“新质生产力”上大股份：国内唯一高温合金返回料再生应用技术企业，打破西方多年封锁

Investment Rating - The report does not explicitly state an investment rating for the company Core Viewpoints - The company, Shangda Co., Ltd., is the only domestic enterprise in China that has developed high-temperature alloy recycling technology, breaking the long-standing technological blockade by Western countries [1][35] - The company has shown significant revenue growth, with revenue increasing from 910 million yuan in 2021 to 2.03 billion yuan in 2023, representing a year-on-year growth of 58% [6][7] - The company has a strong focus on research and development, with R&D expenses consistently above 4% of revenue, reaching 4.5% in 2023 [21][22] Summary by Sections Company Background - Shangda Co., Ltd. was established in 2007 and has received various national recognitions, including being a national high-tech enterprise [2] - The company is a mixed-ownership enterprise with significant state-owned enterprise participation, including major shareholders like AVIC Heavy Machinery and State Investment Mining [2][3] Business Operations - The main business involves the research, production, and sales of special alloys, particularly high-temperature alloys, targeting both military and civilian markets [6] - The company has established a strong customer base in the military sector, with military sales revenue growing by 87% in 2022 and 11% in 2023, accounting for 26% of total revenue in 2023 [12][13] Market Position - The high-temperature alloy market in China is characterized by a growing demand that outpaces supply, with demand increasing from 30,000 tons in 2017 to 70,000 tons in 2022 [17][19] - The company has achieved a competitive edge through its proprietary recycling technology, which enhances cost efficiency and product quality [20][26] Financial Performance - The company has shown a consistent increase in net profit, with a net profit of 150 million yuan in 2023, up 41% year-on-year [27][28] - The cash flow situation has improved significantly, with operating cash flow showing a net inflow in most periods [29][30] Future Prospects - The company plans to use proceeds from its IPO to expand production capacity, addressing the current shortfall in meeting market demand [33][34] - The anticipated new capacity is expected to significantly enhance the company's growth potential in the high-temperature alloy market [34][35]