Investment Rating - The report recommends an "active participation" in the new stock subscription of the company, indicating a positive outlook on its investment potential [7][25]. Core Insights - The company is recognized as a "national specialized and innovative small giant" in the optical and specialty glass manufacturing sector, focusing on the formulation, melting, and testing of optical glass and specialty glass products [2][11]. - The specialty glass market is identified as a future trend, with a stable industry structure, and the company is positioned well within this market [3][15]. - The company has a strong production capacity with a well-established formulation process, which supports its ability to scale production effectively [5][17]. Summary by Sections 1. Company Overview - The company specializes in optical and specialty glass manufacturing, serving diverse downstream applications including consumer electronics and automotive lenses [2][11]. - It has developed key technologies in the production of nanocrystalline glass, primarily used in high-end mobile phone covers, with significant revenue growth from a major client [4][12]. 2. Market Position and Trends - The optical materials market in China reached a scale of 3.1 billion yuan in 2022, characterized by high investment returns and significant technological barriers [3][16]. - The company is one of the few domestic manufacturers with core competencies in nanocrystalline glass, which is crucial for high-end mobile devices [4][11]. 3. Financial Performance - The company achieved revenues of 8.1 billion yuan in 2023, with a compound annual growth rate (CAGR) of 44.9% over the past three years [7][12]. - The gross margin improved to 29.8% in 2023, reflecting a 4.8 percentage point increase from the previous year [12][25]. 4. IPO Details - The initial public offering (IPO) price is set at 10 yuan per share, with an expected market capitalization of 1.38 billion yuan post-issue [6][19]. - The report highlights a favorable subscription environment due to the low initial price and attractive price-to-earnings ratio compared to peers [19][25]. 5. Strategic Partnerships - The company has engaged with multiple strategic investors, primarily private equity firms, indicating strong market interest and confidence in its growth potential [21][22].
北交所新股申购策略之一：戈碧迦：光学玻璃制造“小巨人”