聚星科技：北交所新股申购策略报告之一百二十四：电接触领域“小巨人”和“隐形冠军”，细分产品市占率国内居首

Investment Rating - The investment rating for the company is to actively participate in the new stock subscription [5][27]. Core Viewpoints - The company is recognized as a "small giant" and "invisible champion" in the electric contact field, with a leading domestic market share in its niche product of rivet-type electric contacts. The company has a strong competitive edge in its products and is expected to perform well in the market [2][27]. Summary by Sections 1. Company Overview - Founded in 1996 and headquartered in Wenzhou, Zhejiang, the company has over 20 years of experience in the electric contact industry, with a comprehensive product line and a focus on technological innovation. It is a national high-tech enterprise and has established a strong reputation in the industry [2][9][10]. 2. Issuance Plan - The new stock issuance will adopt a direct pricing method with an initial issuance scale of 38.83 million shares, accounting for 26% of the total shares post-issuance. The expected fundraising amount is 243 million yuan, with a post-issuance market value of 933 million yuan. The issuance price is set at 6.25 yuan per share, with a PE ratio of 11 times [3][16][17]. 3. Industry Situation - The demand for electric contact products has been increasing annually, with the total industrial output value of the electric contact industry reaching 19.56 billion yuan in 2023, reflecting a compound annual growth rate (CAGR) of 10.98% from 2015 to 2023. The industry is expected to evolve towards precious metal savings, increased concentration, internationalization, and product integration [4][19]. 4. Competitive Advantages - The company has established significant technological, product, and customer resource advantages. It holds 46 authorized patents, including 9 invention patents, and has a leading market share in rivet-type electric contacts, which has ranked first in the domestic market for three consecutive years [10][20][22][23]. 5. Financial Performance - In 2023, the company achieved a revenue of 603 million yuan, with a three-year CAGR of +0.57%. The net profit attributable to the parent company was 76.76 million yuan, with a three-year CAGR of +15.11%. The gross margin for 2023 was 24.08%, an increase of 3.55 percentage points from 2022 [10][17][27].