IPO专题：新股精要—高效光伏电池片核心工艺设备领先提供商拉普拉斯

Investment Rating - The report does not explicitly mention an investment rating for the company [1][2][3] Core Viewpoints - The company, Laplace (688726 SH), is a leading provider of high-performance thermal processing and coating equipment for efficient photovoltaic (PV) cell production, with over RMB 10 billion in current orders [3][4] - The company is expanding into the semiconductor discrete device equipment sector and is expected to benefit from the trend of domestic substitution in semiconductor equipment [3][4] - The company achieved revenue of RMB 2 966 billion and net profit attributable to shareholders of RMB 411 million in 2023 [3] - The average PE ratios for comparable companies in 2023, 2024, and 2025 are 36 03x, 22 85x, and 16 75x, respectively [3][4] Business Analysis - The company's main business is the R&D, production, and sales of high-performance thermal processing, coating, and supporting automation equipment for PV cell manufacturing [4] - Revenue grew rapidly from RMB 103 58 million in 2021 to RMB 2 966 billion in 2023, with a CAGR of 435 13% [8] - The company's gross margin increased from 16 37% in 2021 to 32 94% in 2022, but slightly declined to 30 42% in 2023 due to product mix changes [11] - The company's period expense ratio decreased as revenue scale expanded, dropping from 87 72% in 2021 to 15 24% in H1 2024 [12] Industry Development and Competitive Landscape - China has become a major component of the global PV equipment industry, accounting for over 90% of the global market share in 2023 [17] - The domestic substitution of PV equipment in China has been largely achieved, giving Chinese companies a competitive advantage globally [18] - The company is a leading player in the high-performance thermal processing and coating equipment market for PV cells, with a strong presence in TOPCon and XBC technologies [19] - In the semiconductor sector, foreign companies still dominate, but the company is focusing on high-temperature oxidation and annealing equipment for SiC-based semiconductor devices [18][19] IPO and Fundraising - The company plans to issue 40 5326 million shares, representing 10% of the total shares post-IPO [20] - The fundraising projects aim to enhance the company's R&D and production capabilities in PV and semiconductor equipment, with a total investment of RMB 1 8 billion [20][21] Comparable Companies and Valuation - Comparable companies include Jiejia Weichuang (300724 SZ), Weidao Nano (688147 SH), Maiwei Co (300751 SZ), and North Huachuang (002371 SZ) [24] - The average PE ratios for these comparable companies are 36 03x for 2023, 22 85x for 2024, and 16 75x for 2025 [24]