] - The total investment for the production base project is RMB 294.71 million, with an expected internal rate of return (IRR) of 17.32% [21]