北交所新股申购策略之十二：铆钉型电触头核心厂商

Investment Rating - The report recommends actively participating in the new stock subscription of the company, citing a low issuance price and a high subscription threshold, with an estimated initial valuation discount of approximately 79% [2][28]. Core Viewpoints - The company, 聚星科技, is a leading supplier of rivet-type electrical contacts, with an integrated industrial chain layout and over 10,000 specifications of electrical contact manufacturing technology. It has developed more than 90 specifications of electrical contact materials, providing customized solutions for clients [5][27]. - The company has a strong market position, having ranked first in market share for rivet-type electrical contacts in China for three consecutive years from 2021 to 2023 [8]. - The company is focusing on the development of high-current electrical contact products for the rapidly growing new energy vehicle market, which is expected to drive demand for high-voltage direct current relays [17]. Summary by Sections 1. Company Overview - 聚星科技 has been dedicated to the research and development of rivet-type electrical contacts since its establishment in 1996, forming a comprehensive industrial chain covering electrical contact materials, contacts, and components [8]. - The company has pioneered several manufacturing technologies, including the three-stamping forming process, and has a rich product specification matrix with over 20,000 types of rivets and components [16]. 2. Financial Highlights - In the first half of 2024, the company achieved revenue of 436 million yuan, with a compound annual growth rate (CAGR) of 1% from 2021 to 2023. The net profit attributable to shareholders was 49 million yuan, with a CAGR of 15% during the same period [9]. - The gross margin for the first half of 2024 was 21.8%, a decrease of 4.5 percentage points compared to the first half of 2023 [9]. 3. Market Potential - The electrical contact products are primarily used in low-voltage electrical appliances, with significant applications in the home appliance, industrial control, and building sectors, accounting for approximately 80% of sales [13]. - The market for low-voltage electrical appliances in China was valued at 103 billion yuan in 2022, with a CAGR of about 6.34% from 2015 to 2022 [14]. 4. Investment and Subscription Details - The issuance price is set at 6.25 yuan per share, with a high subscription threshold of 11.52 million yuan for the maximum subscription amount [18]. - The expected market capitalization after the issuance is approximately 933 million yuan, with a price-to-earnings ratio (PE) of 10.53 times [18][19].