Investment Rating - The report recommends an active participation in the company's IPO, highlighting its competitive advantages and growth potential [20]. Core Viewpoints - The company is recognized as a "small giant" in the optical and specialty glass industry, with a strong focus on R&D and a diverse product range [6][7]. - The company has achieved rapid revenue growth, with a 2023 revenue of 808 million yuan and a three-year CAGR of +44.91% [7][10]. - The company is positioned to benefit from the increasing penetration of nano-microcrystalline glass in the smartphone cover market [20]. Summary by Sections Company Overview - Established in 2009, the company specializes in the R&D, manufacturing, and sales of optical glass and specialty functional glass, becoming one of the few manufacturers capable of large-scale production in China [6][7]. - The product range has expanded from 2 to over 100 types of optical glass, covering mainstream varieties [6][7]. Financial Performance - In 2023, the company reported a revenue of 808 million yuan and a net profit of 104.21 million yuan, with a gross margin of 29.82% and a net margin of 12.89% [7][10]. - The company has experienced a stable increase in gross margin due to declining raw material prices [7]. Industry Situation - The optical glass industry has high entry barriers and is characterized by significant market concentration, with major players holding substantial market shares [13]. - The demand for specialty glass is expanding across various sectors, including energy, healthcare, and aerospace, indicating a strong growth trajectory for the industry [13]. Competitive Advantages - The company has a strong focus on technological R&D, holding 64 valid patents, including 27 invention patents [14]. - It has established a comprehensive quality management system and has received multiple certifications, ensuring high product quality [15]. - The company has a responsive service system, allowing it to adapt quickly to market demands [15]. IPO Details - The IPO will involve a direct pricing method with an initial issuance of 20 million shares at a price of 10 yuan per share, representing 14.47% of the post-issue total share capital [10][11]. - The expected market capitalization post-issue is 1.383 billion yuan, with a PE ratio of 13.27, significantly lower than comparable companies [10][21].
北交所新股申购策略报告之一百一十三：戈碧迦——光学、特种玻璃小巨人