Investment Rating - The report assigns a rating of "Buy" for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [34]. Core Insights - The company, Wuxi Dingbang, specializes in the research, design, manufacturing, and sales of heat exchange equipment, primarily serving the petrochemical industry. Its products include heat exchangers and air coolers, which are essential for various industrial processes [10][18]. - The company has established long-term relationships with major clients, including Sinopec, which accounts for over 40% of its total revenue. This strong client base enhances its market position [25]. - The company has demonstrated significant revenue growth, with a compound annual growth rate (CAGR) of 14.98% from 2021 to 2023, and a net profit CAGR of 45.15% during the same period [11][2]. Summary by Sections Basic Financial Status - The company reported revenues of 310 million CNY, 367 million CNY, and 438 million CNY for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 7.45%, 18.36%, and 19.52% [2][11]. - The net profit attributable to the parent company was 20 million CNY, 40 million CNY, and 47 million CNY for the same years, with year-over-year growth rates of 29.20%, 103.22%, and 16.47% [2][11]. Industry Situation - The heat exchange equipment industry is crucial for energy efficiency in industrial production, with a market size in China growing from 81.05 billion CNY in 2019 to 86.89 billion CNY in 2022, and projected to reach 99.21 billion CNY by 2026 [19][20]. Company Highlights - The company has over 20 years of experience in the petrochemical heat exchange equipment sector and has built a solid reputation among major domestic enterprises [25]. - It is actively expanding into new markets, including polysilicon and hydrogen energy, and has received recognition from international companies such as Shell and Air Liquide [10][25]. Comparison with Peers - Compared to similar companies in the heat exchange equipment sector, Wuxi Dingbang's revenue is below the average, but its sales gross margin is in the mid-to-high range among peers [31][29].
新股覆盖研究：无锡鼎邦