新股覆盖研究：聚星科技

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 [30]. Core Insights - The company, 聚星科技 (Juxing Technology), specializes in the research, production, and sales of electrical contact products, with a focus on contact heads and contact materials. It has established a comprehensive industrial chain and holds a leading market share in the domestic rivet-type contact head segment [11][23]. - The company has shown significant revenue growth, with a projected revenue of approximately 6.6 billion to 7.3 billion yuan for the first nine months of 2024, representing a year-on-year increase of 57.36% to 74.05% [12][24]. - The company is actively expanding into the new energy sector, successfully developing electrical contact products for applications in new energy vehicles, which is expected to drive future growth [24]. Financial Overview - The company reported revenues of 5.96 billion yuan, 4.92 billion yuan, and 6.03 billion yuan for the years 2021, 2022, and 2023, with year-on-year growth rates of 46.52%, -17.46%, and 22.54% respectively. The net profit attributable to the parent company was 0.58 billion yuan, 0.37 billion yuan, and 0.77 billion yuan for the same years, with year-on-year growth rates of -14.27%, -36.60%, and 109.01% respectively [12][4]. - For the first half of 2024, the company achieved a revenue of 4.36 billion yuan, a year-on-year increase of 65.35%, and a net profit of 0.49 billion yuan, up 32.46% year-on-year [12][4]. Industry Situation - The global electrical contact products market is dominated by manufacturers in Europe and Japan, while domestic manufacturers have captured a significant market share in China. The industry has seen a compound annual growth rate of 10.98% from 2015 to 2023, with the total industrial output value reaching 19.56 billion yuan in 2023 [19][20]. - The company has established strong partnerships with well-known enterprises in the industry, enhancing its market position and product offerings [23][11]. Company Highlights - 聚星科技 has over 20 years of experience in the electrical contact product field and has developed a complete industrial chain from raw materials to finished products. The company has mastered over 90 specific material specifications and has a diverse product range [23][12]. - The company has a strong focus on research and development, with plans to invest in smart production line upgrades and a new R&D center to enhance its capabilities [25][26].