北交所新股申购策略报告之一百二十三：科拜尔：改性塑料“小巨人”，CPP材料解决行业痛点

Investment Rating - The investment rating for the company is "Participate" [3][23]. Core Views - The company is recognized as a "small giant" in modified plastics, specifically for its CPP materials that address industry pain points, particularly in refrigerator inner liners [3][23]. - The company has established stable partnerships with well-known appliance manufacturers and is actively expanding its automotive parts business [3][23]. - The company's revenue has shown rapid growth, with a 2023 revenue of 389 million yuan, reflecting a 21.89% CAGR over the past three years [3][7]. Summary by Sections 1. Company Overview - The company, founded in 2010 and headquartered in Hefei, Anhui, specializes in the research, production, and sales of modified plastics and color masterbatches, with products widely used in home appliances, consumer goods, and automotive parts [3][6]. - The company has a comprehensive product formulation system and a strong ability to respond quickly to customization requests from clients [3][6]. 2. Issuance Plan - The new share issuance will adopt a direct pricing method, with an initial issuance scale of 10.82 million shares, accounting for 25% of the total share capital post-issuance, and expected to raise 144 million yuan [3][13]. - The issuance price is set at 13.31 yuan per share, with a PE ratio of 11.33, significantly lower than the median PE of comparable listed companies at 23.01 [3][13]. 3. Industry Situation - The demand for modified plastics is driven by growth in downstream sectors, particularly home appliances and automotive parts, with the modified plastic production in China growing at a CAGR of 9.46% from 2018 to 2022 [3][16]. - The modified plastic market in China reached approximately 415.2 billion yuan in 2022, with expectations for continued growth as the modification rate increases [3][16]. 4. Competitive Advantages - The company possesses strong technological advantages, a quick response capability to customer needs, and a rich customer resource base, particularly in the home appliance sector [3][18]. - The company has established stable relationships with major appliance manufacturers and has received quality management certification for the automotive industry [3][18]. 5. Financial Performance - In 2023, the company achieved a revenue of 389 million yuan and a net profit of 45.24 million yuan, with a gross margin of 20.07% and a net margin of 11.64% [3][7][21]. - The company has shown a consistent increase in profitability, with a net profit growth rate of 54.77% in 2023 [3][21].