新股覆盖研究：科拜尔

Investment Rating - The report assigns a rating of "Buy" for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [29]. Core Viewpoints - The company, Kobal (920066.BJ), specializes in the research, production, and sales of modified plastics and color masterbatches, primarily serving the home appliance, consumer goods, and automotive parts sectors [10][15]. - The company has established long-term stable partnerships with well-known manufacturers in the home appliance industry, such as Sichuan Changhong, TCL, and Midea Group, with over 75% of its revenue coming from its top five clients [20][22]. - Kobal has developed a CPP product to address the common issue of "cracking" in refrigerator inner liners, achieving significant market feedback and sales growth [22]. Financial Performance - The company reported revenues of 261.7 million yuan, 306.7 million yuan, and 388.7 million yuan for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 47.18%, 17.20%, and 26.77% [4][12]. - For the first half of 2024, the company achieved revenue of 215 million yuan, a year-on-year increase of 38.16%, and a net profit attributable to the parent company of 22 million yuan, up 34.79% year-on-year [12][25]. - The projected net profit for 2024 is estimated to be between 51.5 million and 54.5 million yuan, representing a year-on-year growth of 13.84% to 20.47% [25][27]. Industry Overview - The modified plastics industry in China is experiencing rapid growth, with a projected increase in the modification rate from 19% in 2024, driven by expanding production capacity and downstream demand [19]. - The color masterbatch market is also growing, with the global market expected to reach approximately $17.35 billion by 2026, reflecting a compound annual growth rate of 5.2% [19]. - The home appliance and automotive sectors are the largest consumers of modified plastics, accounting for 37% and 15% of consumption, respectively [19]. Company Highlights - Kobal's core revenue source is modified plastics, which accounted for 83.69% of its total revenue in 2023 [12]. - The company is one of the few in the industry to achieve large-scale production of CPP products, with significant sales growth from 0.50 million tons in 2021 to 1.86 million tons in 2023 [22]. - The company plans to invest in a new project to produce 50,000 tons of high-performance composite materials and establish a research and development center to enhance its production capabilities and innovation [23][24].