Investment Rating - The report recommends participation in the new stock issuance due to favorable conditions such as low initial offering price, moderate fundraising amount, and low proportion of old shares [18]. Core Viewpoints - The company is a specialized manufacturer of heat exchange equipment, focusing on the petrochemical sector, with a strong emphasis on technological innovation and a solid customer base [5][6]. - The company achieved revenue of 367 million yuan in 2022, with a three-year CAGR of +12.77%, and a net profit of 40.41 million yuan, with a three-year CAGR of +62.04% [6][10]. - The new stock issuance is set at a price of 6.20 yuan per share, with an expected market capitalization of 559 million yuan post-issuance [9][10]. Summary by Sections 1. Company Overview - The company, established in 2003 and headquartered in Wuxi, specializes in the research, design, manufacturing, and sales of heat exchange equipment, primarily used in crude oil refining and basic chemical production [5]. - The company has obtained 6 invention patents and 47 utility model patents, recognized as a high-tech enterprise and a specialized and innovative small and medium-sized enterprise [5][6]. 2. Issuance Plan - The new stock issuance will adopt a direct pricing method, with an initial scale of 25 million shares, accounting for 27.72% of the total shares post-issuance, and expected to raise 155 million yuan [9][10]. - The expected circulating proportion post-issuance is 26.36%, with a very low proportion of old shares [9][10]. 3. Industry Situation - The heat exchange equipment market in China has grown from 81.05 billion yuan in 2019 to 86.89 billion yuan in 2022, with a CAGR of 2.35%, and is projected to reach 99.21 billion yuan by 2026 [11][12]. - The industry is benefiting from national policies promoting energy conservation and emission reduction, leading to a steady increase in market demand [11][12]. 4. Competitive Advantages - The company has strong R&D capabilities, having established a comprehensive quality management system and obtained various quality certifications, which enhances its product quality and customer trust [13][14]. - The company has built stable relationships with major domestic enterprises and is expanding into international markets, gaining recognition from global companies like Shell and ExxonMobil [6][13]. 5. Comparable Companies - The company has a lower market capitalization of 559 million yuan compared to its peers, with a TTM PE ratio of 12, which is below the industry median of 18 [19].
北交所新股申购策略报告之一百一十五：换热设备专业生产商