注册制新股纵览：新铝时代：国内领先的新能源汽车电池盒箱体制造商

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 2.02, which places it in the 27.2% percentile of the non-technology innovation system AHP model [10][11]. Core Insights - The company, New Aluminum Era, is a leading domestic manufacturer of aluminum alloy components for electric vehicle battery systems, particularly battery boxes, and has a strong partnership with BYD [12][14]. - The market for battery boxes is expected to grow significantly, with a projected global market size of approximately 586 billion yuan in 2023, increasing to 2,085 billion yuan by 2030 [3][14]. - The company has achieved a market share of about 8.04% in 2023, ranking third in the industry, and has supplied over 200 million battery boxes to major domestic electric vehicle manufacturers [12][14]. Summary by Sections AHP Score and Expected Allocation Ratio - New Aluminum Era's AHP score, excluding liquidity premium factors, is 2.02, indicating a mid-to-upper tier position in the market [10][11]. - The expected allocation ratios for offline investors are 0.0317% for Class A and 0.0193% for Class B under a neutral scenario [10][11]. Company Fundamentals and Highlights - The company specializes in aluminum alloy components for electric vehicle battery systems, with a focus on battery boxes, and has established deep ties with BYD [12][14]. - The company is positioned to benefit from the automotive lightweight trend, with significant growth in the market for aluminum components driven by regulatory targets for weight reduction in electric vehicles [3][14]. - The company has developed strong technical capabilities in high-performance aluminum alloy materials and advanced manufacturing processes, allowing it to meet various battery system integration technologies [3][14]. Comparable Company Financial Metrics - New Aluminum Era's revenue and net profit growth rates from 2021 to 2023 are significantly higher than those of comparable companies, with a compound annual growth rate (CAGR) of 69.77% for revenue and 165.56% for net profit [16][18]. - The company's gross margin has been consistently above the average of comparable companies, with rates of 18.51%, 27.13%, and 23.52% from 2021 to 2023 [16][18]. - Research and development expenses as a percentage of revenue are lower than the average of comparable companies, indicating a focus on operational efficiency [18][20]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 23.9736 million new shares, with proceeds allocated to a project aimed at producing 800,000 sets of electric vehicle components annually and to supplement working capital [21][22]. - The new production capacity is expected to enhance the company's ability to meet growing downstream demand [21][22].