注册制新股纵览：拉普拉斯：行业领先的高效光伏电池片核心工艺设备提供商

Investment Rating - The report assigns an AHP score of 2.21 to the company, placing it in the 36.2% percentile of the AHP model within the Sci-Tech Innovation Board, indicating a position slightly above the lower tier of the industry [2][7]. Core Insights - The company specializes in high-efficiency photovoltaic cell core process equipment and solutions, focusing on key processes such as high-performance thermal processing and coating, successfully overcoming production bottlenecks for N-type cells [2][9]. - The company has established stable partnerships with leading firms in the photovoltaic industry, with an order backlog amounting to 11.296 billion yuan as of June 2024, indicating strong business prospects [2][9]. - The company is expanding its strategic focus to include semiconductor discrete device equipment, having begun to secure orders from major clients like BYD and Basic Semiconductor, although its current revenue still predominantly comes from the photovoltaic sector [3][13]. Summary by Sections AHP Score and Expected Allocation Ratio - The company is set to be listed on the Sci-Tech Innovation Board, with an AHP score of 2.21, indicating a competitive position in the market. The expected allocation ratios for offline investors are 0.0426% for Class A and 0.0344% for Class B under neutral conditions [2][7][8]. Fundamental Highlights - The company has achieved significant advancements in photovoltaic cell production technology, particularly in thermal processing and coating equipment, which has led to record-breaking efficiency in photovoltaic cells [2][9]. - It covers multiple photovoltaic cell technology routes and is actively developing equipment for semiconductor discrete devices, aligning with industry trends [3][13]. Financial Comparison with Peers - From 2021 to H1 2024, the company reported a compound annual growth rate (CAGR) of 435.13% in revenue, outperforming comparable companies, and achieved profitability in 2022 [3][14]. - The company's revenue and net profit figures for the same period were below the average of comparable companies, with a projected revenue growth of 147.41% to 201.70% for the first nine months of 2024 [3][14]. Fundraising Projects and Development Vision - The company plans to raise funds for projects aimed at enhancing its production capabilities in photovoltaic and semiconductor equipment, with expected internal rates of return of 28.25% and 31.08% for its respective projects [3][18].