Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a projected return exceeding 15% over the next six months compared to the CSI 300 index [28]. Core Insights - The company, Gobi Jia (835438.BJ), specializes in the research, development, manufacturing, and sales of optical glass and special functional glass, positioning itself as one of the few manufacturers capable of large-scale production in China [10][21]. - The company has shown significant revenue growth, with a compound annual growth rate (CAGR) of 53.56% from 2021 to 2023, achieving revenues of 385 million yuan, 429 million yuan, and 808 million yuan respectively [11][4]. - The net profit also demonstrated strong growth, with a CAGR of 44.15%, reaching 104.2 million yuan in 2023, a year-on-year increase of 127.37% [11][4]. Financial Performance - The company reported revenues of 808.3 million yuan in 2023, an increase of 88.26% year-on-year, and a net profit of 104.2 million yuan, up 127.37% year-on-year [11][4]. - The revenue breakdown for 2023 shows that optical glass contributed 286 million yuan (35.46%), while special functional glass accounted for 517 million yuan (64.20%) [11]. Industry Overview - The optical glass industry in China reached a market size of 31 billion yuan in 2022, with high concentration among major players including Gobi Jia, Chengdu Guangming, and Xinhua Guang [16]. - Special functional glass is critical in various sectors such as energy, healthcare, aerospace, and high-end manufacturing, with products like nano-microcrystalline glass and radiation-proof glass being developed by the company [17][20]. Competitive Positioning - Gobi Jia is recognized as one of the top three optical glass manufacturers in China, having established partnerships with notable companies like BYD and SAIC Group for vehicle lighting products [21]. - The company has successfully transitioned into the special functional glass market, with sales of nano-microcrystalline glass increasing from 2.86 million yuan in 2021 to 494 million yuan in 2023 [22]. Investment Projects - The company plans to invest in two main projects through its IPO: expanding production capacity for special high-definition optical glass materials and establishing a research center for optical materials [23][24].
新股覆盖研究:戈碧迦